Mr. James Anderson reports

GUANAJUATO SILVER ADDS VETERAN MINE OPERATOR TO BOARD OF DIRECTORS

Guanajuato Silver Company Ltd. has appointed David Paxton to its board of directors. The appointment is effective immediately.

Mr. Paxton brings to Guanajuato Silver the rare combination of extensive underground mine management experience and corporate mine finance expertise. He began his career in 1982 in South Africa as an underground production engineer, which established his technical grounding in mine planning, cost control and production optimization. He holds a South African mine managers certificate. In 2005, Mr. Paxton was hired by Yorkton Securities Ltd. in the United Kingdom. He then worked for numerous brokerage firms, including Hichens Harrison & Company as a mining analyst and investment banker. From 2008 to 2014, he served as the chief executive officer of Vatukoula Gold Mines PLC, a United Kingdom-listed public gold production company that operated the Vatukoula underground gold mine in Fiji. During his tenure, Mr. Paxton operated as mine manager, directing the daily operations at the mine for over 1,400 staff and contractors. Mr. Paxton has since held leadership roles at notable resource development companies. From 2014 to 2017, he was the chief executive officer of Sumin Resources, a private gold exploration company active in Suriname. From 2020 to 2024, he was the chairman of Andiamo Resources, a mining exploration company active in Eritrea. From 2017 to 2026, Mr. Paxton was the CEO of Kalahari Copper, a private company exploring for copper in Botswana and Namibia. He is currently the chief executive officer of Kapa Gold, a TSX Venture Exchange-listed exploration company. With over 40 years experience as a mining executive, he Paxton has become an established global leader in the mining industry.

James Anderson, chairman and chief executive officer, added: "In step with our growing portfolio of producing silver and gold mines, we are also strengthening our board of directors; with the addition of David Paxton, we are adding both extensive experience in public company corporate governance and invaluable underground mining knowledge. David's experience at Vatukoula -- a narrow-vein, high-grade, precious metals underground mine -- will prove invaluable as we move to fully optimize all our Mexican mining projects. His long track record of success and technical excellence bodes well for Guanajuato Silver's future as we look to further grow our company into a leading mid-tier precious metals producer."

Technical report filing

The company also announces the filing of a National Instrument 43-101 technical report for a new mineral resource estimate for Guanajuato Silver's 100-per-cent-owned Valenciana mine complex located in Guanajuato, Mexico. The report and 2025 MRE were prepared by Apex Geoscience Ltd., with an effective date of Dec. 27, 2025, and supports the disclosure made by the company in its news release dated Feb. 5, 2026, "Guanajuato Silver Sees Significant Growth in Resources at Valenciana." The report has been filed under the company's SEDAR+ profile and can be viewed at SEDAR+.

Stock option grant

The company further announces that, pursuant to its stock option plan, it has granted stock options to directors, officers, employees and consultants to purchase an aggregate of 11.3 million common shares at an exercise price of 50 cents per share, expiring on March 23, 2031.

At-the-market proceeds

Guanajuato Silver also confirms that, during the first quarter of 2026, the company has used its at-the-market equity program to sell 2,409,200 shares at an average price of 83.874 cents for aggregate gross proceeds of $2,057,134. Total commissions paid to the ATM agent during the quarter were $51,428. The company further confirms that it does not intend to sell any further shares pursuant to the ATM during the current quarter.

About Guanajuato Silver Company Ltd.

Guanajuato is a precious metal 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.

We seek Safe Harbor.