Defiance Announces Executive Appointments

May 3rd, 2023

Vancouver, British Columbia - Defiance Silver Corp. (“Defiance” or the “Company”) is pleased to announce the appointment of Oleg Shcherbyna as Chief Financial Officer (“CFO”) and Lisa Thompson as corporate secretary (“Corporate Secretary”), effective immediately.

Mr. Shcherbyna is an experienced CPA with over 20 years’ experience in financial management and accounting with various publicly-listed companies. Prior to joining Defiance, Mr. Shcherbyna worked in senior financial management roles with several mining and mineral exploration companies, including as CFO of Westminster Resources, Jaxon Mining, and Global Cobalt. Mr. Shcherbyna is a member of the Chartered Professional Accountants of British Columbia and licensed CPA in Washington, U.S. He holds a MSc in Accounting and Bachelor of Laws.

Mrs. Thompson brings over 20 years of experience as a corporate and securities paralegal, working with both large and small public companies listed for trading on U.S. and Canadian stock exchanges. For the past 5 years, Mrs. Thompson has provided corporate secretarial consulting services for US and Canadian companies. She has also served on various non-profit boards and committees. Mrs. Thompson is a founder of Meraki Corporate Services in Vancouver, British Columbia.

Chris Wright, Chairman & CEO, commented: “We are excited to welcome Oleg and Lisa to the Defiance team and family. Their deep experience working with public junior mining companies will ensure that the company can maintain continuity across all of our accounting, finance, planning, tax, and corporate functions. We look forward to further integrating them with the team as we continue to advance our projects throughout the spring and early summer in Zacatecas.”

Shares for Debt:

Defiance reports that it intends to settle $65,600 of debt through the issuance of up to 354,594 common shares of the Company (the “Shares”). The arrangement is subject to approval of the TSX Venture Exchange.

Repricing of Options:

Defiance also reports that it has repriced incentive stock options to certain consultants (See News Release dated July 2nd, 2021) to purchase of an aggregate of 79,000 common shares of the Company at an exercise price of $0.185 (the “Options”) in accordance with the terms of the Company’s incentive stock option plan. The Options are exercisable for a ten-year term expiring June 30, 2031 and vest as follows: one-third on the date of grant, one-third twelve months following grant date and one-third twenty four months following grant date. The repricing arrangement is subject to approval of the TSX Venture Exchange.

About Defiance Silver Corp.

Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTCQX; A1JQW5 | Frankfurt) is an exploration company advancing the district-scale San Acacio Deposit, 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

Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3

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.

This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Defiance Silver Corp. relies upon litigation protection for forward-looking statements.