Mr. Chris Wright reports

DEFIANCE SILVER SIGNS LONG-TERM ACCESS AGREEMENT AT TEPAL

Through Defiance Silver Corp.'s subsidiary, Geologix Mexico SA de CV, Defiance has secured a long-term surface access agreement for its 100-per-cent-owned Tepal gold-copper project, located in Michoacan, Mexico.

Surface rights agreement highlights

Under the terms of the six-year agreement, the company has secured the right to conduct surface exploration, drilling and engineering studies at the Tepal gold-copper project.

Chris Wright, executive chairman and chief executive officer of Defiance Silver, commented: "Securing long-term surface access to the Tepal project represents a key milestone event for Defiance. This is the first formal agreement with the surface landowner, and it provides the certainty we need to advance our exploration and development work such as: detailed mapping, sampling and drilling across the North, South and Tizate zones, while also evaluating new targets within the broader project area."

Restructured option to acquire royalty at the Tepal project

Defiance is pleased to announce that it has restructured the option agreement (see news release dated Jan. 16, 2023) to acquire the 2.5-per-cent net smelter return royalty associated with its Tepal gold-copper project with the project vendor Minera Tepal SA de CV. The revised payment schedule for the NSR option agreement is $75,000 (U.S.) per month starting July 1, 2025, through Feb. 1, 2026, and then $150,000 (U.S.) per month from July 1, 2026, through Sept. 1, 2027.

Extension of San Acacio option payment

Additionally, the company has secured an extension for the final payment of the option agreement on the San Acacio land package at its Zacatecas silver polymetallic project. Defiance through its wholly owned subsidiary, Minera Santa Remy SA, has, at the vendor's request, agreed to extend the term of its option to acquire 100 per cent of the San Acacio property in the Zacatecas district. As a result of this amendment, the scheduled payment due March 31, 2025, has been changed to June 30, 2026 (see Oct. 31 and Dec. 20, 2024, news for more details). The amendment was signed by both parties and is pending ratification in the presence of a notary public in Mexico City. There were no changes to the economic terms of the option agreement.

About Defiance Silver Corp.

Defiance is an exploration and development 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 advance its projects through capital-efficient exploration, focused on resource growth and new mineral discoveries.

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