Mr. Marcio Fonseca reports

GR SILVER CLOSES BOUGHT DEAL OFFERING WITH FULL EXERCISE OF OVER-ALLOTMENT OPTION FOR GROSS PROCEEDS OF $13.8 MILLION

GR Silver Mining Ltd. has completed its previously announced (see news release dated July 28, 2025) underwritten private placement offering issuing 69 million units of the company at a price of 20 cents per unit for aggregate gross proceeds of $13.8-million, including nine million units ($1.8-million) sold pursuant to the full exercise of the overallotment option granted to Research Capital Corp. (the sole underwriter and sole bookrunner, pursuant to the underwriting agreement (defined below)).

Each unit was composed of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share at an exercise price of 28 cents per common share at any time until Aug. 13, 2028.

The company intends to use the net proceeds from the offering for advancement of its Plomosas silver project in Mexico, working capital and general corporate purposes.

"With the closing of this financing and the full exercise of the overallotment option, the company has strengthened its liquidity position," said Marcio Fonseca, president and chief executive officer. "This capital gives us the ability to unlock the value of our Plomosas project, by advancing the stepout resource expansion drilling program at the San Marcial area focused on high-grade silver mineralization, and continuing the bulk sampling test mining activities at the historic Plomosas underground mine. Both activities at the Plomosas project aim to deliver long-term value for all shareholders, with potential resource expansion and advancing more detailed studies at the past producer underground mine. We thank our investors for their continued confidence and support."

The units were issued pursuant to Part 5A of National Instrument 45-106 (Prospectus Exemptions), as amended by co-ordinated blanket order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemptions), to purchasers resident in Canada (other than the province of Quebec) and in other qualifying jurisdictions outside of Canada on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws, and are not subject to a statutory hold period pursuant to applicable Canadian securities laws. The offering remains subject to the final approval of the TSX Venture Exchange.

The company entered into an underwriting agreement dated Aug. 13, 2025, with the underwriter, pursuant to which the company: (i) paid the underwriter a cash commission of $828,000; and (ii) issued an aggregate of 4.14 million non-transferable broker warrants. Each broker warrant entitles the holder to purchase one unit at an exercise price equal to the offering price at any time until Aug. 13, 2028.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused 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 for resource expansion at the Plomosas project.

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