Discovery Silver Announces Warrant Exercises, Resulting in Increased Cash Balance of C$70 million

Discovery Silver Announces Warrant Exercises, Resulting in Increased Cash

Balance of C$70 million

TORONTO, June 09, 2022 -- Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”)

announces that an aggregate of 23,531,812 common share purchase warrants (“Warrants”) with an exercise price of C$0.77

were exercised prior to their expiry on June 8, 2022. The exercises resulted in gross proceeds of approximately C$18 million.

The Company’s current cash balance has increased to approximately C$70 million.

Of the 23,531,812 Warrants that were exercised, Mr. Eric Sprott, through 2176423 Ontario Ltd. (a corporation he beneficially

owns), exercised 9,090,909 Warrants for aggregate consideration of C$7 million. As a result of the Warrant exercise, Mr.

Sprott now beneficially owns and controls 89,531,045 Shares and 5,555,500 warrants representing approximately 26.2% of the

outstanding Shares on a non-diluted basis and approximately 27.3% on a partially diluted basis assuming the exercise of his

remaining warrants.

About Discovery

Discovery’s flagship project is its 100%-owned Cordero project, one of the world’s largest silver deposits and one of the very

few that offers the combination of margin, size and scaleability. Cordero is located close to infrastructure in a prolific mining

belt in Chihuahua State, Mexico, and is supported by an industry leading balance sheet with approximately C$70 million

available for aggressive exploration, resource expansion and future development. Discovery was a recipient of the 2020 TSX

Venture 50 award and the 2021 OTCQX Best 50 award.

On Behalf of the Board of Directors,

Tony Makuch

Interim CEO & Director

For further information contact:

Forbes Gemmell, CFA

VP Corporate Development

Phone: 416-613-9410

Email: [email protected]

Website: www.discoverysilver.com

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 with respect to the Cordero project,

estimates of future mineral reserves, mineral resources, mineral production, development potential and, future exploration

activities planned, plans and objectives in the areas of sustainable development, health, safety, environment, community

development, the Cordero, Puerto Rico, Minerva and Monclova projects, and the prospect of further discoveries there, all of

which 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.