On May 9, 2024, Guanajuato Silver Company Ltd. closed the transaction. The company has now issued 56,752,300 units at an issue price of CAD 0.20 for the gross proceeds of CAD 11,350,460. Each Warrant will entitle the holder to purchase an additional Common Share at an exercise price of CAD 0.30, subject to customary anti-dilution adjustments, until May 9, 2026. As part of the Offering, 43,125,000 Units were sold to purchasers pursuant to the LIFE Exemption in all provinces of Canada, except Quebec, and other qualifying jurisdictions, including the United States. In addition, 13,627,300 Units were sold to accredited investors under the accredited investor exemption. In connection with the Offering, the Agents received a cash commission of CAD 525,982, a cash advisory fee of CAD 48,000 and 2,889,388 non-transferable broker warrants. Each Broker Warrant entitles the holder to purchase one Common Share at an exercise price equal to the Offering Price, subject to customary anti-dilution adjustments, until May 9, 2026. Certain directors, officers and other insiders of the company and their affiliates participated in the Offering and acquired an aggregate of 2,515,000 Units for total gross proceeds of CAD 503,000. The securities underlying the LIFE Units are not subject to a statutory hold period under applicable Canadian securities laws.

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement. The company has received $777,408 from 12 investors pursuant to exemption provided under Regulation D. The sales commissions included $37,587.