AYA GOLD & SILVER PROVIDES EXPLORATION UPDATE INCLUDING DRILLING ON ZGOUNDER REGIONAL PROPERTIES AND CAMPAIGN EXTENSION AT BOUMADINE

Aya Gold & Silver Inc. has launched its 7,500-metre drill exploration program at Zgounder Regional in the Kingdom of Morocco. Additionally, the corporation is accelerating exploration at Boumadine through an additional 4,000-metre drilling campaign.

Highlights:

• Zgounder Regional:
• Receipt of final data from the airborne geophysics survey (magnetic, VTEM (versatile time-domain electromagnetic) and radiometric);
• Identification of five target areas with silver, copper and gold showings;
• Mobilization of three drills on Zgounder Regional as part of its 7,500-metre scheduled diamond drill hole (DDH) exploration program;
• Results from August, 2022, stream sediment survey are expected shortly;
• Boumadine:
• An additional 4,000 metres have been added to the 2022 DDH program, which now totals 17,500 metres to explore strike length extensions and the Central zone at depth;
• Receipt of final data for the airborne geophysics survey (magnetic, VTEM and radiometric):
• Data indicate the presence of a conductive anomaly down to at least 600 metres below surface along the main Boumadine trend, suggesting at-depth extension of mineralization;
• New conductive anomalies identified south and west of the main trend;
• Imiter bis:
• Full results from the first phase of drilling at Imiter bis returned new mineralized intersections on the north target, including:
• IM-DD22-041 intercepted 3.94 grams per tonne gold over 5.0 metres;
• IM-DD22-039 intercepted 1.46 grams per tonne gold over 11.5 metres (including 2.42 grams per tonne gold over 3.1 metres);
• Receipt of final data from the airborne geophysics survey (magnetic, VTEM and radiometric);
• Tijirit (Mauritania):
• Mobilization and launch of the 25,000-metre infill drilling program (part of the feasibility study) with one reverse circulation (RC) drill rig turning as of mid-October, 2022.

"We are very excited by the recent VTEM data from Boumadine suggesting continuity of the mineralized structure both south and at depth, which follow last month's promising high-grade drill exploration results on the property. The presence of new conductive anomalies outside the main trend indicates the potential for new mineralized zones adjacent to and along the Boumadine main trend," said Benoit La Salle, president and chief executive officer. "We are also encouraged by our early work within Zgounder Regional properties, which suggests favourable geological settings and the presence of mineralization."

Zgounder Regional

Currently, three DDH rigs are turning on Zgounder Regional properties as part of the initial 7,500-metre drill exploration program. The corporation will be testing five different targets highlighted by the spectral and prospecting campaign. The first test area will be Zgounder Far West: In addition to exhibiting the same sedimentary units, similar alteration and the same lithological contact with rhyolite as Zgounder, the Far West area returned anomalous values for silver and copper from grab samples. Additional priority drill areas in 2023 include the Tala and Izza areas, both of which returned high-grade grab samples in silver, copper and gold associated with a very strong spectral alteration signature.

Zgounder Regional next steps

In addition to the continuing drill exploration program, the objective at Zgounder Regional is to identify and define new drill targets. Results from a sediment geochemistry survey are expected shortly, which will be integrated with data from the geophysics program and continuing mapping and prospecting.

Boumadine

The expanded drilling program announced previously is continuing, with results pending. The corporation has received the final data from the airborne geophysics survey, indicating the presence of a conductive anomaly down to at least 600 metres below surface along the main Boumadine trend. This suggests the extension of mineralization at depth with a slight shift toward east as the depth increases, most likely due to a dip of the structure. The data also identified new conductive anomalies south and west of the main trend.

Boumadine next steps

The corporation has increased its 2022 drill program by 4,000 metres with the objective of extending mineralization to the south and at depth in the Central area. The new geophysics data will help guide the infill drill program and generate new targets for exploration along strike and across the permit.

Imiter bis

The corporation received the final assays from its initial drill exploration program at Imiter bis, which included 24 DDHs over 4,754 metres. The North zone returned some very encouraging results (see attached table), including IM-DD22-041, which intercepted 3.94 grams per tonne gold over 5.0 metres, and IM-DD22-039, which intercepted 1.46 grams per tonne gold over 11.5 metres (including 2.42 grams per tonne gold over 3.1 metres). The mineralization is materialized by stockwork of greyish quartz veinlets with traces of sulphides; and the host rock is strongly silicified and moderately bleached. The corporation will evaluate the need for further drilling in the coming months, with the objective of locating the boiling zone, which could host higher-grade mineralization in this low-sulphidation epithermal system.

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Tijirit (Mauritania)

Following government intervention, the corporation was able to regain unimpaired access to the Tijirit property. One RC (reverse circulation) rig is currently operating at Tijirit as part of the 25,000-metre drilling program established for 2022. A DDH rig is expected to be mobilized early November, 2022, with the objective of completing the program before end of January, 2023.

Qualified person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, BSc, head of exploration, qualified person, for accuracy and compliance with National Instrument 43-101.

About Aya Gold & Silver Inc.

Aya Gold & Silver is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only Toronto Stock Exchange 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.

Aya's management team is focused on maximizing shareholder value by anchoring sustainability at the heart of its production, resource, governance and financial growth plans.

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