Mr. Eric Zaunscherb reports

GR SILVER MINING ANNOUNCES SETTLEMENT WITH MAKO MINING

GR Silver Mining Ltd. has signed a waiver and release agreement with Mako Mining Corp., under which the parties were mutually released from outstanding undertakings, covenants, indemnities and obligations set out in, arising from, or related to GR Silver Mining's acquisition of Marlin Gold Mining Ltd. (MGM), see news release of April 1, 2021. Mako retains a 1-per-cent net smelter return (NSR) royalty on the concessions owned by Oro Gold de Mexico SA de CV, a wholly owned subsidiary of MGM.

In consideration for the waiver and release, Mako has paid to GR Silver Mining a total of $960,000 (U.S.), satisfied in full by the payment to GR Silver Mining of $500,000 (U.S.) cash, and the issuance and delivery to GR Silver Mining of 296,710 common shares of Mako at a deemed price of $2.1007 per share.

Eric Zaunscherb, chief executive officer and chair of GR Silver Mining, commented, "We are grateful to the management of Mako for agreeing to this settlement, which allows the company to move forward with its strategic plans as they unfold." GR Silver Mining is focused on delivering resource expansion in the San Marcial area, and bulk sampling and small-scale test mining in the Plomosas area.

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. 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.

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