Aya Gold & Silver Inc. (TSX: AYA) (“Aya” or the “Corporation”) is pleased to announce positive results from its Feasibility Study (“FS”) to expand the Zgounder Silver Mine located in the Kingdom of Morocco from 700 tonnes per day (“tpd”) to 2,700 tpd capacity. All amounts are in US dollars unless otherwise stated. All figures are on a 100% ownership basis. 

Highlights of the 2,000 tpd Expansion Feasibility Study 

· Robust project economics (base case at $22/oz silver):

o Before-tax 5% net present value (“NPV”): $471 million

o Before-tax internal rate of return (“IRR”): 57%

o After-tax 5% NPV: $373 million

o After-tax IRR: 48%

o Payback period: 7 years post expansion

o Initial life of mine (“LOM”) of 11 years 

· 394% increase in annual production: Increased throughput expected to drive annual silver (“Ag”) production to 7.9 million ounces (“oz”) by 2024

· 364% increase in revenue: Annual revenue expected to increase from $37M in 2021 to $172M by 2024

· Low quartile costs: LOM all-in sustaining cost (“AISC”)¹ of $9.58/oz including sustaining capital expenditures

· Initial proven and probable Mineral Reserves Estimate of 8.59 million tonnes (“t”) grading 257 g/t Ag for 71Moz of Ag, positions Zgounder among the highest-grade Ag projects globally

· Low initial capital expenditures: $139.4 million, including $16.6 million in contingency cost

· Short expansion timeframe: First Ag pour planned in Q1-2024

· Further optimisation opportunities:

o Exploration along strike and at depth

o Potential to optimise the flow sheet during the front-end engineering design (“FEED”) and the mine plan as part of the underground expansion

· Enhanced ESG plan: Reduction in water consumption and carbon emissions intensity

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.