VANCOUVER, BC — December 17, 2025 — Leads & Copy —
GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) has completed its previously announced underwritten private placement offering, issuing 66,666,832 units at a price of $0.30 per unit, resulting in aggregate gross proceeds of $20,000,049.60.
The offering included 8,332,833 units ($2,499,849.90) sold through the full exercise of the over-allotment option granted to Research Capital Corporation, serving as the sole bookrunner and co-lead underwriter, along with Red Cloud Securities Inc. as co-lead underwriter.
Each unit consists of one common share of the company and one half of one common share purchase warrant. Each whole warrant allows the holder to purchase one common share at an exercise price of $0.42 per share, any time until December 17, 2028.
The company intends to use the net proceeds from the offering to advance its Plomosas Silver Project in Mexico, for working capital, and for general corporate purposes.
37,333,332 units were issued pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemptions, to purchasers resident in Canada (other than the province of Québec) and in other qualifying jurisdictions outside of Canada on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws, and are not subject to a statutory hold period pursuant to applicable Canadian securities laws.
29,333,500 units were issued under a private placement pursuant to applicable prospectus exemptions in accordance with National Instrument 45-106 – Prospectus Exemptions and are subject to a hold period expiring April 18, 2026, in accordance with the policies of the TSX Venture Exchange (the “TSXV”) and applicable securities laws.
The company entered into an underwriting agreement dated December 17, 2025, with the underwriters, pursuant to which the company (i) paid the underwriters a cash commission of $1,195,826.98, and (ii) issued an aggregate of 3,986,090 non-transferable broker warrants. Each broker warrant allows the holder to purchase one unit at an exercise price equal to the offering price at any time until December 17, 2028.
Certain directors and officers of the company participated in the offering and purchased an aggregate of 60,700 units for gross proceeds of $18,210 (which units are subject to a hold period expiring April 18, 2026, in accordance with the policies of the TSXV and applicable securities laws). The insiders’ participation is considered a related party transaction.
The offering remains subject to the final approval of the TSXV.
Marcio Fonseca, CEO of GR Silver Mining, commented that this milestone financing occurs in an environment where the silver price exceeds US$60 per ounce. He added that the company is now financially capable, with more than $28.5M in its treasury, to carry out an aggressive step-out and exploration drilling campaign at San Marcial Area, Plomosas Project, with the goal to significantly increase the NI 43-101 Mineral Resource Estimate, followed by a planned Preliminary Economic Assessment Report in the second half of 2026.
Fonseca expects 2026 to be a “game-changing year” for the company, including potential catalysts such as an updated mineral resource estimate for the Plomosas Project, advancement of Bulk Sampling Test Mining engineering studies, and assessment of alternatives to establish a pilot plant at the Plomosas Project. He also thanked Research Capital and Red Cloud, as well as the teams in Mexico and Canada for their contributions in 2025, including the discoveries of additional high-grade, wide silver mineralization in Mexico.
Márcio Fonseca, President & CEO
Source: GR Silver Mining Ltd.
