Guanajuato Silver Completes San Ignacio to Bolanitos Connection Tunnel

VANCOUVER, BC / ACCESS Newswire / October 8, 2026 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF), a growing Mexico-focused precious metals producer, is pleased to announce the completion of a 267-metre-long underground production ramp connecting the San Ignacio mine ("San Ignacio") with the Bolanitos mine ("Bolanitos"). This new ramp is expected to result in lower operating costs, better haulage rates, and improved ventilation between the two operations. The establishment of direct underground access between San Ignacio and Bolanitos is one of the first major milestones of the full integration between these two operations.

In May 2026, after considerable detailed engineering and preparation, the Company commenced construction of a 267 metre 4m x 4.5m ramp connecting San Ignacio to the Lucero mine ("Lucero"), which is centrally located within the Bolanitos mines complex at the northern boundary with San Ignacio. Workers on the new ramp "broke-though", connecting the San Ignacio and Lucero areas ahead of schedule on September 30, 2026; the ramp is expected to significantly improve access and cut haulage times from San Ignacio to the processing facility at Bolanitos. Furthermore, the development of a loading pocket for mineralized material at San Ignacio will help reduce the number of transfer points and allow for the use of larger haulage equipment from the Bolanitos operation, thereby reducing operating complexity and costs.

Rick Trotman, Senior Vice-President, Mining Operations, said: "The completion of this connection tunnel is the first of many synergistic improvements that are planned as we move forward with a combined operation at the Bolanitos mines complex, which will include San Ignacio. This connection will allow us to increase ventilation at San Ignacio, while providing Bolanitos with access to mineralized material with cheaper haulage and better cycle times. As we move towards the end of the year, we will continue to methodically interconnect these operations with respect to the creation of a combined geologic model, updated resources and reserves, a full property-wide exploration plan, 2027 mine forecasts, and a new life of mine model. The amalgamation of San Ignacio into the Bolanitos mines complex has always been our plan, and now the two mines are connected underground."

Significantly, during development, the new ramp encountered several mineralized structures, including multiple veins that included projections of the Cecilia vein system, specifically Cecilia veins #1, #3, #4, and #6. Sampling across these veins showed mineralization well above cut-off grades; results included high-grade gold results such as 3.25 metres of 6.02 g/t gold and 145 g/t silver on Cecilia #4, and 1.3 metres of 2.68 g/t gold and 15 g/t silver on Cecilia #3. Based on these results, the Company has initiated a drilling program in the area to fully define the potential resource additions.

Figure 1 - Plan View of San Ignacio to Lucero (Bolanitos) Connection Ramp

Please note that known veins that cross property boundaries are referred to with the local vein name in Figure 1. For example, the Cecilia 3 vein is named the Veta Nombre de Dios at San Ignacio. Part of the integration process is renaming the geologic features from both mines, particularly where the same name is used for different veins on either property, so that standardized naming conventions can be applied across the entire mining complex.

Figure 2 - San Ignacio Mine Staff Meet with Bolanitos Mine Staff at the New Ramp Connection Point.

Sampling and Quality Assurance/Quality Control

Guanajuato Silver adheres to thorough QA/QC procedures and practices that exceed standard regulatory requirements when managing the Company's testing and sampling. The analytical work reported on herein was performed by Guanajuato Silver's local laboratory, located at the Bolanitos mine near Guanajuato City. This laboratory is owned and operated by the Company and is not independent. To validate the Company's assay results and preparation procedures, GSilver customarily sends additional random samples representing approximately 20% of all analytical samples to one of two ISO certified labs: Quimico Platinum, located at Silao, Guanajuato or ALS Chemex, located in Zacatecas. Both laboratories are certified at the ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) geo-analytical laboratory and are independent of GSilver and its "qualified person". Channel samples were subject to crushing at a minimum of 70% passing two millimeters, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Gold determination was via standard atomic absorption (AA) finish 30-gram fire assay (FA) analysis, in addition to silver. Following industry-standard procedures, blank and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. As of the date of this press release, the Company has not yet received the results of the random samples sent to the independent laboratory.

Qualified Person

William Gehlen, a Director of Guanajuato Silver, is a Certified Professional Geologist with the American Institute of Professional Geologists (No. 10626), and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Mr. Gehlen has reviewed, approved and verified the technical data disclosed in this news release (including a review of the Bolanitos Technical Report on behalf of the Company) and has not detected any significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred to herein. The verification of data underlying the disclosed information includes reviewing production reports, compiled assay data; QA-QC performance of blank samples, duplicates and certified reference materials; and grade calculation formulas.

For additional details on San Ignacio and Bolanitos please refer to: (i) the technical report dated March 7, 2024 (effective date December 31, 2023) titled "Technical Report on the San Ignacio Property, Guanajuato,

Mexico"; and (ii) the technical report dated effective March 19, 2026 titled "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bolanitos Project, Guanajuato State, Mexico", each of which is filed on SEDAR+ at www.sedarplus.ca.

About Guanajuato Silver

GSilver is a precious metals producer with a portfolio of producing silver and gold mines in central Mexico. The Company has a core operational footprint of three operating silver-gold assets in the state of Guanajuato, which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.

ON BEHALF OF THE BOARD OF DIRECTORS

"James Anderson"
Chairman and CEO

For further information regarding Guanajuato Silver Company Ltd., please contact:

JJ Jennex, Corporate Affairs Director, T: 604 723 1433
Email: jjj@GSilver.com
GSilver.com

Guanajuato Silver Bullion Store

Please visit our Bullion Store, where Guanajuato Silver coins and bars can be purchased.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, GSilver's growth, the expected benefits of the new connection ramp and the integration of San Ignacio into the Bolanitos Mines Complex, including anticipated lower operating costs, better haulage rates and cycle times, improved ventilation, and the planned combined geologic model, updated resources and reserves, property-wide exploration plans, 2027 mine forecasts and new life of mine model, the results and plans for the newly initiated drilling program and potential resource additions, and GSilver's broader growth objectives, future plans, projections and estimates, including GSilver's status as one of the fasting growing silver mining Company in Mexico.

Such forward-looking statements and information reflect management's current beliefs and are based on information currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: that the Company to accomplish its plans and objectives with respect to Bolanitos within the expected timing or at all; the potential quantity, grade and metal content of the mineralized material at Bolanitos, El Cubo and San Ignacio, the geotechnical and metallurgical characteristics of such material conforming to sampled results and metallurgical performance; available tonnage of mineralized material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production estimates; prices for silver, gold and other metals remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects and to satisfy current liabilities and obligations including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation) and inflation rates remaining as estimated; no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results, level of activity, production levels, performance or achievements of GSilver to differ materially from those expected including, but not limited to, market conditions, risks related to the ability of the Company to accomplish its plans and objectives with respect to Bolanitos within the expected timing or at all;; availability of financing, currency rate fluctuations, high inflation and interest rates, geopolitical conflicts including wars, actual results of exploration, development and production activities, actual grades and recoveries of silver, gold and other metals from the Company's existing mines including Bolanitos, El Cubo, Pinguico, San Ignacio, and Topia, availability of third party mineralized material for processing, unanticipated geological or structural formations and characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to continue to increase production, tonnage milled and recoveries rates, improve grades and reduce costs at Bolanitos, El Cubo, Pinguico, San Ignacio, or Topia to process mineralized materials to produce silver, gold and other concentrates in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver's decision to process mineralized material from Bolanitos, El Cubo, Pinguico, San Ignacio and Topia is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk of failure, both economically and technically. Mineral resources and mineralized material that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative geologically to have the economic considerations applied to them, and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the Company's projected grades of gold and silver at Bolanitos, El Cubo and San Ignacio and the anticipated level of production therefrom will be realized. In addition, there are no assurances that the Company will meet its production forecasts or generate the anticipated cash flows from operations to satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which the Company is subject or to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about impact of any future global pandemic, ongoing global conflicts, elevated inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca including the Company's most recently filed annual information form. These forward-looking statements and information are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law.

SOURCE: Guanajuato Silver Company Ltd.

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