PROJECT HIGHLIGHTS:

• Strategic land package of 4,300 hectares located within the historic mining district of Zacatecas; 8km from the historic silver mining city of Zacatecas.
• Defiance’s land package in Zacatecas is comprised of three project areas:
• San Acacio is focused over the historic Veta Grande vein system.
• Lucita contains the Palenque silver structure, as well as the on-strike extension of the Panuco deposit.
• Lagartos lies within the Mala Noche belt, where Capstone Mining is producing from the 3200 Tonne per day Cozamin Mine.
• The properties have excellent infrastructure with paved road access, accessible topography, power, available city water, and a sizeable skilled workforce in the nearby communities as well as the city of Zacatecas.
• At San Acacio, the Veta Grande vein system trends northwest to southeast through the heart of the property and outcrops in the western portion of the property; numerous historic surface and underground workings occur along 2 km of strike length.
• The land package covers approximately 50% of the historic mine workings in the Veta Grande vein system, including adjacent ground that is highly prospective for mineral deposits with historically overlooked potential using modern exploration methods.
• Exploration potential exits at depth in this system. At San Acacio, the Veta Grande vein system extends to a depth of at least 335 meters; other mineralized vein systems in the district extend to over 1km in depth.
• A total of 10,234.6 meters have been drilled in 44 holes and 233 trench and chip samples; 8,873.4 meters are included in the current resource model. Over 10,000m of drilling (in 32 drill holes) has been completed since the 2014 resource estimate, with multiple vein intercepts in the principle Veta Grande structure demonstrating an increased mineral envelope.
• San Acacio’s current NI 43-101 mineral resource estimate hosts 2,889,000 tonnes containing 16.9 million ounces of silver in the Inferred category grading 182.42 g/t silver.
• The current resource estimate delineates a potentially mineable underground mineralized area the Veta G and Veta C mineralized zones, which combined form a total strike length of over 1,300 meters.
• Historic NI 43-101 complaint mineral resource estimates at the San Acacio project were optismised for an open-pit operation. Defiance updated the resource estimate in 2014 to reflect an underground mining scenario.
• The resource uses a cut-off grade of 100 g/t silver-equivalent, a gold price of $1,270 and a silver price of $19.60.
• Base metals are not included in current resource.
• The recently-acquired Lucita project area significantly-expands Defiance’s land position in the district.
• The project area includes the on-strike extension of the 19 million oz AgEq. Panuco deposit (Santa Cruz Silver-Technical Report, Veta Grande Project- Bui & O’Brien Aug 2019), as well as the undrilled Palenque vein structure, a 12 metre wide structure that has an over 4km strike length and has return historical in situ grab, chip, and dump samples ranging from <25g/t Ag to over 700g/t Ag. Defiance has been unable to verify the information from the Panuco deposit and that the information is not necessarily indicative of the mineralization on the Lucita project.
• Our Zacatecas project area is underexplored; using modern and systematic geoscience to establish a better understanding of mineral system controls will better focus future resource expansion and exploration drilling.
• Untested targets at the San Acacio project include hanging wall / footwall structures, which are proven in the district. There are several mineralized zones outside the Veta Grande vein that are historically untested.
• Defiance has the option to earn 100% of the San Acacio project and Lucita projects, and owns a 100% interest in the Lagartos project area.