An anonymous director reports

VIZSLA ROYALTIES ANNOUNCES FILING AND MAILING OF MEETING MATERIALS TO APPROVE ARRANGEMENT WITH ELEMENTAL ROYALTY

Vizsla Royalties Corp. has filed the notice of special meeting, management information circular and related materials in connection with the special meeting of shareholders of the company.

At the meeting, shareholders will be asked to consider and approve a special resolution approving the proposed plan of arrangement involving the company and Elemental Royalty Corp., pursuant to which Elemental will acquire all of the issued and outstanding common shares of Vizsla Royalties. For additional information, please refer to the joint news release of the company and Elemental announcing the arrangement dated May 14, 2026.

On June 9, 2026, the company obtained an interim order from the Supreme Court of British Columbia authorizing various procedural matters, including the holding of the meeting and the mailing of the meeting materials, a copy of which is included as Appendix B to the circular. The hearing date of the application for the final order of the court approving the arrangement is scheduled for July 14, 2026, at 9:45 a.m. Vancouver time. A copy of the petition and a notice of hearing of petition are included as Appendix C to the circular.

Vizsla Royalties has arranged for the distribution of the meeting materials to the shareholders, and the meeting materials are available on the company's website and under the company's profile on SEDAR+. Shareholders are encouraged to read the meeting materials for additional information regarding the meeting and the arrangement.

Meeting details

The meeting will be held in person at Suite 1723, 595 Burrard St., Vancouver, B.C., on July 10, 2026, at 10 a.m. Vancouver time.

Reasons to vote for the arrangement resolution

The board of directors of the company (subject to abstentions where legally required) unanimously recommends that shareholders vote for the arrangement resolution. Some of the key factors and reasons considered by the board include the following:

• The consideration represents a premium of 31 per cent and 22 per cent to the unaffected closing price and the 20-day volume-weighted average trading price, respectively, of the shares as at May 12, 2026, for a total transaction value of approximately $327-million.
• Elemental has a growing high-quality portfolio of over 200 royalties, with 18 producing, cash-flowing royalties and 28 royalties in the advanced development stage, which will include the Panuco project following completion of the arrangement.
• The consideration provides shareholders with flexibility to elect to receive common shares of Elemental, cash or a combination of both, subject to proration based on a maximum cash consideration of approximately $82-million, allowing them to crystallize value and/or retain continuing exposure to the Panuco project through ownership of common shares of Elemental.
• The arrangement provides an opportunity for Shareholders to participate in Elemental's enhanced capital market profile with dual Nasdaq and Toronto Stock Exchange listings, broader research coverage, and an established institutional shareholder base, with the arrangement further strengthening Elemental as a leading intermediate royalty peer.
• Elemental recently announced its inaugural annual dividend of 12 U.S. cents per share, paid quarterly, which shareholders of Elemental can elect to receive in kind in the form of Tether gold tokens.
• Elemental's obligation to complete the arrangement is subject to a limited number of conditions that the company believes are reasonable in the circumstances.
• The board received a fixed-fee fairness opinion from CIBC World Markets Inc., and a special committee composed solely of independent directors of the company received a fixed-fee fairness opinion from Canaccord Genuity Corp., each providing that as of May 13, 2026, and based upon and subject to the various limitations, qualifications and assumptions set forth therein, the consideration to be received by the shareholders pursuant to the arrangement is fair, from a financial point of view, to the shareholders.
• The board (subject to abstentions where legally required) and the special committee have unanimously recommended support for the arrangement. In addition, the directors and senior officers and certain shareholders of the company who hold, in the aggregate, approximately 23 per cent of the outstanding shares have entered into voting and support agreements with Elemental, pursuant to which they have agreed, among other things, to vote in favour of the arrangement resolution at the meeting.

Vote today

The proxy voting deadline is 10 a.m. Vancouver time on July 8, 2026. Shareholders are encouraged to vote well in advance of the proxy voting deadline to ensure their votes are submitted in a timely manner. Voting is easy. Shareholders may vote on-line, by mail, by telephone, or by any other methods provided in the form, proxy or voting instruction, which form part of the meeting materials.

Shareholder questions and voting assistance

Shareholders with questions or who require voting assistance may contact the company's proxy solicitation agent, Laurel Hill Advisory Group.

North America toll-free:  1-877-452-7184

Outside of North America:  1-416-304-0211

Text message:  text INFO to 416-304-0211 or 1-877-452-7184

E-mail:  assistance@laurelhill.com

About Vizsla Royalties Corp.

Vizsla Royalties is a precious-metal-focused royalty company. The company's principal asset is a net smelter return 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.

We seek Safe Harbor.