Montreal, Quebec, May 12, 2023 - Aya Gold & Silver Inc. (TSX: AYA, OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce interim financial and operational results for the first quarter ended March 31, 2023. All amounts are in thousands of US dollars unless otherwise stated.

First Quarter 2023 Highlights

l Strong operational performance:

n Silver production of 474,813 ounces (“oz”), a 54% increase from Q1-2022

n Recoveries reached 87.1% in Q1-2023, compared to 80.4% in Q1-2022

n Ore processed increased to 72,737 tonnes (“t”) compared to 62,001t in Q1-2022

l Revenue of $10.4 million, a 14% increase from Q1-2022

l Silver sales of 508,204 oz, a 25% increase from Q1-2022

l Operating cash flow for the quarter of $4.1 million

l Cash cost of $14.56 per oz compared to $15.37 per oz in Q1-2022 (¹)

l Completed 3,263 meters (“m”) of drilling at Zgounder

l Conducted 3,948m of diamond drill hole (“DDH”) drilling on Zgounder Regional properties

l Completed 12.7 kilometers (“km”) of the 36km DDH program at Boumadine on targets identified by comprehensive geophysical and mapping program data

n Results drilled in Q1-2023 confirmed the presence of a new type of mineralization comprising a high-grade sulphide stockwork zone

n Extended the strike to 3.4km towards the south, which remains open in all directions

l Advanced Zgounder Mine expansion:

n Overall construction 32% complete

n Completed over 5,107m of lateral underground development

n Completed plant and road earthworks

n Concrete contractor mobilised and foundations poured for leach reactors, ball mill, jaw crusher, and ore silo

n Advanced detailed engineering and fabrication of the ball mill to over 88%, and manufacturing of crushing equipment to 90% completion

n Continued construction of the new tailings and water storage facilities on schedule

l Solid financial position with $91 million of cash, cash equivalents and restricted cash (²) compared to $42 million at December 31, 2022

l Contributed to the long-term sustainability of Zgounder operations:

n Launched construction of the 90km powerline that will connect Zgounder to renewable grid power

n Provided over 1,035 hours of health & safety training

Implemented the Stakeholder Engagement Plan and Community Grievance Mechanism

“We had an excellent start in 2023, with strong cash flow and silver production of 474,813 ounces, our second-highest quarterly production to date, which was driven by record mill processing,”“Our ongoing focus on mechanization through the delivery of new trucks contributed to mining averaging 922 tpd in the quarter, and even 1,027 tpd in March. We expect to maintain the momentum gained over the past quarters in the remainder of the year, putting us firmly on track for achieving 2023 production guidance.

Benoit La Salle, President and CEO.

Furthermore, the Zgounder Mine expansion is one third complete and continues to track on budget. After the quarter, we received exceptional drill results from Boumadine that, coupled with the discovery of new stockwork mineralization,  extended the footprint to 3.4km which remains open along strike and at depth. The strong cash flow from Zgounder, combined with our enhanced balance sheet, places us on solid footing to expand our drilling efforts and resource and deliver value for all stakeholders.”

Zgounder Development

Construction of the plant and surface infrastructure continued to track on budget. At the end of Q1-2023, overall construction was 32% complete, and engineering for the entirety of the project had reached 80% (see Figure 1).

During the quarter, the main equipment on the critical path continued their fabrication to plan and on schedule. Work on the new tailings and water storage facilities is progressing as planned. Bulk earthworks were nearly complete, and civil works were tracking as planned. The power line contractor began erecting pylons along the path, and the power line is tracking to schedule.

Underground mining activities continued in line with the planned timeline with over 5,100m of lateral development completed. The vertical development contractor began working during the quarter and had completed 140m of vertical development by quarter-end. A portion of the new mining equipment arrived on site to support the ramp up of the underground mine, achieving an average daily mining rate of 922 tpd.

At the end of Q1-2023, $119 million had been contracted across all capital cost categories and $26.5 million had been incurred.