Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF), Dominant and Trusted in Morocco's Mining Industry, Driving Shareholder Value and Sustainable Economic Development. A rapidly growing, Canadian-based silver producer with a strong presence in Morocco, listed on the TSX with a market capitalization of $927 million in Canadian Dollars. Operating the Zgounder Silver Mine, an underground silver mine 260km east of Agadir. Advancing the Boumadine polymetallic project and exploring properties along the prolific Anti-Atlas belt, which hosts Zgounder and Managem's Imiter Mine.

"Morocco: A Mining Hub with Favorable Policies and Vast Mineral Potential"

• Constitutional monarchy with long history of political stability
• Excellent network of roads
• Thermal coal and hydroelectric energy, emerging solar capacity
• Mining viewed as a driver of economic development
• Morocco offers a favorable legislative and tax environment, including a 5-year tax exemption for new mining projects, a50% tax reduction for miners exporting their products, and state contributions for the implementation of new infrastructure.
• Underexplored country with vast mineral potential; produced 8.1M oz Ag in 2019 (70% of Africa’s silver) and hosts Imiter, tenth-largest silver producer, also producing 90% of world’s phosphates
• Strategic location with access to global markets.

THE BOUMADINE PROJECT

The Boumadine polymetallic deposit (Au, Ag, Pb, Cu, Zn) is situated within the Ougnat Proterozoic window (Boutonniere) in Western Morocco. Currently, an ongoing drill program is taking place at the Boumadine historic mine and polymetallic deposit, which can be found in the Drâa-Tafilalet region of the Anti-Atlas mountains, approximately 240 km from Ouarzazate in western Morocco.

Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) recently announced exceptional high-grade exploration drill results, confirming the extension of the mineralized footprint at Boumadine towards the south. Furthermore, a new mineralized structure has been uncovered to the north, presenting increased resource potential. Over the past 10 months, the Boumadine strike length has grown by more than 40% to reach 3.8 kilometers; as of the beginning of July, 85% of the drill exploration program has been completed.

President & CEO, Benoit La Salle, affirms that this progress has led to the identification of several high-impact drill targets, and 5 drill rigs are currently deployed to bring value to stakeholders.

Key Highlights

1.    Definition of new high-grade mineralization and extension of the South Zone. The Main Zone, which now extends over 3.8 kilometers (“km”), is open at both ends along strike and at depth.

• ‍BOU-DD23-142 intersected475 grams per ton (“g/t”) silver equivalent (“AgEq”) over 11.8meters (“m”) (0.97 g/t Au, 88 g/t Ag, 4.2% Zn, 1.6% Pb and 0.01% Cu) including 4.2m at 625 g/t AgEq
•  BOU-DD23-111 intersected539 g/t AgEq over 9.6m (1.76 g/t Au, 134 g/t Ag,3.9% Zn, 0.5% Pb and 0.1% Cu), including 3.1m at1,367 g/t AgEq
•  BOU-DD23-125 intersected459 g/t AgEq over 4.8m (71 g/t Au, 205 g/t Ag,1.8% Zn, 2.5% Pb and 0.01% Cu), including 1.2m at1,111 g/t AgEq

•  BOU-DD23-117 intersected481 g/t AgEq over 3.3m (4.31 g/t Au, 28 g/t Ag,0.4% Zn, 0.3% Pb and 0.2% Cu), including 1.9m at746 g/t AgEq
•  BOU-DD22-121 intersected456 g/t AgEq over 3.6m (19 g/t Au, 34 g/t Ag,0.1% Zn, 0.1% Pb and 0.2% Cu), including 3.1m at512 g/t AgEq

2.    Extension of the Main Zone by 400m to the south to 3.8 km of strike length, which remains open in all directions.

3.    Discovery of a new mineralized zone in the Northwest through the surface mapping program, with surface samples returning values up to 460 g/t AgEq over a >1.5kmstructure of N030 orientation.

4.    First site visit conducted by RSC Consulting Limited, which has been mandated to conduct a NI 43-101-compliant mineral resource estimate of Boumadine.

2023 Exploration Results

In 2023, significant progress has been made in the exploration efforts at the Boumadine polymetallic deposit. A total of 85 diamond drill holes, covering a distance of 31,205meters, have been completed so far. Both infill and exploration drilling have been conducted along the main trend, focusing on the South and Central zones. The exploration program is set to reach its goal of 36,000 meters by the end of July 2023, which is expected to be increased due to drill results to date, provides valuable insights into the deposit's potential.

The latest drill results have been received for all completed drill holes, including BOU-DD23-131, along with two additional holes, BOU-DD23-136 and BOU-DD23-142. These results have revealed an extension of mineralization by an impressive 400 meters to the south. The newly intersected high-grade mineralization is primarily found in the form of massive sulphide veins, with widths ranging from 1 to 4 meters, and locally reaching over 10 meters.

Detailed mapping on the project site has improved the geological understanding of mineralized events and main geological settings. Two major sets of faulting events, the N030 andN070 structures, have been identified, potentially enriching the mineralization with elements like Au-Zn and Ag-Pb, respectively. Surface grab samples led to the discovery of a new mineralized structure in the northwest area of the property, suggesting potential mineral resources beyond the Boumadine Main Trend. These developments highlight the vast mineral potential of the Boumadine polymetallic deposit, promising a bright future for the project.

“Optimistic outcomes make AYA a well positioned company”

The drill exploration program has doubled compared to the 2022 program, which covered 18,000 meters and confirmed mineralization along the main trend, extending the strike by 20%to 3.2 kilometers southward. In the 2023 program, the strike length was further extended by over 40%, reaching 3.8 kilometers (with a 6-kilometer hydrothermal system).

Disclaimer: Please be aware that this is not financial advice and that you should conduct due diligence before investing.

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