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TSX.V: DEF | OTCQX: DNCVF | WKN: A1JQW5| FSE: D4E
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ScientificandtechnicalinformationinthispresentationhasbeenreviewedandapprovedbyGeorgeCavey,P.Geo,Vice-president,Exploration,fortheCompany,aQualifiedPersonasdefinedbyNationalInstrument43101-StandardsofDisclosureforMineralProjects(“NI43-101”).FurtherinformationabouttheZacatecasProject,includingadescriptionofkeyassumptions,parameters,methods,andrisks,isavailableinatechnicalreportfollowingNI43-101rulesandguidelines,titled“TechnicalReportfortheZacatecasProject,Zacatecas,Mexico”,dateasofDecember16,2024,withaneffectivedateofOctober1,2024,andavailableonSEDAR+.FurtherinformationabouttheTepalProject,includingadescriptionofkeyassumptions,parameters,methods,andrisks,isavailableinatechnicalreportfollowingNI43-101rulesandguidelines,titled“NI43-101TechnicalReportand2024MineralResourceEstimatefortheTepalProject,Michoacán,Mexico”originallydatedNovember29,2024,reviseddate,January29,2025ByW.LewisP.Geo,C.SarkarP.GeoandR.GowansP.EngofMiconInternationalandavailableonSEDAR+Informationcontainedinthispresentationwhicharenotstatementsofhistoricalfactsmaybe“forward-lookinginformation”forthepurposesofCanadiansecuritieslaws.Suchforward-lookinginformationinvolvesrisks,uncertaintiesandotherfactorsthatcouldcauseactualresults,performance,prospectsandopportunitiestodiffermateriallyfromthoseexpressedorimpliedbysuchforwardlookinginformation.Forward-lookingstatementsaregenerallyidentifiablebyuseofthewords“believe”,“expect”,“anticipate”,“contemplate”,“plan”,“intend”,“continue”,“budget”,“estimate”,“may”,“will”,“schedule”,“understand”orthenegativeofthesewordsorothervariationsonthesewordsorcomparableterminology.Theseforward-lookingstatementsrelateto,amongotherthings:statementsregardingtheCompany’sabilitytoconvertinferredresourcesintomeasuredandindicatedresources;parametersandmethodsusedtoestimatethemineralresourceestimate(the“MRE”)attheTepalProject;theprospects,ifany,oftheTepalProjectandtheCompany’sabilitytodeliveraPreliminaryEconomicAssessmentthereon;andthesignificanceofhistoricexplorationactivitiesandresults.Forward-lookinginformationisnecessarilybaseduponanumberofestimatesandassumptionsthat,whileconsideredreasonablebyDefiance,areinherentlysubjecttosignificanttechnical,political,business,economicandcompetitiveuncertaintiesandcontingencies,whicharebeyondtheCompany'sabilitytocontrolorpredict,thatmaycausetheactualresultsoftheCompanytodiffermateriallyfromthosediscussedintheforward-lookingstatements.Knownandunknownfactorscouldcauseactualresultstodiffermateriallyfromthoseprojectedintheforward-lookinginformation.Factorsandassumptionsthatcouldcauseactualresultsoreventstodiffermateriallyfromcurrentexpectationsinclude,amongotherthingsandwithoutlimitation:theresultsofexplorationactivities,theCompany’sfinancialpositionandgeneraleconomicconditions,theabilityofexplorationactivitiestoaccuratelypredictmineralization;theaccuracyofgeologicalmodelling;theabilityoftheCompanytocompletefurtherexplorationactivities;thelegitimacyoftitleandpropertyinterestsintheSanAcacioandTepalProjects;theaccuracyofkeyassumptions,parametersormethodsusedtoestimatetheTepalMRE;theabilityoftheCompanytoobtainrequiredapprovals;theevolutionoftheglobaleconomicclimate;metalprices;environmentalexpectations;communityandnon-governmentalactions;theCompany’sabilitytosecurerequiredfunding;andotherrisksdetailedfromtimetotimeinthefilingsmadebytheCompany'spublicdisclosurerecordonfilewiththerelevantsecuritiesregulatoryauthorities.Foradditionalriskfactors,pleaseseetheCompany’smostrecentlyfiledManagementDiscussions&AnalysisforitsfinancialyearendedJune30,2024availableonSEDAR+atwww.sedarplus.ca.Therecanbenoassurancesthatforward-lookinginformationandstatementswillprovetobeaccurate,asmanyfactorsandfutureevents,bothknown,andunknowncouldcauseactualresults,performanceorachievementstovaryordiffermateriallyfromtheresults,performanceorachievementsthatareormaybeexpressedorimpliedbysuchforward-lookingstatementscontainedhereinorincorporatedbyreference.Accordingly,allsuchfactorsshouldbeconsideredcarefullywhenmakingdecisionswithrespecttoDefiance,andprospectiveinvestorsshouldnotplaceunduerelianceonforwardlookinginformation.Forward-lookinginformationinthisnewsreleaseismadeasatthedatehereof.TheCompanyassumesnoobligationtoupdateorreviseforward-lookinginformationtoreflectchangesinassumptions,changesincircumstancesoranyothereventsaffectingsuchforward-lookinginformation,exceptasrequiredbyapplicablelaw.NI43-101DISCLOSURE:GeorgeCavey,P.Geo.,aQualifiedPersonunderthemeaningofCanadianNationalInstrument43-101isresponsibleforthetechnicalinformationinthispresentation. Disclaimer
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TSXVDEFFSED4EOTCQXDNCVFTSXV 52-WEEK SHARE PRICE HISTORYSource: LBMA, Refinitiv 18.5%Insider Ownership 0 M2 M4 M6 M8 M10 M $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 Ja n-25Feb-25Feb-25Mar-25Mar-25Ap r-25Ap r-25May -2 5May -2 5Jun-25Jun-25Jul-25Jul-25Jul-25Aug-25Aug-25Sep-25Sep-25Oct-25Oct-25Nov-25Nov-25De c-25De c-25Ja n-26Ja n-26Ja n-26 Share Structure & T rading SummaryCAD$0.33EUR€0.21USD$0.24Market Cap: 116M52-Week H/L: 0.52/0.17Last 90 Days Average Global Trading Volume~4.1M Common Shares364,019,045Options16,496,067Warrants64,518,840DSU/PSU/RSU2,422,585Fully Diluted447,456,537 CAD Volume Updated on: January 30, 2026
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Why Invest in Defiance Silver?CONSISTENT EXPLORERS THAT DELIVER SIGNIFICANT RESULTS TEAMPROJECTSRESULTS•Proven Success•Seasoned Leadership With Decades Of Experience•Financial Expertise•Geological Excellence •District-scale Land Packages•Acquisition Of Green Earth Metals Inc.•Te p a l 2 0 2 4 M R E : 9 2 6 , 0 0 0 Ounces Of Gold And 473.86mlb Of Copper, 5.58 Moz Of Silver (M&I)*•Zacatecas: World-class Fresnillo-Zacatecas Mining District. Upcoming Resource Estimate Next 12-months •90% accuracy rate at Veta Gra n d e•High-grade results.•Systematic geoscience, including drilling, has continuously validated the exploration and geological model•Pipeline of drill-ready exploration targets HISTORY•Mexico: Premier Geological Location•Zacatecas: Intermittent silver mining production since the mid 1500's to today *Full MRE details on slide 10 of this presentation
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Historic Leverage to Precious Metals PricesSILVER $USD/OZ $USD 24.59%40.77%155.64% 43.78% DEF.V $CADTSX Venture Exchange $CAD 542.47% 1,882.67% 79.89% 106.03% July 2018 to January 2026 32.71% 104.54% 42.66% 125.70%121.94%188.62%
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Projects PortfolioGreen Earth ProjectSonora, Copper-gold Zacatecas ProjectZacatecas, Silver-polymetallic Te p a l P ro j e c tMichoacan, Copper-gold LONG-TERM PIPELINE OF T ARGETS CONSOLIDATED IN MEXICO Source: INEGI, 2019, Secretaría de Economía, 2021Note that the Company and its qualified person have been unable to verify the information on this map and that the information is not necessarily indicative of the mineralization on the Company's properties
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ZACATECAS PROJECT Zacatecas ProjectDEFIANCE’S FLAGSHIP PROJECT IN MEXICO’S SILVER HEARTLAND Size4,217 Ha (district-scale)CommoditiesSilver, Gold, Lead, ZincStageAdvanced ExplorationDrilled Meters+55,000mLocationZacatecas Mining DistrictZacatecas State, MexicoMineral RegionMexican Silver BeltLatest Report2024 Technical Report for the Zacatecas Project ZACATECAS PROJECT Note that the Company and its qualified person have been unable to verify the information on this map and that the information is not necessarily indicative of the mineralization on the Company's properties
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43-101 resource: 2.73M t grading 171.1g/t Ag and 0.17g/t Au1 Over 21M oz silver and 649M lb. copper produced between 2008 and 2023 Intermittent silver mining production since the mid 1500's to today Note that the Company and its qualified person have been unable to verify the information on the Zacatecas Silver Corp. Panuco deposit nor on the Capstone Copper Cozamin mine and that the information is not necessarily indicative of the mineralization on the Company's property Since 2011, Defiance has completed mapping, sampling and 13 drill holes (3,801.80 m) at Lucita and 73 drill holes (26,578.03 m) at San AcacioFirst ever drill program at Lucita: drill holes returned encouraging results over ~4km strike length.North: Multi-kilometer Polymetallic signatureSouth: Discovery of a Blind Silver System: DDLU-22-10Results returned up to 3,260 g/t silver in maiden drilling at Lucita DDLU-21-05 Filed Updated T echnical Report in November 2024 Ongoing Drill Program. Results will be published soon. 1. Source: “Independent NI 43-101 Technical Report – Zacatecas Properties, Zacatecas State, Mexico” originally dated January 28, 2022, prepared for Zacatecas Silver Corp. by Morales-Ramirez, Keane (Metallurgy), Barry (Review of Sample Preparation, Analysis and Security), and Puritch, Wu, and Yassa (Resource Estimate).
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TEPAL PROJECT Te p a l ProjectDEFIANCE'S MULTI-DEPOSIT COPPER-GOLD ADVANCED PROJECT Size3,321 HaCommoditiesCopper, Gold and SilverStageAdvanced ExplorationDrilled Meters+80,800mLocationNW Michoacan State, MexicoMineral RegionMexican Porphyry-Copper Belt Latest ReportNI 43-101 Technical Report and 2024 Mineral Resource Estimate for the Tepal Project, Michoacán, Mexico Note that the Company and its qualified person have been unable to verify the information on this map and that the information is not necessarily indicative of the mineralization on the Company's properties
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New Licenses Tepal Project Resource Estimate – January 29, 2025Open Pit ModelResource CategoryWeathering ZoneTonnageAverage GradeContent MetalCuAuAgCuAuAgMt%g/tg/tthousand lbthousand ozthousand oz In-Pit Tepal North Zone MeasuredOxide2.710.310.451.0318,8183990Sulphide21.210.240.390.92111,170269627IndicatedOxide3.850.190.250.8016,5083199Sulphide28.510.180.231.22110,3222131,114M+IOxide6.560.240.330.9035,32770189Sulphide49.720.200.301.09221,4924811,741Total56.280.210.301.07256,8185511,930InferredOxide2.600.150.181.178,7501597Sulphide26.730.170.211.21101,9091771,040Total29.330.170.201.21110,6591921,137 In-Pit Tepal South ZoneIndicatedOxide1.220.220.401.295,9221650Sulphide10.780.240.361.1357,569124392Total11.990.240.361.1563,492140443InferredOxide1.480.110.140.873,635741Sulphide35.840.180.411.29145,7794771,481Total37.320.180.401.27149,4144841,523 In-Pit Tizate ZoneIndicatedOxide4.100.130.161.7911,49321236Sulphide39.300.160.172.35142,0572142,970Total43.400.160.172.30153,5492353,206InferredOxide4.550.140.122.1914,45018321Sulphide53.160.150.171.67176,4882922,853Total57.710.150.171.71190,9383103,174In-Pit TotalTepal + TizateMeasuredOxide + Sulphide23.920.250.400.93129,988308717Indicated87.750.180.221.72343,8726184,861M+I111.670.190.261.55473,8609265,578Inferred124.360.160.251.46451,0119855,834 Signed long-term surface access agreement in June 2025 Filed Updated T echnical Report and Resource Estimate in January 2025Acquired 6 new licenses adding 636.25 hectares to Defiance’s land position in Te p a l i n O c t o b e r 2 0 2 4 Source and Resource Estimate Notes on next slide
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Current Mineral Resource Estimate 1.The effective date of the MRE is October 30, 2024.2.The Mineral Resource Estimate has been stated using a NSR cut-off grade. As per the economic assumption the cut-off grade is 13$ NSR for the oxide zone and 15$ NSR for the sulphide zone.3.William Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs responsible for the MRE, as defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).4.The mineral resources disclosed in this report were estimated using the CIM standards for mineral resource and reserve definitions and the CIM best practices guidelines for resource estimation.5.The mineral resources reported are contained within the boundaries of a pit-shell derived from the open pit optimizer, assuming surface mining methods with an overall slope angle of 45 degrees and with the original block model re-blocked to 20m x 20m x 20m. Mineralized blocks outside of the pit-shell are not considered to be part of the MRE.6.An open pit cut-off grade of 13$ NSR for the oxide zone and 15$ NSR for sulphide zone was calculated for the MRE, using a gold price of US$ 2,300/oz, a silver price of US$30/oz and a copper price of US$4.8/lb, mining cost US$2.0/t, processing cost US$10/t for oxide and US$12/t for sulphide, G&A costs of US$3/t. and relevant treatment and refining charges (TCRCs).7.Mo has not been considered to be part of NSR calculation at this time due to insufficient metallurgical testwork to determine the applicable process recovery.8.The MRE has been classified according to CIM definitions of Measured, Indicated and Inferred Resources for Tepal North Zone and Indicated and Inferred for Tepal South and Tizate Zones. The Mineral Resource classification has also been visually reviewed to eliminate any ‘Spotted Dog’ effect, commonly seen in computer-generated models.9.The mineral resource results are presented in-situ within the optimized pit. 10.Mineral resources that are not mineral reserves do not have demonstrated economic viability.11.Geological modelling and the MRE have been completed using Leapfrog Geo and Edge software.12.The tonnes and metal contents are rounded to reflect that the numbers are an estimate and any discrepancies in the totals are due to the rounding effects.13.Micon QPs have not identified any legal, political, environmental, or other factors that could materially affect the potential development of the mineral resource estimate. Source: NI 43-101 Technical Report and 2024 Mineral Resource Estimate for the Tepal Project, Michoacán, Mexico” originally dated November 29, 2024, revised date, January 29, 2025 By W.Lewis P. G e o., C. Sarkar P. G e o. and R.Gowans P. E n g of Micon International.
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GREEN EARTH PROJECT Green Earth ProjectDEFIANCE’S NEWEST PROJECT IN MEXICO’S LEADING COPPER MINING REGION Size6,795 Ha (3 properties: Victoria, Espiritu, Los Ocotes)CommoditiesCopper, Gold, Molybdenum, Silver, Lead and ZincStageEarly-stage explorationDrilled MetersNot yet drilled; Victoria is drill-readyLocationSahuaripa, Sonora State, MexicoMineral RegionMexican Porphyry Copper BeltLatest ReportNI 43-101 Technical Report on the Target 1068 Project Property Sonora, Mexico Note that the Company and its qualified person have been unable to verify the information on this map and that the information is not necessarily indicative of the mineralization on the Company's properties
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Zacatecas Zacatecas Te p a l Te p a l Green Earth Green Earth What is next for Defiance Silver?RESOURCE EXPANSION Defiance Silver is committed to expanding the silver, copper, and gold resources of its projects in Mexico through consistent drilling, updated mineral resource estimates, and disciplined project development San Acacio MREdrilling will be focused on targets in and around the Veta Grande vein system to support an updated MRE Drill CampaignDrill Results Expected in 2026 Q1, Complete mapping, geophysics studies, and ~10,000 m drilling Te p a l P E AComplete further resource infill and expansion drilling High-Resolution Te r ra i n M o d e lUndertake a Lidar topographic survey, concentrating on those areas covered by the mineral deposits Delineate drilling targetsFocus on the principal zones and on those exhibiting more anomalies. Secure surface access agreementEstablish continuity between previous employees and new team
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MissionTo c r e a t e l o n g-term shareholder value through systematic, responsible exploration focused on resource expansion and new mineral discoveries VisionTo b e c o m e a l e a d i n g f o r c e i n m i n e r a l exploration and development across Mexico’s premier mineral belts De-risking along term pipeline of projects through geoscience
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ir@defiancesilver.com Suite 2900, 550 Burrard StreetVancouver, BC, V6C 0A3, Canada www.defiancesilver.com +1 (604) 343 4677 Scan below to request your digital copy of Defiance Silver’s corporate presentation TSX.V: DEF | OTCQX: DNCVF | WKN: A1JQW5 | FSE: D4E