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MAYA PROVIDES FURTHER UPDATE ON COVID-19 AND EXTENSION TO FILE INTERIM FILINGS

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Montreal, Québec- June 12, 2020 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX: MYA) wishes to provide an update on the Press Release issued May 14, 2020 relating to the COVID-19 pandemic as it effects the Corporation and the status of the filing of its quarterly financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the quarter ended March 31, 2020 (“Interim Filings”). On May 14, 2020 the Corporation issued the required press release to obtain an extension pursuant to decision N°2020-PDG-0023 issued by the Autorité des marchés financiers ("AMF Temporary Exemption"). Maya is relying on this extension period due to delays experienced as result of the COVID-19 pandemic.

The lockdown resulting from the outbreak of COVID-19 pandemic has created unprecedented disruption in the global economy and stock markets. Maya’s Board of Directors and Management continue to take all necessary precautions to ensure the health of its employees and consultants and to manage the short-term challenges to its business.

Maya estimates that its Interim Filings will be available for filing at its earliest opportunity, which is expected to occur by end of June 2020. Until such time as the Interim Filings are filed, Maya’s management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

There have been no material business developments since the date of the last Annual Financial Statements, filed on May 14, 2020, a copy of which is available on SEDAR at www.sedar.com.

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.