Mr. Eric Zaunscherb reports

GR SILVER MINING ANNOUNCES CHANGE IN CFO

GR Silver Mining Ltd.'s Blaine Bailey, CPA, CGA, has retired from the role of chief financial officer, effective immediately. Mr. Bailey was appointed as CFO of GR Silver's private predecessor, Goldplay Exploration Ltd., on Nov. 8, 2012, and continued as CFO as Goldplay became public in March, 2018. Goldplay was renamed GR Silver Mining in January, 2020. After briefly retiring from GR Silver Mining as CFO in May, 2023, he returned to the role in July, 2023, to help steer the company through challenging markets. GR Silver is deeply grateful for his contributions as CFO over the years and is very pleased that he will stay on as corporate secretary. Mr. Bailey was instrumental in the advancement of the company, applying more than 20 years of experience as a CFO for mineral exploration companies listed on the Toronto Stock Exchange, the TSX Venture Exchange and the New York Stock Exchange.

The company has appointed Robert Payment to the GR Silver Mining management team as CFO, effective immediately. Mr. Payment is an experienced chartered professional accountant (CPA, CA) with strong skills in: fostering international business relationships; running all aspects of full-cycle financial reporting, including working with the TSX, the Canadian Securities Exchange and the British Columbia Securities Commission; and working with multiple accounting frameworks and complex accounting issues, including multicurrency consolidations in IFRS (international financial reporting standards). For the past 10 years, he has supplied financial reporting and advisory services to multiple companies in the natural resources, technology and retail sectors, including cash flow modelling and budgeting, preparing business plans, and the facilitation of private placements and reverse takeovers. Prior to that, he was a manager/staff accountant with a major, Vancouver-based accounting firm. He received his chartered accountant designation in 2009, and earned a bachelor of business administration degree from Simon Fraser University in Burnaby, B.C., in 2007.

Chair and chief executive officer Eric Zaunscherb commented: "We are very pleased to welcome Robert and look forward to his contributions as we reinvigorate GR Silver Mining's active exploration of the highly prospective Plomosas project in Mexico. We cannot thank Blaine enough for his many contributions to the company, getting us to this point, and his willingness to stay on as corporate secretary to ensure a smooth transition."

Pursuant to the company's omnibus equity incentive plan, the company has granted incentive stock options to purchase up to 300,000 common shares to an officer of the company on joining management. Subject to the provisions of the company's omnibus equity incentive plan, the options will vest one-third on grant, one-third on the first anniversary of the grant and one-third on the second anniversary of the grant. The options are exercisable at 28 cents per share for a period of five years from the date of grant and are subject to 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, southeastern Sinaloa state, Mexico. GR Silver Mining controls 100 per cent of the Plomosas project, including the former Plomosas underground mine and wide, high-grade, silver-mineralized zones at the San Marcial area. Recent discoveries in the 78 square kilometres of highly prospective, advanced-stage exploration concessions position the company well in the pursuit for resource expansion at the Plomosas project.

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