Mr. Chris Wright reports

UPDATE ON TECHNICAL DISCLOSURE REVIEW

Defiance Silver Corp. has provided an update on the preparation of the required technical reports for its Tepal and San Acacio projects.

On Feb. 2, 2024, following a continuous disclosure review by the British Columbia Securities Commission, Defiance issued a news release to clarify some of its technical disclosure relating to its current technical reports for its Tepal and San Acacio projects (see the company's Feb. 2, 2024, news for more details). As a result of this review, the company announced its intention to file an amended technical report for the Tepal project and a new technical report for the San Acacio project.

On the Tepal project, after consultation with its technical advisers, some of whom participated in the preparation of the original technical report, the company has concluded that it will be incapable of providing an amended report given that some of the sections requiring amendments were prepared by persons who are no longer qualified persons under National Instrument 43- 101, Standards of Disclosure for Mineral Projects. In light of this regrettable situation beyond its control, Defiance will be working with its technical advisers to prepare a new technical report that will replace the current report for its Tepal project. The company is not in a position to confirm at this time when it will be able to file this new technical report and expects that the process will take several months to complete. The company will provide regular updates in connection with the preparation and filing of this new report for its Tepal project.

As for its San Acacio project, work on the preparation of the new technical report is progressing well but has been delayed, notably, due to the site visit availability. The company now expects to file this new technical report by mid-May, 2024.

About Defiance Silver Corp.

Defiance Silver 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 Silver's corporate mandate is to advance its projects through capital-efficient exploration focused on resource growth and new mineral discoveries.

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