Maya Gold PEA --- 56% IRRSummary 1.1 Introduction The Boumadine polymetallic deposit mine is owned since 2013 by Maya Gold and Silver (Maya owns 85% in joint venture with lOffice National des Hydrocarbures et des Mines (ONHYM) of the Kingdom of Morocco (15%)). The Boumadine property is located in the Anti-Atlas mountains, Errachidia Province, Morocco. The Boumadine property consists of two Exploitation Permits covering an area of 32 km2. The mandate of GoldMinds Geoservices Inc. (GMG) given by Maya Gold and Silver Inc. is to carry a NI 43-101 technical report preliminary economic assessment of the Boumadine mine based on the historical and the recent database (diamond drilling, surface sampling and tailing sampling) planned by GMG. Drilling was done to verify the historical resources and bring the mineral resources compliant to NI 43-101. Recent diamond drilling works have been done since January 2018 under the supervision of the Compagnie Minire Maya-Maroc sarl (CMMM). The drilling program consist of fifty-seven (57) diamond drill holes totaling 7,810.9 m (Table 11). On both tailing piles a total of 49 holes were drilled using the AMS Soil Core Sampling (totaling 187.28 m). The effective date of this report is April 24th, 2019. The last technical data from drill hole results included in the study is March 29th, 2019. All dollar figures presented in this PEA are stated in US dollars, unless otherwise specified. General project information is summarized in the highlights below: 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 mines life); Technical Report Preliminary Economic Assessment Boumadine Polymetallic Deposit, Kingdom of Morocco Page 26 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; Gold Equivalent calculation for economic analysis is: AuEq = ((Pb% x 2204USD/t x 60% rec)+(%Zn x 2900USD/t x 79.5% rec)+(Au g/t x 1321USD/Oz/ 31.103 x 97.2% rec)+(Ag g/t x 19USD/Oz/31.103 x 96.2%rec)+(Ge g/t x 2.2USD/g x 75% rec))/(1321 USD/31.103); The projected mine contemplates a 1500 tpd mining with processing at a flotation mill with associated POx/CIL followed by an increase to 2000 tpd mining with the upgrades of the flotation mill. Note: The PEA is preliminary in nature, and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the PEA results will be realized.