Aya Gold & Silver Announces At-Depth High-Grade Drill Results at Zgounder

MONTREAL, July 02, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce high-grade silver drill results from its at-depth drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.

Highlights (all intersections are in core lengths)

• In the Central Zone from the 1,950m level:
  
  
  • hole DZG-SF-24-065 intercepted 2,870 grams per tonne ("g/t") silver ("Ag") over 6.5 meters ("m"), including 7,229 g/t Ag over 2.0m
  • hole DZG-SF-24-057 intercepted 1,252 g/t Ag over 4.0m
  • hole DZG-SF-24-070 intercepted 896 g/t Ag over 6.0m, including 3,820 g/t Ag over 1.0m
    
    
• In the Western Zone from the 2,000m level:
  
  
  • hole DZG-SF-24-027 intercepted 7,631 g/t Ag over 1.5m
  • hole DZG-SF-24-056 intercepted 625 g/t Ag over 14.0m, including 2,677 g/t Ag over 2.0m
  • hole DZG-SF-24-060 intercepted 2,005 g/t Ag over 3.0m
  • hole DZG-SF-24-064 intercepted 403 g/t Ag over 12.5m
  • hole DZG-SF-24-067 intercepted 935 g/t Ag over 8.5m, including 4,440 g/t Ag over 1.5m
    
    
• In the Eastern Zone from the 1,950m level:
  
  
  • hole DZG-SF-24-082 intercepted 656 g/t Ag over 12.0m, including 928 g/t Ag over 6.0m
    
    
• Exploration holes near the granite contact:
  
  
  • ZG-SF-24-123 intercepted 5,696 g/t Ag over 2.5m
  • ZG-SF-24-110 intercepted 523 g/t Ag over 13.0m including 4,638 g/t Ag over 1.0m
  • ZG-SF-24-142 intercepted 522 g/t Ag over 14.5m including 1,356 g/t Ag over 4.5m
    
    
• 15,200m of the 2024 underground exploration program drilled year to date

"Today's high-grade drill results including hole DZG-SF-24-065 continue to confirm high-grade continuity of silver mineralization at Zgounder," said Benoit La Salle, President & CEO. "These silver-rich intercepts near the granite contact indicate strong resource potential at depth. We currently have four underground rigs turning and will deliver additional results in the coming months."

Included in this release are results for 204 holes, which include 105 underground DDH, 70 T28 and 29 YAK holes (T28 and YAK: percussion drilling using an air-compressed 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 unknown 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

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 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 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

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 "continue", "confirm", "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 advancement of the commissioning work according to Aya's plan. 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 ability to obtain any requisite governmental approvals, 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 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. 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)

_{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.}