Mr. Eric Zaunscherb reports

GR SILVER MINING ANNOUNCES INCENTIVE PLAN GRANTS

GR Silver Mining Ltd. has granted deferred share units (DSUs) to eligible persons, in accordance with the omnibus long-term incentive plan approved by the board on Aug. 2, 2022, and approved by shareholders at the company's annual general meeting held on Nov. 12, 2024, and subject to the policies of the TSX Venture Exchange.

A total of 145,452 deferred share units were granted to the company's non-executive directors for director fees relating to the calendar quarter ended Dec. 31, 2024, which DSUs will vest one year after their date of grant, in accordance with TSX-V policies. The board has adopted a director fee equity compensation package, whereby for each calendar quarter until resolved otherwise by the board, each non-executive director will receive DSUs equal in value to $6,000, with the number of DSUs to be determined based on the closing price of the company's common shares at the applicable quarter-end.

Once vested, each DSU entitles the holder thereof to receive either one common share of the company, the cash equivalent of one common share or a combination of cash and common shares, as determined by the company, net of applicable withholdings. DSUs may not be settled until a director ceases to serve as a director of the company. The plan includes: (i) a rolling 10-per-cent stock option plan; and (ii) a fixed 10-per-cent plan which permits the company to issue up to 19,521,680 shares on settlement of all non-stock-option awards issued under the plan (including DSUs and PSUs). Following the above-noted grants, there are 2,188,520 shares issuable on settlement of all outstanding DSUs and PSUs.

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 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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