Mr. James Anderson reports

GUANAJUATO SILVER APPOINTS DANNY LEE CHIEF FINANCIAL OFFICER

Guanajuato Silver Company Ltd. has appointed Danny Lee as chief financial officer (CFO), effective Jan. 1, 2024.

Mr. Lee is a chartered professional accountant and accomplished finance leader with more than 25 years of experience working mainly within the natural resources sector. Mr. Lee has held the chief financial officer position for several North American publicly listed companies; he brings experience in strategic financial planning, mergers and acquisitions, tax planning, and corporate governance. Mr. Lee holds a bachelor of commerce degree from the University of British Columbia.

James Anderson, chairman and chief executive officer of Guanajuato Silver, said: "We are delighted to have Danny Lee join us at what is a very important time for Guanajuato Silver, as we look to grow our operating presence within Mexico, and, at the same time, successfully complete the current expansion at our four producing silver mines. His industry experience, coupled with his proficiency in operating within complex business environments, is certain to prove invaluable as we navigate to the next phase of GSilver's growth."

Mr. Lee has replaced Lisa Dea, who was Guanajuato Silver's CFO from April 1, 2021, to Dec. 31, 2023. The board of directors thanks Ms. Dea for her hard work and considerable contributions in helping the company achieve producer status during that period.

Current officers of the company are:

• Mr. Anderson -- chairman and chief executive officer;
• Ramon Davila -- president;
• Mr. Lee -- chief financial officer;
• Carlos Silva -- chief operating officer;
• Hernan Dorado -- chief strategy officer;
• Reynaldo Rivera -- vice-president of exploration;
• Richard Silas -- vice president of corporate development and corporate secretary.

Stock options and restricted shares grant

The company announces the granting of stock options and restricted share units (RSUs) to an officer under the company's stock option plan and omnibus equity compensation plan, respectively.

The company has granted stock options under its stock option plan to purchase up to an aggregate of 500,000 common shares of the company. The stock options will be exercisable for a term of five years at a price per share of 25.5 cents, subject to vesting on the basis of one-third on the date of grant, one-third after 12 months and one-third after 24 months.

In addition, the company has granted an aggregate of up to 120,000 RSUs, vesting after 12 months. Each RSU entitles the holder to receive, upon vesting, one common share of the company.

About Guanajuato Silver Company Ltd.

Guanajuato Silver is a precious metal 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.

We seek Safe Harbor.