March 28, 2024, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced financial results for the three and twelve months ended December 31, 2023 (“Q4 2023” and “2023”, respectively). The Company also provided a summary of key events since the beginning of Q4 2023, including the release on February 20, 2024, of the feasibility study results (the “Feasibility Study” or “Study”) for Discovery’s 100%-owned Cordero silver project (“Cordero” or the “Project”) in Chihuahua State, Mexico. Cordero is a world leading silver development project that will generate attractive economic returns and contribute substantial socio-economic benefits to Mexico. All figures are stated in Canadian dollars unless otherwise noted.

Tony Makuch, CEO, commented: “Over the last year, our teams in Mexico and Canada have done an outstanding job advancing Cordero. Following the release of the Pre-Feasibility Study (“PFS”) in January 2023, we progressed into full feasibility advancing engineering and design work which further de-risked the Project, drilling over 30,000 metres with the results clearly demonstrating the potential to grow resources and reserves, and completing impact assessment and social baseline studies leading to the submission of our Environmental Impact Statement (“Manifesto de Impacto Ambiental” or “MIA”) in August.

“The excellent work of our people culminated in the release of our Feasibility Study results a few weeks ago. The Feasibility Study is a major milestone, which positions Cordero as the world’s largest undeveloped silver project both in terms of reserves and expected annual production. Cordero will be a long-life project with low unit costs that generates substantial cash flows and attractive economic returns. Beyond that, Cordero is an important project for several reasons. First, with expected annual production averaging 37 million silver-equivalent (“AgEq”)1 ounces in the first 12 years, it can play a key role in closing market deficits and supplying silver for high-growth sectors such as electric vehicles and solar energy. Second, the Project will deliver valuable benefits to Mexico by creating high-quality, high-paying jobs, investing in infrastructure as well as goods and services and generating tax revenue. Finally, Cordero is important for our industry because it can provide an example of how a large-scale mining project that is profitable, contributes to greater prosperity and meets the highest environmental standards, can be part of the solution when it comes to addressing ESG issues and achieving sustainability objectives in a world that increasingly needs metals and minerals.

“Looking ahead, we are executing an extensive work program in 2024 aimed at further advancing and de-risking Cordero as we work to complete permitting and arrange financing for the Project. Our company remains well funded to complete our work plan, with a current cash balance of approximately $52 million.

Please see the Technical Disclosure section of this news release for additional information related to AgEq production.
HIGHLIGHTS FROM Q4 2023 & SUBSEQUENT EVENTS:

Results from the Feasibility Study metallurgical test program were reported in October 2023 and demonstrated improved metallurgical performance including a higher proportion of silver recovered to the precious metals concentrate, significantly lower reagent consumption and improved oxide-sulphide blending.
Highlights of the 2024 work program were released in January 2024 and included plans to complete Front-End Engineering Design (“FEED”) work; additional permitting, including a target to submit the Change of Land Use (“Cambio de Uso de Suelo” or “CUS”) during the third quarter; additional engineering work related to the planned upgrade of the local water treatment plant; steps to further de-risk the Project such as the acquisition or leasing of additional surface rights and permitting related to land, power supply and water; as well as additional exploration work, including 2,500 metres of planned drilling in key target areas.
The Feasibility Study results were released on February 20, 2024 with the results clearly positioning Cordero as a world-leading silver development project with large-scale, long-life production, unit costs that will place Cordero in the lowest half of the global cost curve, high capital efficiency and attractive economics.
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https://discoverysilver.com/news/discovery-reports-fourth-quarter-and-full-year-2023-financial-results/

AND
Discovery Files NI 43-101 Technical Report for the Cordero Project Feasibility Study
April 1, 2024
April 1, 2024, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced it has filed on SEDAR its National Instrument 43-101 (“NI 43-101”) technical report entitled: Cordero Silver Project, Technical Report & Feasibility Study dated February 16, 2024 (the “Technical Report”), in respect of Discovery’s Cordero deposit in Mexico. The report was authored by Ausenco Engineering Canada ULC, with support from AGP Mining Consultants Inc., WSP USA Environment and Infrastructure Inc. and RedDot3D Inc.

The filing of the Technical Report follows the Company’s news release issued on February 20, 2024 (entitled: Positive Feasibility Results Establish Cordero as One of the World’s Leading Development-Stage Silver Projects), which outlined the key inputs, assumptions and results from the Feasibility Study.