Mr. Chris Wright reports

DEFIANCE DRILLS WIDEST SILVER INTERCEPT TO DATE IN THE VETA GRANDE

Defiance Silver Corp. has provided an update on the recently completed drill program. Results from drill holes DDSA-23-64, DDSA-23-65, and DDSA-23-66 and 66A are reported in this release. The company is awaiting assay results from DDSA-23-67 through DDSA-23-72, an additional six drill holes.

Drilling encountered the highest-grade and widest-width mineralization ever drilled at the San Acacio project. Drill hole DDSA-23-66 returned the widest width drilled to date: 41.83 metres of 157.30 grams per tonne silver (from 225.60 m to 267.43 m), including 15.96 metres of 379.90 g/t Ag (from 251.47 m to 267.43 m). Within this interval is a subinterval grading 5,510 g/t Ag or 6,014 g/t silver equivalent from 265.54 m to 265.80 m. The company is extremely encouraged by these results, which validate the hypothesis that additional very high-grade mineralization is present in the Veta Grande camp.

Chris Wright, chairman and chief executive officer, stated: "We are extremely encouraged by the continued success of our drilling campaigns at the San Acacio project. As a result of diligent targeting and modelling work, leading to multiple successful phases of drilling, our technical team has been able to further demonstrate the continued potential to outline a large mineral system within the historical San Acacio mine area on the Veta Grande vein system. We look forward to reporting additional results as they become available to the company."

Highlights:

• DDSA-23-66: returned the widest width and highest grade that the company has drilled to date at the Zacatecas district project. Drilling returned an intercept of 41.83 m (from 225.60 m to 267.43 m) of 157.30 g/t Ag or 169 g/t AgEq. This interval returned high-grade subintervals including 15.96 m (from 251.47 m to 267.43 m) of 379.90 g/t Ag or 407 g/t AgEq. Included in this intercept is 3.43 m (from 251.47 m to 254.90 m) of 653.38 g/t Ag or 684 g/t AgEq and 1.00 m (from 264.80 m to 265.80 m) of 2,350 g/t Ag or 2,500 g/t AgEq with a very high-grade subinterval from 265.54 m to 265.80 m of 5,510 g/t Ag or 6,014 g/t AgEq. This hole encountered historical workings in two locations (from 238.60 m to 240.00 m and 254.90 m to 260.30 m), for which a zero value was applied to the composited results. Additional drilling in this area is planned to follow up on these exceptional results.
• DDSA-23-66A: intercepted 9.86 m of 98.52 g/t Ag (from 260.00 m to 269.86 m) or 116 g/t AgEq, including an interval of 1.54 m of 467.40 g/t Ag (from 264.34 m to 265.88 m) or 529 g/t AgEq.
• DDSA-23-64: encountered two significant zones of appreciable silver grade: 4.80 m of 349.37 g/t Ag (from 236.72 m to 241.52 m) or 376 g/t AgEq, including 1.32 m of 1,264 g/t Ag (from 239.07 m to 240.39 m) or 1,358 g/t AgEq and 3.21 m of 200.05 g/t Ag (from 256.22 m to 259.43 m) or 243 g/t AgEq.

Discussion of results

DDSA-23-64 was drilled near the northwest boundary of the San Acacio property to test and better define hangingwall veinlet zones that typically contain high-grade silver in this part of the property. Three hangingwall veinlet zones with silver mineralization, including two with appreciable width, were intersected in this hole. These intercepts and their structural data will be used to constrain the mineralized hangingwall zones for the coming resource update.

The upper zone from 218.84 m to 220.47 m returned 136.44 g/t Ag or 152 g/t AgEq while the lower zones intersected 4.80 m of 349.37 g/t Ag (from 236.72 m to 241.52 m) or 376 g/t AgEq, including 1.32 m of 1,264 g/t Ag (from 239.07 m to 240.39 m) or 1,358 g/t AgEq and 3.21 m of 200.05 g/t Ag (from 256.22 m to 259.43 m) or 243 g/t AgEq within a wider zone of 4.65 m of 144.63 g/t Ag or 158 g/t AgEq (from 255.38 m to 260.03 m). The main Veta Grande structure was intersected at 392.54 m and, while mineralized, contained lower grades than the hangingwall splays.

DDSA-23-65 was drilled in the central zone of the San Acacio resource area and specifically targeted an apparent high-grade hangingwall structure previously tagged in a historical underground drill hole. Hole DDSA-23-65 intersected several splay zones, including 1.12 m at 101 g/t AgEq from 452.95 m to 454.07 m. Historical drilling appears to have drilled along a narrow splay zone rather than perpendicular to the splay structure. Additionally, the Veta Grande structure was encountered below these splay zones and intersected a zone of anomalous silver, including 1.50 m at 100 g/t AgEq.

DDSA-23-66 was drilled in the eastern portion of the San Acacio resource area near the zone with the deepest known historical workings. This hole was designed as an infill hole within the resource area and a structural hole to increase the confidence of both the locations and grades of the hangingwall splays and the Veta Grande structure in this zone. High grades were encountered in both the hangingwall splays and in the Veta Grande structure itself. This hole drilled the widest mineralized interval and the highest silver grade to date in historical and recent diamond drilling at San Acacio.

Several historical workings within the reported intervals were encountered in this hole (from 238.60 m to 240.00 m and from 254.90 m to 260.30 m). Regardless, the grades and widths intersected in this hole support the hypothesis that significant mineralized material and bonanza grades remain within the historical San Acacio mine area. The reported interval includes 41.83 m (from 225.60 m to 267.43 m) of 157.30 g/t Ag or 169 g/t AgEq, and several subintervals, as highlighted above, including 15.96 m (from 251.47 m to 267.43 m) of 379.90 g/t Ag or 407 g/t AgEq, and a very high-grade subinterval from 265.54 m to 265.80 m of 5,510 g/t Ag or 6,014 g/t AgEq. Metal values for the composited intervals that include the empty historic workings were calculated using zero grade for the downhole widths that returned no material. The hole was lost in an old mine tunnel beneath the Veta Grande at 297.10 m and re-entered as DDSA-23-66A.

DDSA-23-66A is the continuation of DDSA-23-66, with core drilling started from 260 m downhole, bypassing the working where DDSA-23-66 was lost. This hole intersected a similar interval of the main Veta Grande structure and high-grade footwall veinlets, with 9.86 m of 98.52 g/t Ag (from 260.00 m to 269.86 m) or 116 g/t AgEq, and includes an interval of 1.54 m of 467.40 g/t Ag (from 264.34 m to 265.88 m) or 529 g/t AgEq.

Discussion of quality assurance/quality control and analytical procedure

Samples were selected based on the lithology, alteration and mineralization characteristics. Sample size ranges from 0.25 to two m in width. All altered and mineralized intervals were sent for assay. One blank, one standard and one duplicate were included within every 20 samples. Standard materials are certified reference materials from OREAS, and contain a range of silver, gold, copper, lead and zinc values. Blanks, standards and duplicates did not detect any issues with the analytical results.

Samples were analyzed by ALS Chemex Laboratories. Sample preparation was performed at the Zacatecas, Mexico, prep facility, and analyses were performed at the Vancouver, Canada, analytical facility. All elements except gold and mercury were analyzed by a multielement geochemistry method utilizing a four-acid digestion followed by ICP-MS detection (ME-MS61m). Mercury was analyzed after a separate aqua regia digest by ICP-MS. Overlimit assays for Ag, Pb and Zn were conducted using the OG62 method (multiacid digest with ICP-AES/AAS finish). Gold was measured by fire assay with an ICP-AES finish (50-gram sample, Au-ICP22).

About Defiance Silver Corp.

Defiance (TSX Venture Exchange: DEF) (OTCQX: DNCVF) (WKN: A1JQW5) 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.

George Cavey, PGeo, is a qualified person within the meaning of National Instrument 43-101 and has approved the technical information concerning the company's material mineral properties contained in this press release.

We seek Safe Harbor.