Gatos Silver, Inc.

Gatos Silver, Inc. (“Gatos Silver” or the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Q1 2023 10-Q”). As disclosed in the Company’s Current Report on Form 8-K filed on April 3, 2023, on March 30, 2023, the Company announced the delay in the filing of its Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”) and on March 31, 2023 announced that it will restate previously issued financial statements of the Company and of the Los Gatos Joint Venture (the “LGJV”) for the year ended December 31, 2021 and the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, which statements would be reflected in a Form 10-K/A and Forms 10-Q/A (collectively with the 2022 Form 10-K, the “2021 and 2022 Securities Filings”). As disclosed in the Company’s Current Report on Form 8-K filed on April 19, 2023, the Company on April 17, 2023 advised that its 2021 and 2022 Securities Filings would be further delayed. The delay relates to the ongoing analysis by the Company of required adjustments to (i) its and the LGJV’s financial statements regarding the timing and recognition of net deferred tax assets and liabilities at the LGJV and (ii) its financial statements from the impact of the timing and recognition of the priority distribution obligation and subsequent payments on the previously recognized income from affiliates. The Company continues to believe that these adjustments are non-cash items and will not affect the Company’s strong cash position. 2 The Company is continuing to work expeditiously to complete the required adjustments. The restatements and the 2022 full year financial results are subject to completion of a review and audit, as applicable, by the Company’s independent registered public accounting firm, Ernst & Young LLP

Gatos Silver, Inc. (“Gatos Silver” or the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). As disclosed in the Company’s Current Report on Form 8-K filed on April 3, 2023, on March 31, 2023, the Company determined that there was an understatement in the net deferred tax assets in its 70%-owned Los Gatos Joint Venture (“LGJV”) that originated in 2021. Based on preliminary analysis, the required adjustments primarily relate to the timing and recognition of net deferred tax assets and liabilities at the LGJV. The adjustments require the restatement of previously issued financial statements of the Company and of the LGJV for the year ended December 31, 2021 and the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 (the “Affected Periods”). The Company is also assessing potential adjustments required from the impact of the timing and recognition of the priority distribution obligation and subsequent payments on the previously recognized income from affiliates. The Company continues to believe that all adjustments will be non-cash items. The Company is unable to file its 2022 Form 10-K until the restatement of the financial statements for the Affected Periods is complete. The Company is working expeditiously to complete the restatement of the financial statements for the Affected Periods and file its 2022 Form 10-K

Gatos Silver, Inc. (“Gatos Silver” or the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). As disclosed in the Company’s Current Report on Form 8-K filed on April 3, 2023, on March 31, 2023, the Company determined that there was an understatement in the net deferred tax assets in its 70%-owned Los Gatos Joint Venture (“LGJV”) that originated in 2021. Based on the preliminary analysis, the required adjustments resulting from the understatement are non-cash and primarily relate to the timing and recognition of net deferred tax assets at the LGJV. The adjustments require the restatement of previously issued financial statements of the Company and of the LGJV for the year ended December 31, 2021 and the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 (the “Affected Periods”). The Company is unable to file its 2022 Form 10-K until the restatement of the financial statements for the Affected Periods is complete. The Company currently plans to complete the restatement of the financial statements for the Affected Periods and file its 2022 Form 10-K by April 17, 2022, but cautions that this timing may be subject to change

Gatos Silver, Inc. (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022. On January 25, 2022, the Company disclosed that, during its mineral resource and mineral reserve reconciliation process for the Los Gatos Joint Venture, the Company concluded that there were errors in the technical report entitled “ Los Gatos Project, Chihuahua, Mexico ” with an effective date of July 1, 2020, as well as indications that there is an overestimation in the existing resource model. The Company has completed the update to its mineral resource and mineral reserve estimates and has filed a new technical report (NI 43-101) with the Ontario Securities Commission on November 11, 2022 and a technical report summary (Regulation S-K subpart 1300) with the SEC on November 14, 2022. The Company is in the process of assessing the impact of the new mineral resource and mineral reserve estimate on its financial statements for the quarterly period ended September 30, 2022 as well as the impact on the financial statements of prior periods. The Company is also evaluating material weaknesses in its internal controls over financial reporting. On September 28, 2022, KPMG LLP (“KPMG”) resigned as the Company’s independent registered public accounting firm due to the previously announced changes in the composition and location of the Company’s new executive team in Vancouver and its understanding of the Organization of Chartered Professional Accountants of British Columbia Bylaws, which would require KPMG to be licensed in British Columbia. On November 14, 2022, the Company engaged Ernst & Young LLP (“EY”) as its independent registered public accounting firm

Gatos Silver, Inc. (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022. On January 25, 2022, the Company disclosed that, during its mineral resource and mineral reserve reconciliation process for the Los Gatos Joint Venture, the Company concluded that there were errors in the technical report entitled “ Los Gatos Project, Chihuahua, Mexico ” with an effective date of July 1, 2020, as well as indications that there is an overestimation in the existing resource model. Gatos Silver is focused on producing a new life-of-mine (“LOM”) plan and updating its mineral resource and mineral reserve estimates following its January 25, 2022 announcement regarding a reduction in metal content of its previously stated mineral reserve estimates. The Company is working with independent engineering consultants to prepare new mineral resource and reserve estimates, including a new resource model, that will form the basis of a new technical report which is expected to be delivered before the end of October 2022. While the Company is continuing to evaluate material weaknesses in its internal controls over financial reporting, the Company expects that it will determine that at least one material weakness exists. The Company is still evaluating the extent of this and other potential material weaknesses. As a result, the Company is unable to provide additional information at this time but expects to provide an update in the third quarter of 2022. The Company’s financial statements for the quarterly period ended June 30, 2022 may be affected by the ongoing analysis of the aforementioned mineral resource and mineral reserve matters

Gatos Silver, Inc. (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. On January 25, 2022, the Company disclosed that, during its mineral resource and mineral reserve reconciliation process for the Los Gatos Joint Venture, the Company concluded that there were errors in the technical report entitled “ Los Gatos Project, Chihuahua, Mexico ” with an effective date of July 1, 2020, as well as indications that there is an overestimation in the existing resource model. Gatos Silver is focused on producing a new life-of-mine (“LOM”) plan and updating its mineral resource and mineral reserve estimates following its January 25, 2022 announcement regarding a reduction in metal content of its previously stated mineral reserve estimates. The Company is working with independent engineering consultants to prepare new mineral resource and reserve estimates, including a new resource model, that will form the basis of a new technical report which is expected to be delivered in the second half of 2022. The Company is also evaluating the material weaknesses in its internal controls over financial reporting related to the reserve reporting errors. The Company’s financial statements for the year ended December 31, 2021 and quarter ended March 31, 2022 may be affected by the ongoing analysis of the aforementioned mineral resource and mineral reserve matters. Accordingly, the Company is unable to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 within the prescribed time period because the Company requires additional time to prepare and review its new LOM plan, mineral reserve estimates and financial statements to ensure adequate recognition and disclosure of the information required to be included in the Quarterly Report on Form 10-Q

Gatos Silver, Inc. (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the year ended December 31, 2021. On January 25, 2022, the Company disclosed that, during its mineral resource and mineral reserve update process for the Los Gatos Joint Venture, the Company concluded that there were errors in the technical report entitled “ Los Gatos Project, Chihuahua, Mexico ” with an effective date of July 1, 2020, as well as indications that there is an overestimation in the existing resource model. Gatos Silver is focused on producing a new life-of-mine (“LOM”) plan and updating its mineral resources and mineral reserves following its January 25, 2022 announcement regarding a reduction in metal content of its previously stated mineral reserve figures. The Company is working with independent engineering consultants to prepare a new mineral resource and reserve, including a new resource model, that will form the basis of a new technical report which is expected to be delivered in second half of 2022. The Company’s financial statements for the year ended December 31, 2021 may be affected by the ongoing analysis of the aforementioned mineral resource and mineral reserve matters. Accordingly, the Company is unable to file its Annual Report on Form 10-K for the year ended December 31, 2021 within the prescribed time period because the Company requires additional time to prepare and review its new LOM plan, mineral reserve estimates and financial statements and assess the effectiveness of its internal controls over financial reporting to ensure adequate recognition and disclosure of the information required to be included in the Annual Report on Form 10-K. The Company believes that it will be able to file its Annual Report on Form 10-K for the year ended December 31, 2021 in the second half of 2022