Mr. Chris Wright reports

DEFIANCE ANNOUNCES EXECUTIVE APPOINTMENTS

Defiance Silver Corp. has appointed Oleg Shcherbyna as chief financial officer (CFO) and Lisa Thompson as corporate secretary, effective immediately.

Mr. Shcherbyna is an experienced CPA with over 20 years of experience in financial management and accounting with various publicly listed companies. Prior to joining Defiance, Mr. Shcherbyna worked in senior financial management roles with several mining and mineral exploration companies, including as CFO of Westminster Resources, Jaxon Mining and Global Cobalt. Mr. Shcherbyna is a member of the Chartered Professional Accountants of British Columbia and licensed CPA in Washington, United States. He holds an MSc in accounting and bachelor of laws.

Mrs. Thompson brings over 20 years of experience as a corporate and securities paralegal, working with both large and small public companies listed for trading on U.S. and Canadian stock exchanges. For the past five years, Mrs. Thompson has provided corporate secretarial consulting services for U.S. and Canadian companies. She has also served on various non-profit boards and committees. Mrs. Thompson is a founder of Meraki Corporate Services in Vancouver, B.C.

Chris Wright, chairman and chief executive officer, commented: "We are excited to welcome Oleg and Lisa to the Defiance team and family. Their deep experience working with public junior mining companies will ensure that the company can maintain continuity across all of our accounting, finance, planning, tax and corporate functions. We look forward to further integrating them with the team as we continue to advance our projects throughout the spring and early summer in Zacatecas."

Shares for debt

Defiance reports that it intends to settle $65,600 of debt through the issuance of up to 354,594 common shares of the company. The arrangement is subject to approval of the TSX Venture Exchange.

Repricing of options

Defiance also reports that it has repriced incentive stock options to certain consultants (see news release dated July 2, 2021) to purchase an aggregate of 79,000 common shares of the company at an exercise price of 18.5 cents in accordance with the terms of the company's incentive stock option plan. The options are exercisable for a 10-year term expiring June 30, 2031, 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 repricing arrangement is subject to approval of the TSX Venture Exchange.

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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