Gatos Silver : Mines and Money Conference Presentation

High-Grade, Silver Producer with Exciting Growth Potential

Mines and Money London

November 29, 2022

Dale Andres

Chief Executive Officer

|	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, 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), 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.

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Gatos Silver, Inc.

A leading low-cost silver producer

• A silver-focused exploration, development and production company
• 70% owned, state-of-the-art operation in southern Chihuahua State, Mexico
• • Outstanding 30% partner, Dowa Metals & Mining Co., Ltd
• Key position in newly established silver district
• • Mineral rights package totals over 103,000 contiguous hectares
• Constructed and commissioned Cerro Los Gatos mine ("CLG") in 2019
• • Recently updated Life of Mine ("LOM") plan and Mineral Resources and Reserves
• In late 2020, completed an initial public offering, listing on both the NYSE & TSX
• Strong balance sheet and liquidity
• • Record operational performance
  • Company in net cash position(1)

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Gatos Silver, Inc.

Record performance with exciting value creation catalysts

Solid			Delivering		Future Value
Foundation			Results		Catalysts
Robust LOM Plan and New		Strong Operating and Cost	Maximize Margins and
Leadership Team		Performance	Realize District Potential
• New CLG LOM Plan		•	Record Q3 performance:	•	Productivity improvements
provides strong cash flow			record mill throughput,		and cost discipline
and a solid foundation to			silver (2.7 Moz), zinc and	•	Driving LOM extension
realize asset and district			lead production		through resource
potential		•	Improved 2022 production		addition/conversion potential,
• New, experienced			and cost guidance: 9.35 to		including South-East Deeps
leadership team delivering			9.65 Moz silver at AISC of	•	Significant district-scale
on priorities			$11.50 to $12.50/oz(1)		potential on ~103,000 ha

Focused on delivering results and building long-term shareholder value

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Gatos Silver, Inc.

CLG LOM Plan provides strong foundation for extension and growth

✚Robust CLG Life of Mine Plan

• Initial mine life through Q1-2028
• Low-costand strong cash flows
• Commissioning new paste backfill plant in Q4 2022
• Development to lower levels and South- East zone is substantially complete in 2025

✚Exciting mine life extension at CLG 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

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