Guanajuato Silver (GSVR) investor relations material

Global silver market dynamics

• Mexico leads global silver production, accounting for 24% of output, with 75% of silver produced as a by-product, creating an inelastic market.

• Global silver demand has exceeded supply for five consecutive years, with a 2024 deficit of 216 million ounces.

• Solar energy growth is a major demand driver, with projected 2026 solar installations requiring 300 million ounces of silver.

Asset portfolio and production

• Operates five producing mines in the Guanajuato Mining District, consolidating a region with a 450-year mining history.

• 2025 consolidated production forecast: 1.85 million ounces silver, 25,591 ounces gold, 2.7 million pounds lead, and 3.3 million pounds zinc.

• Q3 2025 revenue breakdown: 52% silver, 39% gold, 6% zinc, 3% lead.

Key mine operations and resources

• Bolanitos mine acquired in January 2026 for $50 million, with 2025 output of 608,388 oz silver and 15,270 oz gold; mill operating at 73% capacity.

• El Cubo complex is central to the hub-and-spoke strategy, producing 363,967 oz silver and 5,168 oz gold in 2025 at 66% utilization.

• Topia plant processes 7,500 tonnes/month, producing 628,744 oz silver, 1,098 oz gold, 3.4M lbs zinc, and 2.8M lbs lead in 2025.

• San Ignacio and Valenciana mines contribute significant measured, indicated, and inferred resources.