Guanajuato Silver Company Ltd. announced the signing of a new 3rd party gold and silver processing agreement (the "Agreement") with a local Guanajuato-based miner, REM Marfil, S.A. De C.V. ("Marfil"). The Agreement contemplates the processing of mineralized material from the past producing La Providencia mine project at Guanajuato Silver's wholly owned El Cubo and Cata processing facilities located in Guanajuato, Mexico. The Agreement covers the processing of an initial 80,000 dry metric tonnes of mineralized material with a minimum head grade of 0.43 grams per tonne gold and 192 grams per tonne silver.

This material will be sourced from historical mining facilities located in the municipality of Guanajuato, and in the municipality of San Felipe, located approximately 30km north of the city of Guanajuato, Mexico. The first concentrates from this Agreement are anticipated to be generated in April 2024. Hernan Dorado Smith (Qualified Professional - MMSA), a director and officer of GSilver and a "qualified person" as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.