Mr. James Anderson reports

GUANAJUATO SILVER ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION FOR BOUGHT DEAL PUBLIC OFFERING

Further to Guanajuato Silver Company Ltd.'s successfully completed bought deal public offering of 87 million units of the company at a price of 50 cents per unit for gross proceeds of $43.5-million, Canaccord Genuity Corp. and Red Cloud Securities Inc., as co-lead underwriters and joint bookrunners, have purchased an additional 6,525,000 common share purchase warrants pursuant to their exercise of the overallotment option granted by the company, generating additional gross proceeds to the company of $522,000.

Each warrant will entitle the holder thereof to acquire one common share of the company at a price of 65 cents at any time before 5 p.m. (Vancouver time) on Oct. 9, 2028.

In consideration for their services in connection with the overallotment option, the underwriters received a total cash commission of $31,320.

About Guanajuato Silver Company Ltd.

GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central Mexico. The company produces silver and gold concentrates from the El Cubo mine, Valenciana mines complex and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. Additionally, the company produces silver, gold, lead and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest-growing silver producers in Mexico.

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