Guanajuato Silver Company Ltd. · TSXV:GSVR
Guanajuato Silver — Investor Presentation (December 2025)
31 slides from Guanajuato Silver's investor presentation, December 2025
Slide 1: We Produce Silver. We Produce Gold.
We Produce Silver. We Produce Gold. : GSVR : GSVRF December 2025
Slide 2: Visit our Bullion Store
A TRUSTED SILVER PRODUCTS \, Invest with Confidence. Visit our Bullion Store.
Slide 3: A Transformative Transaction
A Transformative Transaction $50M purchase of Bolanitos Mine – announced November 24, 2025. 3
Slide 4: Mexico: The Leading Silver Producing Country
Mexico: The Leading Silver Producing Country Mexico holds the dominant share of the world’s production. 24% 14% Mexico 12% Peru China 119Moz 200Moz 107Moz 5% 5% Chile Poland 42Moz 42Moz Source: Statista.com / Kitco.com 2023 Bullion 4
Slide 5: We Will Own Five Producing Mines
We Will Own Five Producing Mines We are consolidating the Guanajuato Mining District. 5
Slide 6: Guanajuato
Guanajuato Mexico’s premier mining community. 6
Slide 7: Most Silver is Produced as By-product
Most Silver is Produced as By-product Higher silver prices may not lead to increased supply. Gold Mines 16% Primary Silver Mines Only 26% Silver Production Copper Mines by Source 25% Metal Lead & Zinc Mines Other Mines 1% 32% * World Silver Survey 2024 – The Silver Institute. 7
Slide 8: Our Silver & Gold Production
Our Silver & Gold Production Guanajuato Silver is a primary precious metals producer. 8
Slide 9: Silver Supply vs Demand
Silver Supply vs Demand Global demand exceeded supply in 2024 for 4th consecutive year. Source: World Silver Survey 2024 – The Silver Institute. 9
Slide 10: Silver Demand
Silver Demand Each new gigawatt of solar power requires ~500,000 silver ounces. 17% Solar Non-Solar Industrial 42% Jewelry 18% 16% Bullion 5% Silverware 2% Source: World Silver Survey 2024 – The Silver Institute Photography 10
Slide 11: Silver Demand & Solar Capacity
Silver Demand & Solar Capacity 11
Slide 12: Our Silver & Gold Production
Our Silver & Gold Production Guanajuato Silver is a primary precious metals producer. 12
Slide 13: Annual Production
Annual Production Revenue increasing year over year. Silver equivalents are calculated using 84.48:1 (Ag/Au), 0.03:1 (Ag/Pb) and 0.05:1 (Ag/Zn) ratio for 2024, and 82.91:1 (Ag/Au), 0.04:1 (Ag/Pb) and 0.05:1 (Ag/Zn) ratio for 2023, and 83.22:1 (Ag/Au), 0.05:1 (Ag/Pb) and 0.07:1 (Ag/Zn) ratio for YTD
Slide 14: A Growing Silver Company
A Growing Silver Company Currently Four Producing Mines. El Cubo mill San Ignacio Bolanitos 2021 2022 2023 2024 2025 ▪ Acquired El Cubo Mine ▪ Bought three mines: ▪ Added production ▪ Bolanitos (April). Valenciana, Topia and from El Horcon acquisition. San Ignacio. project. ▪ Restarted mining operat
Slide 15: Guanajuato Mining Camp
Guanajuato Mining Camp 450-year mining history. 15
Slide 16: Immediate Production Boost
Immediate Production Boost Bolanitos is a consistent precious metals producer. Bolanitos has a 1600 tpd standard flotation processing plant. Plant throughput for 2025 is expected to range from 1100 tpd - 1200 tpd from the Plateros-La Luz, Lucero-Karina and Bolañitos-San Miguel vein systems. Historic
Slide 17: Bolanitos Resources
Bolanitos Resources Resources and Reserves estimates. Bolanitos Resource Estimate. Source: NI 43-101Technical Report - Updated Mineral Resource and Reserve Estimates for the Bolanitos Project, Guanajuato State, Mexico, effective date: November 9, 2022. 17
Slide 18: The El Cubo Mines Complex
The El Cubo Mines Complex The centerpiece of our hub & spoke mining strategy. 2024 Production: 1,117,251 AgEq ounces - 470,914 silver ounces - 7,589 gold ounces 45,000 tonnes/month processing capacity. El Cubo Mines Complex & Pinguico Resource Total Measured & Indicated: 3.9M AgEq ounces (429kt grad
Slide 19: Valenciana Mines Complex
Valenciana Mines Complex Cata Mill – 36,000 tonnes/month capacity. 2024 Production: 639,449 AgEq ounces - 261,012 silver ounces - 4,446 gold ounces 450-year mine history. Valenciana Mines Complex(i)(ii) Total Measured & Indicated: 3.2M AgEq ounces (251,666 tonnes grading 400g/t AgEq) Total Inferred:
Slide 20: San Ignacio Mine
San Ignacio Mine Mineralized material sent to the Cata mill for processing. 2024 Production: 446,670 AgEq ounces - 174,572 silver ounces - 3,190 gold ounces A primary gold mine. San Ignacio Total Measured & Indicated: 7.62M AgEq ounces (790,000 tonnes grading 300g/t AgEq) Total Inferred: 22.17M AgEq
Slide 21: Recent San Ignacio Drill Results
Recent San Ignacio Drill Results New high-grade gold zone established – News Release July 22, 2025 San Ignacio Plan View Diamond drillholes #6 through #9 were drilled to the west towards the Santo Nino zone from the recently completed 430 ramp. Development work has been initiated to access this new
Slide 22: Topia Processing Plant
Topia Processing Plant 7,500 tonnes/month capacity flotation facility. 2024 Production: 1,117,904 AgEq ounces - 719,414 silver ounces - 1,329 gold ounces - 3,901,785 pounds of zinc - 3,231,921 pounds of lead High grade silver-lead and silver-zinc veins. Topia(i)(ii) Total Measured & Indicated: 11.1M
Slide 23: The Market Opportunity
The Market Opportunity One-Year Share Performance. Common Shares (Pro forma) 644 M Major Shareholders Warrants 147 M Options & RSUs 27 M Fully Diluted 818 M Market Cap C$328 M Myrmikan Capital 23
Slide 24: The GSilver Leadership Team
The GSilver Leadership Team James Anderson, Chairman & CEO, Director 20+ years of capital market experience as a retail broker and investment banker and manager in the Canadian brokerage business Bill Gehlen, Director Professional geologist with over 40 years of experience and success within the min
Slide 25: Extensive social outreach programs
Extensive social outreach programs Social license to operate built on commitment to improving local communities. Guanajuato Silver proudly provides: • Clean water services provided to several local communities • Established a medical clinic and permanent comprehensive health campaigns • Committed to
Slide 26: Total Resources
Total Resources* El Cubo Mines Complex & Pinguico Total Measured & Indicated: 3.9M AgEq ounces (429kt grading 283.9g/t AgEq) Total Inferred: 35.6M ounces (3,711kt grading 298.5g/t AgEq) Valenciana Mines Complex(i)(ii) Total Measured & Indicated: 3.2M AgEq ounces (251,666 tonnes grading 400g/t AgEq)
Slide 27: Understanding The Gold Credit Facility
Understanding The Gold Credit Facility The facility acts as a natural hedge to gold prices. Outstanding balance: 5658 ounces (as of September 2025) Monthly gold payment: 131.7 ounces (pre-paid through February 2026) End of Term bullet payment: 2,366 ounces Maturity date: April 2028 GSilver average m
Slide 28: Resource Source Information
RESOURCE SOURCE INFORMATION EL Cubo Source: For additional details refer to the technical report dated January 15, 2025 (effective date August 1, 2024) titled “NI 43-101 Technical Report On The El Cubo And El Pinguico Silver Gold Complex, Guanajuato, Mexico” available on SEDAR+ Economic assumptions
Slide 29: Disclaimer 1/2
DISCLAIMER 1/2 Forward-looking information This document contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, statements regarding the industrial case for silver and future demand for silver; that the Company
Slide 30: Disclaimer 2/2
DISCLAIMER 2/2 Valenciana Disclosure The disclosure on this slide is from the technical report dated March 7, 2024 (effective date December 31, 2023) titled “Technical Report on the Valenciana Mine Complex, Guanajuato, Mexico” available on SEDAR+ (the “VMC Report”). On February 28, 2022, Great Panth
Slide 31: Contact
Contact JJ Jennex Director of Communications (604) 723 1433 jjj@gsilver.com www.gsilver.com Suite 578 – 999 Canada Place, Vancouver, British Columbia, V6C 3E1 : GSVR : GSVR
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