Montreal, Quebec, May 30, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce additional drill results, confirming high-grade silver mineralization at the Zgounder Silver Mine and to provide an update on the Zgounder Regional exploration campaign in the Kingdom of Morocco.

Key Highlights (all intersections are in core lengths)

l Diamond drill hole (“DDH”) DZG-SF-22-156 intercepted 1,332 grams per tonne (“g/t”) silver (“Ag”) over 5.0 meters (“m”), and 1,158 g/t Ag over 4.5m, while DZG-SF-22-164 intersected 918 g/t Ag over 9.0m.

l In the open-pit area, reverse circulation (“RC”) drill hole ZG-RC-23-2260-70 intercepted 1,611 g/t Ag over 27m including 4,771 g/t Ag over 5.0m and ZG-RC-23-2260-99 intercepted 795 g/t Ag over 14.0m including 4,734 g/t Ag over 2.0m.

l At the central zone from the 2,000m level

n hole TD28-23-2000-591 intercepted 645 g/t Ag over 12.0m including

u 2,127 g/t Ag over 2.4m

n hole TD28-23-2000-403 intercepted 815 g/t Ag over 10.8m including

u 2,596 g/t Ag over 2.4m

l At the central zone from the 1,975m level,

n hole TD28-23-1975-536 intercepted 1,209 g/t Ag over 10.8m including

u 2,482 g/t Ag over 4.8m

n hole TD28-23-1975-572 intercepted 712 g/t Ag over 10.8m including

u 1,171 g/t Ag over 6.0m

l From surface in the eastern area, hole ZG-23-02 intercepted 1,753 g/t Ag over 6.5m, and hole ZG-23-07 in the western limit of the central area intercepted 3,460 g/t Ag over 2.0m.

l From the Zgounder Regional campaign, hole ZGW-22-06 intercepted 1.22% zinc (“Zn”) over 85.5m including 1.91% Zn over 5.0m and hole AM-22-001 intercepted 0.93% copper (“Cu”) over 6.0m including 1.27% Cu over 3.0m.

“Today’s drilling results grow the mineralized footprint of the Zgounder deposit with intercepts such as ZG-23-02 continuing to deliver high-grade intersections outside of the current resource envelope,” said Benoit La Salle, President & CEO. “Hole ZG-RC-23-2260-70, which is the fifth-highest drill intercept on a grade-thickness basis, particularly demonstrates the continuity of the deposit. Further, preliminary results from the Zgounder Regional program, although anomalous, confirm the potential for the discovery of satellite deposits for the Zgounder Mine.”

Included in this release are results for 278 holes, which include 40 surface DDH, 23 underground DDH, 63 RC drill hole from pit definition drilling, 126 T28 and 26 YAK (T28 & YAK: percussion drilling using an air-compressed hammer) holes.

Zgounder Regional Update

At end of April 2023, a total of 6,914m in 33 drill holes had been drilled on Zgounder Regional permits (Appendix 2) focusing on the Zgounder Far West, Tala and Izza areas. For the location of the drill holes, refer to Figure 2 and Appendix 3. Most drill intercepts returned anomalous results, especially in Zn and Cu, as well as some anomalous silver intercepts (Table 2 and Appendix 2). As the campaign progresses, new areas will be drill tested in addition to the anomalous zones.