Mr. James Anderson reports

GUANAJUATO SILVER ANNOUNCES AGM RESULTS

All of management's nominees for election as directors of Guanajuato Silver Company Ltd. at the company's 2023 annual general meeting held on June 28, 2023, were duly elected as directors of Guanajuato Silver for the ensuing year, being James Anderson, Ramon Davila, William Gehlen, Daniel Oliver, Richard Silas and Hernan Dorado Smith.

Shareholders represented at the AGM also voted in favour of (i) reappointing KPMG LLP, chartered professional accountants, as the company's auditor; and (ii) ratifying and approving the company's existing stock option plan; and (iii) setting the number of directors at six.

Additionally, the company has identified that the new National Instrument 43-101 preliminary economic assessment report dated June 23, 2023 (effective date: Dec. 31, 2022), titled "Preliminary Economic Analysis -- El Cubo/El Pinguico Silver Gold Complex Project, State of Guanajuato, Mexico," prepared by Behre Dolbear & Company (USA) Inc. as reported and filed on June 26, 2023 (see Guanajuato Silver news release dated June 26, 2023 -- "Guanajuato Silver Provides Updated PEA for the El Cubo Mines Complex"), contained incorrect information with respect to the number of contained gold ounces for the inferred resource at El Cubo and should read 124,400 ounces and not 129,900 ounces as originally reported. Accordingly, tables 1.1 and 14.3 of the 2023 PEA should be amended to reflect the number contained gold ounces for the inferred mineral resource at El Cubo as 124,400 ounces as bolded in the attached table. Such typographical error is confined solely to the above-noted tables in the 2023 PEA and is not material to and did not impact any of the financial metrics or the financial analysis presented in the 2023 PEA as reported on June 23, 2023.

About Guanajuato Silver Company Ltd.

Guanajuato Silver 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, vice-president of exploration of Guanajuato Silver, 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 No. 220979) and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.