Guanajuato Silver Company Ltd. (TSX-V:GSVR) (OTCQX:GSVRF) (AQSE:GSVR) is pleased to announce operating and financial results for the three months ended September 30, 2022. The full version of the financial statements and management’s discussion and analysis can be viewed on the Company’s website or on SEDAR at www.sedar.com. The following 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. All amounts are in U.S. dollars unless stated otherwise.

Third Quarter 2022 Highlights:

• Record Production: 700,264 silver equivalent ounces, up 107% from Q2 2022. Total production consisted of 329,298 ounces of silver, 3,226 ounces of gold, 537,608 pounds of lead and 677,127 pounds of zinc.
• Cash Costs: $13.86 per AgEq ounce representing a decrease of 19% compared to Q2.
• All-in Sustaining Costs: $19.53 per AgEq ounce, also a 19% decrease compared to Q2.
• Cash on Hand: At quarter end, the Company had cash of $6,365,025.
• Opportunistically purchased Silver and Gold: At depressed prices to use to extinguish a portion of the OCIM loan payment requirements.
• Cost per tonne: increased 48% for the quarter because of the addition of the Topia Mine, where the mining of narrow, exceptionally high-grade veins requires a number of changes to mining and milling method, especially to reduce dilution.
• Net loss: increase of 139% was partly attributed to lower realized silver and gold prices, legal and professional fee costs associated with the acquisition of MMR (See GSilver news release dated August 4, 2022 – GSilver Closes Acquisitions of Great Panther’s Mexican Mining Assets), and production costs from the integration of the San Ignacio and Topia operations.

“We continue to achieve quarterly increases measured both in tonnage mined, and precious metals produced, which reflects the efficacy of our ramp-up programs at our four producing silver mines,” said James Anderson, Chairman and CEO of Guanajuato Silver. “In parallel, we are successfully driving down production cash costs and all-in sustaining costs. As silver equivalent production continues to increase each quarter, we expect to see corresponding operating costs continue to decline.”

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.