Mr. James Anderson reports

GUANAJUATO SILVER COMPLETES SAN IGNACIO TO BOLANITOS CONNECTION TUNNEL

Guanajuato Silver Company Ltd. has completed a 267-metre-long underground production ramp connecting the San Ignacio mine with the Bolanitos mine. This new ramp is expected to result in lower operating costs, better haulage rates and improved ventilation between the two operations. The establishment of direct underground access between San Ignacio and Bolanitos is one of the first major milestones of the full integration between these two operations.

In May, 2026, after considerable detailed engineering and preparation, the company commenced construction of a 267-metre four-metre-by-4.5-metre ramp connecting San Ignacio to the Lucero mine, which is centrally located within the Bolanitos mine complex at the northern boundary with San Ignacio. Workers on the new ramp broke though, connecting the San Ignacio and Lucero areas ahead of schedule on Sept. 30, 2026. The ramp is expected to significantly improve access and cut haulage times from San Ignacio to the processing facility at Bolanitos. Furthermore, the development of a loading pocket for mineralized material at San Ignacio will help reduce the number of transfer points and allow for the use of larger haulage equipment from the Bolanitos operation, thereby reducing operating complexity and costs.

Rick Trotman, senior vice-president, mining operations, said: "The completion of this connection tunnel is the first of many synergistic improvements that are planned as we move forward with a combined operation at the Bolanitos mines complex, which will include San Ignacio. This connection will allow us to increase ventilation at San Ignacio while providing Bolanitos with access to mineralized material with cheaper haulage and better cycle times. As we move towards the end of the year, we will continue to methodically interconnect these operations with respect to the creation of a combined geologic model, updated resources and reserves, a full property-wide exploration plan, 2027 mine forecasts, and a new life of mine model. The amalgamation of San Ignacio into the Bolanitos mines complex has always been our plan, and now the two mines are connected underground."

Significantly, during development, the new ramp encountered several mineralized structures, including multiple veins that included projections of the Cecilia vein system, specifically Cecilia veins No. 1, No. 3, No. 4 and No. 6. Sampling across these veins showed mineralization well above cut-off grades. Results included high-grade gold results such as 3.25 metres of 6.02 grams per tonne gold and 145 g/t silver on Cecilia No. 4, and 1.3 metres of 2.68 g/t gold and 15 g/t silver on Cecilia No. 3. Based on these results, the company has initiated a drilling program in the area to fully define the potential resource additions.

Please note that known veins that cross property boundaries are referred to with the local vein name. For example, the Cecilia 3 vein is named the Veta Nombre de Dios at San Ignacio. Part of the integration process is renaming the geologic features from both mines, particularly where the same name is used for different veins on either property, so that standardized naming conventions can be applied across the entire mining complex.

Sampling and quality assurance/quality control

Guanajuato Silver adheres to thorough QA/QC procedures and practices that exceed standard regulatory requirements when managing the company's testing and sampling. The analytical work reported on herein was performed by Guanajuato Silver's local laboratory, located at the Bolanitos mine near Guanajuato city. This laboratory is owned and operated by the company and is not independent. To validate the company's assay results and preparation procedures, Guanajuato Silver customarily sends additional random samples representing approximately 20 per cent of all analytical samples to one of two ISO certified labs: Quimico Platinum, located at Silao, Guanajuato, or ALS Chemex, located in Zacatecas. Both laboratories are certified at the ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) geoanalytical laboratory and are independent of Guanajuato Silver and its qualified person. Channel samples were subject to crushing at a minimum of 70 per cent passing two millimetres, followed by pulverizing of a 250-gram split to 85 per cent passing 75 microns. Gold determination was through standard atomic absorption finish, 30-gram fire assay analysis, in addition to silver. Following industry standard procedures, blank and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain limits for acceptance to ensure accurate and verifiable results. As of the date of this press release, the company has not yet received the results of the random samples sent to the independent laboratory.

Qualified person

William Gehlen, a director of Guanajuato Silver, is a certified professional geologist with the American Institute of Professional Geologists (No. 10626), 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 QA/QC 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, compiled assay data, QA-QC performance of blank samples, duplicates and certified reference materials, and grade calculation formulas.

For additional details on San Ignacio and Bolanitos, please refer to: (i) the technical report dated March 7, 2024 (effective date Dec. 31, 2023), titled "Technical Report on the San Ignacio Property, Guanajuato, Mexico"; and (ii) the technical report dated effective March 19, 2026, titled "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bolanitos Project, Guanajuato State, Mexico," each of which is filed on SEDAR+.

About Guanajuato Silver Company Ltd.

Guanajuato Silver 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 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.

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