Maya Gold & Silver Inc. ("Maya" or the "Corporation") (TSX: MYA) has postponed filing its annual financial statements, management's discussion and analysis and annual information form for the year ended December 31, 2019 (collectively the "2019 annual documents"), due to logistics and delays caused by the COVID-19 pandemic. Maya is relying on exemptive relief recently granted by Canadian securities regulatory authorities that allows it to delay the filing of its annual documents required by National Instrument 51-102 by March 30, 2020. In response to the coronavirus disease 2019 pandemic, securities regulatory authorities in Canada have granted a blanket exemption allowing issuers an additional 45 days to complete their regulatory filings. Maya estimates that its 2019 annual documents will be available for filing at its earliest opportunity, which is expected to occur in late-April 2020. Until such time as the 2019 annual documents 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 interim financial statements, filed on November 14, 2019, 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 and development of gold and silver deposits in the Kingdom of Morocco. Maya is currently operating mining and milling facilities at its Zgounder Mine, an 85%-15% joint venture between its subsidiary, ZMSM, and the ONHYM of the Kingdom of Morocco.

Its mining portfolio also includes the Boumadine polymetallic deposit located in the Anti-Atlas Mountains of Eastern Morocco. The property is also a joint venture with ONHYM wherein Maya retains a 85% ownership.

Additionally, the Corporation's portfolio includes the Amizmiz and Azegour properties, both being 100% owned, with gold, tungsten, molybdenum and copper deposits covering over 100 square kilometres in a historical mining district of the Kingdom of Morocco.

On behalf of the Board:

Noureddine Mokaddem

Founder, Chairman & CEO

+1 514-866-2008

nmokaddem@mayagoldsilver.com