Continuity Under Pressure & How GR Silver Is Executing Through Leadership Transition

• GR Silver is executing a 20,000-metre drill program at its Plomosas silver project while managing an executive leadership transition, with Eric Zaunscherb assuming interim President and Chief Executive Officer (CEO) roles.
• Drilling results announced April 22, 2026, included 6.45 metres grading 498 grams per tonne (g/t) silver, including 1.2 metres of 1,618 g/t silver, and 15.6 metres grading 351 g/t silver, including 2.5 metres of 1,395 g/t silver, demonstrating continuity to approximately 500 metres depth at San Marcial.
• The company is evaluating a 60 to 200 tonnes per day pilot plant at Plomosas to support a bulk sample test mining program, targeting regulatory approval to shorten San Marcial's 5 to 7-year permitting timeline.
• GR Silver has tested 20% of the intrusive perimeter at San Marcial, leaving 80% prospective, with one drill rig dedicated to parallel breccia targets and surface sampling supporting a conceptual porphyry model at depth.
• Key execution metrics include drill result frequency, the timing of the MRE update in the second half of 2026, and deployment of fourth and fifth drill rigs, which will provide the first performance data under new management.

Leadership Change & Operational Momentum 

GR Silver Mining (TSXV: GRSL | OTCQX: GRSLF | FRA: GPE) is executing a 20,000-metre drill program at its Plomosas silver project in Mexico while managing a change in executive leadership. Eric Zaunscherb, previously executive chair, assumed the roles of interim president and interim chief executive officer (CEO) following the founder's recent passing. The company now faces the standard risk profile associated with executive transitions: maintaining operational momentum, preserving institutional knowledge, and delivering on the technical program that anchors near-term investor expectations.

The market test for GR Silver in 2026 is whether continuity of execution can be maintained through the leadership change. The company reports it is fully financed for its current program and has no debt on the balance sheet, which removes one immediate pressure point during a period when credibility depends on uninterrupted delivery.

Drilling Program Underway at San Marcial

GR Silver is drilling at the San Marcial breccia zone within its Plomosas project, targeting extensions of known mineralisation to support a planned update to its mineral resource estimate (MRE) later this year. The company operates three drill rigs on site and has completed fewer than 5,000 metres of the planned 20,000-metre program. Results announced on April 22, 2026, included intersections of 6.45 metres grading 498 grams per tonne (g/t) silver from a depth of 235.45 metres, including 1.2 metres of 1,618 g/t silver, and 15.6 metres grading 351 g/t silver from a depth of 222.85 metres, including 2.5 metres of 1,395 g/t silver.

Zaunscherb stated the drilling has demonstrated continuity of mineralisation to approximately 500 metres depth in the main southeast extension of the breccia. The average thickness of mineralised intercepts in the existing resource at San Marcial is 22 metres. GR Silver has reported a current resource of 134 million ounces of silver equivalent, approximately 85% to 90% of which is attributed to silver by value. The company has historically added ounces at a discovery cost of US$0.12 per ounce and is currently trading at over US$1.20 per ounce, although this ratio is directional and does not account for grade, jurisdiction, or metallurgical recovery factors that would affect economic viability.

Bulk Sample Program & Permitting Strategy

GR Silver has reestablished a logistical base in Durango and opened an office in Mexico City, where engineering work is underway. The company is evaluating the installation of a pilot processing plant at the Plomosas mine site, targeting a throughput capacity of 60 to 200 tonnes per day to support a bulk sample test mining (BSTM) program using existing underground development at the former Plomosas mine, which has 7.4 kilometres of accessible workings and holds the necessary operating permits.

The stated objective is the demonstration of operational capability to Mexican regulators rather than revenue generation. Plomosas operates under a mining concession, whereas the San Marcial deposit is classified under an exploration concession. Advancing San Marcial from exploration to production status through standard permitting processes could require 5 to 7 years. The company is pursuing the bulk sample program at Plomosas to establish a track record of responsible mining operations, which could shorten the permitting timeline for San Marcial.

Geological Model & Exploration Targets

The San Marcial breccia is interpreted to lie along the shoulder of an intrusive body. Drilling to date has tested approximately 20% of the perimeter of this intrusive, leaving 80% as prospective ground. The company has identified parallel breccia zones closer to the intrusive center and has dedicated one drill rig to testing the first of these targets. Surface sampling has identified elevated copper and molybdenum values trending toward the intrusive core, which supports a conceptual porphyry model at depth. The company has identified four to five pulses of mineralisation within the San Marcial breccia and is testing for stacked boiling zones that could extend the vertical extent of economic mineralisation.

Team Continuity & Operating Environment

Zaunscherb reported visiting the Plomosas site, the Durango logistical base, and the Mexico City office following his assumption of the interim CEO role. He stated the existing technical and operational teams remain in place and are advancing the exploration and development programs as planned. The workforce expressed concern that leadership change might pause or delay the project timeline, but was informed that drilling and engineering work would continue without interruption.

Zaunscherb emphasised the team's capability and commitment to the project vision:

"They're extremely talented. They've got the experience with the property, and they're enthused. They're so excited about the project. They want to continue to work on it." 

He added that continuity was a priority:

"We continue to drill. We continue to move forward with our program. In that sense, nothing's changed."

The company operates in the border region of the states of Sinaloa and Durango. GR Silver established a pivot in November 2025 to operate logistics and exploration support primarily out of Durango, with only the final few kilometres of site access remaining in Sinaloa, a shift that has reduced the company's operational risk profile. Country manager Cacho Molina, who previously worked with Core Mining, manages regulatory coordination.

Near-Term Catalysts & Execution Metrics

GR Silver expects to complete the 20,000-metre drill program in the second half of 2026, followed by an updated MRE. The company expects to commission a preliminary economic assessment (PEA) that would evaluate development scenarios for both the Plomosas mine as a near-term starter operation and the San Marcial deposit as a larger-scale continuation project.

The earliest measurable indicators for GR Silver will be drill result frequency, the timing of the MRE update, and the deployment schedule for the fourth and fifth drill rigs. Whether the company can deliver these milestones on the stated timelines will provide the first performance data under the new management structure. 

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