Guanajuato Silver Reports 388,700t in Reserves at Bolañitos

Guanajuato Silver’s updated NI 43-101 report for the Bolañitos mine confirms 388,700t in reserves and 2.23Moz AgEq, validating the technical feasibility of its regional consolidation strategy. This development accelerates the integration of the San Ignacio and Bolañitos assets, leveraging a 1,600t/d processing plant to optimize operational efficiencies within Mexico’s historic Guanajuato Mining District. The expansion strengthens the domestic precious metals supply chain while reinforcing the company’s position as a high-volume producer within the TSX Venture market. 

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Canada-based precious metals producer Guanajuato Silver updated its technical report for the Bolañitos mine in Guanajuato, with a total proven and probable reserves of 388,700t. The report follows the company’s recent acquisition of the asset and underscores its strategy to consolidate and scale precious metals production within the Guanajuato Mining District.

Guanajuato Silver’s report, prepared by Hard Rock Consulting, provides updated mineral resource and reserve estimates as of Dec. 31, 2025. This filing supports the company's previous disclosures made in late 2025 and early 2026 regarding the project's mineral inventory.

The report identifies total proven and probable reserves of 388,700t with diluted grades of 73g/t silver and 1.17g/t gold, representing approximately 2.23Moz of AgEq. These reserves are distributed across the La Luz, Lucero, and San Miguel mine areas. The estimates utilized price assumptions of US$30.00/oz silver and US$2,550/oz gold, applying a silver-to-gold ratio of 90:1.

In addition to reserves, the technical report outlines measured and indicated resources totaling 983,000t at 311g/t AgEq, containing approximately 9.8Moz ounces. Inferred resources are estimated at 1Mt at 310g/t AgEq. These resource figures are reported exclusively of mineral reserves and utilize cut-off grades ranging from 134g/t to 140g/t AgEq, depending on the specific production area.

Bolañitos Mine: Guanajuato Silver’s Fifth Producing Mine
The Bolañitos mine is part of Guanajuato Silver’s operational footprint in central Mexico, which includes four producing silver-gold assets in Guanajuato and the Topia mine in Durango. 

Following its acquisition from Endeavour Silver for US$50 million in early 2026, Bolañitos became the company’s fifth producing precious metals mine. The facility includes a 1,600t/d flotation plant that provides excess capacity, allowing Guanajuato Silver to integrate mineralized material from its contiguous San Ignacio mine to improve operational economics and reduce transportation costs. 

"The numerous advantages of integrating our San Ignacio Mine into the Bolanitos Mines Complex are obvious; we have already begun preparations to ensure seamless integration of this asset into our production portfolio, allowing us to quickly realize the economic rewards from this acquisition,” further stressed at the time James Anderson, Chair and CEO, Guanajuato Silver. 

The acquisition includes 26 mining concessions totaling 2,537ha and three producing mines: San Miguel, La Luz, and Lucero. In 2024, the operation produced 2.5Moz AgEq from 427,646t of ore. With these assets, the company aims to scale its production platform within the Guanajuato Mining District, supported by the reactivation of the historic Cebada mine and the exploration of the Belen project. The company remains focused on precious metals production within the region, supported by the established mining infrastructure and history of the Guanajuato district. 

The acquisition agreement includes two contingent payments of US$5 million each, which are triggered upon achieving production milestones of 2Moz and 4Moz AgEq. These payments were structured to be satisfied through a combination of 50% cash and 50% common shares.

Guanajuato Silver Ranked Among TSX Venture 50 Top Performers
Guanajuato Silver has been named to the 2025 TSX Venture Exchange (TSXV) 50 list, ranking 10th among the top-performing companies on the TSXV. The annual ranking evaluates issuers based on three equally weighted criteria: one-year share price appreciation, market capitalization growth, and Canadian consolidated trading value. The company maintained its position as a leading volume trader on the exchange throughout 2025, a trend that has continued into the current fiscal year following the acquisition of the Bolañitos mine.

"Earning a spot in the TSX Venture 50 list is the result of a combination of better operating discipline at our Mexican mining operations, significant silver price appreciation, and enhanced market recognition for our company,” Anderson noted, adding that Guanajuato Silver’s position as one of the few primary silver producers in the TSXV would increase growth opportunities.

The Guanajuato Mining District: A Premier Mining Community
The Guanajuato Mining District is recognized as a premier mining community in Mexico with a 450-year history. This historic region is characterized by three major mineralized fault systems that define the area's geology and production potential: the Veta Madre, La Luz, and Villalpando vein structures. 
The Veta Madre hosts the Valenciana Mines Complex and the Cebada mine, while the La Luz system includes the Bolañitos facility, San Ignacio and San Miguel mines.

Guanajuato Silver has focused on consolidating this district through a hub-and-spoke mining, pairing the San Ignacio mine with the Bolañitos mill and using the El Cubo mill as a primary processing hub for mineralized material from across the district. The company leverages the close proximity of these assets, seeking to build a mid-tier precious metals production platform within a region already supported by established mining infrastructure and historical expertise.