Guanajuato Silver Company Ltd. · TSXV:GSVR
Guanajuato Silver — Investor Presentation (March 2026)
25 slides from Guanajuato Silver's investor presentation, Mar 24, 2026
Slide 1: We Produce Silver. We Produce Gold.
We Produce Silver. We Produce Gold. : GSVR : GSVRF March 2026
Slide 2: Mexico: The Leading Silver Producing Country
Mexico: The Leading Silver Producing Country 75% of silver is produced as a by-product = inelastic market. 24% 14% Mexico 12% Peru China 119Moz 200Moz 107Moz 5% 5% Chile Poland 42Moz 42Moz Bullion Source: World Silver Survey 2024. 2
Slide 3: Silver Supply vs Demand
Silver Supply vs Demand Global demand exceeded supply in 2024 for 5th consecutive year. Source: World Silver Survey 2024 – The Silver Institute. 3
Slide 4: Silver Demand
Silver Demand Each new gigawatt of solar power requires ~500,000 silver ounces. 2026 projected new global solar capacity = over 600 gigawatts. Benban Solar Park, Egypt Nile 1.8GW 7km 600 gigawatts of new solar capacity would require ~ 300M ounces of silver! 4
Slide 5: Five Producing Mines
Five Producing Mines We are consolidating the Guanajuato Mining District. 5
Slide 6: Guanajuato
Guanajuato Mexico’s premier mining community. 6
Slide 7: A Transformative Transaction
A Transformative Transaction Bolanitos Gold-Silver Mine acquired January 15, 2026, for US$50 million. 7
Slide 8: Bolanitos Gold-Silver Mine
Bolanitos Gold-Silver Mine The Bolanitos mill has operational capacity of 1600 tonnes per day. 2025 Production: - 608,388 silver ounces - 15,270 gold ounces Current mill utilization: 73% Bolanitos Proven & Probable Reserves: 4,556,000 AgEq ounces (534 kt grading 101g/t Ag and 2.8g/t Au for 326g/t Ag
Slide 9: Guanajuato Mining Camp
Guanajuato Mining Camp 450-year mining history. 9
Slide 10: Exploration Upside - Purisima
Exploration Upside - Purisima Bolanitos San Ignacio 10
Slide 11: San Ignacio Mine
San Ignacio Mine Close proximity to Bolanitos mill. 2025 Production: - 66,379 silver ounces - 2,182 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 AgEq ounces (2,166,000 t
Slide 12: Valenciana Mines Complex
Valenciana Mines Complex 450-year mining history. 2025 Production: - 184,511 silver ounces - 1,948 gold ounces Underground mining continues; the Cata mill is on care & maintenance. Valenciana Mines Complex(i)(ii) Total Indicated: 3.8M AgEq ounces (410Kt tonnes grading 147g/t Ag, 1.61g/t Au for 288.8
Slide 13: The El Cubo Mines Complex
The El Cubo Mines Complex The centerpiece of our hub & spoke mining strategy. 2025 Production: - 363,967 silver ounces - 5,168 gold ounces Current utilization rate of 66% (721 tpd). 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
Slide 14: Topia Processing Plant
Topia Processing Plant 7,500 tonnes/month capacity flotation facility. 2025 Production: - 628,744 silver ounces - 1,098 gold ounces - 3,380,068 pounds of zinc - 2,787,175 pounds of lead High grade silver-lead and silver-zinc veins. Current utilization rate of 60% (151 tpd). Topia(i)(ii) Total Measur
Slide 15: 2025 Annual Production
2025 Annual Production Consolidated from all mines in the current Guanajuato Silver 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 15
Slide 16: Our Silver & Gold Production
Our Silver & Gold Production Guanajuato Silver is a primary precious metals producer. US$ 10,000,000 US$ 8,000,000 US$ 6,000,000 US$ 4,000,000 US$ 2,000,000 0 16
Slide 17: A Growing Silver Company
A Growing Silver Company Currently Five Producing Mines. 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. 17
Slide 18: The Market Opportunity
The Market Opportunity One-Year Share Performance. Common Shares (Pro forma) 724 M Major Shareholders Warrants 122 M Options 22 M Restricted Share Units 1M Fully Diluted 870 M Myrmikan Capital Market Cap C$412 M 18
Slide 19: 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 20: 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 21: Total Resources at producing assets
Total Resources at producing assets* El Cubo Mines Complex 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 Ag and 240Ko
Slide 22: 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 23: 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 24: 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 25: 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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