DSV Discovery Silver Corp

Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce that it has released its 2023 Environmental, Social and Governance (“ESG”) Report, highlighting the Company’s current sustainability performance, practices and priorities going forward.

Tony Makuch, CEO, commented: “We are pleased to be releasing our 2023 ESG report, which highlights the effectiveness of our people, both in Mexico and Canada, in achieving excellence in responsible mining. In everything we do, our aim is to successfully balance environmental, social, and economic considerations, generate long-lasting benefits for communities, minimize the impact on the environment, and add value for all stakeholders. Last year, the progress we achieved resulted in Discovery receiving a number of significant awards and distinctions. We were very honoured to be the only mining company in Mexico to receive the Quality Environmental Certification from the Mexican Government’s Federal Attorney’s Office for Environmental Protection (“PROFEPA”), which recognizes companies that achieve full compliance with all environmental regulations. For the second consecutive year, we received the Socially Responsible Enterprise Distinction from the Mexican Center for Philanthropy (“Centro Mexicana para la Filantropía”), which is awarded to companies for outstanding performance in five key areas, business ethics, community engagement, protection and preservation of the environment, quality of life for employees and corporate social responsibility. We also received for the second time the Great Place to Work Certification, an internationally recognized distinction for companies creating outstanding employee experience.

“These distinctions are important as they result from extensive and effective follow through on our commitment to leadership in environmental and social responsibility. As we continue to advance our world-class Cordero silver project, we will remain focused on delivering against this commitment. We will also work diligently to establish Cordero as an example of how a large-scale, open-pit mine, that is profitable, contributes to increased prosperity and meets the highest environmental standards, can be part of the solution when it comes to achieving sustainability objectives in a world that increasingly needs metals and minerals.”

The full 2023 ESG report is available for download at: www.discoverysilver.com/sustainability.

2023 Sustainability Highlights (all $ amounts in Canadian dollars)*:

• $19.2 million in goods and services purchased from local Mexican businesses;
• $5.0 million in salaries and benefits paid to local employees;
• Total workforce of 85 includes 69 employees and 16 contractors;
  • Employees in Mexico: 85% of employees are local
• $193,000 of direct community investments;
• 26 hours of health, safety and emergency response training on average per employee;
• Zero reportable environmental incidents;
• 21.09 GJ of renewable energy generated using solar panels.

* Data based on 2023 calendar year.

About Discovery

Discovery is a precious metals company engaged in the acquisition, development and operation of high-quality assets. The Company’s flagship asset is its 100%-owned Cordero project, one of the world’s largest undeveloped silver deposits, which is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. The Feasibility Study completed in February 2024 demonstrates that Cordero has the potential to be developed into a large-scale, long-life project that generates attractive economic returns and delivers substantial socio-economic benefits for local stakeholders. In developing and operating the Project, an important priority will be maximizing the use of green energy sources, such as electric vehicles and solar power, with the Company’s objective being to establish Cordero as one of the lowest carbon footprint open-pit mines globally.

On Behalf of the Board of Directors,Tony Makuch, P.EngPresident, CEO & Director

For further information contact:         Mark Utting, CFAVP Investor RelationsPhone: 416-806-6298Email: mark.utting@discoverysilver.comWebsite: www.discoverysilver.com

FORWARD-LOOKING STATEMENTS:

Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release is not for distribution to United States newswire services or for dissemination in the United States.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Cautionary Note Regarding Forward-Looking Statements

This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although Discovery believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Statements include but are not limited to the timing and results of the feasibility study and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the Project, anticipated mining and processing methods, proposed pre-feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, the completion of key de-risking items, including the timing of receipt permits, availability of water and power, availability of labour, tax rates and commodity prices that would support development of the Project. Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the results of the pre-feasibility study are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws. The risks and uncertainties that may affect forward-looking statements, or the material factors or assumptions used to develop such forward-looking information, are described under the heading "Risks Factors" in the Company’s Annual Information Form dated March 28, 2024, which is available under the Company’s issuer profile on SEDAR at www.sedarplus.ca.