Mr. Michael Konnert reports

VIZSLA SILVER ANNOUNCES $30 MILLION BOUGHT DEAL FINANCING

Vizsla Silver Corp. has entered into an agreement with PI Financial Corp., as sole book runner and lead underwriter, on its own behalf and on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought-deal basis, 20 million common shares of the company at a price of $1.50 per share for aggregate gross proceeds of $30-million, excluding additional proceeds raised from the exercise of the overallotment option (defined below).

The company has agreed to grant the underwriters an option to cover overallotments, which will allow the underwriters to purchase up to an additional 15 per cent of the shares sold pursuant to the offering, on the same terms as the offering. The overallotment option may be exercised in whole or in part, at any time, for a period of 30 days after the closing date (as defined herein).

The net proceeds from the offering will be used to advance the exploration, drilling and development of the company's Panuco project, as well as for working capital and general corporate purposes. The shares will be offered in each of the provinces and territories of Canada (other than the province of Quebec) by way of a prospectus supplement to the company's base shelf prospectus dated March 31, 2023, which will be filed with the securities regulators in each of the provinces and territories of Canada, and may also be offered by way of private placement in the United States and such other jurisdictions as agreed between the parties.

The closing of the offering is anticipated to occur on or about Feb. 29, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.

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.

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. The indicated mineral resource is estimated at 9.5 million tonnes (Mt) grading 289 grams per tonne (g/t) silver (Ag), 2.41 g/t gold (Au), 0.27 per cent lead (Pb) and 0.84 per cent zinc (Zn) (511 g/t silver equivalent). The mineral resource estimate includes indicated mineral resources of 88.2 million ounces of silver, 736,000 ounces of gold, 25,4000 tonnes of lead and 79,900 tonnes of zinc (155.8 Moz AgEq). The inferred mineral resource is 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 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). Silver equivalent is calculated using the following formula: AgEq equals Ag parts per million (ppm) plus (((Au ppm times Au price/gram) plus (Pb per cent times Pb price/tonne) plus (Zn per cent times Zn price/tonne)) divided by Ag price/gram). Metal price assumptions are $24/oz silver, $1,800/oz gold, $2,425/tonne lead and $2,976/tonne zinc.

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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