Guanajuato Silver Company Ltd. · TSXV:GSVR
Guanajuato Silver — Investor Presentation (November 2026)
24 slides from Guanajuato Silver's investor presentation, November 2026
Slide 1: We Produce Silver. We Produce Gold.
We Produce Silver. We Produce Gold. : GSVR : GSVRF November 2026
Slide 2: 4 Producing Mines – 3 Production Facilities
4 Producing Mines – 3 Production Facilities We are consolidating the Guanajuato Mining District. 2
Slide 3: Mexico: The Leading Silver Producing Country
Mexico: The Leading Silver Producing Country 72% of silver is produced as a by-product = inelastic market. 20% Mexico 15% Peru 6% 13% 173Moz 130Moz China Russia 112Moz 56Moz 6% 5% 5% Bolivia Chile Poland 50Moz 42Moz 42Moz Bullion Source: World Silver Survey 2026. 3
Slide 4: Silver Supply vs Demand
Silver Supply vs Demand Global demand exceeded supply in 2025 for 5th consecutive year. Source: World Silver Survey 2026 – The Silver Institute. Since 2021, the cumulative deficit shortfall has drawn down 760 million ounces. 4
Slide 5: Silver Demand
Silver Demand Each new gigawatt of solar power uses ~500,000 ounces of silver. 2026 projected new global solar capacity = over 600 gigawatts. Talatan Solar Park, China 21GW / 7 million solar panels 40km 5
Slide 6: Guanajuato
Guanajuato Mexico’s premier mining community. 6
Slide 7: A Transformative Transaction
A Transformative Transaction Bolanitos Gold-Silver Mine acquired January 15, 2026, for US$50 million. 7
Slide 8: Bolanitos Gold-Silver Mine
Bolanitos Gold-Silver Mine The Bolanitos processing plant has operational capacity of 1200 tonnes per day. 2025 Production: - 608,388 silver ounces - 15,270 gold ounces Bolanitos Proven & Probable Reserves: 2,230,500 AgEq ounces (388.7 kt grading 73g/t Ag and 1.17g/t Au for 178g/t AgEq) Total Measur
Slide 9: Guanajuato Mining Camp
Guanajuato Mining Camp 450-year mining history. 9
Slide 10: San Ignacio Mine
San Ignacio Mine Close proximity to the Bolanitos mill. 2025 Production: - 66,379 silver ounces - 2,182 gold ounces San Ignacio Total Measured & Indicated: 7.62M AgEq ounces (790,000 tonnes grading 123g/t Ag, 2.1g/t Au for 300g/t AgEq) Total Inferred: 22.17M AgEq ounces (2,166,000 tonnes grading 127
Slide 11: The El Cubo Mines Complex
The El Cubo Mines Complex The centerpiece of our hub & spoke mining strategy. 2025 Production: - 363,967 silver ounces - 5,168 gold ounces Processing capacity of 1250 tonnes per day. El Cubo Mines Complex & Pinguico Total Indicated: 3.9M AgEq ounces (429kt grading 144g/t Ag, 1.79 g/t Au for 283.9g/t
Slide 12: San Ignacio - Bolanitos Connection
San Ignacio - Bolanitos Connection Generating a better haulage cycle and improved ventilation. 12
Slide 13: Valenciana Mines Complex
Valenciana Mines Complex Extraction paused / A restart plan is expected for Q1 2027. 2025 Production: - 184,511 silver ounces - 1,948 gold ounces Valenciana Mines Complex(i)(ii) Total Indicated: 3.8M AgEq ounces (410Kt tonnes grading 147g/t Ag, 1.61g/t Au for 288.8g/t AgEq containing 1.9Moz Ag and 2
Slide 14: Topia Processing Plant
Topia Processing Plant Flotation facility has 200 tonnes per day processing capacity. 2025 Production: - 628,744 silver ounces - 1,098 gold ounces - 3,380,068 pounds of zinc - 2,787,175 pounds of lead Current utilization rate of 60% (151 tpd). Topia(i)(ii) Total Measured & Indicated: 11.1M ounces Ag
Slide 15: H1 2026 Highlights
H1 2026 Highlights • Revenue: US$85.5M • Positive Net Income: US$6.3M • Debt Reduction of 3,049 ounces of gold (~US$12M) • Production of 686,585 ozs Ag and 7,948 ozs Au (1.2M ounces AgEq*) • Revenue by metal = silver 57%, gold 39%, lead 1%, Zinc 3% • Capex investments already impacting H2 production
Slide 16: 2026 First Half Production
2026 First Half Production Consolidated from all mines in the current Guanajuato Silver portfolio. H1 2026 Consolidated Production Consolidated from Bolanitos, El Cubo, Valenciana, San Ignacio, and Topia Silver: 686,585 ounces Gold: 7,948 ounces 1.5 million pounds lead 1.8 million pounds zinc 16
Slide 17: A Growing Silver Company
A Growing Silver Company Currently Four Producing Mines. Cubo mill San Ignacio Bolanitos 2021 2022 2023/24 2026 Acquired the El Cubo Purchased three Added production Bolanitos Mine (April). mines: Valenciana, from El Horcon. acquisition. Topia and San Ignacio. 17
Slide 18: The Market Opportunity
The Market Opportunity One-Year Share Performance. Currently trading at approximately 1x revenue. Common Shares (Pro forma) 763 M Major Shareholders Warrants 87 M Options 34 M Myrmikan Capital Fully Diluted 884 M Market Cap C$244M 18
Slide 19: The GSilver Leadership Team
The GSilver Leadership Team James Anderson, Chairman & CEO, Director 20+ years of capital market experience as a retail broker and investment banker and manager in the Canadian brokerage business Bill Gehlen, Director Professional geologist with over 40 years of experience and success within the min
Slide 20: Total Resources at producing assets
Total Resources at producing assets* El Cubo Mines Complex Total Indicated: 3.9M AgEq ounces (429kt grading 144g/t Ag, 1.79 g/t Au for 283.9g/t AgEq containing 2Moz Ag and 25Koz Au) Total Inferred: 35.6M ounces (3,711kt grading 141g/t Ag, 2.01g/t Au for 298.5g/t AgEq) containing 16.9Moz Ag and 240Ko
Slide 21: Resource Source Information
RESOURCE SOURCE INFORMATION EL Cubo Source: For additional details refer to the technical report dated January 15, 2025 (effective date August 1, 2024) titled “NI 43-101 Technical Report On The El Cubo And El Pinguico Silver Gold Complex, Guanajuato, Mexico” available on SEDAR+ Economic assumptions
Slide 22: Disclaimer 1/2
DISCLAIMER 1/2 Forward-looking information This document contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, statements regarding the industrial case for silver and future demand for silver; that the Company
Slide 23: Disclaimer 2/2
DISCLAIMER 2/2 Topia Disclosure The disclosure in this slide is from the technical report dated March 7, 2024 (effective date December 31, 2023) titled “Technical Report on the Topia Property, Durango, Mexico” available on SEDAR+. available on SEDAR+ (the “Topia Report”). On February 11, 2022, Great
Slide 24: Contact
Contact JJ Jennex Corporate Affairs Director (604) 723 1433 [email protected] www.gsilver.com Suite 578 – 999 Canada Place, Vancouver, British Columbia, V6C 3E1 : GSVR : GSVR
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