Announcement • Jul 24
Defiance Silver Corp. Drilling Returns Up to 1,470 G/T Ag from San Acacio Diamond Drill Program Defiance Silver Corp. provided an update on the current drilling campaign at the Zacatecas Project. The campaign was designed to confirm the extension of the known mineralized structures both laterally and vertically as well as to validate the current geological model that will be used for the upcoming Mineral Resource Estimate. This release contains results from holes: DDSA-26-82 through DDSA-26-88, representing 1,700 m of drilling. A total of 4,658 of the 10,000m diamond drill program has been reported to date. The ongoing drilling campaign has successfully completed 6,132m distributed in 21 holes. The samples from holes DDSA-26-89 to DDSA to DDSA-26-92 have also been submitted to the laboratory. The remaining 3,868 meters of the 10,000m drill program have been allocated to testing highly prospective targets at the large, 4,217 Ha, Zacatecas Project. HIGHLIGHTS OF RESULTS DDSA-26-83 returned 2.60m of 227.00 g/t Ag (from 227.00m to 229.60m) hosted within a larger interval of 8.48m (from 224.52m to 233.00m) grading 132.87 g/t Ag which also included 1.07m (from 225.93m to 227.00m) of presumed underground workings. This hole also included 4.18m (from 245.00m to 249.18m) of 32.75/t Ag and 0.79g/t Au with 1.32% Pb and 4.12% Zn. DDSA-26-85 intersected 0.35m of 1,470.00 g/t Ag (from 200.01m to 200.36m) within a larger interval of 4.28 m (from 196.08m to 200.36m) grading 136.23 g/t Ag and 0.41m of 1,175.00 g/t Ag and 1.92 g/t Au (from 240.31m to 240.72m) hosted in a larger interval of 28.06m of 142.21 g/t Ag (from 222.41m to 250.47m). DDSA-26-86 assayed 0.72m of 507.00 g/t Ag and 0.37 g/t Au (from 183.91m to 184.63m) hosted in a larger interval of 4.53m of 106.12 g/t Ag and 0.16 g/t Au (from 183.00m to 187.53m). DDSA-26-88 returned 0.35m of 641.00 g/t Ag and 0.14 g/t Au (from 154.65m to 155.00m) hosted in a larger interval of 3.92m of 166.03 g/t Ag (from 154.21m to 158.13m). Defiance commenced its current diamond drill program on September 12, 2025, with a strategic objective of advancing and expanding the Company's understanding of the highly prospective San Acacio resource area at the Zacatecas Project. The program was designed to refine the geological and structural model of the Veta Grande system, enhance confidence in areas of limited historical drilling, and evaluate the mineralized hanging wall and footwall vein splays that have the potential to significantly increase the scale of the mineralized footprint, including the Veta Navidad corridor. Ongoing drilling and geological interpretation have further strengthened Defiance's understanding of the Veta Grande system, confirming the presence of at least three distinct structural blocks along the main vein corridor. These blocks are separated by major north- to northwest-trending fault systems that have influenced vein displacement, mineralization styles, and the development of additional vein splays. This evolving structural model is providing valuable targeting criteria for future exploration and resource expansion. New Risk • May 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$9.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$9.1m free cash flow). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (CA$80.9m market cap, or US$58.7m). Recent Insider Transactions Derivative • Mar 09
Executive Chairman exercised options to buy CA$115k worth of stock. On the 6th of March, Christopher Wright exercised options to buy 405k shares at a strike price of around CA$0.15, costing a total of CA$60k. This transaction amounted to 20% of their direct individual holding at the time of the trade. Since June 2025, Christopher's direct individual holding has increased from 2.00m shares to 2.41m. Company insiders have collectively bought CA$74k more than they sold, via options and on-market transactions, in the last 12 months. 
