Guanajuato Silver Files Technical Report for Bolanitos Mine

Key Takeaways

• NI 43‑101 report filed for 100% owned Bolanitos mine
• Reserve estimate uses $51.91/t mining and $26.28/t processing costs
• Silver price assumption set at $30/oz; gold at $2,550/oz
• Cut‑off grades: 134‑140 g/t AgEq across production zones
• Independent Qualified Persons from Hard Rock Consulting approved reserves and resources

Pulse Analysis

The National Instrument 43‑101 technical report is the gold standard for mining disclosures in Canada and North America. By engaging independent qualified persons from Hard Rock Consulting, Guanajuato Silver ensures that its Bolanitos reserve and resource numbers meet rigorous industry criteria, reducing regulatory risk and enhancing credibility with institutional investors. The report’s detailed cost assumptions—$51.91 per tonne for mining, $26.28 for processing, and a 1% NSR royalty—provide a transparent baseline for evaluating project economics against peers.

Guanajuato Silver’s assumptions reflect a realistic market outlook. A silver price of $30 per ounce and a gold price of $2,550 per ounce are in line with current spot levels, while the 134‑140 g/t AgEq cut‑off grades balance ore quality with profitability. Incorporating a 66% dilution factor and a 91.6% ore‑loss factor acknowledges the inherent uncertainties of underground mining, yet still yields a robust reserve estimate that can support sustained production. Compared with other Mexican silver projects, Bolanitos’ cost structure appears competitive, positioning the company to benefit from any upside in metal prices.

Within the broader context, Mexico remains the world’s leading silver producer, and Guanajuato’s mining-friendly jurisdiction offers strategic advantages. GSilver’s diversified portfolio—including four operating silver‑gold assets in Guanajuato and a concentrator in Durango—provides operational synergies and cash‑flow stability. The newly filed NI 43‑101 report not only validates Bolanitos’ resource potential but also signals to lenders and equity partners that the company is ready to advance development, secure financing, and potentially increase its market share in the fast‑growing silver sector.