Mr. Eric Zaunscherb reports

GR SILVER ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT FOR THE PLOMOSAS PROJECT

GR Silver Mining Ltd. has filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure of mineral Projects (NI 43-101) supporting the updated resource estimate for the Plomosas project, previously reported in the company's news release dated March 20, 2023. This news release is filed in accordance with Section 4.2, Subsection (5)(b) reconciling differences in the silver equivalent (AgEq) estimation related to the San Marcial area.

The company carried out internal diligence upon receiving all digital files related to mineral resource estimates for the San Marcial, Plomosas mine and San Juan-La Colorada areas from Dr. Gilles Arseneau, PGeo, of ARSENEAU Consulting Services Inc. An internal review of the resource estimate for the San Marcial area as part of the report compilation identified a miscalculation of the AgEq. Dr. Arseneau mistakenly adopted the silver recovery rate from the Plomosas mine area in the estimation of the AgEq for the San Marcial area in the denominator of the AgEq formula.

The AgEq is calculated using the formula as shown in the attached table.

Using 74 per cent (Plomosas mine area) as the silver recovery rate instead of 94 per cent (San Marcial area) in the denominator of the AgEq calculation, while using 94-per-cent recovery rate in the numerator, mistakenly resulted in increasing the AgEq grade and, consequently, in the AgEq ounces for the San Marcial area. Dr. Gilles Arseneau acknowledged his miscalculation upon notification by the company and he has updated the resource estimate for the San Marcial area in the filed National Instrument 43-101 report.

Dr. Arseneau, PGeo, of ARSENEAU Consulting Services, commented: "We sincerely apologize for the miscalculation in the AgEq in the San Marcial area due to my own mistake when applying the wrong silver recovery rate in the AgEq formula denominator. Today's statement with the filing of the NI 43-101 corrects the error. The data and resource estimation grades are sound, and they have been checked and independently verified by ARSENEAU Consulting Services Inc. The error only affects the silver equivalent calculation, the tonnage and grade of the reported mineral resources remained unchanged."

As noted by chair and chief executive officer Eric Zaunscherb: "The error in calculating AgEq grade and ounces, while unfortunate, does not detract from the accomplishment of GR Silver's geological team in growing the Plomosas project resource estimate significantly and cost-effectively. The team has demonstrated the exploration model's efficacy and we continue to be excited by the project's potential for further growth. In the following days, we will outline our vision for this highly prospective project through the remainder of 2023."

The full technical report dated May 3, 2023, with an effective date of March 15, 2023, is entitled "Technical Report and Mineral Resource Update for the Plomosas Project." The report was prepared for GR Silver Mining and can be found under the company issuer profile on SEDAR. The resource estimate announced in the company's March 20, 2023, news release is superseded by the report filed and dated May 3, 2023. Highlights of the resource estimate are presented as shown in the attached table.

About the Plomosas project

The Plomosas project, including the recent high-grade silver SE area discovery in the San Marcial area, is an emerging high-grade silver district located in southern Sinaloa, Mexico. The 43,187-hectare Plomosas project includes past-producing historical mining sites benefitting from previous mine infrastructure, road access and existing permits. The district contains intermediate to low sulphidation epithermal silver and gold mineralization hosted in hydrothermal breccias and veins. Recent success in exploration and drilling has delineated wide, high-grade, shallow hydrothermal breccias in the San Marcial area, including the SE area discovery, where initial drilling incorporated in the updated resource estimation for the Plomosas project unveils an exploration opportunity for continuous resource growth.

Quality assurance/quality control procedures

The company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de Mexico SA de CV laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above 100 ppm (parts per million) Ag (overlimits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, B.C. The analytical methods are four-acid digest and inductively coupled plasma optical emission spectrometry, with lead fusion fire assay with gravimetric finish for silver above overlimits. For gold assays, the analytical methods are lead fusion and atomic absorption spectrometry, or lead fusion fire assay and gravimetric finish for gold above overlimits (above 10 ppm).

Qualified person

The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, PGeo, president and chief operating officer for GR Silver Mining, who has reviewed and approved its contents.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100-per-cent-owned assets, located on the eastern edge of the Rosario mining district in the southeast of Sinaloa state, Mexico. GR Silver Mining controls 100 per cent of two past-producer precious metal underground and open-pit mines, within the expanded Plomosas project, which includes the integrated San Marcial area and La Trinidad acquisition. In conjunction with a portfolio of early- to advanced-stage exploration targets, the company holds 734 square kilometres of concessions containing several structural corridors totalling over 75 kilometres in strike length.

GR Silver Mining Ltd.

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