Discovery Releases 2021 ESG Report

Tony Makuch, Interim CEO, states: “We significantly expanded our ESG efforts in 2021. We increased the size of our ESG team with the hiring of key personnel including a Sustainability Manager, Environmental Coordinator and Social Coordinator, all of whom are Mexican nationals. We completed a Social Baseline Study that included surveys and interviews with over 2,300 people across 25 stakeholder groups within the local municipalities surrounding the project. We also continue to make significant progress on key government and international accreditations and remain on track to complete our Safe Industry, ESR Distinction and Clean Industry certifications by year end. Moving forward, and as our Company continues to grow, we remain committed to our overarching ESG principles to have a positive influence by creating a safe, diverse and inclusive workplace, providing benefits to communities and protecting the environment.”

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

Highlights of the Report (all $ amounts in Canadian dollars)*:

• $10.3 million in goods and services purchased from local Mexican businesses;
• $4.9 million in salaries and benefits paid to local employees;
• Total workforce of 154 includes 67 employees and 87 contractors;

– Employees in Mexico: 95% Mexican nationals;

• Total GHG emissions of 1,733 tonnes of CO₂ equivalent;
• Total water withdrawal of 76,807 m³ and total water discharged of 74,075 m^3;
• Zero environmental incidents; and
• Zero fatalities and only 5 first-aid incidents

*Data based on 2021 calendar year

About Discovery

Discovery’s flagship project is its 100%-owned Cordero project, one of the world’s largest silver deposits. The PEA completed in November 2021 demonstrates that Cordero has the potential to be developed into a highly capital efficient mine that offers the combination of margin, size and scaleability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. Continued exploration and project development at Cordero is supported by a strong balance sheet with cash of approximately C$65 million.

On Behalf of the Board of Directors,
Tony Makuch, P.Eng
Interim CEO

For further information contact:

Forbes Gemmell, CFA
VP Corporate Development & Investor Relations
Phone: 416-613-9410
Email: forbes.gemmell@discoverysilver.com
Website: www.discoverysilver.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

FORWARD-LOOKING STATEMENTS:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture 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 statements. Forward-looking statements including, but not limited to Discovery’s future plans and objectives in the areas of sustainable development, health, safety, environment, community development, the Cordero project, and the prospect of further discoveries there, constitute forward looking information that involve various risks and uncertainties. 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. 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.