Aya Gold & Silver Announces High-Grade Silver Drill Results and Adds New Exploration Permits at Zgounder

PRESS RELEASE

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Aya Gold & Silver Announces High-Grade Silver Drill Results and Adds New Exploration Permits at Zgounder

Montreal, Quebec, October 12, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce high-grade silver drill results and the acquisition of new adjacent exploration permits at the Zgounder Silver Mine in the Kingdom of Morocco.

Key Highlights (all intersections are in core lengths)

• In the open-pit area to the east, reverse circulation (“RC”) drill hole ZG-RC-C3-23-25 intercepted 480 grams per tonne (“g/t”) silver (“Ag”) over 17 meters (“m”), including 1,156 g/t Ag over 5.0m and ZG-RC-C3-23-36 intercepted 1,043 g/t Ag over 5.0m
• In the Central Zone from the 1,975m level:
  • hole TD28-23-1975-767 intercepted 1,706 g/t Ag over 7.2m, including 4,688 g/t Ag over 2.4m
  • hole TD28-23-1975-770 intercepted 3,065 g/t Ag over 4.8m
• In the Central Zone from the 1,950m level:
  • hole TD28-23-1950-669 intercepted 933 g/t Ag over 9.6m, including
    • 1,576 g/t Ag over 4.8m
  • hole TD28-23-1950-665 intercepted 1,653 g/t Ag over 4.8m, including
    • 3,166 g/t Ag over 2.4m
• Acquisition of 62.6 square kilometers (“km²”) of exploration permits less than 25km east of Zgounder as part of a reallocation of exploration permits by the Moroccan Directorate of Mines (Figure 2).

“Acquisition of this new prospective exploration ground boosts the total Zgounder land package to over 425km², increasing the potential for satellite deposits,” said Benoit La Salle, President & CEO. “We are also very encouraged by the ongoing high-grade results from both the open-pit and underground drilling, reconfirming the continuity of high-grade mineralization at Zgounder.”

Included in this release are results for 209 holes, which include 4 underground DDH, 52 RC drill hole from pit definition drilling, 122 T28 and 31 YAK holes (T28 and YAK: percussion drilling using an aircompressed hammer). For a full summary of today’s results, refer to Appendix 1.

Table 1 – Significant Intercepts from Drilling at Zgounder (core lengths)

1 Holes were drilled at various angles; true widths are not known at this time.

2 All assay results are above the cut-off grade of 75 g/t Ag.

Figure 1: Location of Drill Results at Zgounder

Figure 2: Location of New Zgounder Permits

Quality Assurance

For core drilling, all individual samples represent approximately one meter 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 Marrakech, 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 assaying.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2m 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 assaying. At ZMSM, all samples are analyzed for silver only using Aqua regia and finished by AAS. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Head of Exploration, is Aya Gold & Silver’s Qualified Person and has reviewed this press release for accuracy and compliance with National Instrument 43-101.

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 pastproducing 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 maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

For additional information, please visit Aya’s website at www.ayagoldsilver.com.

Or contact

Benoit La Salle, FCPA, MBA Alex Ball

President & CEO VP, Corporate Development & IR [email protected] [email protected]

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflects management’s expectations regarding Aya’s future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as “confirm”, “increase”, “potential”, “encouraged”, “continuity”, “potential”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Zgounder, and future opportunities for enhancing development at Zgounder. Although the forwardlooking information contained in this press release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forwardlooking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the presence of artisanal miners, obtaining regulatory permits for on site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya’s 2022 Annual Information Form dated March 31, 2023, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)

YAKD-23-2000-230 34.8 36.0 496 1.2 595

1 Holes were drilled at various angles, true widths are not known at this time.

2 All assay results are above the cut-off grade of 75 g/t Ag.