Mr. Eric Zaunscherb reports

GR SILVER MINING ANNOUNCES DEBT SETTLEMENT

Further to the press release of Dec. 8, 2023, GR Silver Mining Ltd. has issued an aggregate of 1,343,891 common shares at a deemed price of 7.5 cents per share to settle aggregate debt of $100,792 outstanding as at Oct. 31, 2023.

Directors and officers of the company participated in the debt settlement transactions and received 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 April 21, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

About GR Silver Mining Ltd.

GR Silver 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 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 the 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 kilometres in strike length.

We seek Safe Harbor.