Guanajuato Silver Receives Drilling Permits for El Horcon Project

About this update from Guanajuato Silver Company Ltd.

VANCOUVER, BC / ACCESS Newswire / August 4, 2026 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF) announces the receipt of formal approval from Mexican government agencies to commence a surface drilling program at the Company's wholly owned El Horcon ("Horcon") project located in Jalisco, Mexico, approximately 60km to the Northwest of the city of Guanajuato. Drill permits have been received from the Mexican ministry of the environment authorizing the Company to establish as many as 45 drill pads along a 3.7km trend that covers approximately one-third of the total length of the structural prospectivity within the Horcon property. Earlier this year, the Company acquired two large "Nevada-style" diamond drill rigs, capable of drilling up to 1000 meters in depth recovering HQ diameter drill core. One of these drill rigs, which is currently active on surface at the Company's EL Cubo mine, will be re-deployed to Horcon in August. The Company expects to drill a total of 5000 metres at Horcon in 2026 as the first phase of a surface drilling program; drill depth is expected to average approximately 260 meters per hole; there is one deeper drill hole planned to test 500 metres in depth. This exploration program will primarily aim to validate and expand upon the property's historical resource, (see below) both laterally and at depth, and expand the company's geological knowledge of the numerous en echelon veins that exist on the property. Figure 1 - Horcon Plan View Showing Permitted Drill Pad Locations Acquired as part of the purchase of Great Panther's Mexican assets (see GSilver's news release dated August 4, 2022 - GSilver Closes Acquisition of Great Panther's Mexican Mining Assets), the Horcon mining concessions cover 7,908 hectares comprising 17 contiguous mining concessions located approximately 60km to the northwest of the Company's Bolanitos Mine. Mineralization at Horcon is dominated by the regional extension of the prolific Veta Madre vein system and consists of numerous quartz-dominated gold-silver bearing veins; mineralization also often contains significant base metal values. Figure 2 - Horcon Property Landscape, Jalisco State The Horcon mine is a past producer dating back to the 16th century, with most recent production occurring in the mid-1900s. Several underground workings, drifts, and access points are known t...

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