CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW. Guanajuato Silver Confirms Issuance of Warrants Related to Recently Closed C$18M Financing

TSX-V: GSVR OTCQX: GSVRF

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY

CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Guanajuato Silver Confirms Issuance of Warrants Related to Recently Closed C$18M

Financing

September 4, 2025 / Vancouver, British Columbia - Guanajuato Silver Company Ltd. (the “Company” or “GSilver”)

(TSXV:GSVR) announces that it has issued 4 58,500 non-transferrable warrants (the “ Advisor Warrants ”) to

Research Capital Corporation (the “Advisor”).

The issuance of the Advisor Warrants, previously announced in connection with the Company’s August 21, 2025

financing, relates to an Advisory Agreement with Research Capital Corporation, which provided financial advisory

and support services for the Offering. That C$18 million non-brokered LIFE financing, which was met with strong

investor demand, has materially strengthened GSilver’s balance sheet and positions the Company to accelerate

underground fleet upgrades, modernize processing facilities, and significantly expand exploration programs.

Each non-transferrable Advisor Warrant entitles the holder to purchase one Common Share at an exercise price

equal to $0.30, subject to customary anti-dilution adjustments, until August 21, 2028. The Advisor Warrants and

the underlying securities issued to the Advisor are subject to a four month and one day hold period in accordance

with Canadian securities laws that expires on January 5, 2026.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in

the United States. The securities offered have not been and will not be registered under the United States

Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold

within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under

the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or an exemption from

such registrations are available. No public offering of securities is being made in the United States. This press

release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of

these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About GSilver

GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central

Mexico. The Company produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines

Complex, and the San Ignacio mine; all three mines are located within 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. With four operating mines and three processing facilities, GSilver

is one of the fastest growing silver producers in Mexico.

ON BEHALF OF THE BOARD OF DIRECTORS

"James Anderson"

Chairman and CEO

For further information regarding Guanajuato Silver Company Ltd., please contact:

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JJ Jennex, Communications Manager, +1 (604) 723-1433

Email: [email protected]

Continue to watch our progress at: www.GSilver.com

Guanajuato Silver Bullion Store

Please visit our Bullion Store, where Guanajuato Silver coins and bars can be purchased.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news

release.

Forward-Looking Statements and Information

This news release contains forward-looking statements and information, which relate to future events or future performance

including, but not limited to the intended use of proceeds from the Offering; the Company’s future development and

production activities and opportunities for future exploration, development and production and the estimated timing and

costs thereof; and the status of the Company as one of the fastest growing silver producers in Mexico.

Such forward-looking statements and information reflect management's current beliefs and expectations and are based

on information currently available to and assumptions made by the Company; which assumptions, while considered

reasonable by the Company, are inherently subject to significant operational, business, market, economic and regulatory

uncertainties and contingencies. These assumptions include: our mineral resource estimates at El Cubo and San Ignacio

and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock

conforming to sampled results and metallurgical performance; available tonnage of mineralized material to be mined and

processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production

estimates; the ability of the Company to successfully integrate production from San Ignacio and Valenciana into the

Company’s e xisting mining and milling operations at El Cubo and the availability of excess processing and tailings capacity

at El Cubo to accommodate same; the Company’s ability to secure additional sources of mineralized material for processing,

prices for silver, gold and other metals remaining as estimated; currency exchange rates remaining as estimated; availability

of funds for the Company's projects and to satisfy current liabilities and obligations including debt repayments, capital

expenditures, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and

services (including transportation) and inflation rates remaining as estimated; no labour-related disruptions; no

unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory

approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The

foregoing list of assumptions is not exhaustive.

Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and

are subject to significant risks and uncertainties that may cause actual future results, level of activity, production levels,

performance or achievements of GSilver to differ materially from those expected including, but not limited to, market

conditions, a vailability of financing, future prices of gold, silver and other metals, currency rate fluctuations, actual results

of exploration, development and production activities, actual resource grades and recoveries of silver, gold and other

metals, availability of third party mineralized material for processing, rising inflation and interest rates, geopolitical conflicts

including wars, unanticipated geological or structural formations and characteristics, environmental risks, operating risks,

accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and

permits, inadequate insurance, and other risks in the mining industry. There are no assurances that the Company will

successfully complete the Offering in whole or in part on the terms and in accordance with the timing set out herein.

Further, there are no assurances that GSilver will be able to continue to increase production, tonnage milled and recoveries

rates, improve grades and reduce costs at its existing mines to process mineralized materials to produce silver, gold and

other concentrates in the amounts, grades, recoveries, costs and timetable anticipated. GSilver’s decision to process

mineralized material from its mining projects is not based on a feasibility study of mineral reserves demonstrating economic

and t echnical viability and therefore is subject to increased uncertainty and risk of failure, both economically and

technically. Mineral resources and mineralized material that are not Mineral Reserves do not have demonstrated economic

viability, are considered too speculative geologically to have the economic considerations applied to them, and may be

materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There

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are no assurances that the Company's projected production of silver, gold and other metals will be realized. In addition,

there are no assurances that the Company will meet its production forecasts or generate the anticipated cash flows from

operations to satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which the

Company is subject or to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about

the impact of any future global pandemic, ongoing global conflicts, and elevated inflation and interest rates and the impact

they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies,

contractors and other personnel on a timely basis or at all and economic activity in general. Accordingly, readers should

not place undue reliance on forward-looking statements or information. All forward-looking statements and information

made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings

available on SEDAR+ at www.sedarplus.ca including the Company’s most recently filed annual information form. These

forward-looking statements and information are made as of the date hereof and the Company does not assume any

obligation to update or revise them to reflect new events or circumstances save as required by law.