new silver producer in morocco - maya | gold &...

NEW SILVER PRODUCER IN MOROCCOTSX.V: MYA

Corporate Presentation

June 2017

TSXV:MYA CORPORATE PRESENTATION 2

MAYA AT A GLANCE▪ Focused on precious and base metals assets in Morocco;

▪ “First mover” advantage in Morocco’s newly privatized mining industry;

▪ Underexplored land with significant mineral potential;

▪ Acquired three brownfield projects;

▪ Raised $50M+ in equity and debt financing over the last five years.

As of June 017

Shares Outstanding 210.9M

Options ($0.35-$0.50) 6.7M

Warrants ($0.15-$0.50) 85.1M

Market Cap $30M

Maya has a strong shareholder base:

▪ Board and Management own 30%

▪ Belgians Shareholders (High NW) + 15%

▪ Institutional Investors + 15%


MAYA BOARD OF DIRECTORS

René Branchaud, LLB, Chairman of the BoardA lawyer since 1983, René is a partner of the law firm Lavery De Billy, L.L.B

Noureddine Mokaddem, P. Eng., President & CEO and DirectorNoureddine for more than 30 years has held senior positions at ONA, MANAGEM and OCP Groups. He has played an important role in the

development of several major mining operations in Morocco and West Africa from exploration to full production, such as the Akka gold mine and

the Guemassa polymetallic mining complex.

Nikolaos Sofronis, DirectorNikolaos is Director of Irini Investment of Luxembourg and has over 18 years of private equity experience in mining and biotechnology sectors.

Eric Swenden, MCS DirectorMr. Swenden has a long and successful career in finance and company management and has held various senior positions in companies, including

Vandemoortele Food Group, General Bank (Fortis) and Besix. He serves as member of the board of directors for various companies, including

Lifeline Scientific and Redhill Biopharma.

Robert Taub, DirectorRobert holds a BA in Languages from the University of Antwerp (Belgium) and an MBA from INSEAD (Fontainebleau, France). He is an entrepreneur

in the Life Science field and investor in several pharmaceutical and medical device companies. Mr. Taub was the CEO of a NASDAQ listed

company which he had founded and is currently an investor and Chairman of another NASDAQ company.

Martin Wong, CPA CA, Interim Chief Executive Officer and DirectorMartin is an experienced corporate financial executive and investment banker. He is currently independent financial advisor, managing partner of

Milton Capital Partners Limited and Executive Chairman of a LifeScience Reasearch Company


*ONHYM (Moroccan state institution)

MAYA CORPORATE STRUCTUREMaya Gold & Silver

TSX-V ListedPublic Shareholders

Amizmiz(Au)

100%

Azegour(Mo, W, Cu)

100%

Permit 233263

100%

Zgounder Millenium Silver Mining S.A (Ag)

85%*

Boumadine Deposit (1)

(Au, Ag, Pb, Zn)

85%*

Companie MinièreMaya Maroc

Inferred Resources 342,000 oz Au

6000 t Mo, 2000 t Cu, 1000 t W

Adjacent to the Imiter Silver Mine

Touchkal

100%

Potential extension of the Zgounder Mine

Zgounder Silver Mine

12Moz Ag R&R / Mill on site

3,838,970 t @ 0.86% Pb, 3.9% Zn,

203 g/t Ag (25.1 M oz) and

3.60 g/t Au (444,330 oz)

100%

ONHYM*

15%

15%


PROPERTIES LOCALISATION


ZGOUNDER SILVER PROJECT85% MAYA & 15% ONHYM*

6*ONHYM (Moroccan state institution)

Quarter ended

March 31,

2017

(unaudited)

March 31,

2016

(unaudited)

%

Var.

Material Processed (tons) 14,358 14,010 2.5

Average Grade (g/t Ag) 380.53 395.75 (3.8)

Mill Recovery (%) 86.08 78.43 9.8

Silver Ingots (kg) 4,703.3 4,347.11 8.2

Silver ounces produced (oz) 151,214 139,763 8.2

Sales of silver (oz) 161,088 138,928 16.0

Sales of silver ($) 3,599,146 2,755,324 30.6

Development expenses

(excluding interest) ($) (3,019,635) (2,129,707) 41.8

Cash flow generated from the

activities at the mine (excluding

interest ($) (1)579,511 625,617 (7.4)

(

1) Cash flow generated from the activities at the mine is non-International Financial Reporting Standards (IFRS) performance measures,

and may not be comparable to similar measures presented by other companies. The Corporation believes that, in addition to

conventional measures prepared in accordance with IFRS, the Corporation and certain investors use this information to evaluate the

Corporation's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as

a substitute for measures of performance prepared in accordance with IFRS. The cash flow generated from the activities at the mine

are comprised of the Corporation’s cash flow from investing activities, movements in additions of property, plant and equipment not

paid, exploration ad evaluation assets and interest capitalized.


ZGOUNDER SILVER MINE INVESTMENT PROJECTSCyanidation Addition of Grinders + Flotation Cells [ To be commissioned before year end]

$9,000 $10,200

$11,400

$3,996 $5,196

$6,396

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$15 $17 $19

Annual Sales Cash Flow

Thousand

$21,000

$23,800

$26,600

$11,074

$13,874

$16,674

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$15 $17 $19Annual Sales Cash Flow

Thousand

Capex: USD3.5MFlotation cells

Base Case / Optimal Conditions

1,400,000 ounces Ag/year

Production cost per ounce $7.51

Total cost per ounce $8.34Production cost per ounce $6.38

Total cost per ounce $7.09 15%

246%

A feasibility study has not been completed and there is no certainty the proposed operation will be economically viable.

Management has produced its own estimates. Following preliminary studies, the Corporation could revise its cost estimate for

some of the elements, if necessary.

2017 ForecastedCyanidation

Base Case / Optimal Conditions

600,000 ounces Ag/year


▪ Capex: USD3.5M – financing fully secured from EBRD loan;

▪ Engineering and infrastructure related to the installation of the cell units at the

Zgounder mine are completed and ready;

▪ Flotation Cell Units have been arrived the Zgounder mine site;

▪ Flotation Cells will be assembled, undergo testing, design basis and

optimization during the year;

▪ Flotation Cells will be commissioned before year end;

▪ Once integrated to the processing circuit will increase the tonnage of the ore

processed from 187 t/day to up to 500 t/day (267%) and will reduce

processing costs by15%.

ZGOUNDER - FLOTATION CELL UNITS


SIMILARITIES WITH THE WORLD CLASS IMITER MINE (14TH LARGEST SILVER MINE IN THE WORLD)

Imiter Zgounder

History IIV & IX Century IV and XII Century

Discovery 1969 1950

Production 1978 by SMI 1982 by SOMIL

Geological framework Panafrican magmatic arc Same

Age Neoproterozoic (550±3 Ma) Neoproterozoic

Deposit Type Ag-Hg Epithermal Same

Host rockBlack shales, pelites, conglomerats and

volcanics

Pelites, conglomerats

and volcanics

Structural control Strike-slip tectonic regime Same

Occurrence Veins and pockets Same

MineralizationNative silver and mercuriferous

native silver assemblageSame

Paragenese 2 distinct stages Same

Fluid range temperatures 100 to 450 °C 200 to 500°C

Ref: Marcoux, E. and Wadjinny, A. (2005): Le gisement Ag–Hg de Zgounder (Jebel Siroua, Anti-Atlas,

Maroc) : un épithermal néoprotérozoïque de type Imiter. C. R. Geoscience, 337, 1439–1446


THE ZGOUNDER SILVER MINE – THE POTENTIAL

Next Slide

Looking this way

SN


ZGOUNDER NI 43-101 PRELIMINARY ECONOMIC ASSESSMENT (PEA) 12 M OUNCES AG [ALL CATEGORIES]*

150 ≤ Ag ≥ 350 ppm

350 ≤ Ag ≥ 50000 ppm

85 ≤ Ag ≥ 150 ppm

3D scan of adits and stopes

Digitalized adits from SOMIL

mining plans

Ore bodies

Panels (indicated and inferred)Ore Bodies and Isolated Panels from level 1925 to 2150 m

* GMG recognizes in addition to the Measured, Indicated and Inferred Resources that there are areas within recognized

structures and depth extensions which will require additional drilling. These recognized structure and depth

extensions can offer additional Mineral Potential between 1.5 to 2.0 M tonnes grading 300 to

400 g/t Ag.


OVERVIEW OF THE ZGOUNDER PROPERTY


▪ Discovery of a new zone on level 2100 to the North East of the adjacent

historical Corps D;

▪ The new zone recognized over 15m NE X 10m NW over 20m;

▪ Highlights of this new zone (North East Extension Corps D above 2100) are:

– 2100-T28-17-64 intersect 2376 g/t Ag over 13.2m from 0 to 13.2m



– 2100-T28-17-84 intersect 1071 g/t Ag over 6.0m from 0 to 6m



ZGOUNDER – RECENT UNDERGROUND DEVELOPMENT


▪ 6,000 m drill program including percussion drilling, geological mapping and

geophysical survey

▪ The objectives of the program are fourfold:

✓ Develop and upgrade inferred mineral resources into measured and indicated

categories;

✓ Continue to prove the hypothesis of the widespread mineralization with occurs

across the known deposit;

✓ Explore lateral extensions of nearby known deposit to the North and to the East;

✓ Explore possible extensions to the known deposit at depth.

▪ Mineral target of 35 to 45M ounces of silver at an average grade of 125 to

150 g/t within 8 to 12 Mt above 50 g/t Ag. *

ZGOUNDER – 2017 EXPLORATION PROGRAM

* The potential quantity and grade reported as Mineral target, is conceptual in nature, as there has been

insufficient exploration to define a mineral resource and that it is uncertain if further exploration will

result in the target being delineated as a mineral resource.


ZGOUNDER – 2017 EXPLORATION PROGRAMDRILL SET-UP AND TRENCH LOCATION

First trench in undeveloped sector to the East

of the mine intersect 481 g/t Ag over 8m

Looking West


ZGOUNDER 2017 EXPLORATION PROGRAMDRILL PLAN VIEW

2016


ZGOUNDER 2017 EXPLORATION PROGRAM NATIVE SILVER IN CORE S2


BOUMADINE – BLUE SKY POTENTIAL


BOUMADINE POLYMETALLIC DEPOSIT 85% MAYA & 15% ONHYM

*Gold price USD1,200

Historical Resources (1998)

3,838,970 t @ 0.86% Pb, 3.9% Zn, 203 g/t Ag (25.1 M oz) and 3.60 g/t Au (444,330 oz)

Historical Production (1989 to 1992)*:

261,485 t @ 3.8% Zn, 1.5% Pb, 200 g/t Ag and 3.50 g/t Au

Boumadine Surface Tailings

~ 240,000 t recoverable material grading 178 g/t Ag and 2.80 g/t Au

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 Corporation is not treating the historical estimate as current

mineral resources or mineral reserves and the historical estimate should not be relied upon.


BOUMADINE EXPLORATION TARGETS

Pre Economic Assessment Study

To be completed by year-end

Massive silicification


BOUMADINE – EXTENSIVE ARGILIC ALTERATION HALO


FORWARD-LOOKING STATEMENTCertain statements in this presentation may constitute “forward-looking statements” that involve knownand unknown risks, uncertainties and other factors that may cause the actual results, performance orachievements of Maya Gold & Silver Inc., or industry results, to be materially different from anyfuture results, performance or achievements expressed or implied by such forward-looking statements.These statements reflect management’s current expectations regarding future events and operatingperformance and speak only as of the date of this presentation. These forward-looking statementsinvolve a number of risks and uncertainties

Zgounder Silver Mine

The decision to commence production at the Zgounder Silver Mine was not based on a feasibilitystudy of mineral reserves demonstrating economic and technical viability, but rather on a pre-feasibility study. Accordingly, there is increased uncertainty and economic and technical risks offailure associated with this production decision. Production and economic variables may varyconsiderably, due to the absence of a complete and detailed site analysis according to and inaccordance with NI 43-101.

www.mayagoldsilver.com

Maya Gold & Silver Inc.

2901 – 1 Place Ville

Montréal, QUébec

H3B 0E9 (Canada)

T: 514-866-2008

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