Gatos Silver : Investor Update

2022 Mineral Reserve

and Exploration Update

• Mine Life to 2028 at Low Production Cost
• Exciting Extension and Growth Potential

November 22, 2022

|	g a t o s s i l v e r . c o m

Disclaimer

Cautionary Note Regarding Forward-Looking Statements

This presentation contains statements that constitute "forward looking information" and "forward-looking statements" within the meaning of U.S. and Canadian securities laws. All statements other than statements of historical facts contained in this presentation, including statements regarding mineral resource and reserve estimates, life of mine, NPV, all-in sustaining costs, operating costs, economic analysis, timing for final tailings dam raise and zinc fluorine leach plant, CLG's annual production, cost guidance and future mill throughput rates including studies to further increase throughput, timing of completion of the new paste fill plant, expected cash dividends from the Los Gatos Joint Venture, expected results from exploration (including strategic targets to maintain production, increase mill throughput, and extend mine life through resource conversion, South-East Deeps and near-mine exploration), and the outcomes of the Company's evaluation of the material weaknesses in its internal controls over financial reporting, are forward-looking statements. Forward-looking statements are based on management's beliefs, assumptions, current expectations about future events and on information currently available to management including without limitation assumptions about commodity prices, mining methodologies, the accuracy of Mineral Reserve and Resource estimates, operating and capital costs, plant throughput and processing recoveries, favourable operating conditions, and including other assumptions set out herein and set out in the 2022 Technical Report. Such statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements including without limitation, commodity prices, change in regulations, failure to retain or obtain permits and licenses, environmental risks, cost and timing of exploration, development and production, opposition to mining may arise, labour interruptions, other general risks associated with mining operations and such other risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission and Canadian securities commissions. Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Gatos Silver expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No assurance can be given that such future results will be achieved, and as such, readers should not place undue reliance on forward-looking statements. Forward looking statements speak only as of the date of this presentation.

Notice Regarding Mineral Disclosure

The mineral resource and reserve estimates and LOM plan presented are based on a variety of estimates and assumptions relating to, among other things, geological interpretation, statistical inferences, commodity prices, mining methodologies, operating and capital costs, plant throughput and processing recoveries and operating conditions. In particular, material assumptions and risks include those described in our press release dated October 3, 2022 and in the technical reports filed by Gatos Silver, Inc in November 2022 on EDGAR and SEDAR (the "2022 Technical Report"), including metal prices, as well as our ability to reduce operating costs, increase ramp development rates and dewater the mine in a cost-effective manner. There can be no assurance that the assumptions will actualize or be correct, and changes to any of these assumptions or our inability to achieve these assumptions may result in actual results to deviate significantly from those in this presentation.

Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

Qualified Persons

Scientific and technical disclosure in this presentation regarding the Cerro Los Gatos and Esther 2022 Mineral Resource, Reserve, and the 2022 LOM Plan was based upon information prepared by or under the supervision of independent qualified persons identified in the 2022 Technical Report. Other scientific and technical disclosure in this presentation regarding comparisons to the 2020 Technical Report and the exploration update was approved by Anthony (Tony) Scott, P.Geo., Senior Vice President, Corporate Development and Technical Services of Gatos Silver, Inc.

Non-GAAP Financial Performance Measures

This presentation contains non-GAAP financial performance measures. See Appendix for more information on these non-GAAP financial performance measures and GAAP reconciliation.

All dollar amounts are expressed in, and references to "$" refer to, United States dollars unless otherwise noted.

2

Gatos Silver, Inc.

A leading low-cost silver producer

Solid

Foundation

Robust LOM Plan and New Leadership Team

• New Cerro Los Gatos ("CLG") LOM Plan provides strong cash flow and a solid foundation to realize asset and district potential
• New, experienced leadership team capable of delivering on priorities

Delivering

Results

Strong Operating and Cost Performance

• Record Q3 performance: record mill throughput, silver (2.7 Moz), zinc and lead production
• Improved 2022 production and cost guidance: 9.35 to 9.65 Moz silver at AISC of $11.50 to $12.50/oz(1)

Future Value

Catalysts

Maximize Margins and Realize District Potential

• Maintain focus on productivity and cost discipline
• Driving LOM extension through resource addition/conversion potential, including South-East Deeps
• Significant district-scale potential on ~103,000 ha

Focused on delivering results and building long-term shareholder value

3

Gatos Silver, Inc.

CLG LOM Plan provides strong foundation for extension and growth

✚Robust CLG Life of Mine ("LOM") Plan

• Initial mine life through Q1-2028
• Low-costand strong cash flows

✚Exciting mine life extension and growth potential

• Conversion of higher-grade inferred resources
• New South-East Deeps zone discovery
• Additional district potential

LOM Plan Highlights - 100%(1,2)

Silver	Silver Equivalent
Production	Production(3)
7.4 Moz	13.2 Moz
average per year	average per year
Cash Costs(4)	AISC(4)
$3.63	$7.06
per oz Ag	per oz Ag
Cash Flow(5)	NPV(5)
$79 M	$377 M
average per year	at 5% discount rate

4

CLG Asset Performance

Strong operating and financial results with further optimization potential

✚Mill performance exceeding design capacity

• Mill throughput in Q3 of 2,862 tpd, ~15% above previous LOM
• Silver recovery at ~90% year-to-date

✚Cost discipline

• Continuous improvement with focus on effective cost management
• Lower go-forward capital a key driver of lower AISC

✚Potential to exceed operational targets

• Production records set in Q3 2022
• Positive revisions to 2022 full year guidance
• Driving further optimization

Mill throughput rates since start-up(1)

	1,200,000			Ore Processed (tonnes)	Ore Processed (tpd)
							3,300
	COVID-19 suspension
(tonnes)			H2	3,000
800,000									Day
	1,000,000					H1			2,700
								2,400
ProcessedOre	200,000									2,100	TonnesPer
							600
	600,000								1,800
									1,500
	400,000									1,200
								900
	0								300
									0
	2019	2020	2021	2022F	LOM Average

Silver production and AISC since start-up(1,2)

	10.0				Silver Production	AISC				$30	creditsproduct-byafterAISC,
(Moz)ProductionSilver		$29.82
8.0			9.35-9.65				$25	payable)Ag($/oz
				7.6					$20
	6.0						7.4
				$16.33					$15
	4.0
		4.2			$11.50 -				$10
	2.0					$12.50		$7.06		$5
	1.7
	0.0									$0
	2019	2020		2021	2022F	LOM Average

5