The Board of Directors of Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the “Company”) announces with great sadness that Mr. Igor Levental, an independent non-executive director of the Company, passed away suddenly and unexpectedly on June 10, 2022. Mr. Levental served as a director of the Company since 2019 and for last three years brought his unique perspective and shared his intimate knowledge of the mining industry to Gatos Silver's Board and its Committees.

His distinguished international mining career spanned more than 30 years, where he held numerous board roles and senior roles earlier in his career with major mining companies such as Homestake Mining Company and International Corona Corporation. At the time of his passing, Mr. Levental also served as President of The Electrum Group and as a director of Novagold Resources.

In addition to his contributions to the Company as a director, Igor was a cherished and deeply respected friend and colleague to many at Gatos Silver. On behalf of the Board, Chair Janice Stairs stated, “Igor served the Board with unwavering dedication. His business acumen together with his creative thinking and passion for excellence will be sorely missed.”

The Board joins all at Gatos Silver in recognizing the late Mr. Levental for his invaluable contribution to the Company during his tenure of service and expresses the deepest condolences to his family.

About Gatos Silver

Gatos Silver is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. As a 70% owner of the LGJV, the Company is primarily focused on operating the mine and mineral processing plant at the LGJV’s CLG deposit which started producing in 2019. More than 85% of the approximately 103,087-hectare mineral rights package has yet to be drilled, representing a highly prospective and under-explored district with numerous silver-zinc-lead epithermal mineralized zones identified as priority targets.

Forward-Looking Statements

This press release contains statements that constitute “forward looking information” and “forward-looking statements” within the meaning of U.S. and Canadian securities laws. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include the risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission and Canadian securities commissions. Gatos Silver expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this press release.

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