Mr. Chris Donaldson reports

VIZSLA COPPER ANNOUNCES $5.0 MILLION BROKERED PRIVATE PLACEMENT FINANCING

Vizsla Copper Corp. has entered into an agreement with PI Financial Corp. as sole bookrunner and lead agent in connection with a marketed best effort private placement of up to $5.0-million, excluding additional proceeds raised from the exercise of the agent option (as defined below). The offering will consist of:

1. Up to 9.1 million units at a price of 22 cents per unit;
2. Up to 12.5 million flow-through shares at a price of 24 cents per FT share.

The offered securities will be offered by way of a best effort private placement pursuant to exemptions from the prospectus requirements to residents of all provinces of Canada and such other jurisdictions as may be agreed to by the company and the lead agent.

Each unit shall consist of one common share and one-half of one transferable common share purchase warrant. Each whole warrant shall be exercisable into one additional common share for two years from the closing date (as defined below) at an exercise price of 30 cents per warrant share.

The company has also granted the lead agent an option to increase the size of the offering, which will allow the lead agent to offer up to an additional 20 per cent of the offering, on the same terms. The agent option may be exercised in whole or in part at any time prior to the closing of the offering in any combination of offered securities.

The company has agreed to pay the lead agent a cash commission equal to 6.0 per cent of the gross proceeds from the offering and issue to the agents non-transferable warrants equal to 6.0 per cent of the aggregate number of offered securities issued under the offering, other than in respect of a maximum of $1-million in aggregate proceeds of units and FT shares issued to certain purchasers on a president's list to be agreed upon by the company and the lead agent, each acting reasonably, in which case the commission and compensation warrants in respect of such issuance shall be equal to 3.0 per cent of the aggregate proceeds of units and FT shares issued to such purchasers on the president's list. The compensation warrants will be exercisable into common shares at the offering price for a period of two years from the closing date (as defined below).

The net proceeds raised from the units will be used to finance the continuing advancement of exploration and development at the company's exploration projects in British Columbia and for working capital and general corporate purposes.

The gross proceeds from the sale of the FT shares will be used before 2025 by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's projects in British Columbia, Canada. All qualifying expenditures will be renounced in favour of the subscribers of the FT shares, effective Dec. 31, 2023.

The offering is expected to close on or about June 1, 2023, or such other date as agreed between the company and the lead agent, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals. The offered securities will be subject to a statutory hold period expiring four months and one day from the closing date.

The Woodjam project

The 66,325-hectare Woodjam project is located 55 kilometres east of the community of Williams Lake in an area characterized by low elevation, a flat to gently undulating landscape that is well reached by logging roads. Geologically, the Woodjam project is located within the prolific Quesnel terrane -- a large regional depositional belt commonly dominated by alkalic volcanic units and related volcaniclastic lithologies. The Quesnel terrane hosts both alkaline and calc-alkaline porphyry copper plus or minus gold plus or minus molybdenum deposits, including the Copper Mountain, New Afton, Highland Valley, Mount Polley, Mount Milligan and Kemess mines.

To date, six zones of porphyry-related mineralization (Megabuck, Deerhorn, Takom, Three Firs, Southeast and Megaton) have been identified at the Woodjam project by drilling (95,092 metres in 281 holes since 2009 and a further 114 holes of 30,092 metres predominantly from 1998). These six mineralized zones form a cluster approximately five kilometres in diameter.

Historical mineral resources have been estimated for the Southeast, Deerhorn and Takom deposits. They are summarized in the attached table.

Qualified person

All scientific and technical information in this news release has been prepared by or reviewed and approved by Ian Borg, PGeo, senior geologist for Vizsla Copper. Mr. Borg is a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Vizsla Copper Corp.

Vizsla Copper is a Cu-Au-Mo mineral exploration and development company headquartered in Vancouver, Canada. The company is 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 two additional copper exploration properties, the Blueberry and Carruthers Pass projects, and has recently entered into an agreement to acquire a third, the Redgold project, all of which are well situated amongst significant infrastructure in British Columbia. The company will grow through the exploration and development of the 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 the company is committed to socially responsible exploration and development, working safely, ethically and with integrity.

Vizsla Copper is a spinout of Vizsla Silver Corp. (TSX Venture Exchange: VZLA) (New York Stock Exchange: VZLA), and is backed by Inventa Capital Corp., a premier investment group founded in 2017 with the goal of discovering and financing opportunities in the resource sector.

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