Mr. Marcio Fonseca reports

GR SILVER ANNOUNCES $13 MILLION BOUGHT DEAL LIFE OFFERING OF UNITS

GR Silver Mining Ltd. has entered into an agreement with Research Capital Corp. as the sole bookrunner and co-lead underwriter, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 43,334,000 units of the company at a price of 30 cents per unit for aggregate gross proceeds to the company of $13,000,200, consisting of:

1. 33,334,000 units for gross proceeds of $10,000,200, to be issued on a prospectus-exempt basis pursuant to the LIFE (defined below) under applicable Canadian securities laws (the LIFE offering);
2. 10 million units for gross proceeds of $3-million, to be issued under a private placement pursuant to applicable prospectus exemptions in accordance with National Instrument 45-106.

Each unit shall be comprised of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to purchase one common share at an exercise price of 42 cents per common share for a period of 36 months following closing of the offerings.

The net proceeds from the offerings of the units will be used for advancement of the company's Plomosas project in Mexico, working capital and general corporate purposes.

The company will grant the underwriters an option to increase the size of: (i) the LIFE offering by up to an additional 3,999,333 units and (ii) the private placement offering by up to 15 per cent in units, by giving written notice of the exercise of the underwriters' option, or a part thereof, to the company exercisable at any time up to 48 hours prior to closing.

The LIFE offering will be offered for sale pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions, as amended by CSA Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in all provinces of Canada, except Quebec, and other qualifying jurisdictions, including the United States. The units offered under the LIFE offering will be immediately free trading under applicable Canadian securities laws.

There is an offering document related to the LIFE offering that can be accessed under the company's profile at SEDAR+ and at the company's website. Prospective investors should read this offering document before making an investment decision.

The private placement offering will be offered by way of private placement to accredited investors in each of the provinces of Canada and may also be offered in those other jurisdictions where the private placement offering can lawfully be made, including the United States under applicable private placement exemptions. The units to be issued under the private placement offering will have a statutory hold period of four months and one day from closing.

The closing of the offerings is expected to occur on or about the week of Dec. 15, 2025, or such other earlier or later date as the underwriters may determine. Closing is subject to the company receiving all necessary regulatory approvals, including the conditional approval of the TSX Venture Exchange.

The underwriters will receive a cash commission of 6.0 per cent of the aggregate gross proceeds of the offerings and such number of broker warrants as is equal to 6.0 per cent of the number of units sold under the offerings. Each broker warrant entitles the holder to purchase one unit at an exercise price equal to the offering price for a period of 36 months following the closing.

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 for resource expansion at the Plomosas project.

We seek Safe Harbor.