Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased to announce it has closed its previously announced offering of 7,573,900 common shares in the capital of the Corporation, at a price of $10.25 per Share for gross proceeds of approximately $77,600,000. In connection with the Offering, the Underwriters (defined below) exercised their over-allotment option in full where an additional 987,900 Shares were purchased for aggregate gross proceeds of approximately $10,125,000.

Eight Capital acted as sole Bookrunner, along with National Bank Financial Inc. as co-lead underwriters, with a syndicate of underwriters comprised of Desjardins Securities Inc., Raymond James Ltd., SCP Resource Finance LP, Canaccord Genuity Corp. & Cormark Securities Inc.

Aya intends to use the net proceeds of the Offering for the advancement of its exploration and development programs at Boumadine, the exploration program at Zgounder Regional, as well as for working capital and general corporate purposes.

“We received tremendous interest in our oversubscribed equity bought deal financing from leading institutional investors globally,” said Benoit La Salle, President & CEO. “This financing underscores our confidence in our project pipeline with proceeds being used to accelerate our exploration efforts at our Boumadine and Zgounder Regional properties as we look to strategically position ourselves for the future. Importantly, this financing more then doubles our drill exploration program with an additional 200,000 meters at Boumadine over the next 24 months and reinforces our commitment to creating long-term value for all shareholders.”

The Offering was completed by way of a prospectus supplement  to the short form base shelf prospectus of the Corporation dated January 12, 2023 which Supplement was filed on February 8, 2024. The Base Prospectus and the Supplement can be found on SEDAR+ at www.sedarplus.ca and contain important detailed information about the Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

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.