December 1, 2021 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”) (TSXV:GSVR)(OTCQX:GSVRF) is pleased to announce that it has closed the first tranche of its non-brokered private placement offering (the “Offering”) of up to 16,000,000 units (the “Units”) at a price of C$0.55 per Unit first announced on November 18 (see Guanajuato Silver news releases dated November 18, 2021 & November 29, 2021). The Company has issued a total of 14,957,672 Units for gross proceeds of $8,195,920; each Unit consists of one common share of the Company and one half (1/2) of a common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase an additional common share of the Company at a price of C$0.75 for a period of two years from of closing, subject to acceleration in certain events.