Mr. James Anderson reports

GUANAJUATO SILVER DRILLS 4.89 METRES TRUE WIDTH OF 359 G/T AGEQ AT SAN IGNACIO

Guanajuato Silver Company Ltd. has provided recent drill results from the company's wholly owned San Ignacio mine in Guanajuato, Mexico, and the Topia mine in Durango, Mexico.

San Ignacio

The 2023 exploration program is focused on extending mineralization from what have historically been the most productive vein systems at San Ignacio, namely the Melladito, Purisima and the Nombre de Dios veins; current production from San Ignacio comes primarily from the Melladito and the Nombre de Dios vein systems. Year to date, fourteen underground drillholes have been completed for a total of 2,202 metres; new drill results are posted below, including a cross section for drill hole UGSI23-010.

James Anderson, Chairman and CEO said, "San Ignacio is a key and growing component of Valenciana Mines Complex production. Unlike the other mines within our portfolio, San Ignacio is a relatively new mine, having opened in 2012. With the average lifespan of a mine within the Guanajuato Mining District measured in centuries, we see tremendous potential for San Ignacio as demonstrated with the current round of high-grade drill results; the best intercept of this campaign has been drill hole UGSI23-010, which has cut four formal structures of the Melladito and Purisima veins and returned a 4.89 metre wide mineralized intercept of the Melladito vein grading 359 g/t AgEq. This hole confirms the continuity of the mineralization at depth within the Melladito vein (as described in our news release of February 23, 2023), which intercepted 4.92 metres true width of over 1.2 kilograms of silver-equivalent from drillhole UGSI-006. These results also confirm the extension of the Purisima vein to the south."

Cross Section UGSI23-010

Topia

The Company is also providing 2023 drill results for the Topia mine from the La Prieta, Dos Amigos and Union del Pueblo veins. The best result was UT23-463 which returned over a half metre of 2674 AgEq from the Prieta vein. Drilling here continues to provide narrow and extraordinarily high grades in many areas of the deposit.

Sampling and quality assurance/quality control

Drill core was first reviewed by a Company geologist, who identified and marked intervals for sampling. The marked sample intervals were then cut in half with a diamond saw; half of the core was left in the core box and the other half was removed, placed in plastic bags, sealed and labeled. Intervals and unique sample numbers are recorded on the drill logs and the samples are sequenced with standards and blanks inserted according to a predefined QA/QC procedure. The samples are maintained under security on site until they are shipped to the analytical lab. The analytical work reported on herein was performed by Corporacion Quimica Platinum S.A de C.V., Silao, Guanajuato, Mexico. To validate our assay results and our preparation procedures, GSilver sends additional random samples representing approximately 20% of all analytical samples to Bureau Veritas in Hermosillo, Sonora, Mexico. Bureau Veritas is an ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) geo-analytical laboratory and is independent of GSilver and its "qualified person". In order to further validate our assay results and our preparation procedures GSilver sent additional random samples representing approximately 10% of all analytical samples to SGS Mexico, S.A de C.V, Durango, Mexico. SGS is also an ISO/IEC geo-analytical laboratory and is independent of GSilver and its "qualified person". Core samples were subject to crushing at a minimum of 70 per cent passing two millimeters, followed by pulverizing of a 250-gram split to 85 per cent passing 75 microns. Gold determination was via standard atomic absorption (AA) finish 30-gram fire assay (FA) analysis, in addition to silver and 34-element using fire assay and gravimetry termination. Following industry-standard procedures, blank and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. GSilver detected no significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred to herein.

About Guanajuato Silver

GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central Mexico. The Company produces silver and gold concentrates from the El Cubo Mine, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.

Technical Information

Reynaldo Rivera, VP of Exploration of GSilver, has approved the scientific and technical information contained in this news release. Mr. Rivera is a member of the Australasian Institute of Mining and Metallurgy (AusIMM - Registration Number 220979) and a "qualified person" as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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