Montreal, Quebec, January 11, 2021 - Aya Gold & Silver Inc. (TSX: AYA) (“Aya” or the “Corporation”) is pleased to announce that it has entered into a definitive agreement (the “Arrangement Agreement”) with the creditors of Algold Resources Ltd (TSX.V: ALG) (“Algold”), which owns 75% of the Tijirit Gold Project (“Tijirit”) in Mauritania, to acquire their 2018 secured loan for a then face value of US$5 million (“Loan”). The Loan is secured against the assets of Algold. The current loan value and outstanding balance stands at US$8 million. Under the terms of the Arrangement Agreement, the creditors will receive 2,133,333 common shares of Aya. This consideration is based on CAD$3.00 per Aya share. Aya is now the largest creditor of Algold and sole secured creditor of same.

Benoit La Salle, President & CEO of Aya, stated: “We believe the acquisition of the Algold Loan represents a compelling value opportunity as it is secured by Tijirit, a highly prospective, underexplored gold project. In addition, Tijirit is located in a pro-mining jurisdiction with which management enjoys long-standing relations.”

Aya will continue to focus on advancing the Zgounder Silver Mine and its Zgounder regional silver opportunities. The Corporation also intends to explore and develop all its other mining assets.

Aya’s current portfolio of assets includes the following:

Silver Assets (Ag)
•Zgounder Silver Mine (1 mining permit)
•Zgounder Regional (6 exploration permits)
•Imiter Bis (1 exploration permit)
•233263 Permit (1 exploration permit)

Polymetallic Assets (Ag, Au, Cu)
•Boumadine Project, Au, Ag, Pb, Zn (1 mining permit, 1 exploration permit)
•Azegour Project, Cu, Mo, W (1 mining permit, 1 exploration permit)
•Amizmiz Project, Au (4 exploration permits)

The Corporation is finalising its budgets for the year 2021 and will communicate in the coming weeks the exploration budgets for its portfolio of assets and the production guidance for the Zgounder Silver Mine.

Highlights of Tijirit Project

Tijirit is a development-stage gold deposit located in northwestern Mauritania, approximately 275 kilometers north of the capital Nouakchott, 25 kilometers southeast of the Tasiast Gold Mine. TIREX SA, Algold’s local 75%-owned subsidiary, holds a 28-year mining permit comprising five zones over a 150 square-kilometer area.

Algold published an NI 43-101 preliminary economic assessment (“PEA”) with an effective date of March 9, 2018. For further details on the PEA, refer to Algold’s press release dated May 22, 2018.

Three zones host M&I resources totaling 3.2 million tonnes (“Mt”) grading 1.64 grams per ton (g/t) gold (“Au”) for 169,000 ounces (Eleonore 0.72Mt @ 4.08 g/t Au for 94,000 ounces) and 10.5Mt of inferred resources grading 1.92 g/t Au for 649,000 ounces (Eleonore 3Mt @ 4.07 g/t Au for 395,000 ounces Au), as per the PEA.

Subsequent to filing the PEA, Algold has drilled an additional 23,590 meters on the property.

About Aya Gold & Silver Inc.
Aya Gold & Silver Inc. is a publicly traded Canadian company focused on the operation, exploration, acquisition and development of silver and gold deposits. Aya is currently operating mining and milling facilities at its Zgounder Silver Mine, an 85%-15% joint venture between its subsidiary, ZMSM, and the Office National des Hydrocarbures et des Mines (“ONHYM”) of the Kingdom of Morocco.

Its mining portfolio also includes the Boumadine polymetallic deposit located in the Anti-Atlas Mountains of Eastern Morocco which is also a joint venture with ONHYM wherein Aya retains an 85% ownership. Additionally, the Corporation’s portfolio includes the Amizmiz and Azegour properties, both being 100% owned, with gold, tungsten, molybdenum and copper occurrences covering over 100 square kilometers in a historical mining district of Morocco.

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