Announcement • Sep 08

Defiance Silver Corp. Provides an Update to the Ongoing Drill Program, Including the Discovery of Wide, High-Grade Zones of Mineralization Outside of the Existing Resource Area at the San Acacio Project in Zacatecas, Mexico

Defiance Silver Corp. provided an update to the ongoing drill program, including the discovery of wide, high-grade zones of mineralization outside of the existing resource area at the San Acacio project in Zacatecas, Mexico. Holes DDSA-21-46, 47, and 48 were drilled in various directions from the same pad within the northwestern zone of the San Acacio project. DDSA-21-47 targeted the main vein system up-dip from SAD-15-05 and in a gap between two historic 1995 drill holes [SAD95-10 and 11]; this hole targeted the area directly below the historic Almaden zone trench. Historic underground workings (approximately 12m wide, true width unknown) were encountered broadly where expected, and whilst these historically mined zones had poor recovery (approximately 18%), grades were very high in the available sample material. The hanging-wall portion of the vein remains intact with 3.50m at 274.50 g/t Ag or 362 g/t AgEq. DDSA-21-47 drilled approximately 200m into the footwall to gain additional information about the geology and structure of this zone. DDSA-21-47 hit the Veta Grande vein at approximately the same level as holes SAD-14-01 & 14-04, which also contains encouraging mineralization outside the area of the current resource. DDSA-21-48 was drilled as a step-out hole into an area of the Veta Grande system without historic drilling, approximately 60m east of SAD-15-05 and 55m up-dip of the well-mineralised DDSA-21-36. DDSA-21-48 extends the newly located mineralization zone, Veta Alta, up-dip from the high-grade hole DDSA-21-36. DDSA-21-48 targeted the Veta Grande vein below the Purisima level, and no historic workings were encountered. Two notable intercepts are highlighted, including the known Veta Grande, and the lesser established Veta Alta. Veta Alta is base-metal rich in this location and appears to contain significant silver grades in other locations within the property. DDSA-21-46 tested the Veta Grande vein system and a potential intersection with the Veta Morada structure. The best mineralisation was encountered on the Veta Blanca, though mineralisation was strongly Zn-Pb rich with somewhat elevated Au values. San Acacio Geologic Overview: The highest-grade silver mineralization is typically associated with honey-coloured sphalerite, argentiferous galena, variable silver sulphides, and spatially correlated with amethyst. The highest-grade gold mineralization is typically associated with pyrite, brown to red-coloured sphalerite, and occasionally with hematite. The hanging-wall mineralization tends to express as a more conventional vein to veinlet array morphology while the Veta Grande often occurs as a breccia with vein-type textures and gangue. The current drill program, a continuation of the previously numbered drill holes, commenced with hole DDSA-20-33. This news release contains the results from holes DDSA-21-46, 47, and 48 for a total of 1228 metres. The company has drilled approximately 7,842 m of HQ3 drill core to date in the current program. Samples were selected based on the lithology, alteration, and mineralization characteristics; sample size ranges from 0.25 - 2m in width. All altered and mineralized intervals were sent for assay. One blank, one standard, and one duplicate were included within every 20 samples. Standard materials are certified reference materials [CRMs] from OREAS and contain a range of Ag, Au, Cu, Pb, and Zn values. Blanks, standards, and duplicates did not detect any issues with the analytical results. Samples were analyzed by ALS Chemex Laboratories. Sample preparation was performed at the Zacatecas, Mexico, prep facility, and analyses were performed at the Vancouver, Canada, analytical facility. All elements except Au and Hg were analyzed by a multi-element geochemistry method utilizing a four-acid digestion followed by ICP-MS detection [ME- MS61m]; mercury was analyzed after a separate aqua regia digest by ICP-MS. Overlimit assays for Ag, Pb, and Zn were conducted using the OG62 method (multi-acid digest with ICP-AES/AAS finish). Gold was measured by fire-assay with an ICP-AES finish [50g sample, Au-ICP22]. Zacatecas State continues to be the top producer of silver in Mexico and is one of the reasons Mexico remains the world's large silver-producing region. The Zacatecas-Fresnillo Silver Belt is one of the most prolific silver producing areas in the world. Production at the San Acacio mine dates to at least 1548 when Spanish colonialists mined mainly bonanza oxide ores, typically grading in excess of 1kg/tonne Silver. The various veins were mined intermittently until the mid-1800s when an English company drove the approximately 2km Purisima tunnel to allow for deeper underground access and drainage. From the late 1800s until the Mexican Revolution in 1920, mining consisted of intermittent production from bonanza grade ores. During the Mexican Revolution, heavy fighting in the Zacatecas region led to the halt of most mining endeavors. In the mid 1920's, a cyanide plant targeting silica rich ores and a floatation plant for complex Pb-Zn ores were built with varying success until the transition from oxide to sulphide rich ores made for recovery complexities. In the mid 1930s the first tonnage estimate was created on the property, although the project sat mostly idle save for some stope and adit rehabilitation at Purisima and Refugio. Production was largely dormant except for some small processing done by CIA Fresnillo in the late 1930s to early 1940s. In the mid- 1990s Silver Standard Resources Inc. began a systematic exploration and evaluation program targeting an open pit silver mine consisting of backfill, remaining stopes and silica-rich hanging wall and footwall mineralization of the Veta Grande structure. This entry by a publicly listed company kicked off nearly 3 decades of exploration, development, and bulk-scale processing. Defiance Silver has been exploring the project since 2011 and has focused primarily on identifying near-term mineral resources. Drilling by previous operators as well as Defiance Silver from 2009 to early 2017 confirmed the presence of significant mineralizing events that provide evidence for a long-lived mineralizing system. Drilling in late 2017 and early 2019 outlined complexities in the structural geology of the area and identified significant "down dropped" and rotated structural blocks as the company tested the Veta Grande at similar elevations where it was encountered by earlier mining and drilling.

Interest coverage ratio	n/a
Cash	CA$9.85m
Equity	CA$63.73m
Total liabilities	CA$1.13m
Total assets	CA$64.85m

Data	Last Updated (UTC time)
Company Analysis	2026/06/14 21:33
End of Day Share Price	2026/06/12 00:00
Earnings	2026/03/31
Annual Earnings	2025/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Defiance Silver Balance Sheet Health

Financial Health criteria checks 5/6

Key information

Recent financial health updates

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Recent updates

New major risk - Financial position

Executive Chairman exercised options to buy CA$115k worth of stock.

Defiance Silver Corp. Provides an Update on the Current Drilling Campaign At the Zacatecas Project

New minor risk - Share price stability

Price target decreased by 16% to CA$0.80

Defiance Silver Corp., Annual General Meeting, Dec 05, 2025

Defiance Silver Corp. (TSXV:DEF) completed the acquisition of Green Earth Metals Inc.

New major risk - Shareholder dilution

Defiance Silver Corp. announced that it has received CAD 15 million in funding

Defiance Silver Corp. announced that it expects to receive CAD 8 million in funding

New major risk - Share price stability

Defiance Silver Corp. (TSXV:DEF) entered into a non-binding letter of intent to acquire Green Earth Metals Inc.

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Price target decreased by 34% to CA$0.95

Defiance Silver Corp. announced that it has received CAD 3.222615 million in funding

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Defiance Silver Corp. announced that it expects to receive CAD 3 million in funding

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Defiance Silver Corp. Provides an Update on the Recently Completed Drill Program

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Defiance Silver Corp. Appoints Douglas Cavey as Executive Vice President

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Defiance Resumes Drilling in Zacatecas

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Defiance Silver Corp., Annual General Meeting, Dec 08, 2022

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Defiance Silver Corp. Provides an Update to the Ongoing Drill Program, Including the Discovery of Wide, High-Grade Zones of Mineralization Outside of the Existing Resource Area at the San Acacio Project in Zacatecas, Mexico

Defiance Silver Corp. to Provide an Update to the Ongoing Drill Program at its Zacatecas Project

Here's Why We're Not Too Worried About Defiance Silver's (CVE:DEF) Cash Burn Situation

Defiance Silver Corp.'s Drilling Returns High Grades and Wide Widths in New Zone At Defiance Silver's Zacatecas Project

New 90-day low: CA$0.60

Defiance Silver Corp. Announces Resignation of Darrell Rader from the Board of Directors

Defiance Silver (CVE:DEF) Is In A Strong Position To Grow Its Business

Independent Director exercised options and sold CA$57k worth of stock

Independent Director exercised options to buy CA$124k worth of stock.

New 90-day high: CA$0.91

Defiance Silver Corp. Commences Drilling At the San Acacio Silver Project

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New 90-day high: CA$0.80

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New 90-day high: CA$0.68

Independent Director recently sold CA$160k worth of stock

Defiance Silver Corp. announced that it has received CAD 7.0006 million in funding

Defiance Silver Corp. announced that it expects to receive CAD 7.0006 million in funding

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Cash Runway Analysis