Mr. James Anderson reports

GUANAJUATO SILVER CLOSES US$7.5 MILLION CREDIT FACILITY

Guanajuato Silver Company Ltd. has closed a $7.5-million (U.S.) gold loan credit facility financing with Ocean Partners U.K. Ltd. The unsecured loan facility is for a term of 36 months and is repayable in equal fixed monthly instalments of gold totalling approximately 191 troy ounces per month for a period of 30 months, following a six-month grace period. The number of ounces to be delivered per month is based on a discount to the LBMA (London Bullion Market Association) gold closing price of $2,046.95 (U.S.) on Nov. 29, 2023.

James Anderson, chairman and chief executive officer, said, "Ocean Partners has been our preferred metals trading partner since our first sale of precious metals concentrates back in 2021; they have always been first in line to offer support for our strategic initiatives as we continue to grow GSilver into a mid-tier producer of precious metals in Mexico."

As reported on Nov. 24, 2023, Guanajuato Silver had two outstanding loans due to Ocean Partners totalling approximately $8.4-million (U.S.). Approximately $4.6-million (U.S.) of the new facility will be used to extinguish in full one of the outstanding loans due to Ocean Partners; the remainder of the funds will be used for capital expenditure initiatives at the company's El Cubo mine complex and Valenciana mine complex, as well as for general working capital purposes.

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 complex, the Valenciana mine 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.

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