Discovery Silver Corp. announced results from its Preliminary Feasibility Study (“PFS” or “the Study”) on its 100%-owned Cordero silver project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. The PFS project team was led by Ausenco Engineering Canada Inc. (“Ausenco”), with support from AGP Mining Consultants Inc. (“AGP”) and Knight Piésold Ltd. (“Knight Piésold”).

Highlights include: Excellent project economics: Base Case after-tax NPV5% of $1.2 Billion (CAD 1.5 Billion) and IRR of 28% (Ag - $22.00/oz, Au - $1,600/oz, Pb - $1.00/lb and Zn - $1.20/lb). Extended mine life & higher production: 18-year mine life with average annual production of 33 Moz AgEq representing an increase of ~40% in total AgEq ounces produced over the life of the Project compared to the 2021 Preliminary Economic Assessment (“PEA”). High margins & low capital intensity maintained: average AISC of $12.80/oz AgEq in Years 1 to 12 with an initial development capex of $455 million resulting in an attractive NPV-to-capex ratio of 2.5x.

Significantly de-risked Reserve base: new Reserves declared of Ag - 266 Moz, Au - 790 koz, Pb - 2,970 Mlb and Zn – 4,650 Mlb; more than 70% of mill feed in Years 1 to 5 classified as Proven. Exceptional silver price leverage: PFS mine plan assumes only 42% of Measured & Indicated Resource tonnes are processed; clear potential to significantly extend mine life at higher silver prices. ESG/economic contribution: total estimated taxes payable of $1.2 Billion, a peak estimated local workforce of over 1,000 employees and over $4 Billion of expected goods and services purchased locally within Mexico over the life of the mine.