Mr. Michael Konnert reports

VIZSLA ANNOUNCES CLOSING OF APPROXIMATELY C$35 MILLION BOUGHT DEAL FINANCING

Vizsla Silver Corp. has completed its previously announced bought deal prospectus offering of 23,805,000 units of the company at a price of $1.45 per unit for aggregate gross proceeds of $34,517,250, which includes the exercise in full of the underwriters' overallotment option for 3,105,000 units.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company until Nov. 15, 2024, at a price of $2.

The public offering was conducted by PI Financial Corp. and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners, and Raymond James Ltd., H.C. Wainwright & Co. LLC, Roth Canada Inc., and Stifel Nicolaus Canada Inc. In consideration for the services provided by the underwriters in connection with the public offering, on closing, the company paid to the underwriter a cash commission equal to 6 per cent of the gross proceeds raised under the public offering. As further consideration for the services provided by the underwriters in connection with the public offering, on closing, the company issued broker warrants to the underwriters, exercisable at any time on or before Nov. 15, 2024, to acquire that number of common shares of the company which is equal to 6 per cent of the number of units sold under the public offering at an exercise price of $1.45.

The public offering was completed pursuant to a prospectus supplement dated Nov. 9, 2022, to the short-form base shelf prospectus of the company dated Dec. 1, 2020, in each of the provinces of Canada (except Quebec), in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, and applicable state securities laws and other jurisdictions outside of Canada and the United States on an exempt basis. The public offering remains subject to the final approval of the TSX Venture Exchange.

The net proceeds of the public offering will be used to advance the exploration and development of the Panuco project, including the delivery of an updated mineral resource estimate in the fourth quarter of 2022, as well as for working capital and general corporate purposes as set out in the prospectus supplement.

About Vizsla Silver Corp.

Vizsla Silver is a Canadian mineral exploration and development company headquartered in Vancouver, B.C., focused on advancing its flagship 100-per-cent-owned Panuco project located in Sinaloa, Mexico.

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