Aya Gold & Silver Acquires Historical Tirzzit Copper Mine Adds Seven Prospective Copper-Silver Permits in Tirzzit District Near Zgounder

MONTREAL, June 29, 2023 - Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce it has acquired the Tirzzit Project ("Tirzzit"), a collection of seven permits located 25 kilometers from the Zgounder Silver Mine in the Kingdom of Morocco. This acquisition adds a historical mine with a significant amount of proprietary data as well as a prolific land package with tremendous potential.

On close of the Tirzzit acquisition,

• Aya will control 100% of Tirzzit in Morocco
• Aya is paying a total consideration of approximately US$4.9 million¹ including US$800,000 in cash as well as 622,728 Aya shares
• Aya acquires the following:
• Seven permits, comprising five exploration permits and two mining licenses, one of which hosts a high-grade historical copper ("Cu") mine
• Historical data including drill results and geophysics, which Aya will use to launch fieldwork to enhance its understanding of Tirzzit
• A property totaling 67.7 square kilometers ("km")

The transaction remains subject to final TSX approval and regulatory approval in the Kingdom of Morocco. The Aya shares issued pursuant to the transaction are subject to 4-month statutory hold period, in accordance with applicable Canadian securities law.

• Historical copper mine offering near-surface silver and copper mineralization potential, with historical drilling intercepts of up to 3.5% Cu
• Mineralization of historical deposit remains open in three directions
• No systematic exploration program using modern methods
• Easy road access and proximity to infrastructure

"The acquisition of Tirzzit fits with our objective of expanding our mineralized footprint in Morocco, and accretively growing our resource base. It also provides long-term exposure to a new potential mining district within trucking distance of Zgounder. Very little exploration has been carried out to date on the new permits, offering our team an opportunity to quickly unlock value for all stakeholders. We look forward to launching an exploration program and maximizing value in the near term," said Benoit La Salle, President & CEO.

Aya will adopt a systematic approach to its exploration of Tirzzit, starting with a deeper analysis of historical data, including drilling data, and by launching a fieldwork program on the properties before year-end 2023. Depending on the results, a first drill program is envisaged in 2024.

The Tirzzit deposit lies within the western segment of the Tazoult inlier. The geology of the properties is composed by Precambrian and Infra-Cambrian formations, so-called "Série de Base" overlain by dolomites and limestones. The copper mineralization is mainly hosted within calcareous siltstones and sandstones to sandy dolomites in the upper portion of the "Série de Base" Formation.

The Tirzzit properties are located some 225 km from Agadir on well-maintained paved highways, N10 and P1706, that run east for 205 km to Taliouine in the Taroudant province. Most of the remaining 12 km to the property are traveled on a paved road to the village of Tassousfi. The seven permits are located almost contiguously, within 25 km of Zgounder.

The technical disclosure in this news release has been approved by David Lalonde, BSc, Head of Exploration, and a Qualified Personas defined in National Instrument 43-101. He has not verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data is historical and the original drill core is not available.

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.

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

For additional information, please visit Aya's website at www.ayagoldsilver.com.

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Aya's future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "plans", "expects", "does not expect", "deliver", "plan", "scheduled", "trends", "indications", "potential", "estimates", "predicts", "anticipate", "to establish", "does not anticipate", "believe", "intend", "ability to" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Zgounder and the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources, future opportunities for enhancing development at Zgounder, and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the closing and timing of financing, the ability to obtain any requisite governmental approvals, the presence of artisanal miners, obtaining regulatory permits for on site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2022 Annual Information Form dated March 31, 2023, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

SOURCE Aya Gold & Silver Inc.