Mr. Eric Zaunscherb reports

GR SILVER MINING ANNOUNCES INCENTIVE PLAN GRANTS

GR Silver Mining Ltd. has granted stock options and deferred share units to eligible persons in accordance with the omnibus long-term incentive plan approved by the board on Aug. 2, 2022, and approved by shareholders at the company's annual general meeting held on Nov. 12, 2024, and subject to the policies of the TSX Venture Exchange.

The company granted an aggregate 860,000 incentive stock options under the plan to certain employees and consultants, which options have a five-year term and fully vest on their date of grant. The company also granted an aggregate 400,000 incentive stock options under the plan to certain executive officers, which options have a five-year term, with one-third vesting on the date of grant and a further one-third vesting on each of the first and second anniversaries of the date of grant. All of the foregoing options are exercisable at a price of 15.5 cents per common share.

A total of 154,836 deferred share units were granted to the company's non-executive directors for director fees relating to the calendar quarter ended March 31, 2025, which DSUs will vest one year after their date of grant in accordance with TSX-V policies. The board has adopted a director fee equity compensation package whereby for each calendar quarter until resolved otherwise by the board, each non-executive director will receive DSUs equal in value to $6,000, with the number of DSUs to be determined based on the closing price of the company's common shares at the applicable quarter-end.

Once vested, each DSU entitles the holder thereof to receive either one common share of the company, the cash equivalent of one common share, or a combination of cash and common shares, as determined by the company, net of applicable withholdings. DSUs may not be settled until a director ceases to serve as a director of the company. The plan includes: (i) a rolling 10-per-cent stock option plan; and (ii) a fixed 10-per-cent plan, which permits the company to issue up to 19,521,680 shares on settlement of all non-stock option awards issued under the plan (including DSUs and performance stock units). Following the above-noted grants, there are 2,343,356 shares issuable on settlement of all outstanding DSUs and PSUs.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100-per-cent-owned assets, located on the eastern edge of the Rosario mining district, in the southeast of Sinaloa state, Mexico. GR Silver Mining controls 100 per cent of the Plomosas project, including the former Plomosas underground mine and wide, high-grade silver mineralized zones at the San Marcial area. Recent discoveries in the 78 square kilometres of highly prospective advanced-stage exploration concessions position the company well in the pursuit for resource expansion at the Plomosas project.

We seek Safe Harbor.