Mr. James Anderson reports

GUANAJUATO SILVER RENEWS BASE SHELF PROSPECTUS

Guanajuato Silver Company Ltd. has filed and received a receipt for a final short form base shelf prospectus dated Sept. 25, 2026, with the securities regulatory authorities in each of the provinces and territories of Canada. The prospectus replaces the company's prior final short form base shelf prospectus dated Aug. 21, 2024, which expired Sept. 21, 2026.

The prospectus permits the company, if it so chooses, to offer up to $65-million (U.S.) of common shares, debt securities, warrants, subscription receipts, share purchase contracts and units, or any combination thereof, during the 25-month period that the prospectus is effective. The specific terms of any offering of securities, including the use of proceeds from any offering, will be set forth in a shelf prospectus supplement, which would be filed with the applicable Canadian securities regulatory authorities at that time.

Chairman and chief executive officer James Anderson commented, "Though we have no immediate plans to use the facility, the filing and receipt of this prospectus with the Canadian securities regulators gives Guanajuato Silver flexibility with regards to financing and growth opportunities for the next 25 months."

Securities may be offered under the prospectus separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of sale and as set forth in an applicable prospectus supplement. The company has not entered into any agreements or arrangements to authorize the sale, distribution or offer of any securities, and has no immediate plans to issue securities under the prospectus.

Copies of the prospectus may be obtained on request without charge from the company at Suite 578, 999 Canada Place, Vancouver, B.C., V6C 3E1, telephone 604-670-8460, and can be found under the company's SEDAR+ profile.

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 three 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.