TSX: AYA.TO
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MAYA GOLD & SILVER ANNUAL GENERAL MEETING AND CORPORATE UPDATE

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Montreal, Québec- May 28th, 2020 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX: MYA) is pleased to announce that for the current year, it has changed its format for the upcoming annual meeting of shareholders ("AGM") to be held on Friday, June 19, 2020 at 10:00 a.m. (Eastern Time) to an online virtual only meeting. Under this format, shareholders may not physically attend the meeting in person but are welcome to attend and participate in the meeting online via live audio webcast.

This change of format is in response to the current COVID-19 pandemic and more particularly in regards to the restrictions on mass gatherings implemented by the Government of Quebec. The decision to move to a virtual-only meeting reflects our commitment to protecting the health and safety of our shareholders, directors, employees, and other stakeholders and our desire to seek the largest possible participation by our international shareholder base. In fact, the Company strongly urges shareholders to register and vote in advance of the meeting.

General Instructions of the meeting

The timing and process for voting by proxy remains as described in the proxy materials, and shareholders may still vote in advance of the meeting by submitting their proxy form or voting information form as described in the proxy materials.

The virtual meeting will be conducted via live audio webcast. Registered shareholders and duly appointed proxyholders will be permitted to attend the virtual meeting, ask questions and vote, all in real time, provided they are connected to the internet and have logged in at https://web.lumiagm.com/237917800.

Participants must be connected to the internet at all times to be able to vote. The Company invites Shareholders to read the “Virtual AGM User Guide” attached to the Management Proxy Circular and to review the meeting materials before voting. The Management Proxy Circular and the Virtual AGM User Guide are available at www.sedar.com and on the Company’s website at the following link: https://maya.dev.penega.com/financials/

Attending the meeting

Holders of shares on the record date, being May 18, 2020, may exercise their rights by attending the virtual Meeting or by completing a Proxy Form.

Registered shareholders who have not appointed a proxyholder and duly appointed proxyholders of registered and non-registered (beneficial) shareholders will be able to attend the meeting, ask questions, and vote securely in real time, provided they follow the instructions below and are connected to the internet. Non-registered shareholders who have not duly appointed themselves as proxyholder will be able to attend the meeting as guests, but will not be able to ask questions or vote at the meeting. This is because the Company and its transfer agent do not have a record of non-registered shareholders and will have no knowledge of non-registered shareholdings or entitlements to vote unless non-registered shareholders appoint themselves as proxyholder.

REGISTERED SHAREHOLDERS

If you are a registered shareholder, you will have received a form of proxy (“Proxy Form”) from the Company’s transfer agent, Computershare Investor Services Inc. (“Computershare”). Complete, sign and mail your Proxy Form in the postage prepaid envelope provided or fax it to the number indicated on the form. Registered shareholders may also exercise their voting rights (i) by calling the toll-free number 1-866-732-8683 or any other number indicated on the proxy form or the voting instruction form or (ii) by going to the following website: www.investorvote.com

NON-REGISTERED SHAREHOLDERS

If your shares are held in the name of an intermediary (securities broker, bank, trustee or other financial institution), you will have received a request for voting instructions from such an intermediary. Follow the instructions on your voting instruction form to vote by telephone, internet or fax, or complete, sign and mail the voting instruction form in the postage prepaid envelope provided.

If you do not have access to internet, please contact Computershare Investor Services Inc. by calling at no charge 1-800-564-6253 (within North America) and 514-982-7555 (outside North America) or by e-mail at service@computershare.com. You will not be able to vote or submit your questions during the meeting.

Shareholders who wish to appoint a proxyholder to attend the meeting (other than the management nominees identified in the proxy form or voting information form) must carefully follow the instructions set out in the proxy materials, including on their proxy form or voting information form. It is important that shareholders comply with the signature and return instructions provided on the form or by their intermediary. Additionally, after submitting the proxy form or voting information form, the proxyholder MUST register with the Company’s transfer agent, Computershare Trust Company of Canada, at www.computershare.com/maya to receive a meeting-specific control number after proxy cut-off. Failure to do so will result in the proxyholder only being able to attend the meeting as a guest with no ability to ask questions or to vote.

Shareholders who wish to appoint a proxyholder to attend the meeting must appoint that person as proxyholder and register that proxyholder with Computershare to receive a meeting-specific control number. This includes registered shareholders who have duly appointed another person as proxyholder and non-registered (beneficial) shareholders who have duly appointed themselves or another person as proxyholder. Registered shareholders who wish to attend the meeting themselves do not need to register a proxyholder and can use the control number provided on their proxy form.

Non-registered shareholders who wish to participate in and vote at the meeting must appoint themselves as proxyholder and register themselves as their proxyholder. To appoint oneself as proxyholder, non-registered shareholders must insert their name in the space provided on the voting information form and follow all of the applicable instructions provided by their intermediary.

After proxy cut-off at 5:00 p.m. (Eastern time) on June 17, 2020, or for non-registered shareholders, such earlier date as required by their intermediaries, Computershare will send, via e-mail, the meeting-specific control number to the proxyholder. Without a control number, proxyholders will not be able to ask questions or to vote at the meeting and will be able to participate as a guest only.

Unable to attend the meeting

Those who are unable to attend the virtual Meeting are urged to complete and sign the Proxy Form attached with the Management Proxy Circular mailed to them and return it to Computershare Investor Services Inc. by mail, Proxy Department, 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1, or by fax at 1-866-249-7775 (within North America) or 416-263-9524 (outside North America), before 5:00 p.m. on Wednesday, June 17, 2020.

Holders of shares may also exercise their voting rights (i) by calling the toll-free number 1-866-732-8683 or any other number indicated on the Proxy Form or the voting instruction form or (ii) by going to the following website: www.investorvote.com.

For any additional information concerning this matter, please contact Computershare Investor Services Inc. by calling at no charge 1-800-564-6253 (within North America) and 514-982-7555 (outside North America) or by e-mail at service@computershare.com.

Participating Online

For those shareholders who have voted prior to the meeting, online or through submitting a proxy or in any manner described hereinabove, please note that by logging in to the virtual meeting and accepting the terms and conditions as a Shareholder and voting at the ballots, you will be revoking previously submitted proxies for each ballet and therefore may change your vote.

Before the date of the meeting please make sure your browser is compatible with the meeting specifications and visit https://web.lumiagm.com/237917800. This can be done on your laptop, smartphone or tablet and will need the latest version of Safari, Chrome, Edge or Firefox.

To access the online meeting you will need the following information:

Visit: https://web.lumiagm.com/237917800

Meeting ID: 237917800

Password: maya2020

To log in you must have the following information:

  • If you have the control number, enter the fifteen (15) digit control number provided on your form of proxy provided to you by Computershare (bottom of page 1), which constitutes your user name.
  • The user name provided to you by Computershare by email provided your appointment has been registered.

In either case, the case sensitive password is maya2020.

You may also choose the “I am a Guest” option and fill out the form online.

We encourage participants to sign in online at least 30 minutes prior to the meeting scheduled time.

Corporate Update

With significant changes in management and direction of the Company’s new leadership team, the Company continues to review and examine all of its assets. The Company no longer considers material any asset other than its Zgounder Silver Mine and considers all studies regarding non-material assets to no longer be current. The Company will therefore not update any information on any asset other than its Zgounder Silver Mine.

With all these developments, all participants will have the opportunity to ask questions of Maya's Chairman, CEO and executive team at the AGM webcast.

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.

For additional information, please visit Maya’s website at www.maya.dev.penega.com

Or contact:

Benoit La Salle, FCPA FCA

President & CEO

Tel: +1 (514) 951-4411

blasalle@maya.dev.penega.com

Alex Ball

VP, Corporate development & IR

Tel: +1 (647) 919-2227

aball@maya.dev.penega.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.maya.dev.penega.com. Maya disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.