Guanajuato Silver Company Ltd. announced that as part of a scheduled program to update GSilver's NI 43-101 technical reports and resource estimates for all of its producing mines in Mexico, the Company is presenting a new mineral resource estimate (the "2023 MRE") for GSilver's 100% owned San Ignacio mine located in Guanajuato, Mexico. The 2023 MRE was prepared by APEX Geoscience Ltd. ("APEX"), with an effective date of September 21, 2023. The resource update report will be filed under the company's SEDAR+ profile within 45 days of this news release, in accordance with disclosure and reporting requirement set forth in the National Instrument 43-101 ("NI 43-101").

The 2023 MRE supersedes the historical mineral resource estimate for the San Ignacio mine, disclosed previously by the Company in the technical report entitled "Technical Report on the Valenciana Mine Complex, Guanajuato, Mexico" with an effective date of April 30, 2022. Mineralization at San Ignacio exists within quartz and calcite veins; four distinct mineralized domains exist at San Ignacio, characterized by four primary veins: Melladito, Intermedia, Nombre de Dios, and the Purisima vein. In addition to reinterpreting the primary vein domains, the 2023 MRE includes mineralization from twenty-two additional vein domain models, contributing to the significant expansion of the San Ignacio mineral resources.

The 2023 MRE is based on the newly constructed domain models and uses drilling and underground channel sampling databases updated to July 11, 2023. The updated database now includes an additional 5,350 drillhole samples and 9,784 underground channel samples since the last MRE. The 2023 MRE has an effective date of September 21, 2023.

The 2023 MRE comprises Measured and Indicated Mineral Resources of 7.621 million ("M") troy ounces ("oz") AgEqii at 300 g/t AgEqii within 0.79M tonnes (t), and Inferred Resources of 22.167M oz AgEqii at 318 g/t AgEq ii within 2.166M t. These figures represent increases in contained metals of approximately 4.318M oz AgEqii in the Measured and Indicated category (130% increase), and 16.385M oz AgEqii in the Inferred category (283% increase) versus the previously reported historical resource estimate.