Guanajuato Silver Company Ltd. announced consolidated production results for the fourth quarter ended December 31, 2023. For the quarter, the company reported production of 850,214 silver-equivalent ounces is derived from 394,971 ounces of silver; 4,395 ounces of gold; 837,230 pounds of lead; and 960,206 pounds of zinc. Tonnes milled increased 3.6% from third quarter to fourth quarter; during the fourth quarter, a total of 137,339 tonnes were milled across GSilver's four producing silver mines. Average silver and gold recoveries were 84.5% and 88.8% respectively for fourth quarter as compared to 83.3% silver recovery and 81.6% gold recovery in third quarter of 2023.

Current metallurgical recoveries reflect historical all-time highs. Gold production was up 27.7% over the previous quarter driven by higher gold grades, better recoveries, and the inclusion of gold-rich material from the recently added production of the El Horcon mine. 2023 AgEq Production of 3,516,685 ounces falls within revised guidance figures and represents a 63% increase over the previous year.