BUILDING MOROCCO’S NEXT · building morocco’s next world class producer corporate presentation –pdac march 2020 mayagoldsilver.com| 1.514.886.2008

BUILDING MOROCCO’S NEXT

WORLD CLASS PRODUCER

CORPORATE PRESENTATION – PDAC MARCH 2020MAYAGOLDSILVER.COM| 1.514.886.2008

MAYA GOLD & SILVER 2020 – TSX | MYA

MAYA GOLD & SILVER

FORWARD LOOKING STATEMENTCertain statements in this presentation may constitute “forward-looking statements” that involve known and unknown risks, uncertainties and other factors that may

cause the actual results, performance or achievements of Maya Gold & Silver Inc., or industry results, to be materially different from any future results, performance or

achievements expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and

operating performance and speak only as of the date of this presentation. These forward-looking statements involve a number of risks and uncertainties.

Zgounder Silver Mine

The decision to declare commercial production at the Zgounder Silver Mine (Zgounder) was based on several factors including reaching operating and

recovery levels as intended by management. Forward-looking information includes, but is not limited to, information with respect to the future exploration,

development and exploitation plans concerning the Zgounder Property, the adequacy of the Company’s financial resources, business plans and strategy and other

events or conditions that may occur in the future, and the results set out in Preliminary Economic Assessment (PEA) including with respect to mineral resource and

mineral reserve estimates, the ability to exploit estimated mineral reserves, the Company’s expectation that Zgounder will be profitable with positive economics from

mining, recoveries, grades, annual production, the parameters and assumptions underlying the mineral resource and mineral reserve estimates and the financial

analysis, the silver prices, the expected successful ramp-up and achieving full production, expected metal recoveries, the silver production, total cash costs per ounce

of silver sold, the ability of management to solve challenges, prospects to expand and/or upgrade mineral reserve and mineral resource estimates, and prospects as

an investment opportunity.

Boumadine Polymetallic Mine

Historical Resources estimates exist at Boumadine and are considered historical. These estimates were executed prior to the introduction of National

Instrument 43-101. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the is not

treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon. Maya Gold and Silver started a

diamond drilling program from the surface to bring the historical resource to a first NI 43-101 mineral resource estimate in 2019.


MAYA GOLD & SILVER

BOARD OF DIRECTORS

N O U R E D D I N E M O K A D D E M, P. E N GFounder, Chairman & CEOOver 36 years of senior positions at ONA, MANAGEM and OCP Groups,Noureddine has played an important role in the development of majormining operations in Morocco & West Africa from exploration toproduction, such as Akka gold mine and the Guemassa polymetallicmining complex.

D r e E L E N A C L A R I C IDirectorElena is a mining engineer, with a B.Eng in mining & a PhD in Mining &Environmental Engineering. Founder, president & CEO of Micah MineralsCorp., she is a former chair of Association of Mining Analysts and a regularcontributor to financial and mining media.

R O B E R T T A U BDirectorRobert holds a BA Languages from the University of Antwerp (Belgium)and an MBA from INSEAD (France). He is an entrepreneur in Life Sciencesand investor in several pharmaceutical and medical device companies. Mr.Taub was CEO of a NASDAQ company which he founded and is currentlyan investor and Chairman of another NASDAQ company.

R E N É B R A N C H A U D, L L BDirector & Corporate secretaryA lawyer since 1983, René is a partner of the law firmLavery De Billy, L.L.B.

N I K O L A O S S O F R O N I SDirectorMr. Sofronis is Director of Irini Investment ofLuxembourg and has over 18 years of private equityexperience in mining and biotechnology sectors.

M A R T I N W O N G, C P A, C ADirectorMartin is an experienced corporate financial executiveand investment banker. He is currently an independentfinancial advisor & managing partner of Milton Capitaland executive chairman of a life science researchcompany.


MAYA GOLD & SILVER

MAYA AT A GLANCESUSTAINABLE

MINING

BUILDING

COMMUNITY

OVER 210

EMPLOYEES

EXPERIENCED

LEADERSHIP

B U I L D I N G M O R O C C O ‘ S N E X T

W O R L D C L A S S P R O D U C E R

• Focused on precious, base & strategic metals

assets in Morocco

• First mover advantage in Morocco’s newly

privatized mining industry

• Advanced projects with near-term revenue potential

and a pipeline of exploration projects

• Flagship project: Zgounder silver mine in

commercial production

• Leadership with extensive exploration & operations

expertise

• Raised more than US$65M in equity and debt

financing over the last five years

Morocco was voted number one overall

jurisdiction for mining in Africa in 2018*

• L o w e s t i n v e s t m e n t r isk i n Af r ica

• B e s t i n f r a s t r u c t u r e i n Af r ica

• H i g h e s t o p p o r t u n i t y i n d e x i n Af r ica

• Po l i t i ca l l y s t a b l e c o n s t i t u t i o n a l m o n a r c h y

• Af r ica ’s m o s t E u r o p e a n i z e d c o u n t r y

• T h e r m a l c o a l & h y d r o e l e c t r i c e n e r g y , e m e r g i n g s o l a r

c a p a b i l i t i e s

• M i n i n g v i e w e d a s a d r i v e r o f e c o n o m i c d e v e l o p m e n t

• S t r a t e g i c l o c a t i o n w i t h a c c e s s t o g l o b a l m a r k e t s

• F a v o r a b l e l e g i s l a t i v e a n d t a x e n v i r o n m e n t

3-year tax exemption for newminingprojects

50%tax reduction for miners exporting their products

State contribution on implementationof newgeneral infrastructure

*source: Mining Journal World Risk Report, 2018

WHY MOROCCO ?

M A Y A G O L D & S I L V E R

TSX LISTED: MYA PUBLIC

SHAREHOLDERS

C O M P AG N I E M IN I ÈR E

M A YA M A R O C

Zg o u n d e r M i l l e n n i u mS i l v e r M i n i n g S . A

Ag

Au Ag Pb Zn Ge

B o u m a d i n e G l o b a l M i n i n g

A z e g o u r

Au

To u c h k a l

1 0 0 %

P e r m i t 2 3 3 2 6 3

1 0 0 %

A t l a s Go l d & S i l v e r

1 0 0 %

Maya Gold and Silver owns 85%joint venture with

l'Office National des Hydrocarbures et des Mines

of the Kingdom of Morocco (15%).

Maya Gold and Silver owns 100%of exploration

permits

O N H YM *

Mineral Resource estimation***

7.59 Mt at 1.03% Pb, 3% Zn, 1.67 g/t Au,

101.76 g/t Ag, and 5.4 g/t Ge

(1.304 M Oz of Gold Equivalent)(by GoldMinds Geoservices, April 24, 2019)

Historical mineral resources**

1Mt @ 0.34 - 0.40% MoS2, 100,000t

@ 1.90% CU, 2Mt @ 0.35-0.40%

Historical mine ral re source s**

Inferred Resources 342,000oz Au

Total mineral resourceestimate 10M oz AgMeasured+Indicated &28.3 M oz Ag Infe rred(by GoldMinds Geoservices, January 8,

2018)

Adjace nt to the Imite r Silve r

Mine

Pote ntial e xte nsion

of Zgounde r Mine

MAYA GOLD & SILVER 2019 -

TSX:MYA

1 5 %

Mo

1 0 0 %

W Cu

A m i z m i z1 0 0 %

1 5 %


* Office National des Hydrocarbures et des Mines of the Kingdom of Morocco

**Historicalmineral resourcesdonotrefertoanycategoryofsections1.2and1.3of theNI-43101Instrument,suchasmineral

resourcesormineralreservesasstatedinthe2019CIMDefinitionStandardsonMineralResourcesandMineralReserves.

***Mineral resources are not mineral reserves and have not demonstrated economic viability.

CORPORATE STRUCTUREMAYA GOLD & SILVER


MAYA GOLD & SILVER

End of January, 2020

Share Outstanding 79,592,638

Options (avg. US$2.92) 1,190,000

Share Price 1.80

Year high/low $1.55 / $2.64

Average daily volume (last 3 months) 20,000

Market Cap $144M

CAPITAL STRUCTURE

MAYA GOLD & SILVER

ZGOUNDER MILLENIUM SILVER MINESilver

Ag


MAYA GOLD & SILVER

OVERVIEW OF THE ZGOUNDER PROPERTY

HIGHLIGHTS OF PEA STUDYZGOUNDER MINE (2018)

•A project l i fe of 10 ye ars with the current resources up to 2027 ;

•The extraction of 3 .974Mt at 292 g/ t Ag for silver production of 33 .682M ounces;

•Mill ing increase to 500 tpd in 2018 up to 2020 fol lowed by a 2000 tpd in 2021 ;

•Production increase to 1 .354M ounces per year up to 4 .762M ounces of silver per year;

•Total operating cost of US $63 .64 per tonne (averaged over the mine’s expected life);

•Capex and sustaining capital requirements of US $46 .9M;

•ZMSM Internal Rate of Return of 134% and 118% after taxes;

•ZMSM pre-tax Net Present Value of US$215 .1M (discounted at 6.5%) at var iable silver

pr ice from US$17 .50 to US$21 .50 per ounce with year ly average of US$20 .50 per ounce;

•ZMSM after-tax Net Present Value of US$200 .2M (discounted at 6.5%) at var iable silver

pr ice from USD$17 .50 to USD21.5 USD per ounce with average of US$20.50 per ounce;

•MAYA Internal Rate of Return of 121% with an NPV of US$209 .86M;

•The Zgounder PEA was prepared as combination of underground extraction, open pit extraction of

mineralized mater ial as well as reprocessing of old tail ings based on the mineral resources reported on

January 8th, 2018.

MAYA GOLD & SILVER 2019 - TSX:MYA


MAYA GOLD & SILVER

PROJECT TIMELINE2014 2019 2020 2021 2028

325.5 kt processedProduction of 2.2M Oz Ag

US$33.3M revenu

Processing 453 kt for targetproduction of 3.5M Oz Ag

Preparation of open pit underway

2,000 t/day project PEA for Zgounder Silver MineIRR of 118% post tax

NPV of US$200.2M discounted @ 6.5% post taxTarget production of 5M Oz Ag per year

PHASE 2

• Phase 2, expected to be completed by the end

of 2021 will be open pit and include a new mill,

shaft and ramp for a CAPEX of US$28M.

• New capacity will be 2000tpd Production

increase to 4.8M silver ounces per year as of

2022.

2022


MAYA GOLD & SILVER

THE NI 43-101 UPDATED MINERAL RESOURCE (2018)


MAYA GOLD & SILVER

10M OUNCES Ag

[MEASURED + INDICATED]

THE NI 43-101 UPDATED MINERAL RESOURCE (PEA, 2018)

ZGOUNDER

SILVER MINE

The milling operations began in July 2014 and

Maya announced the first silver pour in August

2014, with the production of the 20 silver ingots.

Maya has produced a total of 1.35 million

ounces of silver at its Zgounder mine as of

December 2017.

Diamond drilling program at Zgounder of 2015

and 2017 allowed Maya to increase the mineral

resource estimates of Zgounder. The tables

summarize the NI-43-101 mineral resource

estimated by GoldMinds Geoservices

combining forty-eight (48) envelopes and the

old tailings.

Total resource estimate at Zgounder silver mine (rounded

numbers).

In-pit resource estimate at Zgounder silver mine (rounded

numbers).

High grade underground resource estimate at Zgounder silver mine (rounded

numbers).

The old tailings Inferred mineral

resources

THE NI 43-101 UPDATED

MINERAL RESOURCE (2018)



MAYA GOLD & SILVER

SENSITIVITY ANALYSIS (PEA, 2018)

Fig. Graph of Sensitivity Analysis (NPV) Fig. Graph of Sensitivity Analysis (IRR)

MAYA GOLD & SILVER

BOUMADINE POLYMETALLIC DEPOSITGold

Au1.67 g/t

Silver

Ag102 g/t

Zinc

Zn3%

Lead

Pb1.03%

HIGHLIGHTS OF PEA STUDYBOUMADINE POLYMETALLIC DEPOSIT (2019)

• A project life of 12 years with the current resources starting in 2021 up to 2033;

• Project Internal Rate of Return of 56% pre-taxes and 53% after-taxes;

• Project pre-tax Net Present Value of US$574.8M (discounted at 6.5%) or US$665.9M (discounted at 5%)

at variable commodity prices;

• Project after-tax Net Present Value of US$497.6M (discounted at 6.5%) or US$576.7M (discounted at

5%) at variable commodity prices;

• The extraction of 7.59 Mt at 1.03% Pb, 3% Zn, 1.67 g/t Au, 101.76 g/t Ag and 5.4 g/t Ge for production

of 1.304M Oz of Gold Equivalent where 29.4% comes from measured & Indicated and 70.6% from

Inferred mineral resources;

• Milling starting at 1500 tpd in June 2021 to increase to 2000 tpd in June 2023 up to June 2033;

• Production starts at 83,746 Ounces of Gold Eq for 2 years, increases to 105,684 ounces of Gold Eq

the 3rd year and then 109,158 per year up to June 2029.It increases to 116,208 OzGEq in 2030,

119,028 OzGEq in 2031, 120,438 OzGEq in 2032 and 129,462 OzGEq in 2033, for an average yearly

production of 108,675 Ounces of Gold Eq;

• Total operating cost of US$101.72 per tonne (averaged over the expected mine’s life);

• Capex and sustaining capital requirements of US$120.35M;

• The Boumadine PEA was prepared as an exclusive underground extraction of mineralized material in

fresh rock with limited tonnage extraction by open pit. The reprocessing of old tailings is not included

in the economic analysis. The 240 Kt resource buffer could be processed at the start -up or as safety if

for any reason development is not supplying fresh material on time. This could change with

optimization of extraction sequence and configuration in future review.

MAYA GOLD & SILVER 2019 - TSX:MYA


MAYA GOLD & SILVER

MINERAL RESOURCE STATEMENT (PEA, 2019)

1 Mineral resources are not mineral reserves and have not demonstrated economic viability.2 All Figures have been rounded to reflect the relative accuracy of the estimates.3 USDEq= (Au g/t x 41.8) + (Ag g/t x 0.5) + (Zn% x 28.75) + (Pb% x 20.1) + (Ge g/t x 2.2)

3

3


MAYA GOLD & SILVER

SENSITIVITY ANALYSIS (PEA, 2019)

Fig. NPV (6.5%) before tax sensitivity graph


MAYA GOLD & SILVER

BOUMADINE PROPERTY EXPLORATION PROGRAM

• A total of 11235 m is programmed for2019 and 2020.

• Drilling was conducted in three zones(Imarighen, Centre and North) with afocus on the surface sampling programresults and the positive results fromthe 2018 program.

MAYA GOLD & SILVER

AZEGOUR

Tungsten

W0.35% WO3

Copper

Cu3%

Molybdenum

Mo0.4%


MAYA GOLD & SILVER

Historical production (1926-1956)*1,331 t of MoS2, 5,646 t of chalcopyrite – CuFeS2, 27 t of scheelite – CaWO4

and 1.55 t of U3O8*

Historical resources*1M t @ 0.34 to 0.40% MoS2, 100,000 t @ 1.90% Cu and 2M t at 0.40 to 0.35% WO3* (Lehmann, 1979; Japan International Agency Company, 1984)

Surface historical ore pileMo 3.5%**

Underground historical ore bagCu 18.6%, Co 905 ppm, Ag 51 ppm, Mo 409 ppm, Zn 4410 ppm

AZEGOUR PROPERTY

*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Issuer or the writer.These historical mineral resources do not refer to any category of the NI-43-101 Instrument. The explanation lies in the inability by the author to verify the data. TheIssuer has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves. Therefore, the Issuer is in the opinion thatthe above quoted resources for the Azegour deposit cannot be relied upon.**Independent samples collected by GoldMinds Geoservices, 2017, and assayed at AGAT Laboratories in Ontario, Canada.

THANK YOU

MAYA GOLD & SILVER 2020 – TSX | MYA 1250 – René Lévesque Blvd West – suite 2200 1 514.866.2008 mayagoldsilver.com [email protected]

Montreal, QC H3B 4W8

mailto:[email protected]

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BUILDING MOROCCO’S NEXT · building morocco’s next world class producer corporate presentation –pdac march 2020 mayagoldsilver.com| 1.514.886.2008