Canadian Mining Co. Advances Mexico Bulk Sampling Silver Program

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

After a May 19, 2026, drill result press release, GR Silver Mining Ltd. (GRSL:TSXV) provided a corporate update on May 21, 2026. Those drill results provided "exceptional" results for its Plomosas silver project in Sinaloa, Mexico, according to the company, and the company has since received official notification from Mexico's Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT) that production of a new Manifestación de Impacto Ambiental (MIA), an Environmental Impact Authorization, for the former Plomosas Mine will not be required. Due to existing infrastructure and the company's plans to modernize it, GR Silver can proceed with its Bulk Sampling Test Mining (BSTM) plans without having to produce a new MIA. The secondary permitting required is in process.

GR Silver received a five-year drill permit from SEMARNAT last year, allowing the company to pursue additional step-out and exploration drilling in the San Marcial area of the Plomosas project. At the time, interim CEO and president Eric Zaunscherb said, "It is essential that the company maintain the trust of regulators at the State and Federal levels of Government as we advance the Plomosas Silver Project. The achievement of this most recent milestone is evidence that GR Silver Mining's permitting team is successfully doing so and delivering progress on behalf of shareholders. We are getting things done."

The Plomosas project holds the potential to be a high-grade silver producer located along the southwestern edge of the Sierra Madre Occidental, at the border of Sinaloa and Durango, Mexico. The project covers 7,823 hectares and includes the historical Plomosas underground mine, containing ". . . intermediate to low-sulfidation epithermal silver and gold mineralization, hosted in hydrothermal breccias and veins. Wide, high-grade, shallow hydrothermal breccias have been delineated in the San Marcial Area, including the SE Area discovery," according to the company.

Three rigs are currently drilling the 20,000-meter San Marcial step-out program, while a principal secondary road from Durango is being upgraded to optimize supply and shipping. The GR Silver is exploring locations to install a pilot plant and is fully funded for all planned programs.

GR Silver Mining Ltd. is a Canadian exploration company focused on silver-gold resource expansion in Mexico.

Silver Demand Set to Grow

After news of a 60-day ceasefire extension between the U.S. and Iran, silver futures opened higher at US$76.02 on the morning of May 29, 2026, up 4.6% from the opening price on May 28. Investors are hopeful that this new truce could signal a swift end to the war that has been driving the metals market in loops for the past few months.

Still, gold and silver are considered safe haven assets and are often regarded as sensible investments during times of global uncertainty, as The Economic Times said on May 28, 2026, writing: "The precious metals markets remain highly sensitive to interest rates, inflation expectations, and geopolitical developments."

With its industrial usage, silver is more than a speculative buy. Higher demand from electric cars, solar panels, data centers, and more is shoring up silver's future demand. Yahoo Finance quoted experts from both BlackRock and J.P. Morgan as saying, " By the end of 2026, experts predict silver's price will surpass US$80 per ounce, and it could reach US$100 per ounce by 2030."

Analysts Note Positive Upside

Stuart McDougall for Research Capital gave the company a "Speculative Buy" rating on May 20, 2026, with a price target of CA$0.70. McDougall noted, "We reiterate our SPECULATIVE BUY recommendation and target price of CA$0.70/share, based on our in situ approach, whereby we value the project's total contained silver at US$4/oz, then adjusted for options, warrants, and our equity finance assumptions."

On May 21, 2026, Red Cloud's Ron Stewart weighed in, calling GR Silver's latest news "very positive" despite withholding a rating or target price. Stewart looked toward future drill results, saying, "GR Silver continues to trade at a discount compared to its peers, at an EV/oz AgEq (silver equivalent) of US$1.06 vs its peers at US$2.06. We believe the stock could re-rate should GR Silver successfully establish the continuity of this high-grade epithermal zone in the SE direction."

Finally, on May 22, 2026, senior analyst Ted Butler for The Gold Advisor noted the company's "best ever" drill results and "significant permitting win." Butler wrote, "In plain terms, this clears the path for GR Silver to advance its Bulk Sampling Test Mining program without producing a new MIA, with only secondary permitting now required and already in process."

Butler continued: "The SEMARNAT decision is a genuine catalyst, removing a potentially lengthy permitting hurdle and bringing the Bulk Sampling Test Mining program much closer to reality. Combined with three active rigs, a fully funded program, and a resource update and PEA on the horizon for H2 2026, GR Silver is advancing on multiple fronts simultaneously."

Year-Long Drill Program

GR Silver is targeting completion of its drill program in 2H 2026 and plans to follow with an updated Mineral Resource Estimate (MRE).

The company's investor presentation also lists a BSTM and Preliminary Economic Assessment (PEA) updates as 2026 catalysts.

Ownership & Share Information¹

GR Silver Mining Ltd. has a market cap of CA$208.73 million, with 509.10 million shares outstanding. The company's 52-week range is CA$0.15-CA$0.75.

Management & Insiders own 2.06% of shares, while Institutions own 4.03%. Strategic Investors own 0.56% of shares, and the remaining 93.35% are held by Retail.