Mr. Clive Massey reports

UNIVERSAL COPPER ENTERS ARRANGEMENT AGREEMENT

Universal Copper Ltd. has entered into a definitive arrangement agreement with Vizsla Copper Corp., pursuant to which Vizsla Copper will, subject to the terms and conditions of the arrangement agreement, acquire 100 per cent of the issued and outstanding common shares in the capital of the company by way of a court-approved plan of arrangement. Vizsla Copper will issue 0.23 common share in the capital of Vizsla Copper to shareholders of the company in exchange for each common share of the company. The purchase price represents a 60-per-cent premium to the 10-day volume-weighted price (VWAP) of 1.5 cents per Universal share on Feb. 12, 2024.

Clive Massey, chief executive officer of Universal Copper, commented: "This is an exciting opportunity for Universal Copper and our shareholders. The proposed acquisition of Universal Copper by Vizsla Copper will provide exposure to an exciting, copper-focused project portfolio, a dedicated technical team and a stronger capital markets presence. We encourage all Universal Copper shareholders to vote in favour of the arrangement."

Arrangement overview

The arrangement will be carried out by way of a court-approved plan of arrangement under the provisions of the Business Corporations Act (British Columbia). Under the terms of the arrangement, shareholders will receive 0.23 of a Vizsla Copper share for each Universal Copper share held (such exchange ratio being hereinafter referred to as the exchange ratio), resulting in the issuance of approximately 32.7 million Vizsla Copper shares in exchange for 142 million Universal Copper shares. Additionally, the company's outstanding stock options will be exchanged for options of Vizsla Copper and the company's outstanding warrants will become exercisable to acquire Vizsla Copper shares, in amounts and at exercise prices adjusted in accordance with the exchange ratio.

Completion of the arrangement is subject to approval by the Supreme Court of British Columbia and the affirmative vote of the company's securityholders at a special meeting that is expected to be held in April, 2024. At the meeting, the arrangement will require approval by: (i) at least two-thirds (66-2/3 per cent) of the votes cast by shareholders present in person or represented by proxy and entitled to vote at the meeting; (ii) at least two-thirds (66-2/3 per cent) of the votes cast by shareholders and holders of options, present in person or represented by proxy and entitled to vote at the meeting, voting together as a single class; and (iii) if, and to the extent required, a majority of the votes cast by shareholders present in person or represented by proxy and entitled to vote at the meeting, excluding Universal Copper shares held by interested parties as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

Pursuant to the terms and conditions of the arrangement agreement, the arrangement is also subject to customary conditions, including support of the transaction by directors and officers of the company, and receipt of applicable regulatory and third party approvals and consents, as may be required to effect and complete the transaction, including approval of the TSX Venture Exchange.

The board of directors of the company, after receiving the unanimous recommendation of the special committee of the board created to consider matters relating to the arrangement, has unanimously determined that the arrangement is fair to shareholders and is in the best interests of the company. Accordingly, the board approved the arrangement and recommends that securityholders vote in favour of the arrangement. In making its recommendation, the board considered a number of factors, including the recommendation of the special committee following its receipt of a fairness opinion from Evans & Evans Inc., which determined that the consideration offered to shareholders pursuant to the arrangement is fair, from a financial point of view, to shareholders.

Directors and officers of the company, and certain significant shareholders of the company (who hold in the aggregate approximately 20.7 per cent of the issued and outstanding Universal Copper shares on a non-diluted basis) have entered into support agreements with Vizsla Copper, pursuant to which they have agreed, among other things, to support the transaction and vote in favour of the arrangement.

In connection with the arrangement, Universal Copper entered into a finder's fee agreement with an arm's-length party. As compensation for the finders introduction of Universal Copper to Vizsla Copper, Universal Copper will issue to the finder 2,173,913 Universal Copper shares, which, upon closing of the arrangement and in accordance with the exchange ratio, will be exchanged for 500,000 Vizsla Copper shares. The finder's fee is subject to approval of the TSX Venture Exchange.

The terms of the arrangement will be described in further detail in the management information circular of the company to be filed with regulatory authorities and mailed to securityholders in March, 2024, in accordance with applicable securities laws.

Securityholders and other interested parties are advised to read the materials relating to the proposed arrangement, including the arrangement agreement that will be filed by the company with securities regulatory authorities in Canada, when they become available. Anyone may obtain copies of these documents when available, free of charge, at the Canadian Securities Administrators' website at SEDAR+.

This announcement is for informational purposes only and does not constitute a solicitation or a proxy.

About Vizsla Copper Corp.

Vizsla Copper is a copper-gold-molybdenum-focused mineral exploration and development company headquartered in Vancouver, Canada. The company is primarily focused on its flagship Woodjam project, located within the prolific Quesnel terrane, 55 kilometres east of the community of Williams Lake, B.C. It has four additional copper exploration properties: Copperview, Redgold, Blueberry and Carruthers Pass, all well situated amongst significant infrastructure in British Columbia. The company's growth strategy is focused on the exploration and development of its copper properties within its portfolio in addition to value-accretive acquisitions. Vizsla Copper's vision is to be a responsible copper explorer and developer in the stable mining jurisdiction of British Columbia, Canada, and is committed to socially responsible exploration and development, working safely, ethically and with integrity.

About Universal Copper Ltd.

Universal Copper is a Canadian-based copper exploration company focused on the acquisition and exploration of copper properties. The company's management team has many years of experience in exploration, finance and efficient public company management. Universal Copper's current focus is on advancing the Poplar copper project, one of the most advanced preproduction copper projects in British Columbia with a historic National Instrument 43-101 resource.

We seek Safe Harbor.