Guanajuato Silver Files Technical Report for Bolanitos Mine
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Guanajuato Silver Files Technical Report for Bolanitos Mine
April 2 7, 202 6 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “ Company” or
“GSilver”) (TSXV:GSVR)(OTCQX:GSVRF), a growing silver-focused precious metals producer, is pleased to
announce the filing of a National Instrument 43 -101 Technical Report (the "Report") for Guanajuato
Silver's 100% owned Bolanitos Mine located in Guanajuato, Mexico. The Report was prepared by Hard
Rock Consulting, LLC, with an effective date of March 19, 2026, and supports the disclosure made by the
Company in its news releases dated November 24, 2025 and January 15, 2026. The Report has been filed
under the Company's SEDAR+ profile and can be viewed at sedarplus.ca.
Mineral Reserve Estimate
Table 1: Mineral Reserve Estimate, Effective Date December 31st, 2025
Classification Mine Area Tonnes
(kt)
Diluted Grades Contained Metal
Ag (g/t) Au (g/t) AgEq
(g/t) Ag (koz) Au
(koz) AgEq (koz)
Proven La Luz 39.4 50 1.53 188 63.7 1.9 238.4
Lucero 5.9 83 1.12 184 15.8 0.2 35.0
San Miguel 12.8 55 1.75 212 22.5 0.7 87.3
Proven Total 58.2 55 1.54 193 102.0 2.9 360.7
Probable La Luz 75.0 118 1.05 213 285.2 2.5 513.4
Lucero 192.4 64 1.04 157 395.4 6.4 973.7
San Miguel 63.2 62 1.40 188 126.2 2.9 382.7
Probable Total 330.6 76 1.11 176 806.9 11.8 1,869.8
Total Proven and Probable Reserves 388.7 73 1.17 178 908.8 14.7 2,230.5
Notes to accompany Mineral Reserves table:
1. The effective date of the diluted Mineral Reserves estimate is December 31, 2025. The QP for the
estimate, Mr. Jeffery Choquette, PE, of Hard Rock Consulting, LLC, is independent of Guanajuato Silver
Company Ltd.
2. Mineral Reserves are reported at the point of delivery to the process plant using the 2014 CIM Definition
Standards.
3. A 134 g/t AgEq cut -off is used for reporting the Mineral Reserves at La Luz and San Miguel and a 135 g/t
AgEq cut-off is used for reporting Mineral Reserves at Lucero.
4. Cut-off grade calculations are based on an average mining cost of $US51.91/t, a processing cost of
$US26.28/t, a G&A cost of $US15.93/t, a non-deductible of $US0.44/t, and a 1% NSR Government Royalty.
5. Metallurgical recoveries for cut-off grade calculations were 85.3% for silver and 90.1% for gold.
6. Price assumptions are $US30.00 per troy ounce for silver and $US2,550.00 per troy ounce for gold for
resource cut-off calculations.
7. Silver equivalents are based on a 90:1 silver to gold price ratio using the following formula: AgEq = Ag +
(Au*Equivalent Factor) where Equivalent Factor = ((Au price * Au Recovery) / (Ag price * Ag Recovery)).
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8. A combined internal and external dilution factor of 66% was factored into the Mineral Reserves estimates
along with a 91.6% ore loss factor.
9. Tonnage and grade estimates are in metric units.
10. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate,
and numbers may not add due to rounding.
Mineral Resource Estimate
Table 2: Mineral Resource Estimate, Effective Date December 31st, 2025
Classification Tonnes Grade Metal Content
Ag (g/t) Au (g/t) AgEq (g/t) Ag (oz) Au (oz) AgEq (oz)
Measured 45,000 114 2.5 335 165,000 4,000 487,000
Indicated 938,000 105 2.3 310 3,167,000 69,000 9,352,000
Measured & indicated 983,000 105 2.3 311 3,332,000 73,000 9,839,000
Inferred 1,021,000 126 2.0 310 4,130,000 67,000 10,185,000
1. The effective date of the undiluted in-situ Mineral Resource estimate is December 31, 2025. The QP for
the estimate, Mr. Richard A. Schwering, SME -RM of Hard Rock Consulting, LLC, is independent of
Guanajuato Silver Company Ltd.
2. Mineral Resources are reported exclusive of Mineral Reserves.
3. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is
no certainty that any or all part of the mineral resources will be converted into mineral reserves.
4. Inferred Mineral Resources are that part of a mineral resource for which the grade or quality are
estimated on the basis of limited geological evidence and sampling. Inferred Mineral Resources do not
have demonstrated economic viability and may not be converted to a Mineral Reserve. It is reasonably
expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded
to Indicated Mineral Resources with continued exploration.
5. Mineral Resources are reported using multiple silver equivalent cut -offs based on production area.
silver equivalent cut-off grades are 134 g/t for veins located in the La Luz and San Miguel production
areas, 135 g/t for veins located in the Lucero producti on area, 140 g/t for the remaining veins at
Bolañitos.
6. Cut-off grade calculations are based on an average mining cost of US $51.91/t, a processing cost of US
$26.28/t, a G&A cost of US $15.93/t, a non-deductible of US $0.44/t, and a 1%NSR Government Royalty.
7. Metallurgical recoveries for cut-off grade calculations were 85.3% for silver and 90.1% for gold.
8. Price assumptions are US $30.00 per troy ounce for silver and US $2,550.00 per troy ounce for gold for
resource cut-off calculations.
9. Silver equivalents are based on a 90:1 silver to gold price ratio calculated using the following formula:
AgEq = Ag + (Au*Equivalent Factor) where Equivalent Factor = ((Au price * Au Recovery) / (Ag price *
Ag Recovery)).
10. Rounding may result in apparent differences when summing tonnes, grade and contained metal
content. Tonnage and grade measurements are in metric units. Grades are reported in grams per tonne
(g/t). Contained metal is reported as troy ounces (oz)
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Technical Information
Additional information regarding the Bolañitos mine project can be found in the technical report dated
April 23, 2026 (effective date March 19, 2026) titled “NI 43 -101 Technical Report: Updated Mineral
Resource and Reserve Estimates for the Bolañitos Project, Guanajuato State, Mexico” and prepared by Mr.
Richard A. Schwering, SME -RM, P .G., Jeffery Choquette, P .E., Brian Arthur, SME-RM., each employees or
contractors of Hard Rock Consulting, LLC and Douglas Grant Feasby, P . Eng. Of P&E Mining Consultants Inc.,
which is available on SEDAR+ at www.sedarplus.ca.
The scientific and technical information set out under the heading “Mineral Resources Estimate” has been
reviewed and approved by Richard A. Schwering, SME-RM, P .G. an employee of Hard Rock Consulting, LLC
and a Qualified Person as defined by National Instrument 43 -101. Mr. Schwering is independent of the
Company.
The scientific and technical information set out under the heading “Mineral Res erve Estimate” has been
reviewed and approved by Jeffery Choquette, P .E. an employee of Hard Rock Consulting, LLC and a
Qualified Person as defined by National Instrument 43-101. Mr. Choquette is independent of the Company.
About Guanajuato Silver
GSilver is a precious metals producer with a portfolio of producing silver and gold mines in central
Mexico. The Company has a core operational footprint of four operating silver-gold assets in 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Anderson"
Chairman and CEO
For further information regarding Guanajuato Silver Company Ltd., please contact:
JJ Jennex, Corporate Affairs Director, T: 604 723 1433
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
release.
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Forward-Looking Statements
This news release contains certain forward -looking statements and information, which relate to future
events or future performance including, but not limited to, GSilver’s growth, statements and information
regarding future plans, expectations, guidance, projections, objectives, estimates and forecasts; including
statements regarding GSilver being a growing silver -focused precious metals producer ; and GSilver’s
status as one of the fasting growing silver mining Company in Mexico.
Such forward-looking statements and information reflect management's current beliefs 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,
economic and regulatory uncertainties and contingencies. These assumptions include: that the potential
quantity, grade and metal content of the mineralized material at Bolanitos, El Cubo, VMC and San Ignacio,
the geotechnical and metallurgical characteristics of such material 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; 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, 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 risks and uncertainties that may cause 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, the ability of the Company to accomplish its plans and
objectives with respect to Bolanitos within the expected timing or at all; availability of financing, currency
rate fluctuations, high inflation and interest rates, geopolitical conflicts including wars, actual results of
exploration, development and production activities, actual grades and recoveries of silver, gold and other
metals from the Company’s existing mines including Bolanitos, El Cubo, Pinguico, San Ignacio, VMC and
Topia, availability of third party mineralized material for processing, unanticipated geological or
structural formations and characteristics, environmental risks, future prices of gold, silver and other
metals, 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 GSilver will be able to continue to increase production, tonnage
milled and recoveries rates, improve grades and reduce costs at Bolanitos, El Cubo, Pinguico, San Ignacio,
VMC and/or Topia to process mineralized materials to produce silver, gold and other concentrates in the
amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver’s decision to process
mineralized material from Bolanitos, El Cubo, Pinguico, San Ignacio, VMC and Topia is not based on a
feasibility study of mineral reserves demonstrating economic and technical 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
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relevant issues. There are no assurances that the Company's projected grades of gold and silver at
Bolanitos, El Cubo, VMC and San Ignacio and the anticipated level of production therefrom 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 impact of any
future global pandemic, ongoing global conflicts, 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, 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.