Mr. Chris Wright reports

DEFIANCE APPOINTS EXECUTIVE VICE PRESIDENT

Defiance Silver Corp. has appointed Douglas Cavey to the position of executive vice-president. Mr. Cavey currently holds the position of vice-president of corporate development and has been working with the company since 2019.

Chris Wright, chairman and chief executive officer, commented: "Doug has been an instrumental member of our team for the past several years, managing key aspects of our corporate functions, as well as our exploration and technical programs on the ground in Mexico. This appointment is a recognition of Doug's considerable capabilities and expertise demonstrated on a daily basis, enabling our team to operate safely and efficiently in the field and to continue delivering value for the company and shareholders."

Mr. Cavey, executive vice-president, commented: "This appointment is a direct reflection of the efforts and support of our entire team, both in Mexico and in Canada, and a demonstration of the continuing achievements of the company. Generally speaking, depressed market sentiment for exploration companies has had a negative effect on our current market valuation, but despite these headwinds, the dedication and commitment of the entire organization has helped us achieve key exploration milestones and financial success over the past three years."

Mr. Cavey has over a dozen years of experience in mineral project management, venture market fundamentals, corporate and business development, and long-term project development strategies. Mr. Cavey has been involved in international mineral project asset identification and evaluation, acquisition due diligence, business development, and management across base and precious metal projects in North and South America, Turkey, Serbia, and Scandinavia, including many locations in Mexico. Mr. Cavey is a diversified project development expert and a senior member of the team at OreQuest Consultants Ltd.

Defiance also announces that it has granted incentive stock options to certain directors and officers to purchase an aggregate of 1,812,500 common shares of the company at an exercise price 15.5 cents in accordance with the terms of the company's omnibus equity incentive plan. The options are exercisable for 10 years until Jan. 31, 2033, and vest as follows: one-third on the date of grant, one-third 12 months following grant date and one-third 24 months following grant date. The company has also issued 440,000 deferred share units (DSUs) and 25,000 performance share units (PSUs), which mature immediately upon grant, and 468,750 restricted share units (RSUs), which will mature as follows: one-third on the date of grant, one-third 12 months following grant date and one-third 24 months following grant date. The company has also made certain grants to other employees and consultants in an aggregate of 1,013,750 common shares of the company at an exercise price of 15.5 cents. The employee options are exercisable for five years until Jan. 31, 2028, and vest as follows: one-third on the date of grant, one-third 12 months following grant date and one-third 24 months following grant date.

About Defiance Silver Corp.

Defiance Silver is an exploration company advancing the district-scale San Acacio deposit, located in the historic Zacatecas silver district, and the Tepal gold/copper project in Michoacan state, Mexico. Defiance is managed by a team of proven mine developers with a record of exploring, advancing and developing several operating mines and advanced resource projects. Defiance's corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.

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