GR SILVER MINING LTD. — Regulatory Filings 2020

Apr 24, 2020

Note: [01 Mar 2017J - Thefollowing is a consolidation of I3-50lFL It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is providedfor your convenience and shouldnot be relied on as authoritative.

FORM 13-501F1 CLASS 1 REPORTING ISSAERS AND CLASS 38 REPORTING ISSAERS _ PARTICIPATION FEE

MANAGEMENT CERTIFICATION

I, Blaine Bailey the Form is accurate. Blaine Bailey Title: cFo	, an officer of the reporting issuer noted below have examined this Form l3-50lFl (the Form) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in Ao"rl Jq b zo ( Dat{:
Reporting Issuer Name:	GR Silver Mining Ltd.
End date of previous financial year:	December 31,20L9
Type of Reporting Issuer:	Ix ] Class l reporting [ ] Class 3B reporting issuer issuer
Highest Trading Marketplace:	TSX Venture Exchange
Market value of listed or quoted equity securities:
Equity Symbol	GRSL
lst Specified Trading Period (dd/mm/yy)	jtl}tlLe to 3L/o3/!s
Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace	\$ 0.1900 (i)

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period			(ii)	4L,005,572
Market value of class or series	(i) x (ii)		\$ (A)	7,791,058.6800
2nd Specified Trading Period (dd/mm/yy)			0L/04/7e to	3o/06/te
Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace			(iii)	0.1400
Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period			(iv)	52,615,572
Market value of class or senes		(iii) x (iv)	\$ (B)	7,356,180.0800
3rd Specified Trading Period (dd/mm/yy)			0L/07/Le to	30/o9/L9
Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace			\$ (v)	0.19s0
Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period			(vi)	53,439,948
Market value of class or series		(v) x (vi)	\$ (c)	L0,420,789.86

4th Specified Trading Period (dd/mm/yy)		0t/L0/t9	to 3L/t2/t9
Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace		\$ (vii)		0.2100
Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period		(viii)		68,699,391
Market value of class or series	(vii) x (viii) \$	(D)		14,426,972.LL
Sth Specified Trading Period (dd/mm/yy)			to
Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace		\$ (i")
Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period		(x)
Market value of class or series	(ix) x (x)	\$ (E)
Average Market Value of Class or Series (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above))		\$ (1)		1o,00t,225.r8

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

Fair value of outstanding debt securities:

(Provide details of how value was determined)		\$ (2)
Capitalization for the previous financial year	(1) + (2)	LO,O0L,225.L8 \$
Participation Fee		s00.0000 \$
Late Fee, if applicable		\$
Total Fee Payable (Participation Fee plus Late Fee)		500.0000 \$