Mr. Michael Konnert reports

VIZSLA SILVER PROVIDES 2023 YEAR-END SUMMARY AND 2024 OUTLOOK

Vizsla Silver Corp. has provided a year-end summary of its activities at its flagship Panuco silver-gold property located in Sinaloa, Mexico, and has outlined the company's key objectives/milestones for 2024.

"Two thousand twenty-three was yet another exciting year of exploration and growth at Panuco," commented Michael Konnert, president and chief executive officer. "We started off the year with the achievement of an important milestone by announcing a significant update to the maiden resource which highlighted a material increase in both project grade and contained ounces. Drilling throughout the year continued to expand know mineralization particularly at Copala which has now doubled in strike length relative to the January, 2023, MRE. Additionally, the exploration team was successful in making two new discoveries at La Luisa and El Molino, both of which represent wide, high-grade, near-surface structures with the potential to add resources within proximity to the main Copala and Napoleon resource areas. In early 2023, Vizsla successfully raised $45-million to fund its ongoing operational objectives and more recently, we were delighted to welcome Mexican Mining Hall of Fame member Eduardo Luna to the board of directors. For 2024, Vizsla remains focused on delivering value to stakeholders and benefiting the communities in which it operates. At the project, our goal is to further derisk the resource through updated technical studies including a fully permitted bulk sample and test mine program at Copala and Napoleon. Concurrently, we will continue exploring new areas of the district with both low-cost mapping/geophysical surveys and 65,000 metres of planned drilling. On the corporate side, we expect a series of potential catalysts will add near-term credibility and value to the company, including new technical hires to support the next phase of project development and a spinout of a wholly owned royalty on the property. We look forward to another safe and exciting year for Vizsla and thank everyone for their hard work and continued support."

2023 highlights and discoveries

In 2023, Vizsla completed over 98,000 metres of diamond core drilling designed to expand and upgrade mineral resources in the western portion of the Panuco district, particularly at the Copala and Napoleon areas. Mineralization at Copala has now been traced over 1,770 metres along strike, approximately 450 metres down dip, and remains open to the north and southeast. This represents approximately a 97-per-cent increase to the measured strike length of Copala, relative to the 2023 mineral resource estimate. In addition to Copala's significant lateral growth, it continues to be the thickest vein structure discovered to date in the district, measuring approximately 9.7 metres (approzimately 31 feet) on average for the entire length of the resource wireframe. Copala currently hosts an indicated resource of 51 million ounces silver equivalent and inferred resource of 55 Moz AgEq based on 80 holes completed to September, 2022 (data cut-off for 2023 MRE).

At the Napoleon area, drilling throughout 2023 continued to demonstrate mineral continuity via infill drilling along the main Napoleon structure as well as help further define a series of high-grade splay veins. The Napoleon structure currently hosts an indicated resource of 37 Moz AgEq and inferred resource of 17 Moz AgEq based on 258 holes completed to September, 2022 (data cut-off for 2023 MRE).

Other notable discoveries include the Luisa vein and the Molino vein. La Luisa is a high-grade structure located approximately 700 metres west of Napoleon. To date, 44 holes completed at Luisa have traced mineralization along 1,670 metres of strike length and to an average depth of 450 metres. Luisa has an average width of 3.21 metres and a weighted average grade of 497 grams per tonne AgEq. The El Molino vein, situated in between the Copala and Napoleon resource areas, is a near-surface vein that was discovered during preliminary condemnation drilling. El Molino is marked by high precious metal grades up to 1,552 g/t Ag and 8.37 g/t Au over 1.65 metres.

In addition to targeted resource expansion and conversion drilling aimed at complementing a near-term mine plan, Vizsla continued to derisk the project through continuing engineering and environmental programs, including geotechnical and hydrological studies.

Other notable project level and corporate accomplishments include:

• Achieved a safety record of 1.8 million working hours without a lost time incident in 2023. Vizsla's Mexican subsidiary, Minera CANAM, was also awarded the Socially Responsible Company Distinction (ESR) for the second year in a row. This is Mexico's highest corporate social responsibility recognition, awarded jointly by the Mexican Center for Philanthropy (CEMEFI) and the Foundation for Sustainability and Equity (ALIARSE). It is given to companies that are leaders in their sector for their commitment to integrating social and environmental values into their operations. In addition, Minera CANAM received the ELSSA distinction award for the first year, given to companies with healthy and safe workplace environments.
• Vizsla announced its inaugural ESG (environmental, social, governance) sustainability report, highlighting the company's commitment to sustainable practices and responsible corporate citizenship.
• District-wide detailed geological mapping (approximately 60 per cent of the district has been mapped at a scale of 1:1,000).
• During 2023, Vizsla invested approximately $2-million (U.S.) in the Coco Plant facility reclamation project, including the initial construction of deviation channels. The channels will be finished in the first half of 2024.
• Since 2022, Vizsla and its consultants have completed six environmental monitoring campaigns at the project.
• Continued property expansion through acquisition, eight claims for a combined 290.6 hectares were acquired.
• Vizsla Silver and Minera CANAM outreach support programs included four health fairs, covering the central communities around the project, whereby more than 300 people in each campaign could access medical care from doctors, nurses, psychologists and other medical professionals.
• On the corporate side, Vizsla further strengthened its management team and board in 2023 by adding several experienced mining professionals, including Mr. Luna (director), Michael Pettingell (promoted to senior vice-president, business development and strategy), Hernando Rueda (promoted to director, Mexico) and Fernando Martinez (director, projects).

2024 outlook

Vizsla Silver's focus for 2024 is to derisk the robust resource base located in the western portion of the district ahead of a development decision. Simultaneously, Vizsla will continue exploring other prospective areas of the district for new centres of high-grade mineralization. Key derisking initiatives planned for 2024 include:

1. Bulk sample/test mine: Vizsla has received permits to develop and operate a test mine program at its Panuco project to extract a combined 25,000-tonne bulk sample from the Copala and Napoleon structures. Initial engineering for the bulk sample test mine has already begun with plans to begin underground development in early 2024.
2. Tight-spaced definition drilling: Of the 65,000 metres of total drilling planned for 2024, approximately 10 per cent will be dedicated to tight spaced (12.5-metre centre) definition drilling targeting both Copala and Napoleon.
3. Optimized metallurgy: Continuing metallurgical test work aimed at simplifying the process flowsheet design.

For 2024, a total of 65,000-plus metres of drilling is planned between infill, engineering (preliminary economic assessment studies), expansion and exploration programs. Six diamond drill rigs will be active on the property (four focused on upgrading and expanding the current resource base in the western portion of the district ahead of the PEA and two devoted to exploration). Exploration drills will focus on priority targets proximal to current resources in the west, as well as on other high-priority targets in the eastern portion of the district.

Resource extension targets:

• The Copala structure remains open along strike to the north and down dip to the south. In 2024, Vizsla plans to continue 1) upgrading inferred resources in south Copala and 2) continue expanding Copala and its footwall splays down dip.
• At Napoleon, Vizsla plans to upgrade inferred resources and to conduct resource expansion drilling along the hangingwall-4 vein (HW4) to the east, as well as to explore three potential vein feeders along the main Napoleon structure at depth.

Proximal targets:

• At La Luisa, the team plans to continue expanding the footprint of the high-grade shoot on the south and infill drilling the recently defined 400-metre gap between the northern most drill hole intercepts and the high-grade shoot on the south.
• The El Molino vein reported significant silver and gold grades close to surface, and Vizsla plans to explore the vein along strike and at depth to add additional high-grade resources close to planned infrastructure in 2024.
• Vizsla plans to drill test a conceptual target at the projected northern intersection of the Copala fault with the Napoleon vein system near La Estrella area.

District targets

New mapping efforts completed in 2023 have highlighted an abundance of historic workings in the southeastern portion of the district. This new area named Camelia is marked by serval high-grade surface samples grading up to 400 g/t Ag and five g/t Au. Given the overall density of veins mapped on surface and the abundance of surface samples related to historic workings this has become a high-priority district target in the east.

Key objectives for 2024:

• Deliver an updated MRE for the project in January, 2024;
• Potential royalty spinout;
• Deliver maiden PEA in H1 2024;
• Complete updated metallurgical testing in H2 2024;
• Advance bulk sample/test mine program;
• Complete over 65,000 metres of resource-/discovery-focused drilling;
• Complete an approximately 1,100-line-kilometre EM survey and acquire high-resolution multispectral satellite imagery for the whole district.

About the Panuco project

The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlan. The 7,189.5-hectare, past-producing district benefits from over 86 kilometres of total vein extent, 35 kilometres of underground mines, roads, power and permits.

The district contains intermediate- to low-sulphidation epithermal silver and gold deposits related to siliceous volcanism and crustal extension in the Oligocene and Miocene. Host rocks are mainly continental volcanic rocks correlated to the Tarahumara formation.

The Panuco project hosts an estimated in situ indicated mineral resource of 104.8 Moz AgEq and an in situ inferred resource of 114.1 Moz AgEq. An updated National Instrument 43-101 technical report titled "Technical Report on the Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico" was filed on SEDAR+ on March 10, 2023, with an effective date of Jan. 19, 2023, was prepared by Dr. Allan Armitage, PhD, PGeo, Ben Eggers, MAIG, PGeo, and Yann Camus, PEng, of SGS Geological Services.

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 silver-gold project located in Sinaloa, Mexico. To date, Vizsla Silver has completed over 310,000 metres of drilling at Panuco leading to the discovery of several new high-grade veins. For 2024, Vizsla Silver is focused on derisking the resource base located in the western portion of the district ahead of a development decision. Additionally, Vizsla has budgeted over 65,000 metres of resource-/discovery-based drilling designed to upgrade and expand the project's mineral resource, as well as test other high-priority targets across the district.

Quality assurance/quality control

Drill core and rock samples were shipped to ALS Ltd. in Zacatecas, Zacatecas, Mexico, and in North Vancouver, Canada, for sample preparation and for analysis at the ALS laboratory in North Vancouver. The ALS Zacatecas and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Silver and base metals were analyzed using a four-acid digestion with an inductively coupled plasma finish and gold was assayed by 30-gram fire assay with atomic absorption (AA) spectroscopy finish. Overlimit analyses for silver, lead and zinc were reassayed using an ore-grade four-acid digestion with AA finish.

Control samples comprising certified reference samples, duplicates and blank samples were systematically inserted into the sample stream and analyzed as part of the company's quality assurance/quality control protocol.

Qualified person

In accordance with NI 43-101, Martin Dupuis, PGeo, chief operating officer, is the qualified person for the company and has reviewed and approved the technical and scientific content of this news release.

We seek Safe Harbor.