#1A Guanajuato Silver co CO 1111 Near Term Silver-Gold Production in Guanajuato, Mexico Corporate Presentation - June 16, 2021 www.GSilver.com El Cubo / El Pingüico Project, Mexico TSX venture EXCHANGE TSX: GSVR OTC Markets: GSVRF#2DISCLAIMER This management presentation (the “presentation") is prepared as a summary overview only of the current affairs of Guanajuato Silver Company Ltd. (the "company" of "GSilver") and was not prepared for the purpose of assisting prospective investors in making a decision to invest in GSilver. GSilver does not make any representation or warranty as to the completeness, truth, or accuracy of the information contained in this presentation including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, results or statements in relation to future matters contained in this presentation. The views and information provided herein are based on a number of estimates and assumptions that are subject to significant exploration, business, economic, regulatory and competitive uncertainties. See "Forward-looking information" below. The company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your risk and without liability to the company. The information contained herein is not and does not constitute an offer to sell or the solicitation of an offer to buy any security in the United States or any other jurisdiction in which such offer or solicitation would be unlawful. GSilver's securities are not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S) unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available. The reader is referred to his/her professional investment advisor regarding investment related decisions respecting the securities of the company. Confidentiality This Presentation is confidential, and the contents are not to be reproduced or distributed to the public or the press. Applicable securities legislation prohibits such unauthorized distribution of information. Each recipient of the information contained in this presentation will treat such information in a confidential manner and will not, directly or indirectly, disclose or permit its affiliates or representatives to disclose such information to any other person or reproduce this presentation in whole or in part, without the prior written consent of GSilver. Forward-looking information This presentation contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, the company's successful acquisition of El Cubo on the proposed terms and estimated timing for closing thereof, the ability of GSilver to raise the necessary funding to purchase El Cubo on the terms and conditions contemplated, the ability of GSilver to successfully re-start the El Cubo mill, supply sufficient mineralized material from the company's El Pinguico project and El Cubo for processing through the El Cubo mill at the projected rate, the ability to generate cash flow from the El Cubo mill as contemplated or at all, the exploration and development potential of El Cubo and El Pinguico and the potential existence of mineral resources thereon, and the potential intersection at depth of the "Veta Madre" with the company's El Pinguico vein. Such forward-looking information and statements reflect management's current beliefs and are based on assumptions made by and information currently available to the company. Readers are cautioned that such forward-looking information and statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, currency rate fluctuations, actual results of exploration and development activities, unanticipated geological formations and characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor issues, delays in obtaining governmental or regulatory approvals and permits, and other risks in the mining industry. There are no assurances that GSilver will successfully finance and complete the acquisition of the El Cubo on the terms contemplated or at all or, if acquired, that the company will be able to successfully re-start the El Cubo mill to process mineralized materials in the amounts and at the costs anticipated. In addition, there is uncertainty about the spread of COVID-19 and the impact it will have on the company's operations, supply chains, ability to access El Pinguico or El Cubo or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All the forward-looking statements made in this presentation are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking information and statements 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. Quality assurance / quality control All scientific and technical information in this presentation has been approved by Hernan Dorado, a director of GSilver and a "qualified person" as defined in National Instrument 43-101 of the Canadian Securities Administrators. 2 TSX: GSVR CTЄMarkets: GSVRF TSX venture EXCHANGE A Guanajuato Silverso#3A 3 Guanajuato Silver.co PEA Shows Quality Resource Study shows 7-year mine life Combined Project total ounces: • Indicated resources of 7.2m AgEq oz Inferred resources of 20.3m AgEq oz • لا Six Months To Production Refurbishing of mill to take 4 to 6 months. Projected processing costs well below current silver price. Material to be sourced from both El Pingüico and El Cubo projects. Dedicated Management Team A diversity of experience, backgrounds and talents is our strength. BOD and management are significant shareholders and aligned with shareholder interests. • Guanajuato, Mexico 480-year-old mining jurisdiction. Good relations with local community. Experienced local labour force. +7,000 ha. of prospective mining claims.#4GSilver Cash Position / Shares Outstanding (all numbers approximate - all in $CAD) Historic Chart for Can:GSVR by Stockwatch.com 604.687. 1500 (c) 2021 Thu Jun 10 2021 Op=0.64 H=0.65 Lo=0 62 C=0.62 Vol-214,548 Year hi=0.74 lo=0.11 Cash at 06/15/21 7,050,000 Cah GSVR Gold/Silver Loan 9,100,000 (proposed draw-down in July 2021) Fully Funded $16,150,000 Pro Forma Shares Issued 196,900,000 Financing Warrants - average price $0.405 54,300,000 *exercise will bring in approx. $22.0m Options Outstanding Fully Diluted الموالية الالي A Guanajuato Silverco 0.84 0.80 0.76 0.72 0.68 0.64 0.60 0.56 0.52 0.48 0.44 0.40 0.36 0.32 0.28 0.24 0.20 0.16 0.12 Volume 12,300,000 12.01 8.0 M 4.0 M 263,500,000 Jun Ju Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2020 2021#5Major Shareholders (all numbers approximate) A Guanajuato Silverco Endeavour Silver Corp. 10.9% Endeavour Silver Corp. Eric Sprott Myrmikan Capital LLC. (Director Daniel Oliver) 10.4% GSilver Directors & Advisors VBS Exchange Pty Ltd. Eric Sprott 7.1% 4.9% 3.4% EMA Garp Fund LP. 2.8% Public Shareholders Public Shareholders 60% 5 GSilver Directors & Advisors EMA Garp Fund LP. Myrmikan Capital LLC. VBS Exchange Pty Ltd.#69 THE EL CUBO MILL AND MINE COMPLEX RECENTLY ACQUIRED FROM ENDEAVOUR SILVER CORP. FOR US$15M El Cubo Mine and Mill Complex 1-50 TSX: GSVR OTЄMarkets: GSVRF TSX venture A Guanajuato Silver EXCHANGE#7EL PINGÜICO / EL CUBO PEA Resource Estimate January 2021 Combined Project Total Resources: 718,655 Tonnes of Indicated Resources Totaling 7,214,000 Silver Equivalent Ounces 1,453,000 Tonnes of Inferred Resources Totaling 20,323,000 Silver Equivalent Ounces El Pingüico - Indicated and Inferred Mineral Resource Estimate (1) Indicated Resource Guanajuato Silver co Silver Gold Tonnes (g/t) (g/t) Silver Eq. (g/t) Silver Eq. (oz) 210,600 79 0.6 127 860,000 El Cubo - Indicated and Inferred Mineral Resource Estimate (1) Indicated Resource Inferred Resource Silver Gold Tonnes (g/t) (g/t) Silver Eq. (g/t) Silver Eq. (oz) Silver Gold Silver Eq. Tonnes (g/t) (g/t) (g/t) Silver Eq. (oz) 508,055 194 2.44 389 6,354,000 1,453,000 214 2.78 435 20,323,000 7 Data Source: Behre Dolbear & Company (USA Inc.) PEA 01/29/2021#8N Guanajuato District EL CUBO Mondt GSilver is now the dominant claim holder in the Guanajuato mining district - with over 7,000 ha of prospective mining claims Guanajuato cho lose vera Yesbabune Frac Arboledas PATITOI PATITO II PINGUICO ㅁ Cerro de Gallo Hackada La Sauces Rio Grande ANAJUATOR DOCORESTUDALGO LEGEND Major Mines VanGold Existing Claims VanGold Acquisition Claims RAPUATO A 2.5 Guanajuato Silver 5 CO 10 Km#9El Pingüico: Highest grade mine in the region from 1890 till 1913. "...rich shoots are seldom found in nature to recur so often in any mine as they are found here." - Professor Robert T. Hill c.1906 This 400 tpd mine was owned by NYSE listed “Pingüico Mines Co." until 1913 when operations ceased due to the Mexican Revolution; it is located just 8km from El Cubo. 9#10El Pingüico: Surface and UG Stockpiles - Feed for a Hungry Mill... コート N Surface Stockpile: Size: 185k tonnes Grades: 103 gpt AgEq. (2) Stockpiles Can Deliver -40% Of Mill Feed For First 36 Months 10 Level 4 Aditi Underground Stockpile: •Size: 25,600 tonnes (top 5m of stockpile only). •Grades: 301 gpt AgEq. (3) 719 Surface material ready for delivery. UG material can be removed along Level Seven or the El Pingüico shaft. Level 7 Adit#11Section Showing High-Grade Areas of El Pingüico and San Jose Veins A Guanajuato Silver co LTD 3D Model-Long Section Slice Looking SW Don Ricardo Zone Pinguico South E Pillar 13@215 Age g LEGEND Underground Sampling Assays Pinguice South C Pillar San Jose East Pillar 6m 334 Agfa get 18 268 Арба дот Pinguico South Par 30207 Agla apt Alepp >500 Penguice South DP 300-500 37 m @ 132 Agfa got Pinguico South A Pilar 13@230 Aglia apt 100-300 50-100 10-50 11 0-10 Underground Workings Adit level 4 San Jose Drill Station Pinguico Shaft Pillar 151136 Agg Pinguico North Pillar 47 m @ 394 Agla got San Jose NW Pillar 25m @ 303 Aglegt Calville Drill Station Drill Station San Jose Pillar 30m@ 163 Aglio gat Adit Level 7 (Approximate locati 100 200 300 Meters Underground Stockpile 148,966 tonnes @303 gpt AqEq "Yee Dec 1, 2020 new release for disclaimer) Channel Samples Near El Pingüico Shaft Reported 537 gpt AgEq Over 55m Vertical Extent. (4)#12Highlights of Recent Drilling: LEGEND 12 Proposed Drill Program Veins 3D Wireframe Underground Workings 500 Underground Proposed PG-20-K to PG-20-P Underground Proposed PG-20-H to PG-20-J 200 300 Meters Don Ricardo Target Underground Proposed PG-20-E to PG-20-G Surface Proposed PG-20-D A Guanajuato Silver Drill Hole From To Interval (m) Au gpt Ag gpt AgEq gpt P21-03 97.95 102.00 4.05m 0.68 62 116 99.15 100.15 1.00m 1.50 122 242 106.80 107.35 0.55m 2.11 505 674 P21-07 2.40 2.90 0.50m 0.35 83 111 2.90 4.15 1.25m assays pending 4.15 4.60 0.45m 0.32 66 92 P21-08 102.25 103.90 1.65m 2.45 125 321 158.60 159.10 0.50m 0.21 48 65 169.20 171.25 2.05m 3.79 100 403 including 169.70 170.45 0.75m 8.81 208 913 174.60 175.60 1.00m 0.93 41 115 176.15 177.15 1.00m 1.65 45 177#13Drilling the Veta Madre: A Potential Game Changer 30 Model-Section Slice Looking NW LEGEND Proposed Drill Program Ven 30 Wireframe 13 Surface Proposed PG-20-A & PG-20-8 Don Ernesto Target Surface Proposed 300 A Guanajuato Silver.co Approximate location of Veta Madre Vein "The Veta Madre is nearly parallel to and about 5,000 feet east of the Pinguico vein and it has a dip of forty to forty-five degrees toward Pinguico. The faulting in this district is known to have been very profound, and it is entirely probable that the Pinguico fault extends down to the mother-vein." Veta Madre Target 900 Meters Prof. John A. Church, mining engineer c.1906#14DEDICATED AND EXPERIENCED BOARD OF DIRECTORS James Anderson CHAIRMAN & CEO Ramón Dávila Director Hernan Dorado Director & COO William Gehlen Director Daniel Oliver Director Richard Silas Director & VP Corp Development Over 20 years of capital market experience as a retail broker investment banker and manager in the Canadian brokerage business. James has been instrumental in the financing of several small-cap public companies in mining exploration and development. Served as CEO of NuLegacy Gold Corp from 2012-2019 before establishing Guanajuato Silver Company. James is a graduate of the University of Alberta. Mr. Davila was Chief Operating Officer and member of the Board of Directors of First Majestic Silver Corp from 2004 to 2014. Within that 10-year period, he led a team that created five new silver mining operations in Mexico, taking the company from two employees to more than 4000, growing First Majestic's production profile from zero to over 12 million ounces of silver equivalent production per year. In September 2016, Mr. Davila was appointed Minister of Economic Development for the State of Durango, Mexico – a post he held until June 2020. His graduated from the University of Guanajuato with a degree in Mining and Metallurgical Engineering as well as a Master of Science degree in Mineral Economics from the Colorado School of Mines. - Director of Guanajuato Silver Company since 2017, Hernan is a Mining Engineer with more than 15 years of underground and open pit mining experience. He has in depth knowledge of the El Pinguico mine and vast experience with precious metal projects like Pan-American Silver's La Preciosa in Mexico, and New Gold's Peak Mines in Australia. Hernan is a graduate of Mining Engineering with an Executive MBA from Escuela Europea de Negocios, Salamanca, Spain. From 2013-2018, Mr Gehlen was Manager of Resource Development for OceanaGold Corp. Prior to Oceana, he served as VP of Exploration for Pacific Rim Mining Corp where he managed all aspects of mineral exploration for the company and oversaw the El Dorado gold deposit in El Salvador and the Diablillos gold-silver deposit in Argentina. Mr Gehlen serves as the Manager of Corporate Development for Gold Standards Venture Corp. and holds an M.S (Geology) from the University of Idaho. Daniel manages Myrmikan Capital LLC of New York, which actively invests in the precious metals mining sector. He is the President of the Committee for Monetary Research & Education, made famous for opposing the Bretton Woods monetary system in 1970. A noted commentator with articles published in Forbes, The Wall Street Journal, The Washington Times and others. Daniel holds a J.D. from Columbia Law School and an MBA from INSEAD. Mr. Silas has been a Director of Guanajuato Silver Co. since October of 2019, Richard now also serves as VP of Corporate Development. Previously was President of Barksdale Res. Corp., where he played a vital role in acquiring the company's Sunnyside project in Arizona. Sunnyside is located adjacent to South32's Taylor deposit, which was acquired in 2018 for $2.1 Billion. Mr. Silas has 20+ years' experience in corporate governance, regulatory compliance, and administration of resource companies. Prior to Barksdale, Mr. Silas was a Director of Gold Standard Ventures Corp. (TSX and NYSE listed) from 2009 until 2017. During his time at Gold Standard, the Company's market capitalization increased from $23 million to over $400 million.#15OPERATING TEAM IDENTIFIED READY TO HIT THE GROUND RUNNING Hernan Dorado Smith Chief Operating Officer Mining Engineer 16 years experience operating in Canada, Australia, Mexico, Brazil, and Dominican Republic Gerardo Dorado Canto El Pinguico Mine Manager Mining Engineer 44 years experience operating throughout Mexico Robert Sedgemore Director of Mill Commissioning Process Engineer 25 years of international experience in the mining industry, including extensive experience in South America Lisa Dea Chief Financial Officer Chartered Professional Accountant 20 years experience in the finance, securities and accounting fields. Felizardo Escudero Human Resources Manager Human Resources Manager 32 years experience in recruiting and labour relations in the mining industry including 2 years experience at El Cubo Monica Seleme Environmental Services Manager Environmental Systems Engineers 11 years experience consulting for environmental standards – 8 years experience with First Majestic Silver Corp. Antonio Nito Pacheco Head of Safety and Security Mining Engineer 20 years experience in safety and security of Mexican open pit and underground mines - 5 years experience at El Cubo Carlos Ortiz Mine Planner Mining Engineer 19 years experience in Guanajuato area mines - 6 years experience at El Cubo Pedro Delgado Mine Manager at El Cubo Mining Engineer 33 years experience working in operations management in mining throughout Mexico#16ADVISORY BOARD EXPERT GUIDANCE FROM OUR KNOWLEDGABLE ADVISORS Stuart "Tookie" Angus Business Advisor Independent business advisor to the mining industry. For the past 30 years, Mr. Angus has focused on structuring and financing significant international exploration, development and mining ventures. Managing director of mergers and acquisitions for Endeavour Financial, a director of Ventana Gold until its takeover by AUX Canada Acquisition in 2011, and a director of Plutonic Power until its merger with Magma Energy in 2011. Chairman of Nevsun Resources Ltd., until its take-over by Zijin Mining in March of 2019. John Budreski Business Advisor Director and Executive Chairman of the Board for EnWave Corp. Formerly a Vice Chairman of Cormack Securities Inc. and prior to that, President and CEO of Orion Securities Inc. Over 25 years of experience in the resource and resource financing industries. Director of Sandstorm Gold Ltd., Imput Capital, and NuLegacy Gold Corporation. John holds a Bachelor of Engineering from Dalhousie / TUNS University and an MBA from the University of Calgary. Greg Hawkins Geological Advisor Has been involved in the mining industry since 1969. Had various responsibilities in the identification and delineation of 10 mineral deposits in Canada, USA, Chile, Ghana, Mali and Zaire. In 2004 Mr. Hawkins was awarded the Frank Woodside Past Presidents Awarded by the British Columbia and Yukon Chamber of Mines in recognition of his outstanding contribution to the mining industry. Mr. Hawkins holds a BSc in Geology from the University of Alberta and MSc in Mineral Economics from McGill University.#17Endnotes (1) The mineral resource estimate used as the basis for the January 29, 2021 Behre Dolbear & Company (USA), Inc., PEA was derived from Endeavour's previous technical report for El Cubo titled "National Instrument 43-101 Technical Report: Updated Mineral Resource and Reserve Estimate for the El Cubo Project, Guanajuato, Mexico" dated March 3, 2017 and amended March 27, 2018 (effective December 31, 2016) by Hardrock Consulting LLC. and computer models developed by Endeavour and Guanajuato Silver Company's (the "company" of "GSilver") previous technical report for El Pinguico titled "NI 43-101 Technical Report for El Pinguico Project, Guanajuato Mining District, Mexico", dated effective February 28, 2017 by Carlos Cham Dominguez, C.P.G., copies of which have been filed by Endeavour and GSilver, respectively, under their profiles on SEDAR. Behre has reviewed the information, estimation methods and the estimates in such reports and is of the opinion that the estimates are reasonable and can be utilized for the PEA, subject to certain adjustments including those summarized below. (2) In 2012 a private company commissioned by the then owner of El Pinguico calculated the volume of the surface stockpile as 92,849.5 m3, with a surface of 15,769.40 m2. In January 2017, Findore S.A. DE C.V. ("Findore"), a private geological services company engaged by GSilver, dug 10 holes with a backhoe CAT machine in the stockpile at different locations and different depths, taking two samples from each hole (one at the top and one at bottom). The samples confirmed there was no movement of economic values from surface to bottom of the stockpile due to weathering and rains, with the average samples results as follows: Au ppm Top samples Bottom sample. 0.62 0.43 Ag ppm 80.6 61.1 AuEq ppm 1.78 1.31 Based on the foregoing, GSilver estimates the surface stockpile comprises approximately 175,000 to 185,000 tonnes of material grading between 0.45 gpt Au and 67 gpt Ag (100 gpt AgEq) and 0.52 gpt Au and 70 gpt Ag (110 gpt AgEq). The potential quantity and grade of the surface stockpile is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the stockpile being delineated as a mineral resource. (3) In 2012, "Servicio Geológico Mexicano" (SGM, the Mexican Geological Survey agency) took 56 samples from 19 trenches distributed over 300 meters of the underground stockpile to a depth of 1.5 meters with an average trench width of 6.95 meters. The grade of the top 5 meters of the stockpile was determined through trench sampling and tonnage was estimated by topographic survey and historic mine plans with no grades assigned to tonnes below 5 meters due to inaccessibility. None of the categories of classification assigned by SGM comply with those set out in NI 43-101 or CIM guidelines. Average grades are historic in nature, have not been verified and should not be relied upon. Additional work is required to verify the grade distribution throughout the whole stockpile before it can be applied to all of the available tonnage and qualify for current classification standards. A "qualified person" as defined under NI 43-101 has not done sufficient work to classify this historical estimate as current mineral resources or reserves and GSilver is not treating the historical estimate as current mineral reserves or resources. (4) Based on 57 samples taken by GSilver in 2017 from 20 trenches (mostly historic with a few new trenches) within the UG stockpile. All samples were collected, recorded, bagged and sent by GSilver's consulting geologist to ALS Laboratory in Guadalajara, Mexico for sample preparation. Gold, silver and multi-element ICP analysis was completed at the ALS laboratory in North Vancouver, Canada. Rock samples were fine crushed (70% passing a 2mm screen), pulverized (85% passing a 75 micron screen) and a pulp split separated for assaying by a riffle splitter. 30 gram portion of each sample was assayed for gold by standard fire assay and a 10 gram split was analysed for 35 elements by ICP method. Standard reference material and blank samples were inserted into the sample stream at a 5% insertion rate with pulped samples from the underground stockpile for quality control purposes. The results of the standards and blank samples were satisfactory. All data was collected with industry standard practices and assay results were verified by 'GSilver's consulting geologist. The Company is in the process of conducting further metallurgical testing to verify this and Endeavour Silver Corp's published metallurgical results. 17 TSX: GSVR OTЄMarkets: GSVRF A Guanajuato TSX venture EXCHANGE Silver#18A Guanajuato Silver co CO Near Term Silver-Gold Production in Guanajuato, Mexico Guanajuato Silver Company - June 16, 2021 James Anderson, CEO & Chairman +1 (778) 989-5346 [email protected] TSX venture EXCHANGE TSX: GSVR OTC Markets : GSVRF Head Office | 578-999 Canada Place | Vancouver | British Columbia | V6C 3E1 | Canada General Enquiries | [email protected] Business Phone | +1 (778) 989-5346 www.GSilver.com