Mr. Eric Zaunscherb reports

GR SILVER MINING COMPLETES $1.2 MILLION NON-BROKERED PRIVATE PLACEMENT FINANCING

GR Silver Mining Ltd. has closed the non-brokered private placement previously announced on Oct. 24, 2023. Under the offering, the company has issued 30 million units for gross proceeds of $1.2-million. No finders' fees were paid in connection with the offering. All securities issued under the offering are subject to a hold period expiring March 11, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The proposed use of proceeds from the offering are as follows:

1. Approximately 29 per cent of the gross proceeds of the offering will be used to pay outstanding amounts currently owing to persons who are arm's length to the company.
2. Approximately 4 per cent of the gross proceeds will be used to pay outstanding amounts owing to management and directors of the company.
3. The balance of the proceeds will be used to finance general working capital.

No proceeds under the offering are expected to be paid to persons conducting investor relations activities (as such term is defined in TSX-V policies).

"GR Silver Mining is very pleased to welcome several new shareholders with a long-term view aligned with management's vision for the company," noted chief executive officer and chair Eric Zaunscherb. "In the wake of a positive resource update, management has worked tirelessly to reduce overhead expenses and is currently evaluating several strategic initiatives to pave the way forward."

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.

We seek Safe Harbor.