Mr. Eric Zaunscherb reports

GR SILVER MINING CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FINANCING

GR Silver Mining Ltd. has closed the first tranche of its non-brokered private placement previously announced on July 31, 2023. Under the first tranche, the company has issued 6,597,500 units for gross proceeds of $329,875. In connection with the first tranche, the company paid a total of $8,100 and issued a total of 162,000 warrants as finders' fees. Each finder's warrant is exercisable for one common share at a price of eight cents for two years.

All securities issued under the first tranche are subject to a hold period expiring Dec. 10, 2023, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

A director and officer of the company participated in the first tranche and purchased an aggregate of 510,000 units for aggregate gross proceeds of $25,500. Participation by the insider in the private placement is considered a related party transaction, pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insider's participation in the private placement in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the offering by the insider did not exceed 25 per cent of the fair market value of the company's market capitalization. The company did not file a material change report at least 21 days prior to the closing of the offering, as the participation of the insider had not been confirmed at that time.

Chief executive officer and chair Eric Zaunscherb commented: "We are very grateful to our shareholders, old and new, for their support in completing the first tranche of this offering in this challenging market. We are confident that additional commitments made and expressions of interest received will help us achieve our goal with the next tranche. Management continues to be excited by the progress being made at the Plomosas project in Sinaloa, Mexico. We are very proud of the team that is responsible for this progress and achievements at the Plomosas project."

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, southeast of Sinaloa state, Mexico. GR Silver Mining controls 100 per cent of two past-producing precious metal underground and open-pit mines, within the expanded Plomosas project, including 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.

We seek Safe Harbor.