Discovery Silver Corp. announced it has filed on SEDAR its National Instrument 43-101 (“NI 43-101”) technical report titled Preliminary Economic Assessment of the Cordero Silver Project Chihuahua State, Mexico, dated November 30, 2021 (the “Technical Report”), in respect of Discovery's Cordero deposit in Mexico. The report was authored by Ausenco Engineering Canada Inc. with support from AGP Mining Consultants Inc. and Knight Piésold and Co.

(USA). The filing of the Technical Report follows the Company's news release issued November 30, 2021, announcing its Preliminary Economic Assessment (“PEA”) on the Cordero project. Highlights from the PEA as outlined in this previous news release include (all figures in USD unless otherwise noted): Excellent project economics: Base Case after-tax NPV5% of $1.2 B and IRR of 38% (Ag - $22.00/oz, Au - $1,600/oz, Pb - $1.00/lb and Zn - $1.20/lb).

Exceptional silver price leverage: Upside Case after-tax NPV5% of $1.9 B and IRR of 55% (Ag - $27.50/oz, Au - $1,880/oz, Pb - $1.10/lb and Zn - $1.45/lb based on one-year trailing 90th percentile prices). Large-scale, high-margin, long mine life asset: 16-year mine life with average annual production of 26 Moz AgEq at an AISC of $12.35/oz AgEq. Low capital intensity: initial development capex of $368 M; attractive NPV-to-capex ratio of 3.2x.

Rapid payback: after-tax payback of 2.0 years for Base Case and 1.4 years for Upside Case. Technically robust study: 99% of tonnes processed in the PEA mine plan are in the Measured & Indicated category; process design and metallurgical recovery estimates are based on the Company's comprehensive 2021 metallurgical testwork program. Silver-dominant revenues: silver represents +60% of the net smelter return in the first five years of the mine life and +50% of the net smelter return over the life of mine, in-line with the senior/mid-tier silver producer group.