Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased to announce its fourth quarter and annual silver production results at the Zgounder Silver Mine in the Kingdom of Morocco.

Q4-2022 Quarter Production Highlights

• Silver production of 661,621 ounces in Q4-2022, a 52.5% increase compared with Q4-2021
• Processed 63,283 tonnes of ore at a head grade of 364 grams per tonne a 46.8% increase in head grade compared with Q4-2021
• Silver recovery of 89.9% in Q4-2022, a 7.5% increase compared with Q4-2021
• Combined mill availability of 88.8% in Q4-2022
• Mine production of 80,426 t of ore in Q4-2022, a 28.4% increase compared with Q4-2021

2022 Annual Production Highlights

• Silver production of 1,880,707 oz in 2022, a 17.5% increase compared with 2021, slightly above guidance
• Processed 254,976 t of ore, at 265 g/t in 2022; a 13.6% increase in tonnes processed compared with 2021
• Combined silver recovery of 86.6% in 2022, a 4.5% increase compared with 2021
• Combined mill availability of 91.7% in 2022
• Mine production of 283,090 t of ore in 2022, a 29.3% increase compared with 2021

“2022 was another record-breaking year at Zgounder with our mining operations performing ahead of guidance in Q4-2022,” said Benoit La Salle, President & CEO. “It was also a significant year for mine development and infrastructure buildout, which is critical to the Zgounder mine expansion and provided access to new stopes at the “1950m” mine level. An expanded drill exploration program at both Zgounder and Boumadine will be conducted during 2023 with an objective of providing significant growth and delivering value to all stakeholders.”

Q4-2022 and 2022 Annual Production Update

On-going mine development is providing access to new levels with mill head grade expected to stabilize in 2023. Nonetheless grade variation on a quarterly basis is expected, especially in high grade zones, which is an intrinsic characteristic of the deposit. In 2022, the annual head grade of 265 g/t was inline with guidance (264 g/t), which improves confidence in the mine plan moving forward.

Improved mine and mill throughput and silver recovery resulted in record annual production of 1,880,707 oz in 2022, which is ahead of 2022 guidance and a 17.5% increase compared with 2021.

Mill recoveries improved in 2022 and reached 89.9% in Q4-2022 due to continuous efforts by our operations team. This achievement by the operations teams adds to our confidence in ramping up the new processing plant once it is built. The flotation mill was shut down for maintenance for six days during December 2022 to ensure a solid start to the 2023.

Mine production reached a record of 80,426 t, or 874 tpd for the quarter and 776 tpd for the year. Mine ramp up is expected to accelerate in Q2-2023 to build inventory for the expansion as new mining equipment are expected to be delivered onsite throughout 2023.

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 maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.