CEO.CA Chairman's Briefing

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2026) - Guanajuato Silver Company Ltd. (TSXV: GSVR) announces that the Company, through its wholly-owned subsidiary, Mina Bolanitos S.A. de C.V. ("MBO"), has entered into a property option agreement dated October 5, 2026 (the "Agreement") with Zacatecas Silver Corp. ("Zacatecas Silver.") to acquire a 100% interest in the Company's Loudes Project located in the state of Guanajuato, Mexico. Zacatecas Silver will pay MBO US$225,000 and issue to Guanajuato Silver US$600,000 in common shares of Zacatecas Silver ("Zacatecas Shares"), and grant to MBO a 2% net smelter return royalty (the "Royalty").

James Anderson, CEO & Chairman, said, "The purchase of the Bolanitos Mine from Endeavour Silver in January of this year included the Lourdes project comprising three contiguous concessions in northern Guanajuato totalling 509 hectares. Lourdes is a prospective property containing several historic mine workings; however, we are choosing to advantageously monetize this asset at this time as we focus on our El Horcon exploration project where an initial 5,000m surface drilling program is now underway."

In order for Zacatecas Silver to earn 100% of the Lourdes Property, the following terms must be fulfilled:

The Zacatecas Shares to be issued on the TSXV approval date shall be issued at the Market Price (as defined by the TSXV). The Zacatecas Shares to be issued on the first and second anniversary will be issued at a price (the "Deferred Share Issue Price") equal to the greater of (i) the Market Price (as defined by the TSXV), less the maximum discount permitted by the TSXV, converted to United States dollars and (ii) the ten-day volume weighted average price immediately prior to the applicable share issuance converted to United States dollars (the "VWAP"). If applicable, Zacatecas will make a cash payment to GSilver equal to any shortfall between the aggregate Deferred Share Issue Price and the VWAP, at the time of each payment.

The transaction is arm's length and no finder's fees were paid in connection with the Transaction.

Royalty Retention

Upon exercise of the Option, Zacatecas Silver will grant MBO a 2% net smelter return royalty on the Lourdes Property. Zacatecas may repurchase 50% of the Royalty, at any time prior to the commencement of production on the Property, with a one-time payment of US$1,000,000.

About Guanajuato Silver

Guanajuato Silver is a precious metals producer with a portfolio of producing silver and gold mines in central Mexico. The Company produces silver and gold concentrates from two processing facilities 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.

ON BEHALF OF THE BOARD OF DIRECTORS
"James Anderson"
Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains certain forward-looking statements and information, which relate to future events or future performance including, the terms of the transaction with respect to the Lourdes Property; TSXV approval of the transaction; the completion of the transaction;; and the Company's status as one of the fastest growing silver producers in Mexico.

Such forward-looking statements and information reflect management's current beliefs and are based on information currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: that the TSXV will approve Zacatecas entering into the transaction for the Lourdes Property; all closing conditions to the Lourdes Property transaction will be completed; our estimates of the potential quantity, grade and metal content of the mineralized material at El Cubo, Bolanitos, VMC and San Ignacio, the geotechnical and metallurgical characteristics of such material conforming to sampled results and metallurgical performance; available tonnage of mineralized material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production estimates; prices for silver, gold and other metals remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects and to satisfy current liabilities and obligations including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation) and inflation rates remaining as estimated; no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results, level of activity, production levels, performance or achievements of GSilver to differ materially from those expected including, but not limited to, the TSXV does not approve Zacatecas entering into the transaction for the Lourdes Property; all closing conditions to the Lourdes Property transaction are not completed market conditions, availability of financing, currency rate fluctuations, high inflation and interest rates, tariffs, geopolitical conflicts including wars, actual results of exploration, development and production activities, actual grades and recoveries of silver, gold and other metals from the Company's existing mines including El Cubo, Bolanitos, San Ignacio, VMC and Topia, availability of third party mineralized material for processing, unanticipated geological or structural formations and characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to continue to increase production, tonnage milled and recoveries rates, improve grades and reduce costs at El Cubo, Bolanitos, San Ignacio, VMC or Topia to process mineralized materials to produce silver, gold and other concentrates in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver's decision to process mineralized material from El Cubo, Bolanitos, San Ignacio, VMC and Topia is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk of failure, both economically and technically. Mineral resources and mineralized material that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative geologically to have the economic considerations applied to them, and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the Company's projected grades of gold and silver at El Cubo, Bolanitos, VMC and San Ignacio and the anticipated level of production therefrom will be realized. In addition, there are no assurances that the Company will meet its production forecasts or generate the anticipated cash flows from operations to satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which the Company is subject or to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about impact of any future global pandemic, ongoing global conflicts, elevated inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca including the Company's most recently filed annual information form. These forward-looking statements and information are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law.

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