Mr. Marcio Fonseca reports

GR SILVER MINING ANNOUNCES INCENTIVE PLAN GRANTS

GR Silver Mining Ltd. has granted performance share units to eligible persons in accordance with the omnibus long-term incentive plan approved by the board on Aug. 2, 2022, 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.

The company granted an aggregate 3,837,205 PSUs to certain executive officers of the company. The PSUs will vest one year after their date of grant on successful completion of specific short-term key performance indicators and provided the grantee is an executive officer or a consultant to the company at such date.

Once vested, each PSU 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. 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 deferred share units, restricted share units and PSUs). Following the above-noted grants, there are 5,721,737 shares issuable on settlement of all outstanding non-stock option awards. For further information regarding the plan, readers are encouraged to review the management information circular prepared for the company's annual general meeting of shareholders held on Sept. 18, 2023, which includes a copy of the plan, which is available under the company's profile on SEDAR+ and by visiting the company's website.

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-kilometre of highly prospective, advanced-stage exploration concessions position the company well for resource expansion at the Plomosas project.

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