Guanajuato Silver To Acquire Bolanitos Gold-Silver Mine in Mexico GSilver continues determined consolidation of the Guanajuato Mining District.
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Guanajuato Silver To Acquire Bolanitos Gold-Silver Mine in Mexico
GSilver continues determined consolidation of the Guanajuato Mining District.
November 24, 2025 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or
“GSilver”) (TSXV:GSVR)(OTCQX:GSVRF), a growing Mexico-based precious metals producer, has entered
into a definitive agreement (the “Agreement”) dated November 21, 2025 to acquire the Bolanitos gold-
silver mine (“Bolanitos”) located in Guanajuato, Mexico , from Endeavour Silver Corp.
(“Endeavour”)(TSX:EDR) for total consideration of up to US$50 million (the “Transaction”), consisting of
(i) upfront consideration of US$40 million to be paid on closing and (ii) contingent consideration of US$10
million (see transaction details below); the Transaction is expected to close in January 2026.
Highlights
• Bolanitos will be Guanajuato Silver’s 5 th producing precious metals mine in Mexico. Upon the
completion of the Transaction, the Company will operate three primary silver mines (Topia,
Valenciana, and El Cubo) and two primary gold mines (Bolanitos and San Ignacio).
• 2024 Production at Bolanitos totaled 2,471,027 silver-equivalent (AgEq) ounces from 427,646
tonnes grading 39 g/t silver and 1.98 g/t gold for 452,627 ounces of silver and 25,230 ounces of
gold. Silver and gold recoveries were 84.4% and 92.7% respectively. AgEq calculated at 80:1 silver
to gold ratio (see Endeavour MD&A for the year ended December 31, 2024).
• The acquisition of Bolanitos significantly increases Guanajuato Silver’s resource base ; see
Bolanitos resource and reserve estimates below.
• The incorporation of the San Ignacio Mine into the Bolanitos Mines Complex is expected to
rapidly generate improved economics and expanded mine life ; mineralized material mined at
San Ignacio will now be transported to the nearby 1,600 tonnes per day Bolanitos flotation plant;
as Bolanitos and San Ignacio are contiguous to one another, this is expected to dramatically reduce
transportation costs and increase utilization at the Bolanitos mill.
• The Transaction also include s the acquisition of the historic Cebada mine , which is located
contiguous and to the north of the Company’s Valenciana Mines Complex (VMC). The Company
intends to reactivate Cebada , which is currently on care and maintenance, as an important
exploration and development project.
James Anderson, Chairman and CEO said, “The numerous advantages of integrating our San Ignacio Mine
into the Bolanitos Mines Complex are obvious; we have already begun preparations to ensure seamless
integration of this asset into our production portfolio, allowing us to quickly realize the economic rewards
from this acquisition. By expanding our production platform within the prolific Guanajuato Mining District
we have taken another positive step towards building Mexico’s next mid-tier precious metals producer.”
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Transaction Summary
Under the terms of the Agreement, Guanajuato Silver will acquire all of the outstanding shares of Minera
Bolanitos S.A. de C.V., a subsidiary of Endeavour, that holds all the mining assets located in the Guanajuato
district currently held by Endeavour. Bolanitos is being acquired for total upfront consideration at closing
of US$40 million (the “Upfront Consideration”), which is comprised of US$30 million in cash and US$10
million of Guanajuato Silver common shares (“Guanajuato Shares”) at a deemed price of US$0.2709413
(Cdn$0.3815) per share . In addition to the Upfront Consideration, Guanajuato Silver will make t wo
contingent payments to Endeavour (the “Contingent Payments”), each being US$5 million, upon achieving
production of two million ounces of silver -equivalent and four million ounces of silver-equivalent,
respectively. Each Contingent Payment will be satisfied 50% in cash and 50% in Guanajuato Shares
(“Contingent Shares”), subject to the Maximum Percentage (as defined below).
The number of Contingent Shares issuable to Endeavour is subject to a maximum ownership percentage
of 9.9% (the “ Maximum Percentage”). If the issuance of Contingent Shares would result in Endeavour
holding more than the Maximum Percentage, the value of any excess contingent payment amount (after
issuing shares up to 9.9%) shall be payable in cash.
Any Contingent Shares shall be issued at a price (the “Contingent Share Issue Price”) equal to the greater
of (i) the volume weighted average trading price of the shares (“VWAP”) on the TSX Venture Exchange
(“TSXV”) for the 10 consecutive trading days immediately preceding the applicable milestone payment
date (the “ Market Price”), and (ii) the minimum price permitted by the TSXV (which is currently the
“Discounted Market Price” as of the issuance of the news release regarding the applicable contingent
payment, as defined in the TSXV Corporate Finance Manual) , in each case converted to United States
dollars using the average exchange rate posted by the Bank of Canada on the day preceding the applicable
milestone payment date. If applicable, Guanajuato Silver will make a cash payment to Endeavour equal to
any shortfall between the aggregate Contingent Share Issue Price and the Market Price, at the time of each
Contingent Payment.
The Transaction is arm’s length and no finder’s fees are payable in connection with the Transaction.
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Figure 1: Map of the Guanajuato Mining District showing the main epithermal veins and other significant
geological structures. Bolanitos is located along the La Luz Vein structure.
Bolanitos Operations
2024 production at Bolanitos totaled 2,471,027 silver -equivalent (AgEq) ounces from 427,646 tonnes
grading 39 g/t silver and 1.98 g/t gold for 452,627 ounces of silver and 25,230 ounces of gold. Silver and
gold recoveries were 84.4% and 92.7% respectively. AgEq was calculated at 80:1 silver to gold ratio (see
Endeavour MD&A for the year ended December 31, 2024 ). Production at Bolanitos has been relatively
consistent for several years and will add incrementally to Guanajuato Silver’s total annual production.
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Table 1: Historic Bolanitos production from 2020-2024. Source: See Endeavour Management’s Discussion
& Analysis for the Years Ended December 31, 2024, December 31, 2023, December 31, 2022, December 31,
2021 and December 31, 2020 filed by Endeavour on SEDAR+.
Figure 2: Bolanitos processing facility – 1,600 tonnes per day standard flotation plant.
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Figure 4: The Bolanitos mine was purchased by Endeavour Silver in 2007 from Penoles S.A. de C.V. The plant
and ancillary infrastructure have been upgraded over the years.
Figure 3: Bolanitos processing facility – Bolanitos is a producing precious metals mining operation.
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Bolanitos consists of 26 mining concessions totaling 2,537 hectares. The land package, located 12km
northwest of the city of Guanajuato, includes three producing mines: San Miguel, La Luz and Lucero. The
past-producing Golondrinas mine, located in the southern portion of the Bolanitos concessions, is
scheduled for production restart in 2026. The Bolanitos land package is contiguous with, and partially
surrounds, GSilver’s San Ignacio concessions on three sides.
The mining method used at Bolanitos is primarily long-hole stoping and conventional cut and fill mining.
Mineralized material is brought to surface for crushing and grinding. The 1 ,600 tonnes per day flotation
processing facility produces a bulk gold-silver concentrate, and currently operates at approximately 75%
capacity, allowing for processing of mined material from San Ignacio. Endeavour purchased the Bolanitos
Mine from Penoles S.A. de C.V. in 2007 and has made incremental expansions and improvements since
acquisition.
Figure 5: Bolanitos mill interior. The mill is currently operating at approximately 75% capacity; the
Company expects to achieve increased capacity at Bolanitos through the addition of mineralized material
from San Ignacio.
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Reserve and Resource Estimates
Table 2: Bolanitos Resource Estimate. Source: NI 43-101 Technical Report - Updated Mineral Resource and
Reserve Estimates for the Bolanitos Project, Guanajuato State, Mexico, effective date: November 9, 2022.
(1) Mineral Resources are reported exclusive of Mineral Reserves.
(2) Mineral resources and mineral reserves have been reduced due to mining depletion from production at the
property as set out in Endeavour’s continuous disclosure record. Refer to production table above.
Silver equivalent calculation (AgEq) for the Bolanitos Mineral Reserve and Mineral R esource estimate is
based on a 79.6:1 silver to gold price ratio. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
Except as otherwise specified herein, all scientific and technical information related to Bolanitos in this
Press Release is based on a technical report entitled “NI 43 -101 Technical Report : Updated Mineral
Resource and Reserve Estimates for the Bolanitos Project, Guanajuato State, Mexico ” with an effective
date of November 9, 2022, filed on SEDAR+ by Endeavour on January 26, 2023 (the “Bolanitos Report”).
To the best of the Company ’s knowledge, information, and belief, the Bolanitos Report is considered
current pursuant to National Instrument (“NI”) 43-101 and there is no new material scientific or technical
information that would make the disclosure of the mineral resources, mineral reserves or results of the
Bolanitos Report inaccurate or misleading. Furthermore, as required under applicable securities laws, the
Company will file an updated technical report on Bolanitos, in accordance with NI 43-101, within 180 days
of this press release.
For additional details on San Ignacio please refer to Guanajuato Silver’s technical report dated March 7,
2024 (effective date December 31, 2023) titled “Technical Report on the San Ignacio Property, Guanajuato,
Mexico” available on SEDAR+ at www.sedarplus.ca.
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Figure 6: Proximity of the primary stockpiles at Bolanitos and San Ignacio. The Bolanitos mill is located
within two kilometres of the San Ignacio project; the two properties are contiguous and share the same
geology.
Additional Exploration and Development Projects
The Transaction includes the past-producing Cebada mine, which is located on trend along the Veta Madre
vein system, directly to the north of GSilver’s Valenciana Mines Complex. Additionally, the Bolanitos
acquisition includes the Belen exploration project, which is located to the east of San Ignacio (see Figure
1 for location); Belen will also be a focus for future exploration drilling.
Bolanitos Geology
The Guanajuato mining district hosts three major mineralized fault systems, the La Luz, Veta Madre and
Villalpando systems; Bolanitos is situated along the La Luz structure. Mineralized veins at Bolanitos consist
of the classic banded and brecciated epithermal variety. Silver occurs primarily in dark sulfide-rich bands
within the veins. Economic concentrations of precious metals are present as shoots that are distributed
vertically and laterally between non-mineralized segments of the veins. Overall, the style of mineralization
is pinch-and-swell with some flexures resulting in closures and others generating wide sigmoidal breccia
zones.