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

MONTREAL, Nov. 19, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to report additional 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-24-172 intercepted 2,165 grams per tonne ("g/t") silver ("Ag") over 21.0 meters ("m"), including 4,600 g/t Ag over 3.5m
  • hole DZG-SF-24-145 intercepted 4,645 g/t Ag over 3.0m, including 6,703 g/t Ag over 2.0m
  • hole DZG-SF-24-272 intercepted 1,849 g/t Ag over 5.5m, including 3,894 g/t Ag over 2.5m

• In the Western Zone near the granite contact:
  • hole ZG-SF-24-200 intercepted 1,151 g/t Ag over 21.0m, including 3,290 g/t Ag over 6.0m
• In the Eastern Zone near the open-pit area:
  • hole DZG-SF-24-153 intercepted 3,955 g/t Ag over 4.0m
  • hole ZG-RC-24-028 intercepted 986 g/t Ag over 24.0m, including 4,418 g/t Ag over 4.0m
  • hole ZG-RC-24-082 intercepted 1,155 g/t Ag over 16.0m, including 2,335 g/t Ag over 5.0m
  • hole ZG-RC-24-031 intercepted 744 g/t Ag over 14.0m
• 28,983m of the 2024 exploration program drilled year to date

"Today's high-grade drill results, including hole DZG-SF-24-172, show good continuity of high-grade silver mineralization at Zgounder," stated Benoit La Salle, President & CEO. "The multiple silver-rich intersections within and around the pit area could lead to an increase of the open pit mining rate. Furthermore, the high-grade intercept at the western extremity, together with the previously announced ZG-SF-24-141 at the western boundary of the fault, highlight the potential for additional resource expansion. With four underground, two surface, and one RC rig currently active, we anticipate a steady flow of results in the coming months to further advance our understanding and resource growth potential at Zgounder."

Included in this release are results for 458 holes, which include 107 underground diamond drill holes ("DDH"), 148 reverse circulation ("RC"), 137 T28 and 66 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)

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, Vice-President 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, subject to the announcement of September 12, 2024, will be developed by Mx2 Mining, a new spinout gold-growth company.

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.

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

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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 "show", "lead", "potential", "expand", "anticipate", "grow", ,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 capacity for the company to show, through drilling continuity of high grade mineralisation at Zgounder and the existence of same, the capacity for the company to increase its open pit mining rate, the capacity and ability for adding resources and growing the resource at Zgounder, 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), accuracy of mineral reserves and resource calculations 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)

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e504921f-dc39-432a-88bd-6d98f2d6380f