Mr. Michael Konnert reports

VIZSLA SILVER ANNOUNCES SIGNIFICANT INCREASE IN CONTAINED OUNCES AND INCREASE IN GRADE OF INDICATED CATEGORY TO 551 G/T AGEQ IN UPDATED MINERAL RESOURCES ESTIMATE

Vizsla Silver Corp. has released an updated mineral resource estimate for its flagship, 100-per-cent-owned Panuco silver-gold project located in Sinaloa, Mexico. The updated mineral resource estimate was completed by Dr. Allan Armitage, PhD, PGeo, of SGS Geological Services.

Highlights of the updated mineral resource estimate, including a comparison with the previous mineral resource estimate released in January, 2023:

• 48.7-per-cent increase in indicated mineral resources from 104.8 million ounces (Moz) to 155.8 Moz silver equivalent;
• 48.7-per-cent increase in inferred mineral resources from 114.1 Moz to 169.6 Moz AgEq;
• 17-per-cent increase in average indicated mineral resource grade from 437 to 511 grams per tonne AgEq;
• New addition of La Luisa containing four Moz AgEq indicated and 25.3 Moz AgEq of inferred resources.

Key statistics:

• The updated mineral resource represents less than 10 per cent of the known vein strike of the newly consolidated district.
• Ninety per cent of the value of the updated mineral resource estimate comprises precious metals, including 56 per cent from silver.
• A total of 11 epithermal veins were included in the updated mineral resource estimate.
• Total all-in exploration cost of 32 U.S. cents/oz AgEq discovered.

Indicated mineral resources are estimated at 9.5 million tonnes (Mt) grading 289 grams per tonne silver, 2.41 g/t gold, 0.27 per cent lead and 0.84 per cent zinc (511 g/t silver equivalent). The updated mineral resource estimate includes indicated mineral resources of 88.2 million ounces of silver, 736,000 ounces of gold, 25,400 tonnes of lead and 79,900 tonnes of zinc (155.8 Moz AgEq).

Inferred mineral resources are estimated at 12.2 Mt grading 239 g/t silver, 1.93 g/t gold, 0.29 per cent lead and 1.03 per cent zinc (433 g/t AgEq). The updated mineral resource estimate includes inferred mineral resources of 93.7 Moz of silver, 758,000 oz of gold, 35,400 tonnes of lead and 125,300 tonnes of zinc (169.6 Moz AgEq).

The updated mineral resource estimate is centred on the western portion of Panuco, encompassing approximately eight kilometres of the known 86 km of cumulative vein strike in the district. The updated mineral resource estimate includes 178 new infill/expansion holes (100,222 metres) completed by Vizsla Silver between September, 2022, and September, 2023. In total, the updated mineral resource estimate is based on a total drill database of 822 holes (302,931 metres) completed by Vizsla Silver since November, 2019.

"We are pleased to announce another significant resource update milestone for the high-grade Panuco silver gold district," commented Michael Konnert, president and chief executive officer. "Although substantial, this update represents only a moment in time at the project, as drills continue to turn in 2024.

"The project's indicated resource now stands at 88 million ounces of silver and 736,000 ounces of gold, while the inferred resource contains 94 million ounces of silver and 758,000 ounces of gold. This represents a 49-per-cent increase in both indicated and inferred ounces and a 17-per-cent increase in indicated grade relative to the previous estimate. Resource focused drilling throughout 2023 was successful in converting almost half of the January, 2023, inferred resource to the indicated category while exploration drilling added new resources at both Copala and Napoleon. The bulk of this year's resource growth came from the Napoleon area, largely driven by the inclusion of La Luisa, which added an additional 25 Moz AgEq in inferred mineralization.

"What's most impressive is that although we continue to expand the project's mineral inventory year after year, our current resource still accounts for less than 10 per cent of the known veins we have in the district. Going forward, we will focus on derisking and advancing the high-grade resource in the west towards development, taking advantage of the project's incredible infrastructure, while simultaneously hunting for the next epicentre of mineralization in the central and eastern portions of the district. This is an outstanding achievement that comes as a result of hard work and perseverance. I want to thank everyone from the entire Vizsla team, including our contractors and local communities, and look forward to another successful year in 2024."

Vizsla Silver will be hosting a webcast to discuss the updated mineral resource estimate at 10 a.m. PT on Thursday, Jan. 11, 2024.

A technical report is being prepared on the updated mineral resource estimate in accordance with National Instrument 43-101 and will be available on the company's website and SEDAR+ within 45 days of the date of this release. The effective date of the updated mineral resource estimate is Sept. 1, 2023.

Panuco project updated mineral resource estimate notes:

• The classification of the updated mineral resource estimate into indicated and inferred mineral resources is consistent with current 2014 Canadian Institute of Mining, Metallurgy and Petroleum definition standards for mineral resources and mineral reserves. The effective date for the updated mineral resource estimate is Sept. 1, 2023.
• All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
• All mineral resources are presented undiluted and in situ, constrained by continuous 3-D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.
• Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
• The database comprises a total of 822 drill holes for 302,931 metres of drilling completed by Vizsla Silver between November, 2019, and September, 2023.
• The mineral resource estimate is based on 28 3-D resource models, constructed in Leapfrog, representing the Napoleon area (15 wireframes), the Copala area (seven wireframes), Tajitos (one wireframe), Animas (five wireframes) and San Antonio (one wireframe).
• Silver, gold, lead and zinc were estimated for each mineralization domain in the Panuco project. Blocks within each mineralized domain were interpolated using 1.5-metre capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains. All estimates are based on variable block dimensions (by deposit area) and estimation search parameters (by domain).
• Average density values were assigned per zone based on 1,919 samples analyzed by ALS in Zacatecas, Mexico, or in-house with 5 per cent checks by ALS.
• It is envisioned that the Panuco project deposits may be mined using underground mining methods. Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes.
• The base case AgEq cut-off grade considers metal prices of $24/oz Ag, $1,800/oz Au, $2,425/t Pb and $2,976/t Zn and considers metal recoveries of 93 per cent for silver, 90 per cent for gold, 94 per cent for Pb and 94 per cent for Zn.
• The base case cut-off grade of 150 g/t AgEq considers a mining cost of $45 (U.S.)/t rock and processing, treatment and refining, transportation, and general and administrative cost of $50 (U.S.)/t of mineralized material.
• The updated mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

The company remains well financed for its continuing 65,000-plus-metre 2024 drill program with four drill rigs designed to upgrade and expand the project's resource base and test high-priority targets located in the west, central and eastern areas of the district. Dependent on continuing exploration success, the company plans to publish a further update to the updated mineral resource estimate in the second half of 2024.

Discovery costs

To date, the company has incurred an aggregate of approximately $103-million (U.S.) in exploration expenditures over the life of the project. This equates to an estimated discovery cost per silver equivalent ounce of 32 U.S. cents for resources defined in the updated mineral resource estimate.

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.

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

The updated mineral resource estimate was completed by Dr. Armitage, PhD, PGeo, of SGS Geological Services. Dr. Armitage is an independent qualified person as defined by NI 43-101. Dr. Armitage has reviewed and approved the technical contents of this news release.

We seek Safe Harbor.