Mr. Chris Donaldson reports

VIZSLA COPPER ANNOUNCES ACQUISITION OF UNIVERSAL COPPER

Vizsla Copper Corp. has entered into a definitive arrangement agreement dated Feb. 13, 2024, with Universal Copper Ltd. (UNV) whereby Vizsla Copper will acquire all of the issued and outstanding common shares of UNV pursuant to a plan of arrangement.

UNV is a Canadian-based copper exploration company focused on the acquisition and exploration of copper properties, including its flagship Poplar project, one of the most advanced preproduction copper projects in British Columbia.

Transaction highlights:

• Significant resource base. The project hosts a current undiluted indicated mineral resource of 152.3 million tonnes grading 0.32 per cent copper, 0.009 per cent molybdenum, 0.09 gram per tonne gold and 2.58 g/t silver and an undiluted inferred mineral resource of 139.3 million tonnes grading 0.29 per cent copper, 0.005 per cent molybdenum, 0.07 g/t gold and 4.95 g/t silver.
• Large land position in proven mining district. The project is large and well located, comprising more than 39,000 hectares in a very accessible region in the central interior of the province of British Columbia.
• Strong expansion and discovery potential. Combining the Poplar project with Vizsla Copper's Woodjam, Redgold, Copperview and Carruthers Pass properties offers shareholders exposure to a growing pipeline of projects ranging from expansion-driven brownfield development to exciting discovery-seeking greenfield exploration.
• Experienced management and board. UNV shareholders will have exposure to the Inventa Capital-backed Vizsla Copper board of directors and management team.
• Board support. The arrangement agreement has been unanimously approved by the board of directors of each of Vizsla Copper and UNV. The UNV board of directors has agreed to recommend that UNV shareholders vote in favour of the arrangement.
• Low execution risk. No material regulatory issues are expected to arise in connection with the arrangement that would prevent its completion, and all required regulatory approvals are expected to be obtained.

"With unprecedented demand for copper globally on the horizon, I'm very pleased that we've been able to execute again on our strategy of acquiring promising assets during a period of challenging junior equity markets," stated Craig Parry, executive chairman of the company. "Poplar perfectly complements our other B.C.-based assets and will add incredible value due to its size, grade, and location in a safe and stable jurisdiction."

"I'm thrilled to add the Poplar project to our exploration and development portfolio," commented Steve Blower, vice-president, exploration, of the company. "Poplar is a large, undeveloped porphyry-related copper and gold deposit in an easily accessible location with great infrastructure. Mineralization extends to the top of bedrock beneath minimal overburden, and UNV's recent drilling results, including 432 metres at 0.42 per cent Cu, 0.15 g/t Au from 2.2 m, are impressive."

Poplar project

The 39,000-hectare Poplar project hosts a porphyry-related copper and gold deposit with a current undiluted indicated mineral resource of 152.3 million tonnes grading 0.32 per cent copper, 0.009 per cent molybdenum, 0.09 g/t gold and 2.58 g/t silver and an undiluted inferred mineral resource of 139.3 million tonnes grading 0.29 per cent copper, 0.005 per cent molybdenum, 0.07 g/t gold and 4.95 g/t silver (above a cut-off grade of 0.20 per cent copper). Readers are cautioned that mineral resources, which are not mineral reserves, do not have demonstrated economic viability.

The Poplar project is located in mining country, 35 kilometres from the Huckleberry copper mine. The road-accessible property is bisected by a 138-kilovolt-ampere hydroelectric line and lies 88 km from the rail head at Houston and 400 km from the deepwater port at Prince Rupert by rail.

Recent drilling by UNV in 2021 includes drill hole 21-PC-131, which intersected 432 m at 0.42 per cent Cu and 0.15 g/t Au from 2.2 m, and drill hole 21-PC-133, which intersected 479.8 m at 0.41 per cent Cu and 0.13 g/t Au from 21.25 m.

Transaction summary

Under the terms of the arrangement agreement, all of the issued and outstanding UNV shares will be exchanged for Vizsla Copper common shares on the basis of 0.23 Vizsla Copper share for each UNV share. Pursuant to the arrangement, Vizsla Copper expects to issue an aggregate of approximately 32,659,742 Vizsla Copper shares to current UNV shareholders. Upon completion of the arrangement, current UNV shareholders will own approximately 23.3 per cent of the 140,314,107 issued and outstanding Vizsla Copper shares.

The arrangement agreement includes certain customary provisions, including non-solicitation provisions, as well as certain representations, covenants and conditions which are customary for a transaction of this nature.

The arrangement will be effected by way of a plan of arrangement under the Business Corporations Act (British Columbia), requiring the approval of: (i) at least 66-2/3 per cent of the votes cast by the shareholders of UNV; (ii) at least 66-2/3 per cent of the votes cast by the shareholders and optionholders of UNV, voting together as a single class; and (iii) if, and to the extent required, a majority of the votes cast by the shareholders of UNV, excluding votes attached to UNV shares held by any person as required under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, at a special meeting of UNV's securityholders called to consider, among other matters, the arrangement. In addition to securityholder and court approvals, the arrangement, including the exchange ratio, is subject to approval of the TSX Venture Exchange and the satisfaction of certain other closing conditions customary in transactions of this nature.

All outstanding stock options of UNV will be exchanged for options of Vizsla Copper and all warrants of UNV will become exercisable to acquire common shares of Vizsla Copper, in amounts and at exercise prices adjusted in accordance with the exchange ratio.

Full details of the arrangement will be included in UNV's information circular, which is expected to be mailed to securityholders in March, 2024. It is anticipated that the closing of the arrangement will take place in the second quarter of 2024. A copy of the arrangement agreement will also be filed on Vizsla Copper's company profile on SEDAR+.

Voting support agreements

Certain shareholders and the directors and officers of UNV (collectively, the supporting shareholders) have each entered into voting support agreements to vote their UNV shares in favour of the arrangement. The supporting shareholders hold, collectively, approximately 20.7 per cent of the UNV shares.

Finder's fee

In connection with the arrangement, UNV entered into a finder's fee agreement with an arm's-length party. As compensation for the finder's introduction of UNV to Vizsla Copper, UNV will issue to the finder 2,173,913 UNV 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-V.

Qualified person

The disclosure of technical or scientific information in this press release has been reviewed and approved by Ian Borg, PGeo, senior geologist for Vizsla Copper. Mr. Borg is a qualified person as defined under the terms of National Instrument 43-101.

About Vizsla Copper Corp.

Vizsla Copper is a Cu-Au-Mo-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 three additional copper exploration properties: Copperview, Redgold and Carruthers Pass, all well situated amongst significant infrastructure in British Columbia. Following closing of the arrangement, Vizsla Copper will control a fifth project, the Poplar project. 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 it is committed to socially responsible exploration and development, working safely, ethically and with integrity.

We seek Safe Harbor.