Mr. Michael Konnert reports

VIZSLA SILVER COMMENCES TEST MINING AND BULK SAMPLE PROGRAM AND PROVIDES EXPLORATION UPDATE AT PANUCO PROJECT

Vizsla Silver Corp. has commenced its fully financed and fully permitted test mining and bulk sample program at its flagship 100-per-cent-owned Panuco silver-gold project, located in Sinaloa, Mexico.

The primary objectives for the program will be to: (1) reconcile actual geotechnical conditions at Copala with the current geotechnical model in preparation for full-scale development and operations; (2) provide initial reconciliation of resource models against actual grades and tonnes; and (3) build operational experience for the Panuco team.

"The commencement of test mining and bulk sampling at Panuco is a significant milestone in our journey toward full-scale production," commented Simon Cmrlec, chief operating officer. "This major derisking initiative not only allows us to validate development rates and conduct preliminary reconciliation to the resource block models and geotechnical models, but also provides invaluable operational insights for our team as we advance the project towards development. The information collected over the next six to eight months will serve to support the feasibility study planned for H2 2025, which, combined with the pending updated mineral resource estimate slated for early Q1 2025, will place the project one step closer to a construction decision."

Program highlights:

• Comprehensive test mining: focused on underground ramp development, lateral access and ore extraction from the 460-level zone on the Copala structure;
• Bulk sampling: approximately 10,000 tonnes of high-grade material is planned to be mined as part of the development; this material will be stockpiled on site and may be used for future metallurgical testing;
• Surface infrastructure development: includes construction of portal facilities, access roads and laydown areas, supporting efficient test mining operations.

Program overview

The test mining program at Panuco is focused on key areas of underground development and surface infrastructure designed to support the ultimate extraction and processing of bulk mineralization from Copala. The underground scope includes approximately 1,071 metres of ramp and lateral development, with 169 metres dedicated to ore development. Mining methods include portal and ramp preparation, as well as ore development tunnels, designed for safe and efficient bulk sampling.

The company commenced the program on Nov. 28, 2024, with the award of a bulk earthworks contract for the preparation of site roads, office and workshop locations, ore, waste and topsoil stockpile locations, and the initial stripping of the box cut for the Copala portal.

The underground mining contract was awarded on Dec. 5, and the contractor is currently mobilizing to site with the first personnel arriving on Dec. 9.

Both the earthworks and mining contracts have been awarded to well-established Mexican contractors, including:

• Earthworks contract: awarded to Electro Construcciones Ontiveros SA de CV, an experienced local contractor with proven capabilities in large-scale projects; Vizsla Silver has been working with Econsa for the past two years for the rehabilitation of the historic El Coco mill site located within the project boundary;
• Underground mining contract: awarded to Obras Mineras y Tiros del Centro SA de CV, a highly experienced underground mining contractor with a strong record in Mexico; OMyTC will oversee ramp development, ore extraction and underground infrastructure, ensuring the program's operational success.

Exploration update

In addition to the test mining and bulk sample program, Vizsla Silver continues its continuing exploration efforts in the eastern portion of the district with two drill rigs. The fully financed 10,000-metre discovery-based drill campaign is focused on locating new centres of high-grade mineralization outboard of the current PEA mine plan. Moreover, the company has awarded a contract to Geofisica TMC SA de CV to conduct a ground HLEM survey on six selected areas within Panuco project to further enhance the possibilities of finding new mineralization.

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 17,856.5-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. 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 Moz AgEq (please refer to the technical report on updated mineral resource estimate for the Panuco silver-gold-lead-zinc project, Sinaloa state, Mexico, by Allan Armitage, Ben Eggers and Peter Mehrfert, dated Feb. 12, 2024, and to the company's press release dated Jan. 8, 2024).

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. The company recently completed a preliminary economic study for Panuco in July, 2024, which highlights 15.2 Moz AgEq of annual production over an initial 10.6-year mine life, an after-tax net present value discounted at 5 per cent of $1.1-billion (U.S.), an 86-per-cent internal rate of return, and a nine-month payback at $26 (U.S.) per ounce silver and $1,975 (U.S.) per ounce gold. Vizsla Silver aims to become the world's leading silver company by implementing a dual-track development approach at Panuco, advancing mine development, while continuing district-scale exploration through low-cost means.

Quality assurance/quality control

Drill core samples were shipped to ALS Ltd. in Zacatecas, Mexico, and in North Vancouver, Canada, for sample preparation and for analysis at the ALS laboratory in North Vancouver, and rock samples were shipped to SGS Lab in Durango, Mexico, for sample preparation and analysis. The ALS Zacatecas North Vancouver facilities and SGS lab are ISO 9001 and ISO/IEC 17025 certified. Silver and base metals were analyzed using a four-acid digestion with an ICP finish, and gold was assayed by 30-gram fire assay with atomic absorption 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 National Instrument 43-101, Jesus Velador, PhD, MMSA qualified person, vice-president of exploration, 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.