Electrum Silver US LLC acquired Gatos Silver, Inc. File an Early Warning Report related to your ownership of shares

This press release is issued in accordance with multilateral instruments 62-104 – Take-over bids and issuer bids and national instrument 62-103 – Early Warning System and related take-over bid and insider reporting issues,

NEW YORK, February 17, 2023 (GLOBE NEWSWIRE) – In accordance with the early warning requirements of National Instrument 62-104 and National Instrument 62-103 – Early Warning System and related take-over bid and insider report issues ,NI 62-103“), Electrum Silver US LLC (“electrum“) declares that he has pledged (“Pledge“) all 17,894,672 shares of common stock (“shares“) Gato’s Silver, Inc. (“)Gatos“) that it is as security for a loan granted to Electrum from a third-party commercial lender whose shares represent approximately 25.87% of the issued and outstanding shares.

Electrum remains the registered owner of 17,894,672 shares subject to the pledge and Electrum Silver US II LLC, a “joint actor” (as defined in NI 62-103) of Electrum, owns 4,109,704 shares, This totals 22,004,376 shares in aggregate owned by Electrum, representing approximately 31.82% of the issued and outstanding shares.

Third-party commercial lender, Sprott Resource Lending Corp. has sold 17,894,672 shares under the pledge. pledged as security for a loan granted to Electrum by Funds managed bylender“). The Shares have been pledged pursuant to a common pledging agreement with the Lender dated February 17, 2023. The Lender shall have no right to dispose of, sell, transfer or vote any Shares subject to the pledge, unless that the pledge is realized, if ever, after the occurrence of default under that loan.

The securities mentioned above were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease their beneficial ownership of shares or other securities in the open market. Agreement by private negotiation or otherwise.

Gatos is located at 910 – 925 West Georgia Street, Vancouver, BC V6C 3I2. Electrum is located at 600 Fifth Ave, 24th Floor, New York, NY, USA 10020. A copy of the Early Warning Report to which this news release relates may be obtained from Lillian Saldanha (646-365-1600) or the SEDAR Profile. Gato’s www.cedar.com,

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