GR Silver plans 20,000 m of drilling at San Marcial

Executive Summary

• GR Silver Mining Ltd. has released its 2026 corporate guidance, outlining a strategic focus on resource growth and the integration of its San Marcial and Plomosas projects into a single-stage silver development.
• The company plans a significant 20,000-meter drilling program at San Marcial in the first half of 2026 to expand the mineral resource, with an updated NI 43-101 estimate targeted for the second half of the year.
• Key operational milestones include the initiation of a Bulk-Sampling Test Mining (BSTM) program, potential pilot plant installation at Plomosas, and a Preliminary Economic Assessment (PEA) targeted for late 2026.

Key Details

• Drilling Program:
  • Planned 20,000-meter surface drilling program at San Marcial in H1 2026.
  • Focus on shallow, high-grade silver mineralization, testing for extensions, parallel discoveries, and downdip/downplunge extensions.
  • Testing of shallow parallel breccias recently discovered outside the 2023 Mineral Resource Estimate (MRE) footprint.
  • Results to feed into an updated NI 43-101 mineral resource estimate targeted for H2 2026.
• Project Advancement (Plomosas & San Marcial Integration):
  • BSTM: Initiation of a bulk-sampling test mining program.
  • Pilot Plant: Evaluation of installation options at Plomosas, including purchasing/relocating existing plants in Mexico, fabricating new equipment, or a hybrid approach. Throughput depends on the selected option.
  • Engineering: Engagement of independent engineering firms to assess integration scenarios between San Marcial and Plomosas.
  • Financing: Discussions underway with potential offtake partners for non-dilutive and accretive financing for BSTM and advancement activities.
• Permitting and Environmental:
  • Appointment of a country manager with experience in large-scale silver-gold operations.
  • Existing Plomosas permits provide a streamlined path to pilot plant operations.
  • Five-year drilling permit received at San Marcial in September 2025.
  • Advancement of environmental studies, including preparation of a Manifesto de Impacto Ambiental (MIA) for underground drilling at San Marcial and parallel work for an integrated MIA covering both projects.
• Economic Assessment:
  • Gap analysis underway to support the first integrated development plan.
  • Preliminary Economic Assessment (PEA) targeted for H2 2026.
• Financial Position:
  • Company is fully funded, debt-free, and well-capitalized.
  • Completed over $34 million in equity financing in H2 2025.
  • Liquidity in shares has improved materially.
• Team Enhancements:
  • Addition of Jorge Sanchez as a technical services manager (formerly of Los Filos, Los Gatos, and San Dimas).
  • Continued recruitment of experienced mining and operational professionals in Mexico.
• Conference Schedule (Q1/Q2 2026):
  • VRIC: Jan 25-26, 2026 (Vancouver).
  • Red Cloud Pre-PDAC: Feb 26-27, 2026.
  • PDAC 2026: March 1-4, 2026.
  • SilverCon Europe: April 16-17, 2026 (Munich and Frankfurt).
• QA/QC Procedures:
  • Samples assayed at SGS de Mexico SA de CV in Durango.
  • Silver overlimits (>100 ppm) reassayed via lead fusion fire assay and gravimetric finish.
  • Gold overlimits (>10 ppm) assayed via lead fusion fire assay and gravimetric finish.

Notable Quotes

• "Two thousand twenty-six is shaping up to be a very active and transformational year for GR Silver. Our primary focus is on accelerating resource growth at San Marcial, following up on recent successful stepout drilling, while also advancing the integration of the San Marcial and Plomosas areas as a single-stage silver development project." — Marcio Fonseca, President and CEO
• "The company is fully funded, debt-free and well capitalized, allowing us to pursue an aggressive program in this coming year. Liquidity in our shares has improved materially, and, with multiple catalysts planned, including a resource update, a preliminary economic assessment and bulk-sample test mining, GR Silver is well positioned for a strong 2026." — Marcio Fonseca, President and CEO