Defiance Silver San Acacio Drilling Returns High Grade Silver; Additional Holes Pending from Lucita Drilling

Defiance Silver Corp. (DEF) has released final drill results from the San Acacio area of its Zacatecas project, covering holes DDSA-26-89 through DDSA-26-92. The company reports completing 6,132 meters across 21 holes in the San Acacio resource area. An additional 4,064 meters were drilled at the Lucita South target area, which includes the Palenque vein system, though no assays from Lucita are included in this release.

Key reported intervals include:

• DDSA-26-89: 2.75 m at 118.94 g/t Ag from 42.25 m, plus 1.01 m at 147.15 g/t Ag from 61.11 m
• DDSA-26-90: 1.79 m at 148.97 g/t Ag and 0.12 g/t Au from 353.58 m, including 0.34 m at 735.00 g/t Ag
• DDSA-26-91A: 1.40 m at 221.00 g/t Ag and 0.08 g/t Au from 306.20 m, including 0.31 m at 990.00 g/t Ag and 0.28 g/t Au
• DDSA-26-91A: 24.00 m at 9.43 g/t Ag, 0.27 g/t Au, 0.26% Pb and 1.03% Zn from 347.94 m
• DDSA-26-91A: 1.49 m at 41.74 g/t Ag, 1.38 g/t Au, 2.36% Pb and 9.91% Zn from 368.90 m
• DDSA-26-92: 1.29 m at 80.43 g/t Ag, 0.34 g/t Au, 0.18% Pb and 0.34% Zn from 291.04 m

The release notes that hole DDSA-26-91 was stopped due to significant deviation from the planned target pierce point. True thickness is assumed to be 50% to 80% of downhole width. Defiance Silver states the results support the geological model ahead of an upcoming Mineral Resource Estimate.

Defiance Silver Corp. (DEF) is a pre-revenue mineral explorer with an equity value of roughly CAD 75 million and no producing mine. At this stage, materiality comes mainly from demonstrated scale, grade, continuity and the credibility of a future resource.

This release completes the San Acacio resource-area drilling and is an input to the upcoming Zacatecas Mineral Resource Estimate. That is important to the project's development path, but the release itself is not a discovery event, not a major step-out and not an expansion of the target footprint.

The stock traded at CAD 0.47 in January 2026 and has since round-tripped to CAD 0.15 by mid-2026 before recovering to CAD 0.20. The market is therefore not at a level that assumes repeated bonanza-grade intercepts from San Acacio.

The latest results are confirmatory rather than transformational. They show the Veta Grande system is still mineralised in the expected zones, with narrow high-grade silver and a broad polymetallic halo. But the best intercepts are below the company's own prior headline results, and one hole had less silver than expected while another was abandoned.

This is likely to be a routine, mildly positive news item. The larger potential catalysts remain the Lucita South assays and the maiden or updated Zacatecas Mineral Resource Estimate.

Defiance Silver Corp. is a Vancouver-based junior explorer focused on silver, gold and copper assets in Mexico. Its main assets include the Zacatecas Project, a 4,217-hectare property in the Zacatecas Silver District that includes the San Acacio and Lucita deposits. This advanced-stage exploration site has a Mineral Resource Estimate pending.

The company also holds the Tepal Project in Michoacan, which is in advanced exploration. The presentation reports Measured and Indicated resources of 473.86 million pounds copper, 926,000 ounces gold and 5.58 million ounces silver. Additionally, the Green Earth Project in Sonora covers approximately 6,795 hectares and is in early-stage copper-molybdenum-gold porphyry exploration at Victoria, Espiritu and Los Ocotes.

The company completed its final option payment for San Acacio in July 2026, giving it 100% ownership. A 2.5% NSR remains with a buy-back right for US$2.5 million.