Mr. Chris Wright reports

MEXICAN COURT CONFIRMS DEFIANCE OWNERSHIP OF THE TEPAL PROJECT

Defiance Silver Corp. has received the favourable ruling of the Mexican court, dated Feb. 13, 2024, to restore its rightful ownership to the mining concessions forming part of the Tepal project. In June, 2022, after having been made aware that certain mineral concessions had been illegally and fraudulently transferred to a third party individual without the company's knowledge or consent (see new release dated June 24, 2022, for the original announcement), the company commenced legal procedures in Mexico to contest and nullify this illegal transfer.

In its judgment, the court notably confirmed the nullity of the transfer of the concessions, ordered the cancellation of the such transfer title, and recognized Geologix Explorations Mexico SV de CA, a subsidiary of the company, as legitimate and the rightful owner of the concessions. The judgment will be fully enforceable at the expiration of a nine-day appeal process expiring on Feb. 27, 2024.

Chris Wright, chairman and chief executive officer, declared: "We had always remained confident throughout the judicial process that our rightful ownership rights would be restored. We also understood that the process would take some time as we commenced the legal proceedings in Mexico. Our patience and perseverance has paid off, and we are looking forward to advancing this exceptional copper-gold project."

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.