Mr. James Anderson reports

MIRANDA WERSTIUK JOINS BOARD OF DIRECTORS

Miranda Werstiuk has joined Guanajuato Silver Company Ltd.'s board of directors.

James Anderson, Guanajuato Silver's chairman and chief executive officer, said: "Having known Miranda for over a decade, I know that with her plus-30 years of resource-specific financing experience, Miranda will bring an invaluable skill set to Guanajuato Silver just as we are entering a new phase of growth. Miranda's history of implementing innovative financial solutions in the mining industry, combined with her infinite energy, make her one of the most effective financiers within our industry today. Also, as over one-third Guanajuato Silver's department heads are women, it is particularly pleasing to be able to welcome to our board of directors one of the original Women in Mining (WIM). Over the years, Miranda has helped and supported hundreds of women in advancing their mining careers. Her appointment is a strong endorsement not only of the quality of our Mexican mining operations but also of the positive culture that we look to inspire."

Commenting on the appointment, Ms. Werstiuk said: "The rapid growth of Guanajuato Silver has been remarkable. Having played a role in the early financing of the company's operations, I am happy and excited to now be directly involved. I look forward to collaborating with the board of directors as we grow the company into a significant and responsible producer of precious metals in Mexico."

In 1994, Ms. Werstiuk joined IBK Capital, a Canadian investment banking firm, where she provided financial advisory services for numerous global resource projects. Promoted to senior vice-president, investment banking, from 2011 to 2019, Ms. Werstiuk led financing initiatives consisting primarily of debt and equity transactions totalling in excess of $200-million (U.S.). In 2020, she joined Geneva-based OCIM, a strategic asset financier and precious metal trader; as director of corporate development, Ms. Werstiuk identified investment opportunities and designed and implemented alternative financing products and strategies, including the current silver-gold loan facility enjoyed by Guanajuato Silver. Ms. Werstiuk is the founder of Fuchsia Capital Advisors, a boutique financial advisory firm focused on the resource sector, and, in 2023, she joined Monetary Metals & Co., offering alternative gold-backed investments. Ms. Werstiuk graduated from Queen's University in 1990 with an honours bachelor of science in biology and in 1992 with an honours bachelor of arts in anthropology from McMaster University.

Ms. Werstiuk has been a member of the Toronto chapter of Women in Mining (WIM) since 2017, holding various executive roles, including co-vice-chair, and helping to grow the organization into Canada's most influential association focused on advancing the role of women within the mining industry. She is also a member in good standing of WIM United Kingdom, PDAC (Prospectors & Developers Association of Canada), CIM (Canadian Institute of Mining, Metallurgy and Petroleum) as well as the Artemis Project, which is a coalition of Canadian women entrepreneurs in the mining industry focused on advancing and supporting women within the mining sector. Ms. Werstiuk is chair, program advisory group, of the planetGold program -- a global partnership with governments, the private sector, and artisanal and small-scale gold mining (ASGM) communities to improve the production practices and work environment of artisanal and small-scale miners, with the aim to reduce mercury use in ASGM.

Stock option grant

The company has granted stock options to a director under the company's stock option plan.

The company has granted stock options under its stock option plan to purchase up to an aggregate of 300,000 common shares of the company. The stock options will be exercisable for a term of five years at a price per share of 22 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.