GR Silver Mining's Trading Liquidity Supports Institutional Capital Access in Junior Silver Sector

• GR Silver Mining ranked fourth by trading volume among 658 TSX Venture Exchange (TSXV) mid-cap issuers in February 2026, with average daily liquidity of 6.5 million shares from July through November 2025.
• Institutional ownership increased from less than 10% in June 2025 to 23% by March 2026 as the share price gained 96.77% and the company raised C$13.8 million in August 2025 and C$20 million in December 2025.  
• The company is executing a 20,000-meter step-out drilling program at San Marcial, targeting expansion of the 134 million ounce silver equivalent resource under a 5-year permit with no meter cap.
• San Marcial delivered 4,000 ounces of silver equivalent per meter drilled at C$0.17 per ounce discovery cost, compared to peer averages of 1,000 to 1,500 ounces per meter among larger TSXV silver developers.
• A resource update is targeted for the second half of 2026, followed by a preliminary economic assessment (PEA) combining the Plomosas Mine infrastructure with the San Marcial resource by year-end.

Trading Volume Ranks Fourth Among TSXV Mid-Cap Issuers 

GR Silver Mining (TSXV: GRSL, OTCQX: GRSLF, FRA: GPE) has established trading volumes that position the company among the most actively traded mid-tier silver explorers on the TSX Venture Exchange (TSXV), a development that institutional investors typically associate with improved entry and exit flexibility in the junior mining sector. The company ranked fourth among 658 mid-cap issuers on the TSXV by trading volume in February 2026 and maintained top 10 volume status from July through November 2025 with average daily liquidity of 6.5 million shares.

The liquidity improvement coincides with a capital structure that includes 508 million shares outstanding, 119 million warrants at an average weighted price of C$0.25, and a current market capitalisation of C$155 million at C$0.30 per share as of March 30, 2026. The company reported C$28.2 million in cash following the close of a C$20 million financing in December 2025, which followed a C$13.8 million raise in August 2025.

Institutional and high net worth ownership increased from less than 10% in June 2025 to 23% by March 2026, according to company disclosures. The share price gained 96.77% over the one-year period ending March 30, 2026.

Resource Expansion Program & 2026 Catalysts

GR Silver Mining is executing a 20,000-meter step-out drilling program at the San Marcial area in 2026, targeting expansion of the current 134 million ounces of silver equivalent resource established in the 2023 NI 43-101 technical report. The program represents more drilling in a single year than the company has completed at San Marcial in its operating history. The company received a 5-year drilling permit in September 2025 with no meter cap, removing a regulatory constraint that previously limited annual drill programs.

The San Marcial chargeability anomaly remains 80% untested, with recent drilling intersecting 75 meters at 260 grams per tonne silver equivalent, extending mineralisation 150 to 200 meters down-dip from the original discovery hole that intersected 101.6 meters at 308 grams per tonne silver. The company has defined a parallel breccia zone southeast of the main discovery that expands the target footprint beyond the current resource outline. 

Bulk Sample Test Mining at Plomosas

The company completed metallurgical test work at the Plomosas Mine area in early 2026, producing lead concentrates with silver grades exceeding one kilogram per tonne. The Plomosas Mine area includes existing infrastructure from past production, including 21 underground areas accessible for Bulk Sample Test Mining (BSTM), historic plant buildings and foundations, and a mining camp. The company is targeting pilot plant installation at the site within 6 to 9 months. 

Discovery Cost Efficiency & Peer Comparison

The company reported a discovery cost of C$0.17 per ounce of silver equivalent, calculated by dividing total exploration expenditures by ounces added to the resource base through drilling. The San Marcial deposit delivered 4,000 ounces of silver equivalent per meter drilled, compared to peer averages of 1,000 to 1,500 ounces per meter among TSXV-listed silver developers with market capitalisations between C$440 million and C$1.9 billion.

The cost efficiency reflects the wide mineralised intercepts characteristic of the chlorite-rich hydrothermal breccias at San Marcial, where drilling has averaged 25 meters wide. The company's ability to generate ounces at lower discovery costs than larger peers with higher market capitalisations suggests potential for market re-rating, though past performance does not guarantee future results. 

2026 Development Timeline

GR Silver Mining's four catalysts for 2026 include the 20,000-meter drilling program currently underway, the BSTM and pilot plant installation at Plomosas, a resource update targeted for the second half, and a preliminary economic assessment (PEA) by year-end. The company maintains C$28.2 million in cash with no debt to fund these activities. The PEA will be the first economic study to integrate the Plomosas Mine area with the San Marcial resource, evaluating the combined value of existing underground infrastructure and the expanding silver resource five kilometres away. 

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