Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) - Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) (WKN: A1JQW5) ("Defiance") is pleased to announce the appointment of George Cavey P.Geo., to its Board of Directors replacing Dunham L. Craig.

The Company announces that Dunham L. Craig has resigned as a director of the Company effective October 12, 2023, so that he can focus his efforts on other commitments.

Christopher Wright, Chairman and Chief Executive Officer of the Company, commented: "On behalf of everyone at Defiance, we would like to thank Dunham for his contributions to our growth. Dunham has been a valued member of the Defiance Board since 2019 and we are pleased that Dunham has agreed to stay on as a technical advisor so that we will continue to benefit from his invaluable experience and expertise.

"On behalf of the entire Board of Directors of Defiance, I would like to welcome George Cavey to the board. George's extensive expertise and experience, gained throughout the years, add significant depth to the Board. George's years of success in Mexico will be invaluable to Defiance going forward as we continue to advance both the San Acacio Silver deposit and the Tepal Gold-Copper projects." Mr. Cavey is currently the Vice President of Exploration for Defiance.

Mr. Cavey is a senior consulting geologist and the former Vice President of Orko Silver, who discovered the 264 million ounce La Preciosa silver deposit in Mexico. Orko Silver was acquired by Coeur Mining in April 2013 for $380 million.

With over 40 years of experience, Mr. Cavey has been the President of OreQuest Consultants Ltd. since 1982. He is past President of the Canadian Council of Professional Geoscientists (now Geoscientists Canada) and was the recipient of the 2004 C.J. Westerman Memorial Award - British Columbia's highest recognition award for a professional geoscientist for his outstanding and professional contributions. Mr. Cavey was also the recipient of the 2010 Canadian Professional Geoscientist Award - the highest recognition award for a professional geoscientist in Canada.

Shares for Debt Transaction Update:

The Company also announces that it has settled and extinguished $65,600 of outstanding debt (the "Debt") through the issuance of common shares of the Company (the "Shares"). In accordance with the settlement of debt (the "Debt Settlement"), the Company issued an aggregate of 354,594 Shares at a deemed price of $0.185 per Share to two (2) arm's length creditors of the Company. The Company chose to settle and extinguish the Debt through the issuance of Shares to preserve cash and improve the Company's balance sheet. The Debt Settlement has been approved by the TSX Venture Exchange. The Shares issued pursuant to the Debt Settlement are subject to a four month hold period, which will expire on a date that is four months and one day from the date of issuance.

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company advancing the district-scale Zacatecas project, 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 info@defiancesilver.com.

Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3
Canada
Tel: +1 (604) 343-4677
Email: info@defiancesilver.com

Disclaimer

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.

Caution Regarding Forward-Looking Information

Information contained in this news release which are not statements of historical facts may be "forward-looking information" for the purposes of Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words "believe", "expect", "anticipate", "contemplate", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule", "understand" and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: the Company's expectations regarding the ability of the Mining Bureau of Mexico City to reinstate ownership of the concessions to the Company, cooperation with the Mining Bureau relating to such reinstatement and the potential for any successful solution resulting therefrom.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Defiance, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things: the inability of the Company to regain possession of its concessions; political risks associated with the Company's operations in Mexico; the failure of the Mining Bureau in Mexico City to take any coercive action to reinstate ownership of the concessions to the Company; and the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances. For additional risk factors, please see the Company's most recently filed Management Discussions & Analysis for its quarter ended March 31, 2021 available on SEDAR at .

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Defiance, and prospective investors should not place undue reliance on forward looking information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.

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