Guanajuato Silver Company Ltd. (TSX-V: GSVR) announces that the Company, through its wholly-owned subsidiary, Mina Bolanitos S.A. de C.V. has entered into a property option agreement dated October 5, 2026  with Zacatecas Silver Corp. 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, and grant to MBO a 2% net smelter return 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 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. 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.