Aya Gold & Silver Provides Exploration Update Including Drilling On Zgounder Regional Properties and Campaign Extension at Boumadine

MONTREAL, Nov. 1, 2022 - Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the launch of its 7,500-meter drill exploration program at Zgounder Regional in the Kingdom of Morocco. Additionally, the Corporation is accelerating exploration at Boumadine through an additional 4,000-meter drilling campaign.

Zgounder Regional

• Receipt of final data from the airborne geophysics survey (magnetic, VTEM and radiometric)
• Identification of five target areas with silver, copper, and gold showings
• Mobilization of three drills on Zgounder Regional as part of its 7,500-meter ("m") scheduled diamond drill hole ("DDH") exploration program
• Results from August 2022 stream sediment survey are expected shortly

Boumadine

• An additional 4,000m have been added to the 2022 DDH program which now totals 17,500m to explore strike length extensions and the Central zone at depth
• Receipt of final data for the airborne geophysics survey (magnetic, VTEM and radiometric)
• Data indicates the presence of a conductive anomaly down to at least 600m below surface along the main Boumadine trend, suggesting at-depth extension of mineralization
• New conductive anomalies identified south and west of the main trend

Imiter bis

• Full results from the first phase of drilling at Imiter bis returned new mineralized intersections on the north target including:
• IM-DD22-041 intercepted 3.94 g/t Au over 5.0m
• IM-DD22-039 intercepted 1.46 g/t Au over 11.5m (including 2.42 g/t Au over 3.1m)
• Receipt of final data from the airborne geophysics survey (magnetic, VTEM and radiometric)

Tijirit (Mauritania)

• Mobilization and launch of the 25,000m infill drilling program (part of the feasibility study) with one reverse circulation ("RC") drill rig turning as of mid-October 2022

"We are very excited by the recent VTEM data from Boumadine suggesting continuity of the mineralized structure both south and at depth, which follow last month's promising high-grade drill exploration results on the property. The presence of new conductive anomalies outside the main trend indicates the potential for new mineralized zones adjacent to and along the Boumadine main trend," said Benoit La Salle, President & CEO. "We are also encouraged by our early work within Zgounder Regional properties, which suggests favourable geological settings and the presence of mineralization."

Currently, three DDH rigs are turning on Zgounder Regional properties as part of the initial 7,500m drill exploration program (Figure 8). The Corporation will be testing five different targets highlighted by the spectral and prospecting campaign (Figure 1). The first test area will be "Zgounder Far West": In addition to exhibiting the same sedimentary units, similar alteration, and the same lithological contact with rhyolite as Zgounder, the Far West area returned anomalous values for silver and copper from grab samples (Figure 2). Additional priority drill areas in 2023 include the Tala and Izza Areas, both of which returned high-grade grab samples in silver, copper and gold associated with a very strong spectral alteration signature (Figures 3 and 4).

Zgounder Regional Next Steps

In addition to the ongoing drill exploration program (Figure 4), the objective at Zgounder Regional is to identify and define new drill targets. Results from a sediment geochemistry survey are expected shortly, which will be integrated with data from the geophysics program and ongoing mapping and prospecting.

The expanded drilling program announced previously is ongoing with results pending. The Corporation has received the final data from the airborne geophysics survey, which indicates the presence of a conductive anomaly down to at least 600m below surface along the main Boumadine trend. This suggests the extension of mineralization at depth (Figure 5) with a slight shift toward east as the depth increases, most likely due to a dip of the structure. The data also identified new conductive anomalies south and west of the main trend.

Boumadine Next Steps

The Corporation has increased its 2022 drill program by 4,000m with the objective of extending mineralization to the south and at depth in the Central Area. The new geophysics data will help guide the infill drill program and generate new targets for exploration along strike and across the permit.

The Corporation received the final assays from its initial drill exploration program at Imiter bis, which included 24 DDH over 4,754m (Figure 6). The North Zone returned some very encouraging results (Table 1), including IM-DD22-041, which intercepted 3.94 g/t Au over 5.0m and IM-DD22-039, which intercepted 1.46 g/t Au over 11.5m (including 2.42 g/t Au over 3.1m) (Figure 7). The mineralization is materialized by stockwork of grayish quartz veinlets with traces of sulphides; and the host rock is strongly silicified and moderately bleached. The Corporation will evaluate the need for further drilling in the coming months with the objective of locating the "boiling zone", which could host higher grade mineralization in this low-sulphidation epithermal system.

Table 1 - Significant Intercepts from 2022 Imiter bis Drill Exploration Program

^{* True width remains undetermined at this stage; all values are uncut}.

Following government intervention, the Corporation was able to regain unimpaired access to the Tijirit property. One RC rig is currently operating at Tijirit as part of the 25,000m drilling program established for 2022. A DDH rig is expected to be mobilized early November 2022, with the objective of completing the program before end of January 2023.

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Head of Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

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 Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.

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

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

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 "potential", "could", "expected", "suggesting", "indicates", "additional' 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 the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources, future opportunities for enhancing development at Zgounder, and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking 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 forward-looking 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 closing and timing of financing, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, 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 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 2021 Annual Information Form dated June 16, 2022, 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.

Annex 1 - Full Results from 2022 Imiter bis Drill Program*

^{*True width remains undetermined at this stage; all values are uncut.}

SOURCE Aya Gold & Silver Inc.