Mr. James Anderson reports

GUANAJUATO SILVER PLANS RECORD AMOUNT OF DRILLING FOR 2026

Guanajuato Silver Company Ltd. has provided its consolidated 2026 drilling guidance from the company's five wholly owned producing underground mines in Mexico, namely the Bolanitos mine, the El Cubo mines complex, the Valenciana mines complex (VMC) and the San Ignacio mine, located in Guanajuato, Mexico, and the Topia mine, located in Durango, Mexico. The company is also providing 2025 production results.

James Anderson, chairman and chief executive officer, said: "In 2026, we will be significantly expanding our drilling budgets to ensure Guanajuato Silver is best positioned to expand its mineral resources at all of its assets in Mexico. Sufficiently capitalized, we can now, for the first time in the company's history, make the considerable investments required to grow our resources, establish our first reserve estimates and generate long-term production growth. As one of only a handful of true junior precious metals producers, Guanajuato Silver offers investors outsized leverage to the silver price. We enter the new year with optimism and with a solid road map for success."

2026 drilling highlights:

• Total planned drilling for 2026 of approximately 75,000 metres, representing 731-per-cent and 1,660-per-cent increases over 2025 and 2024, respectively. Total metres comprise both infill and exploration drilling.
• Exploration drilling plans for 2026 total approximately 45,000 metres, representing 2,021-per-cent and 6,428-per-cent increases over 2025 and 2024, respectively.
• Infill drilling plans for 2026 total approximately 30,000 metres, representing 374-per-cent and 785-per-cent increases over 2025 and 2024, respectively.

2026 drilling

Guanajuato Silver's 2026 drilling program represents a significant step-up from previous drill programs and a commitment to invest in defining, growing and discovering additional resources within the company's growing portfolio of Mexican precious metals mines. The objectives of the 2026 drill programs are to:

• Establish initial mining reserves at each of Guanajuato Silver's mines except Bolanitos, which already has a reserve base established by Endeavour Silver prior to Guanajuato Silver's acquisition;
• Derisk the 2026 and 2027 mine plans with adequate infill drilling such that grades, tonnages and development objectives are met;
• Establish a current mineral resource or expand the existing mineral resource base at each of Guanajuato Silver's mines as well as at the Horcon exploration asset 80 kilometres northwest of Guanajuato in the state of Jalisco.

Total drilling of over 75,000 metres is planned for 2026; this includes both infill and exploration drilling. Infill drilling will provide enhanced definition to mineralized material ahead of mining to ensure continuity and economic viability. Exploration drilling is designed to expand known mineralization through incremental stepouts or by testing entirely new zones and structures. Exploration drilling plans for 2026 total approximately 45,000 metres, representing 2,021-per-cent and 6,428-per-cent increases over 2025 and 2024, respectively. Infill drilling plans for 2026 total approximately 30,000 metres, representing 374-per-cent and 785-per-cent increases over 2025 and 2024, respectively.

The Guanajuato Silver team has been preparing for the 2026 drilling program for several months and is well advanced on all fronts, including the permitting of surface drilling campaigns at Bolanitos, Cubo and Horcon. The company expects to receive all necessary drilling permits before the end of Q2 2026; none of the company's planned underground drilling activities require additional permits.

2025 production

In 2025, the Bolanitos mine produced 608,388 ounces of silver and 15,270 ounces of gold while consolidated 2025 production from the company's four other mines, namely Topia, El Cubo, VMC and San Ignacio, totalled 1,238,866 silver ounces, 10,321 gold ounces, 2,787,175 pounds of lead and 3,380,069 pounds of zinc.

Qualified person

William Gehlen, a director of Guanajuato Silver, is a certified professional geologist with the American Institute of Professional Geologists (No. 10626) and a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Mr. Gehlen has reviewed, approved and verified the technical data disclosed in this news release (including a review of the Bolanitos technical report on behalf of the company) and has not detected any significant quality assurance/quality control issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred to herein. The verification of data underlying the disclosed information includes reviewing production reports and compiled assay data; QA/QC performance of blank samples, duplicates and certified reference materials; and grade calculation formulas.

About Guanajuato Silver Company Ltd.

Guanajuato Silver is a precious metals producer with a portfolio of producing silver and gold mines in central Mexico. The company has a core operational footprint of four operating silver-gold assets in 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.

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