Guanajuato Silver Company Ltd. · TSXV:GSVR
Guanajuato Silver — Investor Presentation (February 2026)
29 slides from Guanajuato Silver's investor presentation, February 2026
Slide 1: We Produce Silver. We Produce Gold.
We Produce Silver. We Produce Gold. : GSVR : GSVRF February 2026
Slide 2: Visit our bullion store
Visit our bullion store...
Slide 3: A Transformative Transaction
A Transformative Transaction Bolanitos Gold-Silver Mine acquired January 15, 2026, for US$50 million.
Slide 4: Five Producing Mines
Five Producing Mines We are consolidating the Guanajuato Mining District.
Slide 5: Guanajuato
Guanajuato Mexico’s premier mining community.
Slide 6: Our Silver & Gold Production
Our Silver & Gold Production Guanajuato Silver is a primary precious metals producer.
Slide 7: 2025 Annual Production
2025 Annual Production Consolidated from all mines in the current portfolio. 2025 Consolidated Production Consolidated from Bolanitos, El Cubo, Valenciana, San Ignacio, and Topia Silver: 1,847,254 ounces Gold: 25,591 ounces 2.7 million pounds lead 3.3 million pounds zinc
Slide 8: A Growing Silver Company
A Growing Silver Company Currently Five Producing Mines. El Cubo mill San Ignacio Bolanitos 2021 2022 2023/24 2026 Acquired the El Cubo Purchased three Added production Bolanitos Mine (April). mines: Valenciana, from El Horcon. acquisition. Topia and San Ignacio.
Slide 9: Guanajuato Mining Camp
Guanajuato Mining Camp 450-year mining history.
Slide 10: 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. Bolanitos Plant Current utilization: 73% - 1168
Slide 11: Exploration Upside - Purisma
Exploration Upside - Purisma Bolanitos San Ignacio
Slide 12: 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. Current utilization rate of 66% (721 tpd). El Cubo Mines Complex & Pinguico Total Indicated: 3.9M
Slide 13: Valenciana Mines Complex
Valenciana Mines Complex 450-year mining history. 2024 Production: 639,449 AgEq ounces - 261,012 silver ounces - 4,446 gold ounces Underground mining continues with Cata mill on care & maintenance. Valenciana Mines Complex(i)(ii) Total Indicated: 3.8M AgEq ounces (410Kt tonnes grading 147g/t Ag, 1.6
Slide 14: San Ignacio Mine
San Ignacio Mine Close proximity to Bolanitos mill. 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 123g/t Ag, 2.1g/t Au for 300g/t AgEq) Total Inferred: 22.17M AgE
Slide 15: 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. Current utilization rate of 60% (151 tpd). Top
Slide 16: The Market Opportunity
The Market Opportunity One-Year Share Performance. Common Shares (Pro forma) 706 M Major Shareholders Warrants 131 M Options & RSUs 24 M Fully Diluted 861 M Market Cap C$536 M Myrmikan Capital
Slide 17: 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 18: 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: World Silver Survey 2024. Bullion
Slide 19: 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.
Slide 20: 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.
Slide 21: 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
Slide 22: Silver Demand & Solar Capacity
Silver Demand & Solar Capacity
Slide 23: 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 24: Total Resources (Excluding Bolanitos)
Total Resources* (Excluding Bolanitos) El Cubo Mines Complex & Pinguico Total Indicated: 3.9M AgEq ounces (429kt grading 144g/t Ag, 1.79 g/t Au for 283.9g/t AgEq containing 2Moz Ag and 25Koz Au) Total Inferred: 35.6M ounces (3,711kt grading 141g/t Ag, 2.01g/t Au for 298.5g/t AgEq) containing 16.9Moz
Slide 25: 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 26: 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 27: 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 28: Disclaimer 2/2
DISCLAIMER 2/2 Topia Disclosure The disclosure in this slide is from the technical report dated March 7, 2024 (effective date December 31, 2023) titled “Technical Report on the Topia Property, Durango, Mexico” available on SEDAR+. available on SEDAR+ (the “Topia Report”). On February 11, 2022, Great
Slide 29: 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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