Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTCQX:GSVRF) (AQSE:GSVR) is pleased to announce consolidated production results for the three months ended September 30, 2022. Complete financial results are scheduled to be released on November 29, 2022 and will be available on sedar.com and the Company’s website. Production results are from the Company’s wholly owned El Cubo Mines Complex and the San Ignacio Mine in Guanajuato, Mexico, and the Topia Mine in Durango, Mexico.

Q3 Production Highlights

• Silver ounces produced during the quarter totaled 329,297 ounces, marking a 111% increase over Q2. Silver-equivalent ounces produced increased 107%.
• Average Silver recoveries of 88.5% and gold recoveries of 86.3% match or exceed historic production recoveries and demonstrate the efficiency of the processing facilities at El Cubo and Topia.
• Significant lead and zinc sales commenced in August 2022 at Topia from which GSilver sells a lead-silver concentrate to Samsung C&T UK Limited, and a zinc-silver concentrate to Ocean Partners UK Limited.

Q3 2022 -Quarterly Consolidated Production

“The dramatic increase in production from Q2 to Q3 of this year reflects the welcomed addition of the San Ignacio Mine and the Topia Mine into our growing production portfolio,” said James Anderson, Chairman and CEO of Guanajuato Silver. “Having successfully enhanced our production status, we now look to continue the trend of quarter over quarter increases in mined tonnage, grade, recoveries, and most importantly, silver-equivalent ounces produced.”

Q3 2022 -Strengthening Month over Month Production

1. Silver equivalents are calculated using an 89.97:1 (Ag/Au), 0.05:1 (Ag/Pb) and 0.08:1 (Ag/Zn) ratio for Q3 2022 and 83.4:1 (Ag/Au), ratio for Q2 2022.

Technical Information

Reynaldo Rivera, VP of Exploration of GSilver, has approved the scientific and technical information contained in this news release. Mr. Rivera is a member of the Australasian Institute of Mining and Metallurgy (AusIMM – Registration Number 220979) and a “qualified person” as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Guanajuato Silver

GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico, which has an established 480-year mining history. With five mines and three processing facilities, the Company is one of the fastest growing silver producers in Mexico.