Mr. Benoit La Salle reports

AYA GOLD & SILVER ANNOUNCES AT-DEPTH DRILL RESULTS AT ZGOUNDER PROVIDES NOTICE OF Q1-2024 RESULTS AND CONFERENCE CALL

Aya Gold & Silver Inc. has released high-grade silver drill results from its at-depth drill exploration program at the Zgounder silver mine in Morocco.

Key highlights (all intersections are in core lengths):

• In the central zone from the 1,950-metre level:
  • Hole ZG-SF-24-107 intercepted 1,459 grams per tonne silver over 5.5 metres, including 3,086 g/t Ag over 2.5 m.
• In the western zone from the 2,000 m level:
  • Hole DZG-SF-24-018 intercepted 902 g/t Ag over 11.0 m, including 1,453 g/t Ag over 6.5 m.
  • Hole DZG-SF-24-025 intercepted 1,548 g/t Ag over 4.0 m, including 5,794 g/t Ag over 1.0 m.
• In the eastern zone from the 2,075 m level:
  • Hole T28-24-2075-122 intercepted 1,458 g/t Ag over 9.6 m, including 2,804 g/t Ag over 4.8 m.
  • Hole T28-24-2075-123 intercepted 2,055 g/t Ag over 4.8 m, including 3,924 g/t Ag over 2.4 m.
• In the central zone from the 1,950 m level:
  • Hole YAKD-24-1950-015 intercepted 465 g/t Ag over 20.4 m, including 1,393 g/t Ag over 3.6 m.
• Exploration holes near the granite contact:
  • ZG-SF-23-076 intercepted 594 g/t Ag over 3.0 m.
  • ZG-SF-24-096 intercepted 780 g/t Ag over 2.0 m.
  • ZG-SF-24-102 intercepted 524 g/t Ag over 3.0 m.
  • ZG-SF-24-110 intercepted 375 g/t Ag over 7.5 m and 1,108 g/t Ag over 1.5 m.
  • ZG-SF-24-115 intercepted 1,177 g/t Ag over 1.5 m.
• A total of 9,900 m of the 2024 underground exploration program drilled year to date.

"Today's high-grade drill results, including holes DZG-SF-24-018 and DZG-SF-24-025, continue to confirm high-grade continuity of silver mineralization at Zgounder," said Benoit La Salle, president and chief executive officer. "Furthermore, we are pleased with the new silver-rich intercepts near the granite contact, demonstrating strong resource potential at depth at Zgounder. We currently have four underground rigs turning and expect more significant drill results in the coming months."

Included in this release are results for 176 holes, which include 52 underground diamond drill holes, eight surface diamond drill holes, 100 T28 holes and 16 YAK holes (T28 and YAK -- percussion drilling using an air-compressed hammer). For a full summary of today's results, refer to an attached table.

Quality assurance/quality control

For core drilling, all individual samples represent approximately one metre in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment (Afrilab) in Marrakesh, Morocco. All samples are analyzed for silver, copper, iron, lead and zinc using aqua regia and finished by atomic absorption spectroscopy (AAS). Samples grading above 200 g/t Ag are reanalyzed using fire assay.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2 m in length. Samples are assayed at either the Zgounder mine laboratory or at Afrilab. At Afrilab, all samples are analyzed for silver, copper, iron, lead and zinc using aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assay. At ZMSM, all samples are analyzed for silver only using aqua regia and finished by AAS. Rigorous quality controls are applied at both locations.

David Lalonde, BSc, PGeo, head of exploration, Aya Gold & Silver's qualified person, has reviewed this press release for accuracy and compliance with National Instrument 43-101.

First quarter 2024 results and conference call

The corporation will release its Q1 2024 financial and operational results on Wednesday, May 15, 2024, before market open.

Management will host a conference call on the same day at 10 a.m. ET to discuss the results.

Instructions for obtaining conference call dial-in numbers:

1. All parties must register to participate in the conference call.
2. Once registered, you will receive the dial-in numbers and personal identification number for input at the time of the call.

The live webcast will be archived and will be available for replay. Presentation slides that will accompany the conference call will also be posted on Aya's website.

About Aya Gold & Silver Inc.

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

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 has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance and financial growth plans.

We seek Safe Harbor.