#1MGATOS SILVER High Margin Silver Producer with Exciting + Growth Potential Corporate Presentation November 2023 Outotec 444 444 wwww CAP. 2015 TON NYSE/TSX: GATO Outoted | gatossilver.com#2Disclaimer S GATOS SILVER Cautionary Note Regarding Forward-Looking Statements This presentation contains statements that constitute "forward looking information" and "forward-looking statements" within the meaning of U.S. and Canadian securities laws. All statements other than statements of historical facts contained in this presentation, including statements regarding potential mine life extension, expected cash distributions from the LGJV, timing of delivering a new life of mine plan, 2023 production and cost guidance, sustainability of cash flows, go-forward capital requirements, growth initiatives, capital expenditure requirements, prospective Los Gatos district-scale potential, mineral resource and reserve estimates, timing of issuing updated mineral resource and mineral reserve estimates, life of mine, future operating and capital costs, potential productivity, cost and margin improvements, future mill throughput rates, potential results from exploration (including strategic targets to maintain production, identify and delineate additional resources or reserves, and extend mine life through resource conversion, South-East Deeps and near-mine exploration) are forward-looking statements. Forward-looking statements are based on management's beliefs, assumptions, current expectations about future events and on information currently available to management including without limitation assumptions about commodity prices, mining methodologies, the accuracy of Mineral Reserve and Resource estimates, operating and capital costs, plant throughput and processing recoveries, favourable operating conditions, and including other assumptions set out herein and set out in the 2023 Technical Report (defined below). Such statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements including without limitation, commodity prices, change in regulations, failure to retain or obtain permits and licenses, environmental risks, cost and timing of exploration, development and production, opposition to mining may arise, labour interruptions, other general risks associated with mining operations and such other risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission and Canadian securities commissions. Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Gatos Silver expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No assurance can be given that such future results will be achieved, and as such, readers should not place undue reliance on forward-looking statements. Forward looking statements speak only as of the date of this presentation. Notice Regarding Mineral Disclosure The mineral resource and reserve estimates and LOM plan presented are based on a variety of estimates and assumptions relating to, among other things, geological interpretation, statistical inferences, commodity prices, mining methodologies, operating and capital costs, plant throughput and processing recoveries and operating conditions. In particular, material assumptions and risks include those described in our press release dated September 6, 2023 and in the technical reports filed by Gatos Silver, Inc in October 2023 on EDGAR and SEDAR+ (the "2023 Technical Report"), including metal prices, as well as our ability to reduce operating costs, increase ramp development rates and dewater the mine in a cost-effective manner. There can be no assurance that the assumptions will actualize or be correct, and changes to any of these assumptions or our inability to achieve these assumptions may result in actual results to deviate significantly from those in this presentation. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Qualified Persons Scientific and technical disclosure in this press release was approved by Anthony (Tony) Scott, P.Geo., Senior Vice President of Corporate Development and Technical Services of Gatos Silver who is a "Qualified Person" as defined in S-K 1300 and NI 43-101. Non-GAAP Financial Performance Measures This presentation contains non-GAAP financial performance measures. See Appendix slide 16-18 for more information on these non-GAAP financial performance measures and GAAP reconciliation. All dollar amounts are expressed in, and references to "$" refer to, United States dollars unless otherwise noted. Silver equivalent production is calculated using price assumptions of $22/oz Ag, $1.20/lb Zn, $0.90/lb Pb, and $1,700/oz Au to "convert" zinc, lead and gold production contained in concentrate to "equivalent" silver ounces (contained metal, multiplied by price, divided by silver price). 2#3Gatos Silver, Inc. A leading low-cost silver producer + 70% owned Cerro Los Gatos (CLG) mine, a state-of-the-art underground operation ▪ Mine life extended to end of 2030 Majority of revenue from silver ▪ Increased 2023 guidance to 8.8-9.3 Moz Ag and 13.8-14.6 Moz AgEq ■ + Strong balance sheet and liquidity $58M in cash, no debt ■ Strong cash flow from CLG, expect regular cash distributions to partners + Well positioned to realize district potential Exploration and future development expected to be funded from CLG cash flow Los Gatos District Located in Chihuahua State, Mexico ● ● ● Cerro Los Gatos mine operating since 2019 Over 103,000 hectares of contiguous mineral rights GATOS SILVER 3#4People, Community and Environment Stewardship Resolute focus on safety, communities and the environment +Committed to ensuring the highest standards Safety - strong culture and safety record ▪ Communities - collaborative community relations and development programs I ● ▪ Environment – 100% renewable power and proactive approach to minimizing impact Health & Safety Achieved lost time injury frequency of 0.17 in 2022(¹) Enhanced risk identification and safety culture programs Local Employment 24% from local communities, 60% from Chihuahua state, 99% reside in Mexic ● Local contractors provide site services Community Well- being Development projects implemented for water, infrastructure, health and education CHARIANA CATECH RIID ● TALLERES DE CAPACITACIÓN ICATECH Carbon Emissions Transitioned to 100% renewable power in 2022 Expect 80% reduction in CO₂e tonnes in 2023 vs 2021 GATOS SILVER UBR wrong DIE Minera Plata Real S. de R.L. de C.V. MIC PROGRAMA DE BECAS UNIVERSITARIAS Water & Biodiversity Fully lined tailings storage facility Water cooling and treatment facilities Conveyor and stockpile covers to minimize dust#52023 Annual Guidance (CLG - 100% basis) Targeting 13.8-14.6 Moz silver equivalent at attractive AISC(¹) Production Silver (Moz) Zinc (Mlb) Lead (Mlb) Gold (koz) Silver Eq. (Moz) AISC Guidance (¹) Co-product basis ($/oz AgEq. pay.) By-product basis ($/oz Ag pay.) Capital Expenditures Sustaining capital Resource development drilling Original 2023 Guidance 7.4 - 8.2 57-63 36 - 40 5.46.2 12.4 13.8 $15.50 - $17.50 $11.00 - $13.00 $45.0 $13.0 Updated 2023 Guidance 8.8 9.3 57-63 36-40 5.4 - 6.2 13.8 - 14.6 $15.50 - $17.50 $11.00 - $13.00 $45.0 $13.0 2023 Sept YTD 6.65 42.7 28.7 3.9 10.45 $15.81 $11.40 $29.9 $10.5 Sept YTD as % of guidance mid-point 73% 71% 76% 67% 74% 96% 95% 66% 81% GATOS SILVER FY 2022 10.32 60.7 43.9 5.3 15.8 $14.33 $10.24 $76.5 5#6CLG Asset Performance Strong operating results with further optimization potential + Mill exceeding design capacity ▪ Record throughput of 2,916 tpd in Q3'23 Achieving >15% above design capacity + Cost discipline ■ Continuous improvement with focus on effective cost management ▪ Initiatives helping to offset inflation and strong Mexican peso exchange rate + Focused on mine productivities ▪ Maintenance and equipment utilization ▪ Backfill optimization ▪ Mill has additional capacity Increased 2023 production guidance Mill Throughput and Silver Grade Throughput (tpd) 3,000 Silver Eq. Production (Moz) 2,750 2,500 2,250 2,000 5 3 2 1 356 0 Original throughput design 2,847 2,862 Q3 2022 Silver Eq. Production and By-product AISC (¹) Cost of Sales ($M) $28.6 $25.5 4.3 2.7 387 $10.04 Q3 2022 Q4 2022 4.2 2.9 $12.13 329 Q4 2022 2,894 Q1 2023 $26.0 3.7 2.4 $6.11 Q1 2023 265 2,916 Q2 2023 $25.8 3.3 $14.32 2.0 Q2 2023 GATOS SILVER 285 2,916 Q3 2023 $31.4 3.5 $14.71 2.2 Q3 2023 Throughput 400 350 300 250 200 150 100 50 0 Silver Eq. Silver $30 $25 $20 $15 $10 5₁ Silver Feed Grade (g/t) $0 By-product AISC ($/oz Ag) 6#7Robust Cash Flows at LGJV CLG is a low cost, high margin operation + Strong & sustained cash from operations (¹) • $29.4 M in Q3 2023 • $103.8 M 2023 year to date + Robust Free Cash Flow continues (1) (2) • $14.3 M in Q3 2023 ● $62.6 M in 2023 year to date, up 8% YoY ● + Lower go-forward capital requirements • Sustaining capital primarily development costs • South-East Deeps drilling at CLG being capitalized as resource development cost + Cash flows support continued cash distributions to partners $85.0 M returned to partners during 2023 Compares to $55.0 M in dividends in FY 2022 • Regular distributions expected going forward ● Cash from operations (¹) ($ millions) $50 $25 $0 $40 Free cash flow (¹) (2) ($ millions) $20 $38.5 $39.1 $40.0 $0 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 $14.7 $18.7 $34.3 $28.7 $29.4 $19.7 $14.3 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Cash used in investing (¹) ($ millions) $30 $20 $10 $0 $75 $50 $25 $23.8 $0 GATOS SILVER $20.4 Distributions to Partners (³) ($ millions) $11.4 $14.6 $15.2 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 $50.0 $35.0 $15.0 $20.0 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23Oct 23 7#8Strong Balance Sheet and Supportive Shareholder Base Liquidity to pursue district growth Debt free with strong cash balance GSI Liquidity Summary Cash and Cash Equivalents Debt Net Cash(1) Amount available under Credit Facility Los Gatos JV Liquidity Summary Cash and Cash Equivalents Debt Net Cash(1) At October 31, 2023 $57.7 million $0.0 million $57.7 million $50.0 million At October 31, 2023 $20.9 million $0.0 million $20.9 million $4.92 Capital Structure (as of September 30, 2023) NYSE Share Price (as of Nov. 6, 2023) TSX Share Price (as of Nov. 6, 2023) Market Capitalization (as of Nov. 6, 2023) Enterprise Value (as of Nov. 6, 2023)(²) Basic Shares Issued & Outstanding Fully Diluted Shares Ownership Summary(3,4) Other Insiders 0.4% Retail & Unidentified 24% Index 10% Other Institutional 20% C$6.77 $340 million $283 million 69.16 million 72.09 million Electrum Group 32% MERS 9% Fidelity 5% GATOS SILVER 8#9Robust CLG Life of Mine Plan Strong cash flow through 2030 Averaging 7.7 Moz/yr Ag or 13.9 Moz/yr AgEq in 2024-2026 46% increase in total silver production (¹) Targeting 3 to 4 year further life extension from SE Deeps(²) LOM Plan Highlights - 100% basis (3,4) Silver Production Silver Equivalent Production 6.6 Moz 12.4 Moz average per year average per year By-product AISC (5) $7.70 per oz Ag GATOS SILVER Free Cash Flow (6,7) $75 M average per year Co-product AISC (5) $14.30 per oz AgEq NPV(6) $462 M at 5% discount rate The 2023 LOM Plan, announced on September 6, 2023, assumes base case commodity prices of $22/oz silver, $1.20/lb zinc, $0.90/lb lead, $1,700/oz gold and $3.50/lb copper and a Mexican Peso exchange rate of MXN 20.00 per US$1.00. 9#10Silver Equivalent Production (2) (Moz) CLG LOM Plan - 100% basis Strong margins and stable cash flow profile Strong production profile and attractive costs (¹) 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 15.8 13.8- 14.6 ■ O. 10.3 2022 8.8- 9.3 Silver Production 14.3 8.2 2023 2024 Guidance 14.3 8.2 2025 13.2 6.8 Silver Eq. 12.1 6.0 11.3 6.2 - AISC (²) 10.5 5.3 10.3 4.8 2026 2027 2028 2029 2030 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 + Similar production to 2023 expected for next 2-3 years Advancing further life extension and expansion options By-product AISC(³) ($/oz pay.) Stable cash generation (¹) Using base case LOM Plan assumptions of $22/oz Ag, $1.20/lb Zn, $0.90/lb Pb, $1,700/oz Au and $3.50/lb Cu Annual After-Tax FCF ($M) $100 $75 $50 $25 $0 $75 ■ 2022 $39 H1’23 $48 2023 $76 2024 $76 2025 $70 2026 $67 2027 $81 GATOS SILVER 2028 $76 2029 $77 2030 + Consistent FCF (3) profile at current operating rates $75 million per year average at $22/oz silver $84 million per year average at $24/oz silver 10#11Organic Growth Strategy Targeting +10 year mine life by Q3 2024(¹) 2023 Mineral Reserve and LOM Plan 2023 ■ 1 3 to 4-year mine life extension target(2) Maiden inferred resource for SE Deeps Targeting to upgrade by Q3 2024 Infill drilling prioritizing higher-grade trends with 5 surface drills active ■ 2024 ■ District Satellite Deposits Potential to increase mill throughput 2025 ■ ■ 2026 Near-mine and district exploration focus Multiple other targets within 2km of mine 2 surface drills on high priority near mine targets in Q4 2023 + District drilling increasing in 2024 Up to 4,000 tpd, tied to life extension Testing major NW trending fault structures 2-3 drills from CLG definition program will be moved to district after Q1 2024 2027 +1500 masl +1200 +900 Legend 2028 2029 North-West Zone Developed / mined 2023 Mineral Reserve 2023 Mineral Resource Measured & Indicated 2023 Mineral Resource Inferred Drillhole intercept (Apr-Sep 2023) (3) 2030 Plunge 00 Azimuth 030 0 100 SE Deeps Extension 2031 Central Zone 200 300 ~1.8 km 2032 2033 2034 South-East Zone GATOS SILVER South-East Deeps 2035 +1500 +1200 +900 11#12Organic Growth Strategy - South-East Deeps Targeting to add 3 to 4 years of mine life by Q3 2024(¹) Currently 5 surface drill rigs active on South-East Deeps conversion Legend Developed / mined | Planned / conceptual development 2023 Mineral Reserve. 2023 Mineral Resource Measured and Indicated 2023 Mineral Resource - Inferred Completed drilling (April-June 2023) Planned surface drilling (through Q1'24) Plunge 00 Azimuth 030 0 100 200 300 +1500 masl +1200 +900 +600 Extension and definition drilling ~35km drilled since March 2023 data cutoff for recent LOM plan + ~25km of additional drilling planned before March 2024 GATOS SILVER + South-East Deeps infill to 50m spacing over next six months ■ Value enhancement studies + Production growth Prioritizing higher-grade trends ▪ Up to 4,000 tpd in conjunction with additional reserve growth ▪ Low capital expected ■ + Margin enhancement projects Copper separation circuit Pyrite leach circuit (increasing silver and gold recovery) ■ 12#13Organic Growth Strategy - South-East Deeps Targeting to add 3 to 4 years of mine life by Q3 2024(¹) Continuing to infill drill South-East Deeps, targeting higher grade trends GA-SE-538 3.7m @ 150 g/t Ag, 5.71% Zn, 2.94% Pb, 0.52 g/t Au and 1.00% Cu GA-SE-546 3.3m @ 174 g/t Ag, 2.60% Zn, 1.04% Pb, 0.27 g/t Au and 0.80% Cu GA-SE-535 6.8m @ 52 g/t Ag, 1.45% Zn, 0.42% Pb and 0.11% Cu GA-SE-541 7.5m @ 201 g/t Ag, 7.96% Zn, 9.49% Pb and 0.52% Cu GA-SE-542 3.0m @ 29 g/t Ag, 2.47% Zn, 2.81% Pb, 0.17 g/t Au and 0.20% Cu 2.0m @ 39 g/t Ag, 0.66% Zn, 1.45% Pb, 0.49 g/t Au and 0.43% Cu GA-SE-DV-536-A NSV GA-SE-549 NSV GA-SE-544 3.5m @ 140 g/t Ag, 17.11% Zn, 5.61% Pb and 0.47% Cu GA-SE-540 3.5m @ 457 g/t Ag, 0.92% Zn, 2.85% Pb and 2.13% Cu GA-SE-534 5.5m @ 66 g/t Ag, 0.15% Zn, 0.12% Pb and 0.55% Cu 3.8m @ 765 g/t Ag, 3.00% Zn, 4.17% Pb, 0.58 g/t Au and 1.75% Cu GA-SE-DV-551 1.5m @ 21 g/t Ag, 6.88% Zn, 2.63% Pb 1.5m @ 79 g/t Ag, 13.35% Zn, 5.33% Pb, 0.67 g/t Au GA-SE-537 GA-SE-520 GA-SE-515 GA-SE-524 GA-SE-532 GA-SE-DV-528 GA-SE-523 GA-SE-516 GA-SE-DV-548 3.0m @ 61 g/t Ag, 2.02% Zn, 1.66% Pb, 0.46 g/t Au and 0.37% Cu 0 Plunge 00 Azimuth 030 50 100 GA-SE-DV-529 GA-SE-526A 150 GA-SE-531 GA-SE-530 9.7m @ 88 g/t Ag, 6.98% Zn, 2.15% Pb and 0.21 g/t Au 3.9m @ 550 g/t Ag, 24.53% Zn, 13.74% Pb, 0.46 g/t Au and 0.30% Cu GA-SE-545 1.5m @ 24 g/t Ag, 5.55% Zn and 1.65% Pb GA-SE-556 3.8m @ 57 g/t Ag, 4.03% Zn, 0.49% Pb and 0.81% Cu 2.0m @ 207 g/t Ag, 3.43% Zn, 10.10% Pb, 1.22 g/t Au and 0.75% Cu GA-SE-533 CGA-SE-DV-518 GATOS SILVER GA-SE-DV-550-A 7.3m @ 26 g/t Ag, 1.32% Zn, 0.40% Pb and 0.45% Cu 1.5m @ 69 g/t Ag, 3.58% Zn 0.35% Pb and 0.89% Cu 4.0m @ 18 g/t Ag, 4.10% Zn, 1.84% Pb 1.5m @ 20 g/t Ag, 7.96% Zn, 2.21% Pb GA-SE-DV-539 NSV Legend GA-SE-547 3.4m @ 123 g/t Ag, 1.94% Zn, 1.28% Pb and 0.91% Cu 4.0m @ 243 g/t Ag, 0.95% Zn, 1.36% Pb and 1.17% Cu Developed / mined 2023 Mineral Reserve 2023 Mineral Resource Measured & Indicated 2023 Mineral Resource - Inferred Drillhole intercept (Apr-Sep 2023) (2) +1200 masl GA-SE-543 4.0m @ 61 g/t Ag, 3.33% Zn, 1.34% Pb, 0.69 g/t Au and 0.29% Cu 7.0m @ 15 g/t Ag, 2.08% Zn, 1.26% Pb and 0.18 g/t Au and 0.21% Cu +1050 +900 +750 13#14Organic Growth Strategy - Near-mine Targets Increase in near-mine drilling planned in Q4 2023 and district drilling in 2024 Several high-priority near-mine exploration targets +367500 E +3048000 N Lince 32 +3047500 N Boca de leon Santa Ana kilómetros CLG +368000 E +368500 NW Offset NW Deeps -368500 E +369000 E Central Deeps +369000 E +369500 E +369500 E Legend +370000 E Developed / mined Planned / conceptual development N 2023 Mineral Reserve 2023 Mineral Resource Measured and Indicated 2023 Mineral Resource - Inferred Completed drilling (Apr 23 - Jun'23) Planned surface drilling (through Q1'24) High priority near-mine drill targets 370000 Portigueño GATOS SILVER Near-mine Drilling + Multiple targets within 2km of existing underground development + Drilling at Portigueño and Cascabel currently + NW Offset, NW Deeps and Central Deeps targets to be drill tested in 2024 + Numerous other near mine targets will also to be drilled in 2024 Greenfields Exploration & District Drilling + Foundational data acquisition and prioritizing drill targets across 103,000 ha property + Multi-year programs being planned including further mapping + CLG definition drills shifting to near-mine and district drilling in 2024 14#15Organic Growth Strategy - District Exploration Preparing to increase district drilling in 2024 Large prospective district 3,060,000 mN 3,040,000 MN -50km Extensión NW Margarita Alluvium Epiclastic rocks Explanation Rhyolitic ignimbrite. Dacitic tuff Andesite Sedimentary rocks Diana Rhyolitic intrusive Dacitic porphyry Dioritic-sienitic intrusive 2 Lince TTT. Boca de León Rieles Fault Vein Road Stream Tenement 0 Target 360,000 ME -40km 360,000 ME Amapola Alma El Rodeo TT San Luis Esther CLG TUTT Cascabel Kilometres El Torreón Portigueño 380,000 mE Los Veranos 380,000 mE A Satevo 40 3,060,000 mN GATOS SILVER Greenfields Exploration + Foundational data acquisition + Expanding the team + Preparing and prioritizing drill targets + Large district with multi-year programs being planned including further mapping District Drilling + Los Rieles, Diana and Lince located approximately 20 to 22km NW of CLG near major NW structure + San Luis located approximately 5km NW of CLG + Drilling planned to start in 2024 15#16Outlook and Future Catalysts Focused on operating performance and mine life extension 1 Continue Strong Operating Performance + Implementing productivity, cost and margin initiatives - helping to offset inflationary pressures + Increased 2023 production guidance and on track to achieve cost guidance 2 3 Stable Cash Generation + Strong margins and regular cash distributions from the LGJV expected to continue + Average free cash flow(¹) of $75 million (2) / year in new LOM plan + GSI and LGJV remain debt free with strong cash balances Path to Further Growth + Mine life extended to end of 2030 and maiden inferred resource at South-East Deeps + Targeting additional 3 to 4 year mine life extension in next 12 months(³) Including studies to increase margin and potentially throughput up to 4,000 tpd ■ + Exciting near-mine and district drill targets in Q4'23 and 2024 Drilling new high priority targets near CLG mine ■ Continuing prospect generation across 103,000 ha property ■ GATOS SILVER 16#17GATOS SILVER NYSE/TSX: GATO www.gatossilver.com#18Appendix#19Experienced Board and Management Team Delivering on priorities and building shareholder value Executive Team Dale Andres Chief Executive Officer & Director 30+ years experience in executive leadership roles, including SVP Base Metals at Teck Resources. André van Niekerk Chief Financial Officer 20+ years experience in finance and business improvement roles, including CFO at Nevada Copper Corp, and EVP & CFO at Golden Star Resources. Luis Felipe Huerta Vice President Mexico 25+ years experience in project and operations, including Project Manager positions at Continental Gold and Fortuna Silver. James Woeller VP Corporate Development & Business Improvement 10+ years experience in business development, finance and strategic planning roles, including senior positions at Teck Resources. Tony Scott SVP Corporate Development & Technical Services 20+ years experience in senior technical and commercial roles, including Managing Director at Macquarie Group Ltd. Stephen Bodley General Counsel & Chief Compliance Officer 30+ years experience in natural resource & other industries, including Chief Legal Officer at Ma'aden and General Counsel at Sherritt. Nicolas Vachon Vice President Finance 20+ years financial and corporate development experience in the mining industry, including senior positions at Teck Resources. Board of Directors Janice Stairs Board Chair Executive Committee Chair Audit Committee member Igor Gonzales TSS Committee Chair Compensation and Nominating Committee member Charles Hansard Audit Committee member Daniel Muñiz Quintanilla TSS Committee member GATOS SILVER Ali Erfan Compensation and Nominating Committee member Karl Hanneman Compensation and Nominating Committee Chair Executive Committee member TSS Committee member David Peat Audit Committee Chair Dale Andres, CEO Executive Committee member TSS Committee member 19#20Providing Essential Metals Growing demand driven by the transition to a low-carbon economy 2022 Production (%) (¹) Gold 3% Zinc 21% 60.7 Mlb Silver Demand Jewelry 19% Lead 11% Other 9% Investment 27% 1,242 Moz Industrial 45% Silver 65% 10.3 Moz Industrial demand: Primarily used in electronics and electrical, including solar photovoltaic cells, circuitry, battery connectors, cables and charging equipment. For the year 2022. Source: The Silver Institute & Metals Focus(2) Silver Silver plays an important role in green energy and automotive industries ● ● 140 Moz (11%) of global demand from solar power installations (²) Up from 48 Moz in 2014 Battery electric vehicles use ~25-50 grams of silver per vehicle (3) ~70% more than internal combustion engine vehicles Source: shutterstock.com Zinc • Zinc is critical in corrosion prevention of steel, energy storage, and infrastructure ● GATOS SILVER ● • 60% used in galvanizing Decarbonization is infrastructure intensive Essential nutrient critical for human health Also an important component in new and existing battery technology Source: shutterstock.com 20#21All-in Sustaining Cost Curve for Primary Silver Mines (2023) $40 $35 $30 $25 $20 $15 $10 $5 Competitive Cost Position CLG is a low cost, high margin operation $0 ($5) ($10) 2023 Guidance $11.00-$13.00/ oz Ag pay. LOM Plan $7.70/oz Ag pay. Silver Payable (Moz) 180 Source: S&P Capital IQ Mine Cost Service for Primary Silver Mines for 2023; data represents all-in sustaining costs. Cerro Los Gatos is added using the mid-point of the Company's 2023 AISC(1) guidance of $11.00 - $13.00/oz Ag payable. Primary silver mines represent -28%(2) of global mined silver production; remainder is primarily as a by-product from copper, lead/zinc and gold mines. + CLG is well positioned on cost curve Profitability through price cycles ■ +LOM cost position supported by: GATOS SILVER I High silver grades with substantial by-products ▪ Deposit geometry and vein widths which allow for productive, mechanized mining methods ▪ Lower go-forward capital requirements ▪ Continuous improvement process and culture with potential for further cost improvements 21#22Summary of the 2023 LOM Plan And comparison to the 2022 LOM Plan Total Mill Throughput (Mt) Average Mill Throughput rate (tpd) Total Silver Production (Moz) Total Silver Equivalent Production (Moz) Average Silver Production (Moz/year) (¹) Average Zinc Production (Mlbs/year) (¹) Average Lead Production (Mlbs/year) (¹) Average Silver Equivalent Production (Moz/year) Site Operating Costs ($/ tonne milled) Sustaining Capital ($M) By-Product AISC ($/oz Ag pay.)(2) Co-Product AISC ($/oz AgEq pay.)(2) Total Undiscounted Free Cash Flow ($M)(3)(4) After-Tax NPV (5%, $M) (³) 2023 LOM Plan (H2'23+) 8.08 2,949 49.7 93.1 6.6 64.5 46.8 12.4 $88.67 $160.2 $7.70 $14.30 $547.5 $461.7 2022 LOM Plan (H2'23+) 5.03 2,900 34.1 62.0 7.2 67.2 44.8 13.1 $88.95 $67.6 $6.87 $13.55 $381.2 $338.6 Change 3.05 49 15.6 31.1 (0.5) (2.7) 2.1 (0.6) ($0.28) $92.7 $0.82 $0.74 $166.3 $123.1 Change (%) 61% 2% 46% 50% (8%) (4%) 5% (5%) 0% 137% 12% 5% 44% 36% GATOS SILVER 22#23Extended Mine Life by ~3 years to end 2030 Increases in Mineral Resource and Reserve primarily driven by drilling Additional 62 km of drilling in 335 drillholes Legend Developed / mined 2023 Mineral Reserve 2023 Mineral Resource Measured and Indicated 2023 Mineral Resource - Inferred Additional drilling (Apr'22 - Mar'23) Plunge 00 Azimuth 030 0 100 200 300 +1500 masl +1200 +900 +600 2023 LOM Plan exceeded target of 1 to 2 year life extension + Substantial additional drilling ■ Conversion of higher-grade inferred material I ▪ GATOS SILVER + 46% increase in silver production over LOM Plan First stage of SE Deeps definition drilling ▪ Maiden inferred resource for SE Deeps + Low risk mine design with operational flexibility ■ ▪ ~2,950 tpd mining rates similar to current operations ■ Maximizing use of longhole methods (74% of stope tonnage) Critical underground infrastructure in place 23#242023 LOM Plan - Mine Design Low risk mine design with operational flexibility Mining rates of ~2,950 tpd are similar to current operating rates + Maximizing use of longhole mining methods (74% of stope tonnage) Higher productivity and lower cost than cut and fill methods ▪ Dilution and mine recovery factors are based on historical operating information Primarily paste fill planned for longhole stopes + Significant underground development and infrastructure in place 1.550 2023 Mineral Reserve 1.400 1.300 1.250 1.200 1.150 1.100 1.050 1,000 ■ 9.50 ■ North-West Legend Central Developed / mined 2023 Mineral Reserve - LH Stopes 2023 Mineral Reserve - C&F Stopes South-East South-East Deeps 1.400 1.350 1,300 1,250 1.200 1.100 1.050 1.000 Mining Methods Stope production transitions from ~50% LH in 2024 to ~95% LH towards the end of the mine life 56% 74% Longhole Stopes GATOS SILVER 2022 LOM 44% 26% Cut and Fill Stopes 2023 LOM 24#252023 LOM Plan - Production Schedule and Operating Costs Milling throughput rates average ~2,950 tpd + Throughput rate is supported by recent operating performance LOM Plan averages ~2,950 tpd ▪ H1 2023 rates at 2,905 tpd ■ + Operating costs based on recent performance Proportion of lower cost longhole stoping method increases over the mine life ▪ Sensitive to exchange rates ● ~$2.50 / tonne milled per 1 MXN / USD rate change + Initiatives already started to further improve productivity and costs beyond LOM assumptions ▪ Maintenance and equipment utilization ▪ Backfill optimization Mill throughput and silver head grades Throughput Mill Throughput (tpd) 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 Zinc Grade Lead Grade 2,928 271 H2 2023 $26.64 2,957 $17.90 267 2024 4.51% 4.75% 2.11% 2.14% 2,957 $88.67 per tonne milled 268 2025 2,962 $44.14 223 2026 4.56% 4.89% 2.22% 2.33% 2,984 193 2027 Continued focus on cost reduction opportunities LOM Operating Costs 4.56% 2.26% ■ Mining Costs Silver Grade 2,970 ■ Milling Costs ■ G&A Costs 201 2,978 171 2028 3.68% 3.69% 2.03% 2.17% 2029 GATOS SILVER 2,844 165 2030 4.08% 2.34% 300 250 200 150 100 50 0 Silver Head Grade (g/t) 25#262023 LOM Plan - Capital Costs Higher sustaining capital costs support mine life extension + Sustaining capital of $160 M over LOM ■ $93 M increase in go forward capital driven by 2.75 year mine life extension ▪ Additional development at depth in NW, Central and SE zone required ■ Additional TSF dam raise and supporting mine infrastructure + Key surface infrastructure already in place Paste plant and fluorine leaching projects complete and operating well + Stable mine development profile through 2027 ▪ In-line with current development rates + Tailings storage facility has further expansion capacity Lower sustaining capital requirements towards end of mine life $ millions $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 1,600 1.550 1.500 1.450 1.400 1.300 1.250 1.150 1.100 1.050 1.000 $13 $12 H1 2023 $21 2023 Legend $17 Developed / mined Planned development $21 2024 Additional development to access new reserve areas $17 $22 2025 $7 $20 2022 Mineral Reserve 2023 Mineral Reserve 2026 ■ Underground Development $4 $15 2027 $10 $1 2028 Infrastructure & Equipment GATOS SILVER $2 2029 2030 1.550 1.500 1.400 1,350 1.300 1.250 1.150 26#272023 LOM Plan - Free Cash Flow Robust margins and consistent free cash flow After Tax Free Cash Flow (¹) ($ millions) Annual After-Tax FCF ($M) $100 $90 $80 $70 $60 $50 $20 $39 $40 H1 FCF $30 $48M $10 $0 $47 2023 $76 $87 2024 $76 $87 2025 $70 $78 2026 Cumulative After-Tax FCF - $22/oz Ag Annual After-Tax FCF - $22/oz Ag $67 Cumulative LOM after tax cash flows (2) $548 million at $22/oz silver $612 million at $24/oz silver 2027 + + $75 $81 $89 2028 $76 $82 2029 $77 $83 2030 Cumulative After-Tax FCF - $24/oz Ag Annual After-Tax FCF - $24/oz Ag $700 $600 $500 $400 $300 $200 $100 $0 Cumulative After-Tax Free Cash Flow ($M) Sensitivity to Silver Prices - After Tax NPV(¹) (5%) ($ millions) $406 $20.00 $462 $518 $22.00 Base Case Silver Price ($/oz) $24.00 GATOS SILVER $573 $26.00 27#28Opportunities - CLG Asset Optimization Strategic margin improvement projects being studied Pyrite Circuit + CLG continues to optimize silver recoveries to lead and silver concentrates, currently achieving ~88.5% + Majority of losses to tailings are as binary associations with gangue, and as silver sulfosalts ▪ Not recoverable in zinc / lead flotation circuits + Studying potential to recover additional silver / gold ▪ New pyrite flotation circuit followed by leaching and Merrill-Crowe to produce dore Targeting +3-4% silver and +4-5% gold ▪ Several examples of this type of circuit in other silver/zinc/lead operations ■ Expected to have low capital cost, with design leveraging some existing and unused equipment + Scoping level assessments completed Advancing with additional metallurgical test work, flowsheet design and assessment of permitting implications GATOS SILVER Copper Circuit + Copper mill feed grades currently ~0.07%, with ~60% recovered to the lead concentrate + Copper grades are expected to increase and provide a substantial potential contribution to revenues, primarily in the SE and SE Deeps zones ▪ In-situ value of copper in most SE Deeps drill intercepts is higher than lead, and in some instances is higher than zinc + Studying potential to add a copper recovery circuit to produce a separate copper concentrate to maximize potential revenues Mill Expansion + Operation is currently mine constrained + Mill has potential to achieve ~3,500 - 4,000tpd with minor upgrades to motor, power and other equipment + To be considered by partners only after reserve / resource expansion 28#29Mineral Reserve Mineral Reserve - CLG, as at July 1, 2023 (1,2,3,4,5,6,7,8,9,10) Zn (%) 4.39 4.27 4.32 Proven Probable Proven and Probable Reserve Proven Probable Proven and Probable Reserve Mt 3.46 4.62 8.08 Ag (g/t) 317 141 217 Processed Pb (%) 2.17 2.23 2.20 Processed from July 1, 2022 to June 30, 2023 Mt Ag (g/t) Zn (%) 1.05 334 4.09 Au (g/t) 0.31 0.20 0.25 2022 Mineral Reserve - CLG, as at July 1, 2022 (see 2022 Technical Report) Mt Ag (g/t) Zn (%) Pb (%) Au (g/t) Ag (Moz) 2.32 309 4.33 2.20 0.31 23.1 3.75 204 4.57 2.11 0.24 24.6 6.07 244 4.48 2.14 0.27 47.7 Pb (%) 2.01 Cu (%) 0.09 0.19 0.15 Au (g/t) 0.30 Ag (Moz) 35.3 21.0 56.3 Zn (Mlbs) 335.0 435.3 770.2 Ag (Moz) 11.3 Zn (Mlbs) 221.6 377.4 599.1 Zn (Mlbs) 94.8 Silver (Moz), zinc (Mlbs), lead (Mlbs), gold (koz) and copper (Mlbs) represent metal contained in mill feed. Mineral Reserves are reported on a 100% basis. Please refer to Appendix slides 30 and 31 for Mineral Reserve and Mineral Resource table endnotes. Pb (Mlbs) 165.7 226.6 392.3 Pb (Mlbs) 112.3 174.4 286.7 Pb (Mlbs) 46.6 GATOS SILVER Au (koz) 34.7 29.3 64.0 Au (koz) 23.0 28.7 51.8 Au (koz) 10.1 Cu (Mlbs) 6.9 19.5 26.4 29#30Mineral Reserve Mineral Reserve - CLG, as at July 1, 2023 (1,2,3,4,5,6,7,8,9,10) Zn (%) Mt 3.46 Ag (g/t) 317 4.39 4.62 141 4.27 8.08 217 4.32 Proven Probable Proven and Probable Reserve 12345 6기 Pb (%) 2.17 2.23 2.20 (6) (7) Au (g/t) 0.31 0.20 0.25 Cu (%) 0.09 0.19 0.15 Ag (Moz) 35.3 21.0 56.3 Zn (Mlbs) 335.0 435.3 770.2 Pb (Mlbs) 165.7 226.6 392.3 GATOS SILVER Au (koz) 34.7 29.3 64.0 Cu (Mlbs) 6.9 19.5 26.4 Mineral Reserves are reported on a 100% basis and exclude all mineral reserve material mined prior to July 1, 2023. Specific gravity has been assumed on a dry basis. (2) (3) Tonnage and contained metal have been rounded to reflect the accuracy of the estimate and numbers may not sum exactly. Values are inclusive of mining recovery and dilution. Values are determined as of delivery to the mill and therefore not inclusive of milling recoveries. Mineral Reserves are reported within stope shapes using a variable cut-off basis with a Ag price of US$22/oz, Zn price of US$1.20/lb, Pb price of US$0.90/lb, Au price of US$1,700/oz and Cu price of $3.50/lb. The Mineral Reserve is reported on a fully diluted basis defined by mining method, stope geometry and ground conditions. Contained Metal (CM) is calculated as follows: Zn, Pb and Cu, CM (Mlb) = Tonnage (Mt) * Grade (%) / 100 * 2204.6 Ag and Au, CM (Moz) = Tonnage (Mt) * Grade (g/t) / 31.1035; multiply Au CM (Moz) by 1000 to obtain Au CM (koz) The SEC definitions for Mineral Reserves in Regulation S-K 1300 were used for Mineral Reserve classification and are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions). (9) Under SEC Regulation S-K 1300, a Mineral Reserve is defined as an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. (10) The Mineral Reserve estimates were prepared under the supervision of Mr. Stephan Blaho, P.Eng. an employee of WSP Canada Inc. who is the independent Qualified Person for these Mineral Reserve estimates. 30#31Mineral Resource (exclusive of Mineral Reserve) Mineral Resource - CLG, as at July 1, 2023 (1,2,3,4,5,6,7,8,9,10,11) Zn (%) Ag (g/t) 141 2.50 85 3.71 93 3.55 100 3.40 Measured Indicated Measured and Indicated Inferred Mt 0.05 0.34 0.40 4.58 (4) (5) (6) (7) (8) Pb (%) 1.70 1.90 1.88 2.32 (9) No dilution was applied to the Mineral Resource. (10) Contained Metal (CM) is calculated as follows: Au (g/t) 0.40 0.23 0.25 0.21 Zn, Pb and Cu CM (Mlb) = Tonnage (Mt) * Grade (%) / 100 * 2204.6 Cu (%) 0.05 0.15 0.14 0.40 Ag (Moz) Zn (Mlbs) Pb (Mlbs) 0.2 2.9 2.0 0.9 28.1 14.4 1.2 30.9 16.4 14.7 343.6 234.5 (1) Mineral Resources are reported on a 100% basis and are exclusive of Mineral Reserves. (2) The SEC definitions for Mineral Resources in S-K 1300 were used for Mineral Resource classification which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions). (3) Under SEC Regulation S-K 1300, a Mineral resource is defined as a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category. Specific gravity has been assumed on a dry basis. Tonnage and contained metal have been rounded to reflect the accuracy of the estimate and numbers may not sum exactly. Mineral Resources exclude all Mineral Resource material mined prior to July 1, 2023. GATOS SILVER Au (koz) Cu (Mlbs) 0.7 0.1 2.5 1.1 3.2 1.2 30.9 40.1 Mineral Resources are reported within stope shapes using a $81.03/tonne Resource NSR cut-off calculated using an Ag price of $22/oz, Zn price of $1.20/lb, Pb price of $0.90/lb, Au price of $1,700/oz and Cu price of $3.50/lb. The Resource NSR cutoff includes mill recoveries and payable metal factors appropriate to the existing CLG processing circuit augmented with a pyrite leach circuit and copper separation circuit. The processing recoveries for these additional projects is based on existing preliminary metallurgical testwork. Ag and Au, CM (Moz) = Tonnage (Mt) * Grade (g/t) / 31.1035; multiply Au CM (Moz) by 1000 to obtain Au CM (koz) (11) The Mineral Resource estimates were prepared under the supervision of by Ronald Turner, MAusIMM(CP) an employee of Golder Associates S.A. who is the independent Qualified Person for these Mineral Resource estimates. 31#32Mineral Resource - Esther Unchanged from 2022 Mineral Resource Mineral Resource – Esther, as at July 1, 2022 (1,2,3,4,5,6,7,8,9,10) (see 2022 Technical Report) Pb (%) 2.17 1.53 Indicated Inferred (1) (2) (3) (4) (5) (6) (7) (8) (9) Mt 0.28 1.20 Ag (g/t) 122 133 No dilution was applied to the Mineral Resource. Contained Metal (CM) is calculated as follows: Zn (%) 4.30 3.69 GATOS SILVER Au (g/t) Ag (Moz) Zn (Mlbs) Pb (Mlbs) 0.14 1.1 26.8 13.6 0.09 5.1 98.0 40.6 Au (koz) 1.2 3.3 Mineral Resources are reported on a 100% basis. Under SEC Regulation S-K 1300, a Mineral resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The SEC definitions for Mineral Resources in S-K 1300 were used for Mineral Resource classification which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions). The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category. Specific gravity has been assumed on a dry basis. Tonnage and contained metal have been rounded to reflect the accuracy of the estimate and numbers may not sum exactly. Mineral Resources are reported within stope shapes using a $52/tonne NSR cut-off basis assuming processing recoveries equivalent to CLG with an Ag price of $22/oz, Zn price of $1.20/lb, Pb price of $0.90/lb and Au price of $1,700/oz. There is a portion of the Esther deposit that is oxidized and metallurgical test work is required to define processing recoveries. Zn and Pb, CM (Mlb) = Tonnage (Mt) * Grade (%) / 100 * 2204.6 Ag and Au, CM (Moz) = Tonnage (Mt) * Grade (g/t) / 31.1035; multiply Au CM (Moz) by 1000 to obtain Au CM (koz) (10) The Mineral Resource estimates were prepared by Ronald Turner, MAusIMM(CP) an employee of Golder Associates who is the independent Qualified Person for these Mineral Resource estimates. 32#33Non-GAAP Financial Performance Measures The Company uses certain measures that are not defined by GAAP to evaluate various aspects of our business. These non-GAAP financial measures are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Cash Costs and All-In Sustaining Costs Cash costs and all-in sustaining costs ("AISC") are non-GAAP measures. AISC was calculated based on guidance provided by the World Gold Council ("WGC"). WGC is not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles and policies applied, as well as definitional differences of sustaining versus expansionary (i.e. non-sustaining) capital expenditures based upon each company's internal policies. Current GAAP measures used in the mining industry, such as cost of sales, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that cash costs and AISC are non-GAAP measures that provide additional information to management, investors and analysts that aid in the understanding of the economics of the Company's operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production. Cash costs include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, treatment and refining costs, general and administrative costs, and royalties. AISC includes total production cash costs incurred at the LGJV's mining operations plus sustaining capital expenditures. The Company believes this measure represents the total sustainable costs of producing silver from current operations and provides additional information of the LGJV's operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of silver production from current operations, new project and expansionary capital at current operations are not included. Certain cash expenditures such as new project spending, tax payments, dividends, and financing costs are not included. Free Cash Flow Management uses free cash flow ("FCF") as a non-GAAP measure to analyze cash flows generated from operations. As used herein, FCF is cash provided by operating activities less cash used in investing activities. The Company believes that this measure assists in evaluating the Company's ability to generate cash flow after capital investments. The most directly comparable measure prepared in accordance with GAAP is cash provided by operating activities. The Company believes FCF is also useful as one of the bases for comparing the Company's performance with its competitors. Although FCF and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company's calculation of FCF is not necessarily comparable to such other similarly titled captions of other companies. The Company is unable to provide without unreasonable efforts a reconciliation of forward-looking free cash flow on a per-year basis to cash flow provided by operating activities due to the inherent difficulty in forecasting and quantifying certain amounts, some of which may be material, that are necessary for such reconciliation. Reconciliation of FCF to Cash Flow from Operating Activities (as defined under US GAAP): Free Cash Flow Cash Flow provided by Operating Activities Cash Flow used in Investing Activities After-Tax Free Cash Flow Mining and Income Taxes Pre-Tax Free Cash Flow GATOS SILVER Units $M $M $M $M $M 2023 LOM Plan (H2'23+) $707.7 ($160.2) $547.5 $129.2 $676.7 33#34Non-GAAP Financial Performance Measures Cash Cost and AISC Reconciliation The following table presents a reconciliation between the most comparable GAAP measure of the LGJV's expenses to the non-GAAP measures of (i) cash costs, (ii) cash costs, net of by-product credits, (iii) co-product AISC and (iv) by-product AISC for the Company's operations. The Company is unable to provide without unreasonable efforts a reconciliation of forward-looking AISC and related measures on a per-year basis to cost of sales due to the inherent difficulty in forecasting and quantifying certain amounts, some of which may be material, that are necessary for such reconciliation. Cash Costs and All-In Sustaining Costs Mining Costs Milling Costs Transportation Costs Cost of Sales Royalties General and Administrative Expenses Treatment and Refining Costs Cash Costs Sustaining Capital Accretion Expense All-in Sustaining Costs (AISC)(¹)(2) By-product Credits (3) Payable Silver Cash Costs before By-product Credits AISC before By-product Credits By-product Credits(³) By-product Cash Cost By-product AISC(¹) Payable Silver Equivalent(3)(4) Co-product Cash Cost Co-product AISC(¹) (1) (2) (3) (4) Units $M $M $M $M $M $M $M $M $M $M $M $M $M Moz $/oz Ag payable $/oz Ag payable $/oz Ag payable $/oz Ag payable $/oz Ag payable Moz $/oz AgEq payable $/oz AgEq payable 2023 LOM Plan (H2'23+) $356.7 $215.3 $116.4 $688.5 $3.9 $144.6 $837.0 $146.9 $983.8 $160.2 $0.0 $1,144.0 $(846.9) 44.9 $21.89 $25.45 $(18.84) $3.05 $6.61 83.4 $11.79 $13.71 2022 LOM Plan (H2'23+) $230.7 $131.3 $79.9 $442.0 $3.7 $85.7 $531.4 $115.1 $646.5 $67.6 $7.2 $721.3 $(536.9) 30.9 GATOS SILVER $20.96 $23.38 $(17.40) $3.55 $5.98 55.3 $11.70 $13.05 Excludes LGJV management fee and administration costs of approximately $6 million per year, equivalent to $1.09 / oz Ag payable and $0.59 / oz AgEq payable, respectively in the 2023 LOM Plan and $0.89 / oz Ag payable and $0.50 /oz AgEq payable, respectively in the 2022 LOM Plan. Excludes any exploration costs related to future resource expansion and conversion. Assumes prices of $22.00/oz silver, $1.20/lb zinc, and $0.90/lb lead, $1,700/oz gold and $3.50/lb copper. Payable silver equivalent ounces include copper aligned to current payable terms for copper in lead concentrate. 34#35Endnotes Slide 4: People, Community and Environment Stewardship (1) Lost time injury frequency shown as incident rate per 200,000 hours worked. Slide 5: 2023 Annual Guidance (1) See Non-GAAP Financial Performance Measures slides. Slide 6: CLG Asset Performance (1) See Non-GAAP Financial Performance Measures slides. Slide 7: Robust Cash Flows at LGJV (1) LGJV figures are shown on a 100% basis. Gatos Silver's ownership of the LGJV is 70%. (2) See Non-GAAP Financial Performance Measures on slides. (3) Dividends or distributions paid by the LGJV are shown on a 100% basis and are before applicable withholding taxes. Slide 8: Strong Balance Sheet and Supportive Shareholder Base (1) See Non-GAAP Financial Performance Measures slides. (2) Calculated as market capitalization less GSI cash and equivalents as of October 31, 2023 of $57.7 million. (3) Source: S&P Capital IQ as of November 5, 2023. Most position dates are as of June 30, 2023 which are generally the latest 13F filings. "Other Insiders" include current directors and management. Index holdings are based on "Passive" investment orientation per S&P Capital IQ. (4) Slide 9: Robust CLG Life of Mine Plan (1) The increase is compared to the 2022 LOM Plan considering the comparable periods from July 1, 2023 onwards (the effective date of the 2023 LOM Plan). Refer to slide 21 for a summary of the 2023 LOM Plan and comparison to the 2022 LOM Plan. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Figures are shown on a 100% basis. Gatos Silver ownership of the LGJV is 70%. Financial and cost metrics including silver equivalent production, cash costs, AISC, free cash flow and NPV are calculated using base case prices of $22/oz Ag, $1.20/lb Zn, $0.90/lb Pb, $1,700/oz Au, $3.50/lb Cu and an exchange rate of 20.00 Mexican Pesos per US$1.00. Financial and cost metrics exclude exploration costs related to future resource expansion and conversion. (2) (3) (4) (5) GATOS SILVER (2) (6) (7) Slide 10: CLG LOM Plan - 100% basis (1) Gatos Silver provides annual production guidance and quarterly production results for CLG, and such results can vary quarter over quarter based on short term execution plans and constraints. The 2023 LOM Plan is based on long-term planning assumptions and is not to be interpreted as a change in annual guidance for 2023. Figures are shown on a 100% basis; Gatos Silver has a 70% interest in the LGJV. (3) See Non-GAAP Financial Performance Measures slides. All-in Sustaining Costs (AISC) presented include LGJV management fee and administrative costs of approximately $6 million per year. Refer to slide 34 for AISC details. Free cash flow and Net Present Value (NPV) are on an after-tax basis, and NPV is calculated as of July 1, 2023 using a 5% discount rate. See Non-GAAP Financial Performance Measures slides. See Non-GAAP Financial Performance Measures slides. All-in Sustaining Costs (AISC) presented include LGJV management fee and administrative costs of approximately $6 million per year. Refer to slide 34 for 2023 LOM Plan AISC details. See Non-GAAP Financial Performance Measures slides. Free cash flow is on an after-tax basis. Sensitivity to silver prices use the silver price indicated; zinc, lead, gold and copper prices remain at base case prices. 35#36Endnotes Slide 11: Organic Growth Strategy (1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Please refer to forward looking statements on slide 2 regarding potential conversion of inferred resources to indicated or measured. (3) Drill intercepts shown are for drilling completed since the database cutoff date for the 2023 Mineral Reserve and Resource. Please refer to our press releases dated July 18, 2023 and October 23, 2023 for complete drill intercepts and additional information. Slide 12: Organic Growth Strategy - South-East Deeps (1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Slide 13: Organic Growth Strategy - South-East Deeps (1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. (2) Drill intercepts shown are for drilling completed since the database cutoff date for the 2023 Mineral Reserve and Resource. Please refer to our press releases dated July 18, 2023 and October 23, 2023 for complete drill intercepts and additional information. Slide 16: Outlook and Future Catalysts See Non-GAAP Performance Measures slides. Figures are shown on a 100% basis. Gatos Silver ownership of the LGJV is 70%. Free cash flow is after-tax and is calculated using base case prices of $22/oz Ag, $1.20/lb Zn, $0.90/lb Pb, $1,700/oz Au, $3.50/lb Cu and an exchange rate of 20.00 Mexican Pesos per US$1.00. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading Inferred Mineral Resources to an Indicated or Measured Mineral Resource category. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. (1) (2) (3) Slide 20: Providing Essential Metals (1) Production contribution is based on the value of metal contained in concentrate (contained metal, multiplied by price) using long-term assumptions of $22/ oz silver, $1.20 / lb zinc, $0.90 / lb lead and $1,700/oz gold. No adjustment is made for differences in payable factors or smelter terms. Source: The Silver Institute & Metals Focus Ltd, "World Silver Survey 2023", published in 2023. Source: The Silver Institute & Metals Focus Ltd, "Market Trend Report: Silver's Growing Role in the Automotive Industry", published in 2021. (2) GATOS SILVER Slide 22: Summary of the 2023 LOM Plan (1) Silver production is silver contained in Pb and Zn concentrates, zinc production is zinc contained in Zn concentrate, lead production is lead contained in Pb concentrate. (2) (3) (2) See Non-GAAP Financial Performance Measures slides. By-product AISC and Co-product AISC include the LGJV management fee and administrative costs of $1.09 / oz Ag payable and $0.59 / oz AgEq payable, respectively in the 2023 LOM Plan and $0.89 / oz Ag payable and $0.50 /oz AgEq payable, respectively in the 2022 LOM Plan from July 1, 2023. Refer to slide 34 for AISC details. Net Present Value ("NPV") is as of July 1, 2023 using a 5% discount rate and is shown on an after-tax basis. NPV and free cash flow assume base case prices of $22/oz Ag, $1.20/lb Zn, $0.90/lb Pb, $1,700/oz Au, $3.50/lb Cu and an exchange rate of 20.00 Mexican Pesos per US$1.00. See Non-GAAP Performance Measures slides. (4) Slide 27: 2023 LOM Plan - Free Cash Flow (1) See Non-GAAP Financial Performance Measures slides. Free cash flow and Net Present Value (NPV) are on an after-tax basis, and NPV is calculated as of July 1, 2023 using a 5% discount rate. Sensitivity to silver prices use the silver price indicated; zinc, lead, gold and copper prices remain at base case prices. See Non-GAAP Financial Performance Measures slides. Cumulative after-tax cash flows are from July 1 2023 onwards. 36