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The Plomosas Silver Project

Since going public in March 2018, GR Silver Mining has assembled an extraordinary portfolio of highly prospective mining concessions in the historic Rosario Mining District, Sinaloa, Mexico. At the core of this portfolio is the 432 km2 Plomosas Silver Project, which includes two former producing mines, the Plomosas polymetallic mine and the La Trinidad open pit, heap leach oxide gold mine. The Company also controls 300 km2 of key non-core concessions adjacent to the Plomosas Project that are well situated providing incremental growth potential and possible future business opportunities. Combined, GR Silver Mining’s concessions control most of the silver-gold-lead-zinc mineralized zones identified in the eastern Rosario Mining District.

GR Silver Mining considers the Plomosas Mine Area and the San Marcial Area, located 5 km to the southeast, to be the focus of the Plomosas Project. The Company holds all exploration licenses and permits required for exploration on both areas and the necessary permits for exploitation at the Plomosas Mine Area. The proximity of the two areas makes synergies possible for exploration, drilling, resource expansion, and future development.

The geological setting of both areas, located along the western edge of the Sierra Madre Occidental, is particularly prospective. Recent exploration programs completed by GR Silver Mining have identified a geological setting similar to the San Dimas Mining District, which has produced 600 million ounces of silver and 11 million ounces of gold. In addition to GR Silver drilling, our Plomosas Project database includes historical drilling completed by First Majestic Inc. and Grupo Mexico S.A. de C.V. The combined infrastructure and data between these areas offer the opportunity for integration of exploration and future resource definition in a series of drilled targets. Our exploration team has over ten years of experience in the Rosario Mining District with a record of successful discoveries. Our exploration portfolio covers some of the most prospective areas in the Rosario Mining District, and most recent geological studies are revealing highly prospective areas to potentially define large silver deposits.

Plomosas Mine Area

GR Silver Mining owns 100% of the Plomosas Mine Area located near the historic mining village of La Rastra, within the Rosario Mining District. The silver and gold mineralization display the alteration, textures, mineralogy, and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration focused on shallow lead-zinc-silver-gold polymetallic mineralization, hosted in northwest to southeast structures in the vicinity of the Plomosas mine. Mineralization associated with east-west structures, however, remains under-explored. Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District, which has historically produced over 600 million ounces silver and 11 million ounces gold over the span of more than 100 years.

The combined Plomosas Mine and San Juan – La Colorada Areas feature an updated NI 43-101 resource estimate containing 32 million ounces silver equivalent including 8.8 million ounces silver (Indicated) and 33 million ounces silver equivalent including 8.5 million ounces silver (Inferred).

San Marcial Area

San Marcial is a near-surface, high-grade silver deposit. GR Silver Mining recently expanded its NI 43-101 resource estimate at the San Marcial Area, which now contains 52 million ounces silver equivalent including 46 million ounces silver (Indicated) and 16 million ounces silver equivalent including 14 million ounces silver (Inferred). The application of modern exploration techniques and the Company’s geological model resulted in a new high-grade silver discovery in the southeast extension from the previous resource area. The SE Area discovery is characterized by hydrothermal breccia-style mineralization, which is associated with a flexure in the target contact that is affected by a pair of northeast–southwest trending faults. GR Silver Mining is currently carrying out additional surface drilling to the southeast of the SE Area discovery aiming to continue resource expansion.

La Trinidad

On April 1, 2021, GR Silver Mining acquired 100% of Marlin Gold Mining Ltd. (“Marlin”). Marlin owns 100% of Oro Gold de Mexico, S.A. de C.V. (“Oro Gold”) a Mexican company, that owns the La Trinidad gold mine (“La Trinidad”), and twelve highly prospective concessions totalling 107,392.5 hectares. The addition of these concessions, located adjacent to GR Silver’s existing portfolio of properties, completed the current core land package. The acquisition gave the Company control of 75 kilometres of prospective trend with known mineralization including three zones and over 24 shallow gold-silver old workings. La Trinidad was reported to have been one of the highest-grade open-pit, heap leach gold mines in Mexico until it was closed in 2019.