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Maya Announces 2020 Zgounder Silver Mine Exploration Program

Montreal, Québec- July 14, 2020 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX: MYA) is pleased to announce the start of the first phase of the Zgounder Silver Mine exploration program.

The Board of Directors of the Company recently approved a combined exploration and development program, which will include both Diamond Drilling (“DDH”) and Reverse Circulation Drilling (”RC”). The objective is to deliver value to shareholders through the drill bit and to build on the previous high-grade drill results reported on May 11th, 2020 (https://mayagoldsilver.com/press-release/maya-intersects-929-g-t-ag-over-5m-near-surface-at-its-zgounder-mine-east-zone/), which included intersections at surface of 5 meters at 929 g/t Ag, 5 meters at 592 g/t Ag, 8 meters at 339 g/t Ag and 3.5 meters at 614 g/t Ag.

An initial 10,000 meters is immediately planned with an additional 5,000 meters before year end. This compares with only 5,385 meters drilled at the Zgounder Silver Mine in 2019. The goal is to increase and further define resources from the east zone of the deposit, as well as to confirm and define the continuous mineralisation at deeper levels from the current underground mine.

The detailed target zones and drilling programs are still being reviewed by the Company as it mobilises to start drilling. “We are excited about the exploration program and we are confident in the potential for additional high-grade results” commented Benoit La Salle, CEO of Maya, “It will give us better visibility of the extension of the deposit and is the first step to unlocking significant value for shareholders.”

Qualified Persons

The technical content of this news release has been reviewed by Merouane Rachidi, P.Geo., Ph.D. and Claude Duplessis Eng., from GoldMinds Geoservices Inc., independent Qualified Persons under NI 43-101 standards, based on the information received from the Maya Gold & Silver technical team.

ABOUT MAYA

Maya Gold & Silver Inc. is a publicly traded Canadian company focused on the operation, exploration, acquisition and development of silver and gold deposits. Maya 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 Maya retains an 85% ownership. Additionally, the Company’s portfolio includes the Amizmiz and Azegour properties, with gold, tungsten, molybdenum and copper occurrences covering over 100 square kilometres in a historical mining district of Morocco.

For additional information, please visit Maya’s website at www.mayagoldsilver.com

Or contact:

Benoit La Salle, FCPA FCA

President & CEO

Tel: +1 (514) 951-4411

blasalle@mayagoldsilver.com

Alex Ball

VP, Corporate development & IR

Tel: +1 (647) 919-2227

aball@mayagoldsilver.com

Forward-looking statements

This press release contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as “strong”, “improving”, “looking forward’, “steady”, “emerging”, “transition”, “stabilize”, “optimize”, “advance”, “maximize”, “improve”, “deliver”, and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to (i) maintain a steady production for the year 2020, (ii) the capacity to put in place effective controls, procedures and methods necessary for a rigorous operation as well as transparent and effective reporting, and (iii) the capacity to implement a plan to stabilize, optimize, advance, and maximize value at both the Zgounder Silver Mine and the Boumadine Polymetallic Project, as well as the ability to increase reserves and resources, the ability to execute on our strategic focus, fluctuation in the price of currencies, silver or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa and Morocco in particular, (including our ability to maintain or renew licenses and permits), the security of our operations and other risks described in Maya’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in Maya’s 2019 Annual MD&A and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.mayagoldsilver.com. Maya disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.