Defiance Silver Corp. (TSXV:DEF) – Resuming Coverage: Diversified Exposure Across the Exploration Curve

Defiance Silver (DEF) is advancing its portfolio of three precious metal and polymetallic projects in Mexico, each at a different stage of the exploration curve. Its flagship Zacatecas Ag-Au-Pb-Zn project is in the historic Zacatecas silver district, where Defiance is drilling the San Acacio deposit ahead of an MRE targeted for this year. The Tepal Cu-Au project in Michoacán is its most advanced asset, with an MRE in place and the project now headed for a PEA. Its third asset, the Green Earth Cu-Au project was bought in 2025 for ~$1.25M and is now being readied for drilling. In our view, Defiance Silver offers diversified and staged exposure to the silver and copper cycles, with the Zacatecas resource estimate (Q4/26), Tepal PEA, and maiden drilling at Green Earth being the catalysts to watch. Despite gold and silver prices rebounding, and copper continuing its run (up 13%, 20%, and 6% MoM, respectively), the stock continues to trade near 52-week lows, and we see this as a compelling entry point for investors seeking exposure to base and precious metal explorers. With this note we are resuming coverage of Defiance Silver Corp. with a BUY rating and a C$0.50/sh target and transferring coverage to Alex Riazanov and Ron Stewart.