Aya Gold & Silver Announces Significant Increase in Boumadine Mineral Resource Estimate

PRESS RELEASE

Aya Gold & Silver Announces Significant Increase in

Boumadine Mineral Resource Estimate

Montreal, Quebec, February 24, 2025 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or

the “Corporation”) is pleased to announce an updated Mineral Resource Estimate (“MRE”) prepared

in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI

43-101”) at its Boumadine Project in the Kingdom of Morocco. The updated MRE contains an Inferred

Mineral Resource of 29.2 million tonnes (“Mt”) at 82 grams per tonne (“g/t”) silver (“Ag”), 2.63 g/t gold

(“Au”), 2.11% zinc (“Zn”) and 0.82% lead (“Pb”) containing an estimated 76.8 mi llion ounces (“Moz”)

of Ag, 2.4Moz of Au, 615 thousand tonnes (“kt”) of Zn and 237 kt of Pb and an Indicated Mineral

Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1 Moz

of Ag, 449 kilo ounces (“koz”) of Au, 145 kt of Zn and 44 kt of Pb.

Highlights

• Indicated Mineral Resources of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb

containing an estimated 15.1 Moz of Ag, 449 koz of Au, 145 kt of Zn and 44 kt of Pb.

Representing 74.4 Moz Silver equivalent (“AgEq”), an increase of 120%.

• Inferred Mineral Resources of 29.2 Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb

containing an estimated 76.8 Moz of Ag, 2.4 Moz of Au, 615 kt of Zn and 237 kt of Pb.

Representing 378Moz AgEq, an increase of 19%.

• 49% of the Inferred Mineral Resource is pit-constrained and reported above a cut-off

net smelter royalty (“NSR”) value of $95/t, and 51% deemed for underground development

NSR cut-off value of US$125/t.

• Additional mineral resource potential to expand the deposit in all directions for future

mineral resource estimation. With a land package of 271.5 square kilometers (“km 2”) in

addition to a 600 km2 exploration authorization, new targets are being tested.

“We are pleased to announce an updated Mineral Resource Estimate for Boumadine , marking a

120% increase in indicated resources and 19% in inferred resources since our April 2024 update,”

said Benoit La Salle, President & CEO. “In under three years, we have grown silver and gold ounces

across all classifications, demonstrating the team’s ability to identify and grow Boumadine into a

world class asset.

“Drilling has primarily focused on the mining permit, which represents only a small portion of the

broader mineralized footprint. Over the past two years, we have expanded our footprint by nearly

850% and continue to consolidate the area while aggressively testing extensions of known

mineralized trends. Additionally, ongoing metallurgical studies are yielding promising results as

we advance the project toward large-scale development.”

Boumadine Mineral Resource

The MRE is effective as of February 24, 2025, and includes drilling conducted from 2018 through

December 1, 2024. The database comprises 428 surface diamond drill holes (“DDH”), totaling 142,268

meters (“m”). For this updated MRE, 93 new DDH, totaling 44,514m, were incorporated.

Historical mining was not depleted from the MRE as the exact position and physical extent could not

be accurately measured. From the historical production reports, approximately 261kt of mineralized

material were extracted and processed (less than 1% of the current MRE), therefore it is considered

not material. Historical tailings were excluded from the MRE since the bulk density, volumes and

grades were not properly evaluated. Molybdenum was excluded from both the cut-off and AgEq/AuEq

calculations since the process recoveries were not evaluated.

Table 1 –Boumadine MRE, as of February 24, 2025 (1-12)

Cutoff Tonnes

Average Grade Contained Metal

Ag Au Cu Pb Zn AgEq AuEq Ag Au Cu Pb Zn AgEq AuEq

NSR

US$/t (kt) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (kt) (koz) (koz)

Pit-constrained

Indicated 95 3,920 94 2.99 0.13 0.84 2.95 476 5.30 11,881 343 5 33 116 60,051 667

Pit-constrained

Inferred 95 14,258 90 2.89 0.10 0.81 2.38 450 5.00 41,135 1,102 14 115 339 206,293 2,293

Out-of-pit

Indicated 125 1,249 80 2.11 0.08 0.87 2.32 358 3.98 3,216 106 1 11 29 14,382 160

Out-of-pit

Inferred 125 14,938 74 2.39 0.07 0.82 1.85 357 3.97 35,669 1,294 10 122 276 171,393 1,905

Total

Indicated

95/

125 5,169 91 2.78 0.12 0.85 2.80 448 4.98 15,097 449 6 44 145 74,433 827

Total

Inferred

95/

125 29,196 82 2.63 0.08 0.82 2.11 402 4.47 76,804 2,396 25 237 615 377,686 4,198

1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral

Resources may be materially affected by environmental, permitting, legal, title, taxation, socio -political, marketing, or

other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.

2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral

Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred

Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining,

Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and

Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the

CIM Council, as may be amended from time to time.

4. A silver price of US$24/oz with a process recovery of 89%, a gold price of US$2,200/oz with a process recovery of 85%,

a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%,

and a copper price of US$4.00/lb with a process recovery of 75% were used in establishing the MRE.

5. AgEq = Ag(g/t) + (Au(g/t) *Au price/oz*Au recovery)/(Ag price/oz*Ag recovery) + Zn(%)*Zn price/lb* Zn recovery/(Ag

price/oz*Ag recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Ag price/oz*Ag recovery)*685.7147973 +

Cu(%)*Cu price/lb* Cu recovery/(Ag price/oz*Ag recovery)*685.7147973

6. AuEq = Au(g/t) + (Ag(g/t) *Ag price/oz*Ag recovery)/(Au price/oz*Au recovery) + Zn(%)*Zn price/lb* Zn recovery/(Au

price/oz*Au recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Au price/oz*Au recovery)*685.7147973 +

Cu(%)*Cu price/lb* Cu recovery/(Au price/oz*Au recovery)*685.7147973.

7. The constraining pit optimization parameters were US$3.5/t for mineralized material mining. US$2/t for waste mining

US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes.

8. The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t for

a cut -off The out -of-pit Mineral Resource grade blocks were quantified above the US$125 NSR cut -off, below the

constraining pit shell and wi thin the constraining mineralized wireframes. Out –of-pit Mineral Resources exhibit

continuity and reasonable potential for extraction by the long hole underground mining method.

9. Individual calculations in tables and totals may not sum due to rounding of original numbers.

10. Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade

estimation.

11. Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m 3 determined

from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m3 was

used.

12. 1.0 m composites were used during grade estimation.

Tables 2 and 3 – Cut-Off Sensitivity MRE (1-12)

Indicated InPit and Underground Resources

UG-OP Tonnes Ag Ag Au Au Cu Pb Zn AgEq AgEq AuEq AuEq

NSR

US$/t (kt) (g/t) (koz) (g/t) (koz) (%) (%) (%) (g/t) (koz) (g/t) (koz)

145-120 4,472 97 13,923 3.05 439 0.12 0.86 2.75 484 69,632 5.40 777

140-115 4,625 95 14,110 2.99 444 0.12 0.86 2.72 476 70,751 5.30 788

135-110 4,791 93 14,359 2.92 450 0.12 0.86 2.69 467 71,933 5.20 801

130-105 4,932 92 14,547 2.86 453 0.12 0.85 2.66 460 72,898 5.11 810

125-95 5,169 89 14,863 2.77 460 0.11 0.84 2.63 448 74,433 4.98 827

120-90 5,298 88 15,008 2.72 463 0.11 0.83 2.60 442 75,250 4.90 834

115-85 5,481 87 15,265 2.66 469 0.11 0.82 2.57 433 76,364 4.81 848

110-80 5,648 85 15,477 2.60 473 0.11 0.81 2.55 426 77,320 4.73 858

105-75 5,820 84 15,683 2.54 476 0.10 0.80 2.53 418 78,268 4.64 868

90-60 6,284 79 16,061 2.39 483 0.10 0.78 2.46 399 80,571 4.40 890

Inferred InPit and Underground Resources

UG-OP Tonnes Ag Ag Au Au Cu Pb Zn AgEq AgEq AuEq AuEq

NSR

US$/t (kt) (g/t) (koz) (g/t) (koz) (%) (%) (%) (g/t) (koz) (g/t) (koz)

145-120 24,023 90 69,342 2.86 2,211 0.09 0.87 2.14 441 340,641 4.90 3,786

140-115 25,128 88 70,937 2.80 2,261 0.09 0.86 2.12 432 349,042 4.80 3,880

135-110 26,218 86 72,627 2.73 2,304 0.08 0.85 2.10 424 357,154 4.71 3,970

130-105 27,538 84 74,537 2.66 2,355 0.08 0.83 2.08 414 366,533 4.60 4,074

125-95 29,196 82 76,803 2.57 2,413 0.08 0.82 2.06 402 377,685 4.47 4,198

120-90 30,517 80 78,494 2.51 2,463 0.08 0.80 2.03 394 386,356 4.38 4,294

115-85 31,780 78 80,098 2.45 2,506 0.08 0.80 2.01 386 394,344 4.29 4,383

110-80 33,191 77 81,883 2.38 2,543 0.08 0.79 2.00 378 402,842 4.20 4,478

105-75 34,696 75 83,932 2.32 2,584 0.08 0.78 1.97 369 411,615 4.10 4,575

90-60 39,460 70 89,112 2.13 2,706 0.07 0.75 1.92 345 437,219 3.83 4,860

Figure 1 – Location of Zones Included in Boumadine MRE, with Drill Holes and Magnetic Data

(Residual Total Field)

Figure 2 – Surface Plan of Boumadine with Mineralized Envelope Included in the MRE

Figure 3 – Longitudinal Projection of the Block Model of Boumadine MRE

Figure 4 – Typical Vertical Cross-Section of the Boumadine Central Zone (Section 8850N)

Figure 5 – Typical Vertical Cross-Section of the Boumadine South Zone (Section 6525N)