Mr. Christopher Wright reports

DEFIANCE SILVER ANNOUNCES NEW DIRECTOR

Defiance Silver Corp. has appointed George Cavey, PGeo, to its board of directors replacing Dunham L. Craig.

The company announces that Mr. Craig has resigned as a director of the company, effective Oct. 12, 2023, so that he can focus his efforts on other commitments.

Christopher Wright, chairman and chief executive officer of the company, commented: "On behalf of everyone at Defiance, we would like to thank Dunham for his contributions to our growth. Dunham has been a valued member of the Defiance board since 2019, and we are pleased that Dunham has agreed to stay on as a technical adviser so that we will continue to benefit from his invaluable experience and expertise.

"On behalf of the entire board of directors of Defiance, I would like to welcome George Cavey to the board. George's extensive expertise and experience, gained throughout the years, add significant depth to the board. George's years of success in Mexico will be invaluable to Defiance going forward as we continue to advance both the San Acacio silver deposit and the Tepal gold-copper projects."

Mr. Cavey is currently the vice-president of exploration for Defiance.

Mr. Cavey is a senior consulting geologist and the former vice-president of Orko Silver, which discovered the 264-million-ounce La Preciosa silver deposit in Mexico. Orko Silver was acquired by Coeur Mining in April, 2013, for $380-million.

With over 40 years of experience, Mr. Cavey has been the president of OreQuest Consultants Ltd. since 1982. He is past president of the Canadian Council of Professional Geoscientists (now Geoscientists Canada) and was the recipient of the 2004 C.J. Westerman memorial award, British Columbia's highest recognition award for a professional geoscientist for his outstanding and professional contributions. Mr. Cavey was also the recipient of the 2010 Canadian professional geoscientist award, the highest recognition award for a professional geoscientist in Canada.

Shares-for-debt transaction update

The company has settled and extinguished $65,600 of outstanding debt through the issuance of common shares of the company. In accordance with the settlement of debt, the company issued an aggregate of 354,594 shares at a deemed price of 18.5 cents per share to two arm's-length creditors of the company. The company chose to settle and extinguish the debt through the issuance of shares to preserve cash and improve the company's balance sheet. The debt settlement has been approved by the TSX Venture Exchange. The shares issued pursuant to the debt settlement are subject to a four-month hold period, which will expire on a date that is four months and one day from the date of issuance.

About Defiance Silver Corp.

Defiance (TSX Venture Exchange: DEF) (OTCQX: DNCVF) (Frankfurt Stock Exchange: D4E) is an exploration company advancing the district-scale Zacatecas project, 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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