Defiance Silver Drilling Returns up to 356 g/t Ag and 2.15 g/t Au in Additional Silver and Gold Structures

• Defiance Silver Corp. released drilling results for holes DDSA-25-78 through DDSA-25-81 at its Zacatecas Project on May 11, 2026.
• The program is part of an ongoing 10,000m diamond drill campaign with 4,039m completed to date.
• Key intercepts include 1.20m @ 356 g/t Ag and 2.15 g/t Au in hole DDSA-25-80.
• Hole DDSA-25-81 returned 0.26m @ 543 g/t Ag, confirming high-grade mineralization within the Veta Grande structural model.
• Results validate historical intercepts and support an upcoming Mineral Resource Estimate (MRE) for the San Acacio zone.
• The geological model identifies three blocks (NW, Central, SE) on the main Veta Grande structure delimited by major faults.

• Consistency with Expectations: The results are consistent with previous high-grade announcements from February 2026 (e.g., 3.07m @ 579 g/t Ag), confirming continuity rather than introducing a new discovery paradigm.
• Grade Comparison: While the May intercepts are robust, they are slightly lower in peak grade compared to the February announcement which included intervals up to 2,120 g/t Ag. This suggests the highest-grade zones may have been encountered earlier or are localized.
• Program Progress: The drill program is approximately 40% complete (4,039m of 10,000m). The market has already priced in the potential for an MRE based on prior announcements and financing use-of-proceeds.
• Market Reaction Context: The stock price has declined from January highs ($0.48) to current levels ($0.24), indicating that previous positive news may have been partially absorbed or offset by broader sector weakness. This release reinforces the thesis but does not fundamentally alter the valuation narrative without an MRE release.
• Materiality: The news is incremental validation of a known program. It reduces execution risk regarding the drill campaign but does not constitute a resource update itself.

• Company: Defiance Silver Corp. operates primarily in Mexico's Zacatecas and Sonora mining districts.
• Flagship Project: Zacatecas Project (San Acacio zone). This is the primary value driver with a focus on high-grade silver-gold mineralization within the Veta Grande vein system.
• Secondary Projects:
  • Tepal Project: Advanced exploration stage with an existing MRE (473k oz Cu, 926k oz Au) in Michoacán.
  • Green Earth Project: Early-stage copper-molybdenum-gold porphyry targets in Sonora following the acquisition of Green Earth Metals Inc.
• Status: Advanced exploration stage; no production guidance disclosed yet.