Mr. Eric Zaunscherb reports

GR SILVER MINING ANNOUNCES SECOND & FINAL TRANCHE CLOSING OF NON-BROKERED PRIVATE PLACEMENT FINANCING

GR Silver Mining Ltd. has completed the second and final tranche of its previously announced non-brokered private placement. Under the second tranche, the company has issued 2.5 million units for gross proceeds of $125,000. No finder's fees were paid in connection with the second tranche. All securities issued under the second tranche are subject to a hold period expiring Feb. 14, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Together with the first tranche closing announced Aug. 10, 2023, the company has now raised a total of $454,875 from the sale of 9,097,500 units.

A director and officer of the company participated in the second tranche and purchased 300,000 units for $15,000. 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 (MI 61-101). 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 insiders had not been confirmed at that time.

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-stage to advanced-stage exploration targets, the company holds 734 square kilometres of concessions containing several structural corridors totalling over 75 kilometres in strike length.

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