Mr. James Anderson reports

GUANAJUATO SILVER ANNOUNCES FILING OF NEW SAN IGNACIO MINERAL RESOURCE ESTIMATE

Guanajuato Silver Company Ltd. has filed a National Instrument 43-101 technical report for a new mineral resource estimate (the 2023 MRE) for Guanajuato Silver's 100-per-cent-owned San Ignacio mine located in Guanajuato, Mexico. The report and 2023 MRE was prepared by Apex Geoscience Ltd., with an effective date of Sept. 21, 2023, and supports the disclosure made by the company in its news release dated Sept. 27, 2023, "Guanajuato Silver Provides New Mineral Resource Estimate for the San Ignacio Mine." The report has been filed under the company's SEDAR+ profile and can be viewed at SEDAR+.

About Guanajuato Silver Company Ltd.

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 complex, 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. In addition, 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.

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