Mr. Michael Pettingell reports

VIZSLA SILVER ENTERS US$220M PROJECT FINANCE MANDATE WITH MACQUARIE TO FUND DEVELOPMENT OF THE PANUCO PROJECT

Vizsla Royalties Corp. has highlighted the mandate letter recently executed by Vizsla Silver Corp. with Macquarie Bank Ltd. as lead arranger for a senior secured project finance facility of up to $220-million (U.S.) to finance the construction and development of the high-grade underground Panuco silver-gold project in Sinaloa, Mexico.

"Securing Macquarie as lead arranger for project financing marks another decisive step toward bringing Panuco into production," stated Michael Pettingell, chief executive officer of Vizsla Royalties. "For shareholders of Vizsla Royalties, this mandate represents a transition of our cornerstone Panuco royalty, with cash flow achievable following permitting, a planned feasibility study and subsequent construction decision. The absence of mandatory hedging and a low cost of capital further reflect both the quality of the Panuco asset and the calibre of the Vizsla Silver team in negotiating favourable terms. Notably, Macquarie's decision to retain 70 per cent of the facility exemplifies their strong conviction in the long-term potential of Panuco. We see this as a catalyst for a near-term rerate of Vizsla Royalties as the market narrows the valuation gap."

For more information on the Facility, please see Vizsla Silver's press release dated Sept. 5, 2025.

About Vizsla Royalties Corp.

Vizsla Royalties is a precious metals focused royalty company. The company's principal asset is a net smelter returns royalty on Vizsla Silver's flagship Panuco project located in Mexico. Panuco is a world-class silver and gold development project actively advancing toward production. A preliminary economic assessment for Panuco was published in July, 2024, which highlights 15.2 million ounces AgEq (silver equivalent) of annual production over an initial 10.6-year mine life, an after-tax NPV 5 (net present value, 5-per-cent discount rate) of $1.1-billion (U.S.), 86-per-cent IRR (internal rate of return) and a nine-month payback at $26 (U.S.)/oz Ag and $1,975 (U.S.)/oz Au.

Technical information

In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101), Jesus Velador, PhD, MMSA qualified person, vice-president of exploration, is the qualified person for the company, and has reviewed and approved the technical and scientific content of this news release.

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