~Silver-Equivalent Production Up 8% from Previous Quarter~

VANCOUVER, BC / ACCESSWIRE / January 9, 2024 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF) is pleased to announce consolidated production results for the three months ended December 31, 2023. Production results are generated from the Company's wholly-owned El Cubo Mines Complex ("El Cubo"), Valenciana Mines Complex ("VMC"), and San Ignacio Mine ("San Ignacio") in Guanajuato, Mexico, and the Topia Mine ("Topia") in Durango, Mexico.

Q4 2023 Production Highlights

Production during the quarter of 850,214 silver-equivalent ounces ("AgEq*") is the 3rd best quarter in the Company's history, and is derived from 394,971 ounces of silver; 4,395 ounces of gold; 837,230 pounds of lead; and 960,206 pounds of zinc.
Tonnes milled increased 3.6% from Q3 to Q4; during the fourth quarter; a total of 137,339 tonnes were milled across GSilver's four producing silver mines.
Average silver and gold recoveries were 84.5% and 88.8% respectively for Q4 as compared to 83.3% silver recovery and 81.6% gold recovery in Q3, 2023. Current metallurgical recoveries reflect historical all-time highs.
Gold production was up 27.7% over the previous quarter driven by higher gold grades, better recoveries, and the inclusion of gold-rich material from the recently added production of the El Horcon mine.
2023 AgEq* Production of 3,516,685 ounces falls within revised guidance figures and represents a 63% increase over the previous year.
*See footnote to table below for assumptions associated with the calculation of AgEq ounces.

James Anderson, Chairman and CEO, said, "Performance in the quarter demonstrated increasing improvement driven by the successful implementation of a number of modifications designed to improve overall efficiencies at our Mexican mining operations. The adjustment of various operating procedures, such as improving the stope rotation at El Cubo, the shifting of our business model at Topia, and the addition of a new source of mineralized material from El Horcon, have improved production figures at all of our assets. With the impact of significant capex investments still to be realized, such as the dewatering at El Cubo targeting higher-grade mineralized zones located in deeper areas of the mine, we expect to be able to resume the trend of quarter-over-quarter increases in precious metals production throughout 2024."

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