Mr. Michael Konnert reports

VIZSLA SILVER ANNOUNCES CLOSING OF $34.5 MILLION BOUGHT DEAL FINANCING

Vizsla Silver Corp. has completed its previously announced bought deal prospectus offering of 23 million common shares of the company at a price of $1.50 per offered share for aggregate gross proceeds of $34.5-million, which includes the exercise in full of the underwriters' (as defined herein) overallotment option for three million offered shares.

The offering was conducted by PI Financial Corp., as lead underwriter and sole bookrunner, and Canaccord Genuity Corp., CIBC World Markets Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc. and BMO Nesbitt Burns Inc. In consideration for the services provided by the underwriters in connection with the offering, the company paid to the underwriter a cash commission equal to 6 per cent of the gross proceeds raised under the offering. As further consideration for the services provided by the underwriters in connection with the offering, the company issued compensation warrants to the underwriters, exercisable at any time on or before Feb. 28, 2026, to acquire that number of common shares of the company that is equal to 6 per cent of the number of offered shares sold under the offering at an exercise price of $1.50. The offering was completed pursuant to a prospectus supplement dated Feb. 23, 2024, to the short form base shelf prospectus of the company dated March 31, 2023, in each of the provinces and territories 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 offering remains subject to the final approval of the TSX Venture Exchange.

The net proceeds of 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.

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 and 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 formations. 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 silver equivalent and an in situ inferred resource of 169.6 million ounces silver equivalent. The indicated mineral resource is estimated at 9.5 million tonnes grading 289 grams per tonne silver, 2.41 grams per tonne gold, 0.27 per cent lead and 0.84 per cent zinc (511 grams per tonne silver equivalent). The 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 million ounces silver equivalent). The inferred mineral resource is estimated at 12.2 million tonnes grading 239 grams per tonne silver, 1.93 grams per tonne gold, 0.29 per cent lead and 1.03 per cent zinc (433 grams per tonne silver equivalent). The mineral resource estimate includes inferred mineral resources of 93.7 million ounces of silver, 758,000 ounces of gold, 35,400 tonnes of lead and 125,300 tonnes of zinc (169.6 million ounces silver equivalent). Silver equivalent is calculated using the following formula: Silver equivalent equals silver parts per million plus (((gold parts per million multiplied by gold price per gram) plus (lead per cent multiplied by lead price per tonne) plus (zinc per cent multiplied by zinc price per tonne)) divided by silver price per gram). Metal price assumptions are $24 per ounce silver, $1,800 per ounce gold, $2,425 per tonne lead and $2,976 per 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 more than 65,000 metres of resource-based/discovery-based drilling designed to upgrade and expand the Panuco project's mineral resource as well as test other high-priority targets across the district.

In accordance with National Instrument 43-101, Dr. 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.

We seek Safe Harbor.