VANCOUVER, BC / ACCESS Newswire / October 16, 2026 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF), a growing silver producer, is pleased to announce production results for the three months ended September 30, 2026. Production results are from the Company's wholly owned Bolanitos Mine ("Bolanitos"), El Cubo Mines Complex ("El Cubo"), San Ignacio Mine ("San Ignacio") and Valenciana Mines Complex ("VMC"), located in Guanajuato, Mexico, and the Topia Mine ("Topia") located in Durango, Mexico.
James Anderson, CEO & Chairman, said, "This year, the Company has made substantial capital expenditures primarily focused on increasing underground development at all of the Company's operations. Notably, since April of this year, over 3,500 meters of underground capital development has been completed at our Bolanitos mine, surpassing the full year total for 2025. This critical work is beginning to have a positive impact on production as we finish out the calendar year and head into 2027. We remain committed to outpacing the current mine plan regarding our capital development, in order to provide additional operational flexibility, at which point the overall monthly advance rates will drop to a sustainable long-term level."
Silver equivalents (AgEq) disclosed in this news release are calculated using 68.04:1 (Ag/Au), 0.0135:1 (Ag/Pb) and 0.0277:1 (Ag/Zn) ratio for Q3 2026; and 61.61:1 (Ag/Au), 0.0122:1 (Ag/Pb) and 0.0216:1 (Ag/Zn) ratio for Q2 2026, respectively. Note: certain amounts shown in this table may not add exactly to total amounts due to rounding differences.
Consolidated production totaled 683,675 AgEq ounces, representing a 13.7% increase over the previous quarter result of 601,249 AgEq ounces, and a 49.4% increase over Q3 2025 production of 457,525 AgEq ounces. Q3 2026 production consisted of 392,138 ounces of silver, 3,771 ounces of gold, 716,561 pounds of lead, and 908,759 pounds of zinc. Milled tonnage across all operations was 131,774 tonnes during the quarter, up 14.6% versus Q2 2026, with significant increases at Bolanitos, El Cubo, and San Ignacio; these increases more than offset a modest decrease at Topia and the pause of mining at VMC. Metallurgical recoveries remained consistent over the quarter; consolidated recovery of silver in Q3 was 87% versus 88% in Q2; consolidated recovery of gold was 85% in Q3 versus 86% in Q2.
At Bolanitos, Q3 production totaled 255,146 AgEq ounces, representing an improvement of 38.4% over the previous quarter result of 184,398 AgEq. This encouraging result reflects the expanding availability and access to multiple mining faces due to increased underground development. In the second quarter of this year, the project's capital development program exceeded plan for the first time in over 24 months. In 2025, underground development averaged 40% under plan; this lack of development dramatically curtailed Bolanitos production capabilities in advance of Guanajuato Silver's purchase of Bolanitos in January of this year.
At San Ignacio, Q3 production totaled 50,852 AgEq ounces, representing an increase of 22.3% over the previous quarter result of 41,592 AgEq ounces. During the most recent quarter, production from the San Ignacio mine was processed exclusively at the Bolanitos mill; San Ignacio is currently being fully integrated into the Bolanitos mines complex. 2026 capital development rates at San Ignacio have now surpassed 2025's full year total.
At El Cubo, Q3 production totaled 154,320 AgEq ounces, representing an improvement of 20.9% over the previous quarter result of 127,594 AgEq ounces. Like Bolanitos, a well-financed underground capital development program during 2026 has already surpassed the full year 2025 capital development program total; nearly tripling 2025 totals.
At Topia, Q3 production totaled 200,697 AgEq ounces, representing a nominal 1.1% decrease from the previous quarter result of 203,019 AgEq ounces.
At VMC, Q3 production totaled 22,660 AgEq ounces, representing a 49.2% decrease from the previous quarter result of 44,646 AgEq ounces. In August 2026, the Company made the decision to pause extraction activities and shift the focus from mining to exploration (See GSilver news release dated August 26,2026).
Qualified Person
William Gehlen, a Director of Guanajuato Silver, is a Certified Professional Geologist with the American Institute of Professional Geologists (No. 10626), and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Mr. Gehlen has reviewed, approved and verified the technical data disclosed in this news release and has not detected any significant QA/QC issues during review of the data. The verification of data underlying the disclosed information includes reviewing production reports and grade calculation formulas.
About Guanajuato Silver
GSilver is a precious metals producer with a portfolio of producing silver and gold mines in central Mexico. The Company has a core operational footprint of three operating silver-gold assets in the state of Guanajuato, which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Anderson"
Chairman and CEO
For further information regarding Guanajuato Silver Company Ltd., please contact:
JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433
E: jjj@GSilver.com
GSilver.com
Guanajuato Silver Bullion Store
Please visit our Bullion Store, where Guanajuato Silver coins and bars can be purchased.
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Forward-Looking Statements
This news release contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, GSilver's growth; the expected positive impact of increased underground capital development on production; the Company's commitment to outpacing the current mine plan regarding capital development, the resulting operational flexibility, and the expected reduction of monthly advance rates to a sustainable long-term level; the integration of San Ignacio into the Bolanitos Mines Complex; the shift in focus at VMC from mining to exploration; and GSilver's broader growth objectives, future plans, projections and estimates.
Such forward-looking statements and information reflect management's current beliefs and are based on information currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: that the Company to accomplish its plans and objectives with respect to Bolanitos within the expected timing or at all; the potential quantity, grade and metal content of the mineralized material at Bolanitos, El Cubo and San Ignacio, the geotechnical and metallurgical characteristics of such material conforming to sampled results and metallurgical performance; available tonnage of mineralized material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production estimates; prices for silver, gold and other metals remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects and to satisfy current liabilities and obligations including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation) and inflation rates remaining as estimated; no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results, level of activity, production levels, performance or achievements of GSilver to differ materially from those expected including, but not limited to, market conditions, risks related to the ability of the Company to accomplish its plans and objectives with respect to Bolanitos within the expected timing or at all; availability of financing, currency rate fluctuations, high inflation and interest rates, geopolitical conflicts including wars, actual results of exploration, development and production activities, actual grades and recoveries of silver, gold and other metals from the Company's existing mines including Bolanitos, El Cubo, Pinguico, San Ignacio, and Topia, availability of third party mineralized material for processing, unanticipated geological or structural formations and characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to continue to increase production, tonnage milled and recovery rates, improve grades and reduce costs at Bolanitos, El Cubo, Pinguico, San Ignacio, or Topia to process mineralized materials to produce silver, gold and other concentrates in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver's decision to process mineralized material from Bolanitos, El Cubo, Pinguico, San Ignacio and Topia is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk of failure, both economically and technically. Mineral resources and mineralized material that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative geologically to have the economic considerations applied to them, and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the Company's projected grades of gold and silver at Bolanitos, El Cubo and San Ignacio and the anticipated level of production therefrom will be realized. In addition, there are no assurances that the Company will meet its production forecasts or generate the anticipated cash flows from operations to satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which the Company is subject or to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about the impact of any future global pandemic, ongoing global conflicts, elevated inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca including the Company's most recently filed annual information form. These forward-looking statements and information are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law.
SOURCE: Guanajuato Silver Company Ltd.
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