Mr. Benoit La Salle reports

AYA GOLD & SILVER SECURES 6 NEW PERMITS AND PROVIDES EXPLORATION UPDATE AT BOUMADINE

Aya Gold & Silver Inc. has completed 50 per cent of its airborne MobileMT geophysical survey and secured the right to six exploration permits at its Boumadine project in the Kingdom of Morocco. Its Boumadine exploration portfolio now totals up to 141.4 square kilometres.

Highlights from Boumadine:

• Acquired six exploration permits totalling 58 square kilometres in the area of Boumadine;
• Completed 50 per cent of a 6,515-linear-kilometre airborne MobileMT geophysical survey;
• Drilled 11,130 metres of diamond drill holes year to date as part of an aggressive 120,000-metre exploration program;
• Received preliminary regional hyperspectral data, with the structural and mineral interpretation well under way.

"We are excited to consolidate further and increase our footprint by 70 per cent as our largest annual drill program ever at Boumadine continues to exceed expectations and indicate significant potential," said Benoit La Salle, president and chief executive officer. "Our confidence continues to grow with additional drill results, and we expect our geophysics, hyperspectral and ground mapping to generate valuable data to define quality drill targets on the permits."

Boumadine project

With the addition of the six new exploration permits, Boumadine now covers 141.4 square kilometres. In the past year, the corporation has more than quadrupled its surface footprint from its original mining permit in what it believes to be one of the most prospective and underexplored areas of Morocco. The corporation will continue to pro-actively add exploration permits as it develops a greater understanding of the regional geology, structure and mineralization models.

Currently, four diamond drill hole rigs are turning at Boumadine, with three additional surface rigs expected in the coming weeks as part of the 120,000-metre drill exploration program. The corporation will test targets generated by 2023 and 2022 exploration work, including drilling, the hyperspectral survey, detail airborne geophysics (magnetics and electromagnetics), detail mapping and prospecting. The 2024 program will test strike extensions of the Boumadine main trend; the N030 and N70 structures; extensions of the Tizi zone; and other exploration targets based on the mapping and prospecting data.

A surface mapping and prospecting campaign on the permits acquired in 2023 is well under way. In addition to a 90-grab sampling program, a continuing mapping campaign has allowed identification of several new mineralized structures that will warrant further work.

Technical information

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core and surface sampling. Samples were delivered in sealed bags to Afrilab mechanical preparation unit at Boumadine and prepared pulps were transported for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 25 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

Qualified person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, BSc, head of exploration, qualified person, for accuracy and compliance with National Instrument 43-101.

About Aya Gold & Silver Inc.

Aya Gold & Silver is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only Toronto Stock Exchange listed pure silver mining company, Aya operates the high-grade Zgounder silver mine and is exploring its properties along the prospective South Atlas fault, several of which have hosted past-producing mines and historical resources. Aya's Moroccan mining assets are complemented by its Tijirit gold project in Mauritania, which is being advanced to feasibility.

Aya's management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance and financial growth plans.

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