Guanajuato Silver Achieves Record Production of 938,047 AgEq Ounces in Q1

April 19, 2023 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”) (TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to announce consolidated production results for the three
months ended March 31, 2023. Production results are generated from the Company’s wholly owned El Cubo
Mines Complex (“El Cubo”), Valenciana Mines Complex (“VMC”), and San Ignacio Mine (“San Ignacio”) in
Guanajuato, Mexico, and the Topia Mine (“Topia”) in Durango, Mexico.

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