Mr. Eric Zaunscherb reports

GR SILVER MINING ANNOUNCES DEBT SETTLEMENT

GR Silver Mining Ltd. has negotiated debt settlements with arm's-length and non-arm's-length creditors. Pursuant to the debt settlement agreements, and subject to acceptance by the TSX Venture Exchange, the company has settled aggregate debt of $100,792 outstanding as at Oct. 31, 2023, in consideration for which it will issue an aggregate of 1,343,891 common shares at a deemed price of 7.5 cents per share.

Directors and officers of the company are participating in the debt settlement transactions and will receive an aggregate of 788,879 shares in consideration for settlement of an aggregate $59,166 debt. Participation by the insiders 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 insiders' participation in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that the insiders' participation in the debt settlement transactions does not exceed 25 per cent of the fair market value of the company's market capitalization.

All shares issued in relation to these debt settlements are subject to a hold period expiring four months plus one day after the date the shares are issued, in accordance with applicable securities laws and the policies of the TSX-V.

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 Plomosas project, which includes the integrated San Marcial area and former Plomosas mine. 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 km in strike length.

We seek Safe Harbor.