Guanajuato Silver Provides Corporate Update

April 25, 2023 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”) (TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to announce changes to its senior management team.
These changes are designed to support future expansion of the Company’s growing portfolio of mining assets and
to augment production 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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