Aya Gold & Silver (TSX: AYA; OTCQX: AYASF) is a rapidly growing, Canadian-based silver producer with a strong footprint in Morocco. With a strong market capitalization of $1.03 billion, it bags the identity of being the only TSX-Listed pure silver producer. It operates the Zgounder Silver Mine, an underground silver mine located 260km east of Agadir in Morocco. In addition to advancing its Boumadine polymetallic project, Aya has a number of exploration properties located along the prolific Anti-Atlas belt that is host to Zgounder and Managem’s Imiter Mine.

The global demand for silver is anticipated to reach 1,196 million ounces by 2026, exhibiting a Compound Annual Growth Rate(CAGR) of 2.97% for the period spanning 2022 to 2026. Concurrently, the supply of silver is expected to rise to 1,061 million ounces in 2026, experiencing a CAGR of 1.24% over the same time frame.

Several factors contribute to this market growth, including the surging sales of jewelry and silverware, the increasing demand for solar photovoltaic systems, the expanding utilization of silver oxide batteries, the growing manufacturing of electrical equipment, and the expansion of dental services.

Unveiling the Recent updates of Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF):

1. Pioneering Steps taken towards Gender Diversity with New Board Appointment :On June 07, 2023,thecompany announce its commitment to increasing gender diversity and representation at the Board and management levels. If re-elected at the 2023AGM, Marc Nolet de Brauwere will step down, and Ms. Annie Torkia Lagacé will be appointed as Director to fill the vacancy. This appointment will immediately raise female Board representation to over 37%, surpassing proxy advisory firms' guidelines, including those of Institutional Shareholder Services Inc.("ISS").

2. On June 15, 2023, the company announced the successful election of all nominees as directors at its recent AGM. Over 48.92% of Aya's issued and outstanding common shares were represented in person or by proxy at the meeting.

3. With a strong operational performance, the operating cash flow rose to $4.1 million in Q1 2023.

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

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

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

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

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

• Operating cash flow for the quarter of $4.1 million

• Cash cost of $14.56 per oz compared to $15.37per oz in Q1-2022 

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

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

• Solid financial position with $91 million ofcash, cash equivalents and restricted cash compared to $42 million atDecember 31, 2022

The Zgrounder Mine

Located in the central Anti-Atlas mountains, Zgounder is the second most-important silver mine in Morocco after the Imiter Mine. Commercial production was reached in January 2019. A 2,700-tpd expansion feasibility study was delivered in February 2022 that, supported by ahigh-grade reserve estimate, confirmed strong economics for quadrupling post-expansion production to 6.8 million oz Ag.

Updates and Announcement of High-Grade Silver Drilling Results at Zgounder and its Regional Drilling Program

Aya Gold & Silver (TSX: AYA; OTCQX: AYASF) is excited to report additional findings from recent drilling activities that confirm the presence of high-grade silver mineralization at the Zgounder Silver Mine. The Corporation also provides an update on the ongoing Zgounder Regional exploration campaign in the Kingdom of Morocco.

Here are the key highlights of the drill results, with all measurements provided in core lengths:

1. Diamond drill hole (DDH) DZG-SF-22-156 intersected 1,332 grams per tonne (g/t) of silver (Ag) over 5.0 meters (m), and 1,158 g/t Ag over 4.5m. Additionally, DZG-SF-22-164 intercepted 918 g/t Ag over9.0m.

2. In the open-pit area, reverse circulation(RC) drill hole ZG-RC-23-2260-70 revealed 1,611 g/t Ag over 27m, including4,771 g/t Ag over 5.0m. ZG-RC-23-2260-99 intercepted 795 g/t Ag over 14.0m,including 4,734 g/t Ag over 2.0m.

3. In the central zone from the 2,000m level:

• Hole TD28-23-2000-591 intersected 645 g/t Ag over 12.0m, including 2,127 g/t Ag over 2.4m.
• Hole TD28-23-2000-403 intercepted 815 g/t Ag over 10.8m, including 2,596 g/t Ag over 2.4m.

4.In the central zone from the 1,975m level:

• Hole TD28-23-1975-536 revealed 1,209 g/t Agover 10.8m, including 2,482 g/t Ag over 4.8m.
• Hole TD28-23-1975-572 intercepted 712 g/t Agover 10.8m, including 1,171 g/t Ag over 6.0m.

5. From the surface in the eastern area, holeZG-23-02 showed 1,753 g/t Ag over 6.5m, while hole ZG-23-07 in the western limit of the central area intersected 3,460 g/t Ag over 2.0m.

6. In the Zgounder Regional campaign, holeZGW-22-06 indicated 1.22% zinc (Zn) over 85.5m, including 1.91% Zn over 5.0m.Hole AM-22-001 revealed 0.93% copper (Cu) over 6.0m, including 1.27% Cu over3.0m.

Benoit La Salle, President & CEO, commentedon the drilling results, stating, Today's findings expand the mineralized areaof the Zgounder deposit, with intersections such as ZG-23-02 continuing todeliver high-grade results beyond the current resource boundaries. Notably,hole ZG-RC-23-2260-70, ranking fifth in terms of grade-thickness, demonstratesthe deposit's continuity. Additionally, preliminary outcomes from the ZgounderRegional program, although anomalous, confirm the potential for discoveringsatellite deposits related to the Zgounder Mine.

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

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