Mr. James Anderson reports

GUANAJUATO SILVER FILES TECHNICAL REPORT FOR BOLANITOS MINE

Guanajuato Silver Company Ltd. has filed a National Instrument 43-101 technical report for Guanajuato Silver's 100-per-cent-owned Bolanitos mine located in Guanajuato, Mexico. The report was prepared by Hard Rock Consulting LLC, with an effective date of March 19, 2026, and supports the disclosure made by the company in its news releases dated Nov. 24, 2025, and Jan. 15, 2026. The report has been filed under the company's SEDAR+ profile.

Mineral reserve estimate

Mineral resource estimate

Technical information

Additional information regarding the Bolanitos mine project can be found in the technical report dated April 23, 2026 (effective date March 19, 2026), titled "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bolanitos Project, Guanajuato State, Mexico" and prepared by Richard A. Schwering, SME-RM, PG, Jeffery Choquette, PE, Brian Arthur, SME-RM, each employees or contractors of Hard Rock Consulting LLC, and Douglas Grant Feasby, PEng of P&E Mining Consultants Inc., which is available on SEDAR+.

The scientific and technical information set out under the heading "mineral resources rstimate" has been reviewed and approved by Richard A. Schwering, SME-RM, PG, an employee of Hard Rock Consulting LLC, and a qualified person as defined by National Instrument 43-101. Mr. Schwering is independent of the company.

The scientific and technical information set out under the heading mineral reserve estimate has been reviewed and approved by Jeffery Choquette, PE, an employee of Hard Rock Consulting LLC, and a qualified person as defined by National Instrument 43-101. Mr. Choquette is independent of the company.

About Guanajuato Silver Company Ltd.

Guanajuato Silver is a precious metals producer with a portfolio of producing silver and gold mines in central Mexico. The company has a core operational footprint of four operating silver-gold assets in 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.

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