Mr. Benoit La Salle reports

AYA GOLD & SILVER ANNOUNCES ROBUST MINERAL RESOURCE ESTIMATE AT BOUMADINE

Aya Gold & Silver Inc. has released a mineral resource estimate (MRE) prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, at its Boumadine project in the Kingdom of Morocco. The MRE contains an Inferred Mineral Resource of 23.6 million tonnes ("Mt") at 85 grams per tonne ("g/t") silver ("Ag"), 2.62 g/t gold ("Au"), 2.32 per cent zinc ("Zn") and 0.84 per cent lead ("Pb") containing an estimated 64.7 million ounces ("Moz") of Ag, 1.98 Moz of Au, 546 thousand tonnes ("kt") of Zn and 198 kt of Pb and an Indicated Mineral Resource of 2.0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32 per cent Zn and 1.07 per cent Pb containing an estimated 7.4 Moz of Ag, 165 koz of Au, 88 kt of Zn and 22 kt of Pb.

Highlights

Indicated Mineral Resources of 2.0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32 per cent Zn and 1.07 per cent Pb containing an estimated 7.4 Moz of Ag, 165 koz of Au, 88 kt of Zn and 22 kt of Pb.

Inferred Mineral Resources of 23.6 Mt at 85g/t Ag, 2.62 g/t Au, 2.32 per cent Zn and 0.84 per cent Pb containing an estimated 64.7 Moz of Ag, 1.98 Moz of Au, 546 kt of Zn and 198 kt of Pb.

41 per cent of the Inferred Mineral Resource is pit-constrained and reported above a cut-off net smelter royalty ("NSR") value of $95/t, and 59 per cent deemed for underground development NSR cut-off value of US$125/t.

Additional Mineral Resource potential exists to expand the deposit in all directions for future Mineral Resource estimation. Less than 10 per cent of the Boumadine land package has been drilled, and new targets are being generated by the ongoing geophysical airborne survey.

"We are thrilled to announce a Mineral Resource update at Boumadine, which represents a significant milestone for the Corporation," said Benoit La Salle, President & CEO. "In under two years, we have delivered 72 Moz of silver and 2.1 Moz of Au or 352 Moz AgEq at 427 g/t AgEq in all classifications from a mineralized footprint that continues to grow and remains open in all directions. This result implies presence of 4.1 Moz AuEq at 5 g/t AuEq. Additionally, drilling has focused solely on the mining permit, a small portion of the overall mineralized footprint. We will continue to consolidate the area and aggressively drill the extensions of the main trend with a view to growing the Mineral Resource.

I am extremely pleased with the improvement of the most important metric, silver oz per share (AgEq/share), which has increased from 0.12 AgEq per share in April 2020 to 3.5 AgEq per share following this Mineral Resource Estimate. This Mineral Resource Estimate clearly demonstrates that Boumadine has the potential to become a generational asset."

Boumadine Mineral Resource

The MRE has an effective date of April 15, 2024, and incorporates drilling from 2018 until December 7, 2023, with the addition of 4 later drill holes with results received in early 2024. The MRE database consists of 336 surface diamond drill holes totalling 96,301m.

Historical mining was not depleted from the MRE since the exact position and physical extent could not be measured accurately. From the historical production reports, approximately 261 kt of mineralized material were extracted and processed (approximately 1 per cent of the current MRE), therefore it is considered not material. Historical tailings were excluded from the MRE since the bulk density, volumes and grades were not properly evaluated at this phase. Molybdenum was excluded both from the cut-off and AgEq / AuEq calculation since the process recoveries were not evaluated at this stage.

Resource-supporting Information

Geology and Geological Interpretation

The Boumadine Project is located within the Anti-Atlas belt, on the northwest side of the Ougnat Massif. The geology of the Ougnat Inlier is formed by late-Precambrian (PIII) predominantly calc-alkaline volcanic and intrusive rocks. Mineralization is hosted within polymetallic massive Au-Ag-Zn-Pb sulphide vein systems oriented N340. Mineral assemblage is characterized by high concentration of pyrite and variable amounts of arsenopyrite, sphalerite, and galena with local trace of chalcopyrite. Veins are sub-vertical to steeply dipping (>70degree) with thickness generally varying from 1 to 5 m; locally reaching over 10m.

Mineralized boundaries for the current Mineral Resource Estimate have been determined using a combination of logged sulphide percentage and mineralization grade assay.3D wireframes were created using interval selection with the Seequent software Leapfrog GeoTM.

Sampling and Sub-sampling Techniques

Only DDH samples were used for the Mineral Resource Estimate of the Boumadine Deposit. Diamond drill holes were cut and sampled at nominal 1m lengths, except where lengths were altered to match geological boundaries. Sampling was undertaken along the entire length of the DDH. Circa 2 to 4 kg samples were submitted to the laboratory for analysis.

Sample Analysis Method

Samples were prepared by African Laboratory for Mining and Environment ("Afrilab") at its Boumadine prep-laboratory facility or at its Zgounder prep-lab. A total of 250 g of pulverized sample material was then submitted for analysis to Afrilab Marrakech. Inductively Coupled Plasma ("ICP") spectrometry was used for Ag, Zn, Pb, Cu, Mo. Fire assaying was conducted for Au and Ag results above 200 ppm.

QA/QC samples were inserted at a 5 per cent rate. For a batch of 25 samples: 1 certified reference material, 1 blank and 1 drill core duplicate were inserted. At the end of each month, a selection of 5 per cent from the coarse rejects was submitted to Afrilab; and a selection of 5 per cent of the pulp residues was sent to ALS Sevilla, Spain acting as an umpire lab.

Regular reviews of the sampling and QA/QC protocols were carried out by Aya's project geologist under the supervision of Aya's Qualified Person, to ensure all procedures were followed and best industry practices carried out. Monitoring of results of duplicates, blanks and certified reference materials was conducted by the database administrator each time an assay batch was imported in the Geotic database.

Drilling Techniques

Drilling was carried out by Geosond Maroc SARL using CT20 and CS140 drill rigs. Holes were drilled at HQ and NQ diameters. Surveys were completed in each hole with a first reading at 12 m and then every 25 m by reflex Ez-shot and Devico-deviflex. All drill hole collars were surveyed by a DGPS.

Drill and Data Spacing

Most of the Deposit has been drilled on a 100 x 50-meter spacing grid through N70 cross-sections. In the northern and southern sections, the spacing was extended to 200 x 100 meters. The Indicated Mineral Resource was infilled to 50 x 50-meter spacing.

Mineral Resource and Estimation Methodology

90 per cent of the Mineral Resource Estimate is classified as Inferred, and the remaining 10 per cent in the Indicated category.

Data was composited to 1m. Top cuts were applied to Au, Ag, Zn, Pb, Cu & Mo after review of composite log-normal histograms.

Veins were interpolated independently. For the main vein, ordinary kriging was carried out for grade estimation, while other veins with less composites were estimated by inverse square distance. Wireframe modelling was developed using Seequent Leapfrog GeoTM. Statistics, variography and estimation were completed using the Geovariances Isatis NeoTM software. Open-pit optimization was developed using the NPV SchedulerTM software.

Bulk density measurements were collected systematically within mineralized zones and outside boundaries of mineralized zones. Different bulk density values were allocated by veins based on the vein average bulk density value. Transitional materials were also allocated a different bulk density value.

Cut-off Grades

The geological domain boundaries were determined using a cut-off grade of 100 g/t Ag equivalent. Mineral Resources are reported using NSR values of US$125/t for the out-of-pit and US$95/t for the open-pit.

NSR, Ag equivalent and Au equivalent are calculated using the following parameters and formulas (Table 3).

Mining and Metallurgical Parameters

The mineralization at Boumadine starts at surface and continues down to more than 600 m in depth, making the MRE appropriate for a combination of open pit and underground mining.

Mining dimensions or mining dilution were not considered as part of the Pit Optimization work, and a block dimension of 2.5m x 5m x 5m was used, which is considered acceptable in terms of a potential smaller selective mining unit. Similarly, a crown pillar has not been accounted for between the Open Pit and the Underground Mineral Resources.

The preliminary metallurgical recoveries that have been used for the NSR calculation are presented (Table 3) along with the NSR calculation formula, and are 85.2 per cent for Au, 89.1 per cent for Ag, 72 per cent for Zn, 84.5 per cent for Pb, and 75.3 per cent for Cu.

The NSR US$/t value was based on estimated metallurgical recoveries derived from a series of testwork, assumed metal prices, and smelter terms, which include payable factors, treatment charges, penalties, and refining charges.

Next Steps

Prior to 2020, the Boumadine Project had seen limited near-mine drilling and no regional exploration. Since 2022, the Aya team has conducted over 94,000 m of DDH programs on the mining permit with the goal of delivering a Mineral Resource Estimate.

Significant upside potential exists to expand the Boumadine Main Trend, which currently covers 4.2 square km and remains open in all directions. Through 2024, the Corporation plans to mobilize seven drill rigs to complete the 120,000 m drilling program. Half of the program will test the continuation of the known trend and infill. The remaining 50 per cent will focus on geological targets generated by 2023 work and will be informed by the ongoing hyperspectral and high-resolution geophysical surveys. A total of 12 new permits have been acquired in the vicinity of the Boumadine permits since June 2023 (Figure 6). Hyperspectral and the geophysical surveys began in early 2024 and results are expected in late Q2-2024. The results from ongoing geology work will determine additional development work.

Qualified Person

The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, Head of Exploration, Qualified Person, and by Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc., and an independent Qualified Person

This Mineral Resource Estimate has been completed in accordance with NI 43-101, and the Corporation will prepare and file a Technical Report on SEDAR+ within 45 days of this press release.

P&E Mining Consultants Inc., an associate group of twenty professionals established in 2004, provides geological and mine engineering consulting reports, Mineral Resource and Mineral Reserve Estimates, NI 43-101 Technical Reports, Preliminary Economic Assessments, Pre-Feasibility and Feasibility Studies.

About Aya Gold & Silver Inc.

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

The only TSX-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 management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

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