Slide 1: Silver Resource Growth in Mexico
SILVER RESOURCE GROWTH IN MEXICO CORPORATE PRESENTATION DECEMBER 2025 TSXV | GRSL OTCQB | GRSLF DEU | GPE
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS This presentation contains “forward-looking statements” within the meaning of Canadian securities laws. Where For a more detailed discussion of risks and other factors that might impact future looking a forward-looking statement expresses or implies an expectation or belief as
Slide 3: A Two-Pronged Approach: Silver Resource Growth & Expansion
A TWO-PRONGED APPROACH Silver Resource Growth & Expansion GR Silver Mining Today: ● FULLY FUNDED with CAD$28.8M to execute the Company’s Resource Growth Drilling Program GR SILVER MINING LTD. RESOURCE GROWTH ● WHOLLY-OWNED RESOURCES of 134Moz AgEq ( 85 Moz AgEq Indicated & 49 Moz AgEq Inferred )… an
Slide 4: Growth Performance: Delivering Shareholder Results & Increased Liquidity
GROWTH PERFORMANCE Delivering Shareholder Results & Increased Liquidity $GRSL YTD 2025 Chart Dec 19th, 2025 CAPITAL $GRSL +71.01% STRUCTURE Market Cap C$170M (basic) Cash C$28.4M Warrants 122M (avg C$0.25) Shares O/S 501M June to November 2025: Top 10 Volume Trader on TSX.V - Average Daily Liquidity
Slide 5: District Scale Upside Potential
DISTRICT SCALE UPSIDE POTENTIAL Silver Resource Growth Opportunity San Marcial Resource Area Ongoing Step-Out Drill Campaign Resource Extension N GR SILVER MINING LTD. | CORPORATE PRESENTATION | DECEMBER 2025 5
Slide 6: San Marcial Area: Largely Untested Geophysical Anomaly
SAN MARCIAL AREA Silver Discovery - Largely Untested Geophysical Anomaly Plomosas Mine Area 134M oz Ag Eq (combined 43-101 MRE 2023) NW Extension A A' Parallel Primary Silver Breccia Zone SE Mineralization on Target Extension San Marcial Area Chargeability Contact 80% Untested, GR SILVER MINING LTD.
Slide 7: San Marcial Area: Silver Discovery on the Edge of a New Porphyry System
SAN MARCIAL AREA Silver Discovery on the Edge of a New Porphyry System DISCOVERY SECTION Blue Sky Potential and Resource Growth ● Wide, silver-dominant hydrothermal breccias at shallow depths. ● ONGOING Step-out drilling confirming resource growth. ● Multiple Sub-parallel SILVER Mineralized zones di
Slide 8: Permitted Step-Out Drilling: De-Risking Resource Expansion
PERMITTED STEP-OUT DRILLING De-Risking Resource Expansion Block Model High Grade Silver LONGITUDINAL SECTION SAN MARCIAL RESOURCE AREA DE-RISKING GR SILVER MINING LTD. | CORPORATE PRESENTATION | DECEMBER 2025 8
Slide 9: Fully Permitted Plomosas Mine Bulk Sample Test Mining
FULLY PERMITTED PLOMOSAS MINE Bulk Sample Test Mining Ongoing Studies Targeting On-Site Pilot Plant • Ongoing engineering review targeting commencement of a BSTM program early in 2026 • Metallurgical studies in progress • 21 underground areas accessible for BSTM • Immediate acccess to High Grade Sil
Slide 10: Value Creation Road Map: Resource Growth & Project Development
VALUE CREATION ROAD MAP Resource Growth & Project Development Delivered H1- H2 2026 Delivered Sept – Dec 2025 Permitted Plomosas San Marcial MATERIAL Major Catalysts H2 2026 Underground Mine: RECORD STEP-OUT Resource Update and PEA Bulk Sample Test Mining DRILLING PROGRAM July 2025 San Marcial Area
Slide 11: Team Track Record
TEAM TRACK RECORD Discovery, Project Development and Global Mining M&A MARCIO FONSECA BOARD OF DIRECTORS PRESIDENT & CEO MINES ERIC ZAUNSCHERB EXECUTIVE CHAIR ERIC ZAUNSCHERB EXECUTIVE CHAIR MARCIO FONSECA PRESIDENT & CEO ROBERT PAYMENT CHIEF FINANCIAL OFFICER BRENT MCFARLANE DIRECTOR MINES DANIEL S
Slide 12: Capital Structure
CAPITAL STRUCTURE $GRSL.V 6 - Month Chart Basic Market Capitalization @ $0.36 C$170M (December 19th, 2025) Average Daily Liquidity (Shares) 6.5M Warrants 122M* (average weighted price C$0.25) Options 10M $0.20 (average weighted price C$0.26) PSUs + DSUs 6.5M Shares Issued + Outstanding 501M Ownershi
Slide 13: Growth Strategy: Valuation Rerating Opportunity
GROWTH STRATEGY Valuation Rerating Opportunity GR SILVER MINING LTD. RESOURCE GROWTH & PRODUCTION APPROACH FULLY FUNDED TO GROW RESOURCES GR SILVER MINING LTD. | CORPORATE PRESENTATION | DECEMBER 2025 13
Slide 14: Investment Highlights
INVESTMENT HIGHLIGHTS DISCOVERY HIGH GRADE SILVER RESOURCE GROWTH - Targeting development of silver-primary deposits on the SW edge of the Sierra Madre Occidental Mexico Well Positioned for Growth - Permitted Past-Producer Plomosas Mine - Land Agreements in place for Plomosas - 100% Land Ownership i
Slide 15: Contact Us
EXPLORE OUR PROJECTS ON CONTACT US Investor Relations: Phone +1 236 270 2057 info@grsilvermining.com 409 Granville Street, 15th Floor Vancouver, BC, V6C 1T2 TSXV | GRSL OTCQB | GRSLF DEU | GPE GRSilverMining GR Silver Mining GR Silver Mining Ltd.
Slide 16: Appendix
APPENDIX
Slide 17: Resource Growth Potential Discoveries: San Marcial
RESOURCE GROWTH POTENTIAL Discoveries: San Marcial • Two distinct mineralized zones, spatially associated and controlled by a NE-SW structural trend that intersects major NW- SE regional structures • Geological modelling suggests that the Resource Area represents the upper portion of a much larger e
Slide 18: Resource Growth Potential Discoveries: San Marcial
RESOURCE GROWTH POTENTIAL Discoveries: San Marcial • Well-developed quartz-calcite stockwork epithermal-style zone, confirming the potential of the NE structural trend to host high-grade gold-bearing mineralization in the footwall beneath the Resource Area • The anomalous Cu and W grades establish a
Slide 19: Resource Growth Potential Discoveries: San Marcial
RESOURCE GROWTH POTENTIAL Discoveries: San Marcial • SMS25-09 intersected 75 m @ 293 g/t AgEq, including multiple intervals exceeding 1,000 g/t AgEq. • The hole tested 3D geophysical anomalies and successfully confirmed continuity of the main high-grade mineralized structures at least 100 m beyond t
Slide 20: Plomosas Project NI 43-101 Resource Statement 2023
PLOMOSAS PROJECT NI 43-101 Resource Statement 2023 GR SILVER MINING LTD. | CORPORATE PRESENTATION | DECEMBER 2025 20
Slide 21: Resource Growth Opportunity
Delineation of High-grade Zones in RESOURCE GROWTH OPPORTUNITY Bulk Mineable Style Silver Deposits SAN MARCIAL MODEL NI 43-101 PLOMOSAS MODEL NI 43-101 Ag ANOMALY – SURFACE 20 ROCK SAMPLING Source: Arseneau and Crowie (2023). Assumptions for Resource Reporting the San Marcial, Plomosas Mine, and San
Slide 22: Plomosas Mine Historical Production (1986-2000)
PLOMOSAS MINE HISTORICAL PRODUCTION (1986-2000) As published in National Instrument (NI) 43-101 2023 Technical Report and Mineral Resource Update for the Plomosas Project, Gilles Arseneau, P.Geo., May 3, 2023 GR SILVER MINING LTD. | CORPORATE PRESENTATION | DECEMBER 2025 22
Slide 23: Historical Plomosas Mine: An Opportunity
HISTORICAL PLOMOSAS MINE An Opportunity INITIATIVE TO CAPTURE VALUE • Existing infrastructure and fully owned land. • Mining licences, permits, agreements in place to operate mine and future plant. • Conservative resource estimation approach under review with updated geological modelling. • Discover
Slide 24: Successful BSTM Program at the Historical San Juan Mine
SUCCESSFUL BSTM PROGRAM At the Historical San Juan Mine INITIATIVE TO CAPTURE VALUE • In March 2024, the Company announced a Bulk Sampling Test Mining (“BSTM”) program. • From January to September 2024, 20,620 t of material were sampled and 20,430 t processed in a third-party owned mill nearby. Ag A
Slide 25: Team Track Record
TEAM TRACK RECORD Discovery, Project Development and Global Mining M&A Technical experience to evaluate exploration and operational assets from exploration stage to MARCIO FONSECA mining operations. Senior roles include Echo Bay Mines, SilverCrest Mines, Phelps Dodge, and PRESIDENT & CEO Vale in Lat
Slide 26: Board of Directors
BOARD OF DIRECTORS Strong History of Discovery, Development and Global M&A ERIC ZAUNSCHERB Previously served as Managing Director, Research – Metals & Mining Analyst at Canaccord Genuity where he Executive Chairman coordinated the firm’s global mining equity research team and is a Canadian geologist