Mr. Eric Zaunscherb reports

GR SILVER PROVIDES OPERATIONAL UPDATES AND ANNOUNCES THE START OF SMALL BULK SAMPLING AND TEST MINING AT THE PLOMOSAS PROJECT

GR Silver Mining Ltd. has advanced negotiations and entered into commercial agreements with private local operators (mining and milling operators) in the Rosario mining district in Sinaloa, Mexico, to explore opportunities related to the following aspects of the Plomosas project:

• Advance mine preparation to extract bulk sample material to collect information for future use in engineering reports and metallurgical testing of silver-gold-lead concentrates;
• Use existing permits and infrastructure to allow the company to reach mineralized material through small test bulk sampling operations, up to 4,500 tonnes per month for metallurgical sampling from historical mine sites, San Juan and La Colorada;
• Use existing and available third party privately owned mill operations located near the historical mine sites with a capacity of up to 140 tonnes per day to process the BSTM program material, obtaining monthly producing small batches of silver-rich concentrate for metallurgical characterization;
• Explore cost savings strategies, where with low capital expenditures, the company can advance the exploration of the Plomosas project and gain additional knowledge related to high-grade modelling and targeting, grade reconciliation, and mineral deposit modelling to define new drill targets in the vicinities of the existing historical mines.

The company has started the BSTM program at the San Juan and La Colorada sites.

The following activities using private local operators have been achieved since January, 2024.

1. Underground development and geotechnical assessment of ground conditions to support the BSTM program;
2. Detailed sampling and definition of areas for the BSTM program at the San Juan mine.

BTSM activities have commenced with the extraction of 2,800 tons of bulk sample from the San Juan mine to date. Sampling and assaying have returned results.

To date, 2,100 tonnes of BTSM material have been processed from the San Juan mine, from which 26 tonnes of concentrate have been produced with assays.

The current activities are concentrated in the San Juan and La Colorada sites due to the proximity of the target areas to the surface and third party owned processing plants. Bulk sampling test mining at the historical mines is expected to continue through 2024. The program has the potential to unveil valuable geological information to better define high-grade Ag mineralized zones in these locations. This will allow low-cost preparation of sites for future drilling, aiming to continue resource growth in the Plomosas project.

GR Silver's Plomosas project exploration programs in 2023 and earlier included detailed underground mapping, which defined geological structures without surface expression but with evidence of high-grade Ag mineralization. Current BSTM program activities in the project's historical mines could provide the company with a low-cost platform for the definition of new targets for drilling, discovery and, potentially, resource expansion.

Quality assurance/quality control procedures

The company has implemented QA/QC procedures, including inserting blank, duplicate and standard samples in all sample lots sent to Act Labs de Mexico SA de CV laboratory facilities in Sonora, Mexico, for sample preparation and assaying. The analytical methods are four-acid digest and inductively coupled plasma optical emission spectrometry with lead fusion fire assay with gravimetric finish for silver above overlimits. For gold assays, the analytical methods are lead fusion and atomic absorption spectrometry lead fusion fire assay and gravimetric finish for gold above overlimits (greater than 10 parts per million).

Qualified person

The qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects) for this news release is Marcio Fonseca, PGeo, president and chief operating officer for GR Silver, who has reviewed and approved its contents.

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 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 kilometres in strike length.

We seek Safe Harbor.