Discovery Silver : Mineral Resource Update of the Cordero Silver Project

NATIONAL INSTRUMENT 43-101 TECHNICAL REPORT

MINERAL RESOURCE UPDATE OF

THE CORDERO SILVER PROJECT

CHIHUAHUA STATE, MEXICO

Qualified Persons:

Nadia M. Caira (B.Sc., M.GIS., P.Geo.)

T. Roberto Raponi (B.A.Sc., P.Eng.)

R. Mohan Srivastava (M.Sc., P.Geo.)

Prepared on behalf of:

Discovery Silver Corp.

Effective Date:

October 20, 2021

CERTIFICATES OF QUALIFIED PERSONS

Nadia M. Caira

1. I, Nadia M. Caira, am the sole owner and President of World Metals Inc., with an office address of 5711 Back Valley Rd, 100 Mile House, British Columbia, Canada V0K 2E1.
2. This certificate applies to the report entitled "Mineral Resource Update of the Cordero Silver Project, Chi- huahua State, Mexico" with an effective date of October 20, 2021.
3. I hold the following academic qualifications: Bachelor of Science (B.Sc.) in Geology from the University of British Columbia, and a Master of Geographic Information Systems (M.GIS.) from Pennsylvania State Uni- versity.
   I have worked as a geologist for 41 years since graduation from the University of British Columbia in 1981. My relevant experience for the purpose of this Technical Report includes extensive experience with explo- ration for, and evaluation of, epithermal precious metal and porphyry and porphyry-related mineralization throughout the world, including but not limited to Canada, United States, Mexico, Southeast Asia, Central Asia and South America.
4. • 1988 to 1992 - Hunter Dickinson Group, BC - Senior geologist/site manager porphyry Cu-Au discov- eries.
   • 1992 to 1995 - Teck Cominco, Central Asia - Senior geologist evaluation of porphyry and porphyry- related targets.
   • 1995 to 2002 - Newcrest Mining Limited, Southeast Asia - District Geologist exploration and evalua- tion of epithermal, porphyry- and porphyry-related deposits.
   • 2002 to present - Consultant for various junior mining companies on epithermal, porphyry- and porphyry-related targets.

I have been a registered practising member of the Association of Professional Engineers and Geoscientists of British Columbia since 1993 (License No. 19770).

I meet all the education, work experience and professional registration requirements of a "Qualified Per- son" as defined in Section 1.1 of National Instrument 43-101.

1. I last visited the Cordero project site for 17 days, ending on November 12, 2021.
2. I am solely responsible for Sections 4 through 12 and Section 25 of this Technical Report, and jointly re- sponsible for the recommendations in Section 26, and for the references in Section 27.
3. I am independent of the issuer and owner of the property, Discovery Silver Corp.
4. I have worked as a consulting geologist on the Cordero Project since 2019.
5. I have read National Instrument 43-101; the parts of this Technical Report for which I am responsible have been prepared in compliance with this Instrument, including the CIM Definition Standards on Mineral Re- sources and Mineral Reserves.
6. At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and sealed in 100 Mile House, British Columbia, Canada, on December 6, 2021.

/s/ "Nadia M. Caira"

Nadia M. Caira (B.Sc., M.GIS, P.Geo.)

Mineral Resource Update

Cordero Silver Projecti

October 20, 2021

Tommaso Roberto Raponi

I, Tommaso Roberto Raponi, P. Eng., certify that I am employed as a Principal Metallurgist with Ausenco Engineering Canada Inc. (Canada), ("Ausenco"), with an office address of Suite 1550 - 11 King St West, Toronto, ON M5H 4C7. This certificate applies to the technical report titled "Mineral Resource Update of the Cordero Silver Project, Chihuahua State, Mexico" that has an effective date of October 20, 2021 (the "Technical Report").

I graduated from the University of Toronto with a Bachelor of Applied Science degree in Geological Engineering, with specialization in Mineral Processing in 1984. I am a Professional Engineer registered with the Professional Engineers Ontario (No. 90225970), Engineers and Geoscientists British Columbia (No. 23536) and NWT and Nunavut Association of Professional Engineers and Geoscientists (No. L4508) and with OIQ (OIQ temporary permit No. 6043399). I have practiced my profession continuously for over 37 years with experience in the development, design, operation and commissioning of mineral processing plants, focusing on gold projects, both domestic and internationally.

I have read the definition of "Qualified Person" set out in the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that by virtue of my education, affiliation to a professional association and past relevant work experience, I fulfill the requirements to be a "Qualified Person" for those sections of the Technical Report that I am responsible for preparing.

I have not visited the Cordero Silver Project. I am responsible for Section 13 of the Technical Report.

I am independent of Discovery Silver Corp. as independence is defined in Section 1.5 of NI 43-101. I have had no previous involvement with the Cordero Silver Project.

I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: December 6, 2021

"Original Signed and sealed"

Tommaso Roberto Raponi (P. Eng.)

Mineral Resource Update

Cordero Silver Projectii

October 20, 2021

R. Mohan Srivastava

1. I, R. Mohan Srivastava, am a geostatistician specializing in mineral resource estimation, with my office at #1100 - 120 Eglinton Avenue East, Toronto, Ontario, Canada M4P 1E2.
2. This certificate applies to the report entitled "Mineral Resource Update of the Cordero Silver Project, Chi- huahua State, Mexico" with an effective date of October 20, 2021.
3. I hold the following academic qualifications: a B.Sc. in Earth Sciences from the Massachusetts Institute of Technology, and an M.Sc. in Geostatistics from Stanford University.
   I have worked as a geostatistician and resource estimation specialist since graduation from university in
   1979. My relevant experience for the purpose of this Technical Report includes:
4. • 1979 to present - Consulting geostatistician specializing in mineral resource estimation, reviews and audits for mining projects in their exploration and development phases, including precious and base metals projects in Mexico.
   • 2016 to present - Vice President of TriStar Gold Inc., responsible for field programs and technical studies including: drilling, petrophysics, QA/QC of analytical laboratories, mineral resource estimation and quantitative risk assessment.

I have been a Practising Member (#0547) of the Professional Geoscientists of Ontario continuously since 2003.

I meet all of the education, work experience and professional registration requirements of a "Qualified Per- son" as defined in Section 1.1 of National Instrument 43-101.

1. I have not visited the Cordero project site.
2. I am solely responsible for Sections 1 through 3, Sections 14 through 23 and 24 of this Technical Report, and jointly responsible for the recommendations in Section 26, and the references in Section 27.
3. I am independent of the issuer and owner of the property, Discovery Silver Corp.
4. I have worked on the Cordero Project since 2020, assisting with mineral resource estimates.
5. I have read National Instrument 43-101; the parts of this Technical Report for which I am responsible have been prepared in compliance with this Instrument, including the CIM Definition Standards on Mineral Re- sources and Mineral Reserves.
6. At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the parts of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed and sealed in Toronto, Ontario, Canada, on December 6, 2021.

/s/ "R. Mohan Srivastava"

R. Mohan Srivastava (B.Sc., M.Sc., P.Geo.)

Mineral Resource Update

Cordero Silver Projectiii

October 20, 2021

TABLE OF CONTENTS
Certificates of Qualified Persons...................................................................................................................	1
Nadia M. Caira ......................................................................................................................................................................	1
Tommaso Roberto Raponi ..............................................................................................................................................	2
R. Mohan Srivastava ..........................................................................................................................................................	3
Table of Contents..........................................................................................................................................	4
List of Tables ...............................................................................................................................................	10
List of Figures ..............................................................................................................................................	12
List of Photos...............................................................................................................................................	16
List of Abbreviations, Acronyms and Units .................................................................................................	17
1. Summary ...................................................................................................................................................	1
Property Description and Ownership........................................................................................................................	1
Geology and Mineralization............................................................................................................................................	2
Status of Exploration.........................................................................................................................................................	4
Project Development.........................................................................................................................................................	4
Mineral Resource and Mineral Reserve Estimates ...............................................................................................	4
Conclusions and Recommendations...........................................................................................................................	6
Exploration and drilling ..............................................................................................................................................	6
Metallurgical characterization..................................................................................................................................	7
Mineral resources ..........................................................................................................................................................	7
2. Introduction ..............................................................................................................................................	9
Issuer .......................................................................................................................................................................................	9
Terms of Reference and Purpose.................................................................................................................................	9
Sources of Information and Data..................................................................................................................................	9
Personal Inspections .........................................................................................................................................................	9
3. Reliance on Other Experts ......................................................................................................................	10
4. Property Location and Description .........................................................................................................	11
Property Location.............................................................................................................................................................	11
Mineral Tenure and Permits ........................................................................................................................................	11
Mineral Resource Update
Cordero Silver Project	iv
October 20, 2021