Regency Silver Corp. has prepared an updated Technical Report dated March 2, 2023 (“the Technical Report”) to describe the silver-gold compliant mineral resources contained in the Dios Padre historic silver mine, as required by NI 43-101.   Information and data described within the Technical Report and the conclusions reached including the estimated Inferred Mineral Resource are based on the 2022 and 2018 drill programs completed by Regency, and augmented by the previous, recent drill programs (Silver Standard Resources Inc. 1995-1996, First Majestic Resource Corp. – 2006, and NS Silver Inc./NS Gold Corporation -2012-2013).  The resource estimate contains information from the historic Dios Padre silver mine only and does not include any information from discovery hole REG 22-01 which contained an intercept of 35.8 metres of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver.

In the summer of 2022 Regency added a total of 1,658 metres of drilling from 11 holes to the resource area.  The updated estimate incorporates only 1,056 meters from 8 holes since holes REG-22-08, 09 and 10 were step out holes which were too far away to be added into the resource estimate. Additional drilling is planned for these areas to eventually incorporate them  into the Dios Padre resource. The updated inferred resource for Dios Padre has been estimated at 11.375 million ounces of silver equivalent, represented by 1.384 million tonnes at 255.64 g/t silver equivalent.  This is a 20% increase in inferred resources and an 8.3% increase in grade from the 2020 resource estimate. See the table below for the updated resource estimate:

The updated resource estimate on the Dios Padre Property includes inferred mineral resources. An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.  An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The formula for silver equivalent used is: AgEq (g/t) =((Ag(g/t)*Ag price*Ag recovery)+((Au (g/t)*Au price*Au recovery))/(Ag price*Ag recovery) based on a silver price of $17.00/oz and a gold price of $1,479/oz and assumed metallurgical recoveries of 92% Ag and 91% Au, the same as the previous resource estimate. The effective internal cut‐off grade of 120 g/t silver equivalent was also estimated using the metal prices and recoveries above, and is unchanged from the previous resource estimate.

Figure 14‐7a. Oblique view looking southwest showing the rhyolite porphyry stock (pale red), Dios Padre underground workings (pink) and sub‐block model (Au coded blocks). Note how the main lower resource lobe is distinctly Au-enriched along its eastern and down-dip extent, as developed by outlying Regency 2022 drill holes REG22-02, 03, 04, 05, 06 and 07.