Guanajuato Silver (GSVR) Corporate presentation summary

Market overview and silver fundamentals

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

• 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

• Five producing mines are consolidated in the Guanajuato Mining District, including Bolanitos, El Cubo, Valenciana, San Ignacio, and Topia.

• 2025 consolidated production is forecast at 1,847,254 ounces of silver, 25,591 ounces of gold, 2.7 million pounds of lead, and 3.3 million pounds of zinc.

• The Bolanitos mine was acquired in January 2026 for US$50 million and has a mill operating at 73% utilization.

• Topia processing plant operates at 60% utilization, producing significant silver, gold, zinc, and lead output.

Resource estimates and exploration

• Total indicated and inferred resources across all assets are substantial, with El Cubo and Valenciana each holding over 3.8 million AgEq ounces indicated and over 20 million AgEq ounces inferred.

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

• Ongoing exploration targets include the Purisima vein and other historic veins in the Guanajuato camp.