Defiance Silver Corp. announced that the Company has completed all purchase payments to acquire a 100% interest in Pan American Silver Corp.'s ("Pan American") Lucita property in Zacatecas, Mexico. Pan American Silver retains a 2.0% Net Smelter Royalty (NSR) on the Lucita property.

Defiance also reported that the terms of the San Acacio property agreement were successfully renegotiated with the vendor. Defiance also announced that the Company has successfully restructured the option to acquire 100% of the San Acacio property in the Zacatecas district. The project vendor has agreed to extend the option agreement terms by one year from September 27, 2023 to September, 27, 2024.

Defiance will now be making quarterly payments, over the year, to the property vendor totaling USD 539,721.51, with the final option payment of US$2,300,000 due September 27, 2024. In accordance with the original agreement, the vendor retains a 2.5% NSR which may be purchased for USD 2,500,000.