Regency Silver Corp. announced that 2 follow up holes down-dip from hole REG -22-01 intersect sulphide-specularite supported breccia similar in nature to the breccia hosting Au-Cu-Ag mineralization in REG-22-01. REG-22-01 yielded 35.8 metres of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver along with 13.97 g/t Au, 50.25 g/t Ag and 1.11 % Cu over 9.8 m. The follow up drill program began on January 15th 2023.

Three holes have been completed to date totaling 1,974m of drilling. The location of the drill holes can be seen on the plan map. Hole 4 of the program is currently underway attempting to find continuity of the breccia 50m to the west.

The company currently do not have analytical results for the intervals from the 2023 drill program, so caution is warranted in comparing the potential assay quality of these intersections to REG- 22-01. However, in terms of geology, alteration, mineral species and abundance, the zones appear to compare favorably. REG-23-13 drilled ~ 67m up dip from REG-22-01 did not intersect the same breccia body found in the other 3 holes.

The geology and alteration in the area of the projected up-dip extension of the zone does however, appear to remain consistent. The area also has localized pyrite, specularite and chalcopyrite, but the significance of these zones cannot be determined at this time. The location of the holes relative to REG-22-01 can be found on the cross-section.

The geologic understanding of the area and the controls on mineralization continues to evolve. Re- evaluation of REG-22-01 identified a previously unrecognized feldspar-megacrystic quartz- feldspar porphyry intrusion that sits stratigraphically above the mineralization in REG-22-01. This intrusion is found in both holes REG-23-14 and REG-23-15 with a potentially narrower, finer grained variant being identified in REG-23-13.

The current hypothesis is that this unit plays a significant role in the location and distribution of mineralization. Being able to identify this unit going forward is an extremely valuable tool in vectoring towards additional zones of mineralization. Further, the distribution of the porphyry and the mineralized breccia zones confirm the hypothesis that mineralized zones dip shallowly to the north with the width of the breccia zone also appearing to increase with depth.

Of interest as well is that are seeing a variance in mineral assemblages as continue to depth. Breccias in REG-22-01 and REG-23-14 are dominantly pyrite>specularite>chalcopyrite however, the broader zone of breccia in REG-23- 15 is distinctly specularite>pyrite>chalcopyrite. Alteration remains consistent within the zones being dominantly silica and white mica.

The IP program over Dios Padre is ~75% complete. The company anticipates the full results of the program with interpretation before the end of March.