Mr. Marcio Fonseca reports

GR SILVER PROVIDES 2026 GUIDANCE INCLUDING DRILLING AND PROJECT ADVANCEMENT PLANS

GR Silver Mining Ltd. has provided corporate guidance and an overview of its 2026 exploration, drilling and project advancement plans, focused on resource growth and progression of the San Marcial and Plomosas areas in Sinaloa, Mexico.

GR Silver's president and chief executive officer, Marcio Fonseca, commented: "Two thousand twenty-six is shaping up to be a very active and transformational year for GR Silver. Our primary focus is on accelerating resource growth at San Marcial, following up on recent successful stepout drilling, while also advancing the integration of the San Marcial and Plomosas areas as a single-stage silver development project. This includes the bulk-sampling test mining program (BSTM) and installation of a pilot plant at the Plomosas mine.

"We are one of the few silver-focused explorers demonstrating consistent success in adding ounces at attractive discovery and drilling costs. The combination of existing permits at the Plomosas mine with significant blue-sky exploration upside at San Marcial makes the Plomosas project a standout opportunity in the current exceptional silver price environment.

"The company is fully funded, debt-free and well capitalized, allowing us to pursue an aggressive program in this coming year. Liquidity in our shares has improved materially, and, with multiple catalysts planned, including a resource update, a preliminary economic assessment and bulk-sample test mining, GR Silver is well positioned for a strong 2026."

2026 strategic priorities

Following the successful completion of over $34-million in equity financing in the second half of 2025, increased institutional ownership, and consistent top-tier performance on the TSX Venture Exchange, the company's key 2026 objectives will include the following.

1. San Marcial -- 20,000-metre resource expansion drilling program

Advancements in 3-D geological modelling of the wide hydrothermal breccias at San Marcial and improved understanding of the structural controls on the associated high-grade silver mineralization have led management to design a robust stepout drilling program, as follows:

• An initial 20,000-metre surface drilling program is planned for the first half of 2026 using multiple drill rigs and targeting significant expansion of the silver mineralization within the current National Instrument 43-101 mineral resource (2023 mineral resource estimate) footprint;
• Primary focus on shallow, high-grade silver mineralization, testing for extensions and potential parallel discoveries;
• Use of multiple drill rigs to accelerate resource delineation;
• Results to be incorporated into an updated mineral resource estimate targeted for the second half of 2026;
• In addition to downdip and downplunge extensions of the San Marcial area, shallow parallel breccias recently discovered outside of the 2023 MRE will be tested for the first time.

2. BSTM and potential pilot plant installation

The company has successfully completed metallurgical test work, basic engineering studies and initial pilot plant design for the Plomosas mine site. Milestones achieved include:

• Continuing evaluation of potential pilot plant installation; this includes the options of:
  1. Purchasing existing plants located in Mexico and relocating/installing at the Plomosas mine site;
  2. Purchasing/fabricating all required equipment and constructing a new plant on site;
  3. Or a combination where a significant portion of an existing plant is purchased and complemented by the purchase/fabrication of additional equipment sourced elsewhere; plant throughput (daily tonnes processed) will depend on which option is finally selected;
• Strengthening of construction and processing readiness with the addition of highly experienced personnel in Mexico;
• Engagement of independent engineering firms to assess integration scenarios between San Marcial and Plomosas;
• Initiation of discussions with potential offtake partners, exploring non-dilutive and accretive financing options for BSTM and advancement activities.

3. Permitting and environmental studies:

• The company has appointed a country manager with a proven record in large-scale silver-gold operations, with extensive experience focusing on legal, regulatory and governmental affairs at the local, state and national level.
• Existing Plomosas mine permits provide a streamlined path toward pilot plant operations;
• Successful receipt in September, 2025, of a five-year drilling permit at San Marcial, supporting continuing and expanded exploration;
• Advancement of environmental studies in 2026 to support underground drilling, including preparation of a manifesto de impacto ambiental (MIA) for underground drilling at San Marcial;
• Parallel environmental work to support an integrated project under a single expanded MIA covering the Plomosas mine and San Marcial.

4. Preliminary economic assessment

The company is advancing a gap analysis to identify additional studies required to support the first integrated development plan for the Plomosas project, including:

• Assessment of operational and infrastructure synergies between San Marcial and the Plomosas mine;
• Independent engineering firm engagement expected shortly;
• Preliminary economic assessment targeted for the second half of 2026.

5. Enhancement of Mexican operations:

• GR Silver continues to build a strong technical and operations team in Mexico in anticipation of a transition toward development;
• The recent addition of Jorge Sanchez, former technical services manager at Los Filos (Equinox), Los Gatos (Gatos Silver) and San Dimas (Primero Mining);
• Continuing recruitment of experienced mining and operational professionals to support the company's growth strategy.

6. Marketing and conference participation -- Q1 and Q2 2026

Building on a successful investor outreach program in the second half of 2025, the company will continue pro-active engagement with the investment community through the following events:

• VRIC - Vancouver Resource Investment Conference -- Jan. 25 to Jan. 26, 2026: booth No. 112;
• Red Cloud Pre-PDAC Conference -- Feb. 26 to Feb. 27, 2026;
• PDAC 2026 -- March 1 to March 4, 2026;
• SilverCon Europe -- April 16 (Munich, Germany) and April 17 (Frankfurt, Germany).

Quality assurance/quality control procedures

The company has implemented QA/QC procedures, which include the insertion of blank, duplicate and standard samples in all sample lots sent to SGS de Mexico SA de CV laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above silver greater than 100 parts per million (overlimit), these samples are reassayed by SGS de Mexico. Core samples are represented by both HQ and NQ diameters and samples are represented by one-half core split of original core. The analytical methods include four-acid digestion and inductively coupled plasma optical emission spectrometry, with lead fusion fire assay and a gravimetric finish for silver above overlimits. For gold assays, the analytical methods are lead fusion and atomic absorption spectrometry, lead fusion fire assay, and gravimetric finish for gold above overlimits (greater than 10 parts per million).

Qualified person

The qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, for this news release is Marcio Fonseca, PGeo, president and chief executive officer for GR Silver Mining, who has reviewed and approved its contents.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100-per-cent-owned assets, located on the eastern edge of the Rosario mining district, in the southeast of Sinaloa state, Mexico. GR Silver Mining controls 100 per cent of the Plomosas project, including the former Plomosas underground mine and wide, high-grade silver-mineralized zones at the San Marcial area. Recent discoveries in the 78 square kilometres of highly prospective, advanced-stage exploration concessions position the company well for resource expansion at the Plomosas project.

We seek Safe Harbor.