Defiance Appoints Executive Vice President

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Vancouver, British Columbia--(Newsfile Corp. - February 1, 2023) - Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (WKN: A1JQW5) ("Defiance" or the "Company") is pleased to announce the appointment of Mr. Douglas Cavey to the position of Executive Vice President. Mr. Cavey currently holds the position of Vice President of Corporate Development and has been working with the company since 2019.

Chris Wright, Chairman & CEO, commented: "Doug has been an instrumental member of our team for the past several years, managing key aspects of our corporate functions, as well as our exploration and technical programs on the ground in Mexico. This appointment is a recognition of Doug's considerable capabilities and expertise demonstrated on a daily basis, enabling our team to operate safely and efficiently in the field and to continue delivering value for the company and shareholders."

Doug Cavey, Executive Vice President, commented: "This appointment is a direct reflection of the efforts and support of our entire team, both in Mexico and in Canada, and a demonstration of the continuing achievements of the company. Generally speaking, depressed market sentiment for exploration companies has had a negative effect on our current market valuation, but despite these headwinds the dedication and commitment of the entire organization has helped us achieve key exploration milestones and financial success over the past three years."

Mr. Douglas Cavey has over a dozen years of experience in mineral project management, venture market fundamentals, corporate and business development, and long-term project development strategies. Mr. Cavey has been involved in international mineral project asset identification and evaluation, acquisition due diligence, business development, and management across base and precious metal projects in North and South America, Turkey, Serbia, and Scandinavia, including many locations in Mexico. Mr. Cavey is a diversified project development expert and a senior member of the team at OreQuest Consultants Ltd.

Defiance also announces that it has granted incentive stock options to certain directors and officers to purchase an aggregate of 1,812,500 common shares of the Company at an exercise price $0.155 (the "Options") in accordance with the terms of the Company's omnibus equity incentive plan. The Options are exercisable for ten years until January 31st, 2033 and vest as follows: one-third on the date of grant, one-third twelve months following grant date, and one-third twenty-four months following grant date. The company has also issued 440,000 Deferred Share Units ("DSUs") and 25,000 Performance Share Units ("PSUs"), which mature immediately upon grant and 468,750 Restricted Share Units ("RSUs"), which will mature as follows: one-third on the date of grant, one-third twelve months following grant date and one-third twenty-four months following grant date. The Company has also made certain grants to other employees and consultants in an aggregate of 1,013,750 common shares of the Company at an exercise price of $0.155 (the "Employee Options"). The Employee Options are exercisable for five years until January 31st, 2028 and vest as follows: one-third on the date of grant, one-third twelve months following grant date, and one-third twenty-four months following grant date.

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: 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 Michoacán state, Mexico. Defiance is managed by a team of proven mine developers with a track 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.

On behalf of Defiance Silver Corp.

"Chris Wright"

Chairman of the Board

For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at [email protected].

www.defiancesilver.com

Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3
Canada

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Defiance Silver Corp. relies upon litigation protection for forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153156

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