Aya Gold & Silver Announces Annual General Meeting

MONTREAL, May 23, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) ("Aya" or the "Corporation") is pleased to announce the release and filing of its Management Information Circular for the year ended December 31, 2023 (the "Circular") with the relevant securities regulators.

The report can be consulted on the SEDAR+ website and on the ESG Analyst page of the Corporation's website.

The Circular

The 2024 Annual General Meeting ("AGM") of Aya Gold & Silver Inc. will convene on June 21, 2024, at 10:00 AM EDT, at the Corporation's head office in Mont Royal, Quebec. Shareholders are invited to vote on several key matters, including the election of director nominees, executive compensation, and governance practices.

• New Board Nominee, Ms. Guedira
  

In connection with the AGM, the Corporation is pleased to announce that its Board of Directors (the "Board") has nominated Ms. Ghislane Guedira as an independent director to the Board.

Ms. Guedira brings over 30 years of extensive experience in the financial and mining sectors, notably serving as CFO for the OCP Group, a global leader in the phosphate and phosphate derivatives industry, for over a decade. Her expertise is expected to greatly enhance the Board's strategic oversight, particularly strengthening Aya's operations and initiatives in Morocco.

Mr. Robert Taub, Chair of the Board, stated, "We are delighted to propose Ms. Guedira's election to the Board. Her deep knowledge of the mining sector and strategic financial management, especially within Moroccan markets, will be invaluable to Aya."

If elected at the AGM, Ms. Guedira will fill the vacancy left by Ms. Natacha Garoute who has chosen not to stand for re-election for professional reasons.

"Aya is grateful for Ms. Garoute's rigorous contribution to the Board and the Audit Committee since 2022, and we wish her every success in the future," said Benoit La Salle, President & CEO of Aya.

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.

Aya's management team has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

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

Or contact

Forward-Looking Statements

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 "validate", "confirm", "potential", "expect", "continue", "objective", "expand", ,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 in particular the nature of the deposit as it hits the granite and the continuation of down-plunge extensions, the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources and future opportunities for enhancing development at Zgounder including the possible expansion of the mineral resource at depth. 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 ability to obtain any requisite governmental approvals, 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 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. 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.