Mr. Jesus Velador reports

VIZSLA SILVER ANNOUNCES UPDATE ON ROYALTY SPINOUT

Further to its news release dated Jan. 17, 2024, Vizsla Silver Corp. intends to enter into an arrangement agreement with its wholly owned subsidiary, Vizsla Royalties Corp. (Spinco), within 45 days of this news release, in respect of the spinout of the shares of Spinco to the company's shareholders. Spinco currently holds, indirectly, a net smelter royalty on any future mineral production at Vizsla Silver's flagship, 100-per-cent-owned Panuco silver-gold project located in Mexico.

The company further announces that holders of its common shares will be entitled to one-third of a common share of Spinco and one-third of a common share purchase warrant of Spinco for each Vizsla Silver share held on the share distribution record date.

Additional details regarding the spinout, including the share distribution record date, will be disclosed as they become available.

Shareholders are invited to contact Vizsla Silver via e-mail at info@vizslasilver.ca for additional information regarding the spinout.

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 and 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.

On Jan. 8, 2024, the company announced an updated mineral resource estimate for Panuco, which includes an estimated in situ indicated mineral resource of 155.8 million ounces (Moz) silver equivalent (AgEq) and an in situ inferred resource of 169.6 Moz AgEq.

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 350,000 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 Silver has budgeted over 65,000 metres of resource-based/discovery-based drilling designed to upgrade and expand the project's mineral resource, as well as test other high-priority targets across the district.

In accordance with National Instrument 43-101, Jesus Velador, PhD, MMSA QP, vice-president of exploration, is the qualified person for the company, and has validated and approved the technical and scientific content of this news release.

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