Montreal, Quebec, April 19, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce new high-grade exploration drill results at Boumadine, located in the Kingdom of Morocco. These results extend the main mineralized trend by 200 metres and continue to demonstrate continuity of the trend. Section 6000N identified a new type of mineralization south of the main mineralized trend and significantly opens the potential at depth and further towards the south.

Key Highlights[1]

l Definition of a new high-grade mineralized stockwork area that expands the South Zone. The main mineralized trend now extends over 3.4 kilometres (“km”) and remains open along strike and at depth.

n BOU-DD23-095 intersected 192 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 129.4 meters (“m”) (1.06 g/t Au, 25 g/t Ag, 1.0% Zn, 0.2% Pb and 0.03% Cu)

n including 24.3m at 222 g/t AgEq

n including 12.2m at 290 g/t AgEq

n including 16.6m at 443 g/t AgEq

n including 16.3m at 206 g/t AgEq

n BOU-DD23-092 intersected 610 g/t AgEq over 6.6m (0.83 g/t Au, 107 g/t Ag, 6.2% Zn, 1.9% Pb and 0.1% Cu), including 3.6m at 818 g/t AgEq

n BOU-DD22-075 (hole extension) intersected 571 g/t AgEq over 8.7m (1.59 g/t Au, 54 g/t Ag, 0.6% Zn, 0.2% Pb and 0.04% Cu)

n BOU-DD23-101 intersected 416 g/t AgEq over 1.8m (1.41 g/t Au, 245 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu), including 0.9m at 716 g/t AgEq; and 404 g/t AgEq over 3.0m (3.52 g/t Au, 41 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu), including 2.2m at 512 g/t AgEq

n BOU-DD22-073 (hole extension) intersected 284 g/t AgEq over 3.0m (2.05 g/t Au, 44 g/t Ag, 5.4% Zn, 2.2% Pb and 0.03% Cu)

l Extension of the main mineralized trend by 200m to the south to over 3.4 km of strike length, which remains open in all directions

l Five rigs are currently drilling at Boumadine, with 16,680m completed, 46% of the 36,000m diamond drill hole (“DDH”) program scheduled in 2023

2023 Exploration Results

To date, 47 DDH for a total of 16,680m have been completed at Boumadine (Figure 1 and Appendix 2). Both infill and exploration drilling were conducted on strike along the main trend (South and Central zones). The 36,000m budgeted program is almost halfway complete.

Drill results have been received for all drill holes up to BOU-DD23-103 except for hole BOU-DD23-102 (Table 1, Figure 2, and Appendix 1). Figure 3 presents the 6,000N section which includes BOU-DD22-095, its significant results, and its geological interpretation.

Results received to date in 2023 extend the mineralization to the south with BOU-DD23-095 recently intersecting 129.4m of mineralization comprising five distinct massive sulphide veins in a wider stockwork zone (sulphide-rich stringer). The presence of high-grade values in the stockwork represents a new mineralized style at Boumadine, which significantly opens the potential at depth and toward the south. The concentration of sulphide veinlets in these stockwork varies from 8% to 15% and is composed mainly of pyrite with traces of sphalerite, galena, and chalcopyrite.

The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulfide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Figure 4 presents the results of the Boumadine Main Zone shown on a longitudinal section along the deposit, defining ore shoots shallowly dipping toward south, in both the Central and South Zones.

Next Steps

The 36,000m drilling program is expected to be completed by mid-2023, together with a detailed surface mapping of the area. Relogging and resampling of historical drill holes is expected to be completed this year. The Corporation expects to use both data sets in estimating an NI 43-101 compliant resource update within the next 12 months.