Mr. Michael Konnert reports

VIZSLA SILVER PROVIDES 2024 YEAR-END SUMMARY AND 2025 OUTLOOK

Vizsla Silver Corp. has provided a year-end summary of its activities at its flagship Panuco silver-gold property, located in Sinaloa, Mexico, and has outlined the company's key objectives/milestones for 2025.

"Two thousand twenty-four was a transformative year for Vizsla Silver," commented Michael Konnert, president and chief executive officer. "With an updated resource estimate in January, 2024, serving as the backbone for the first-ever Panuco PEA, published in July, Vizsla Silver went from early-stage exploration to early-stage development. Our focus throughout the year was on derisking known mineralization within the Copala and Napoleon resource areas to maximize potential future economic returns. The July PEA showcased industry-leading economics based on conservative assumptions and a resource base that has since been materially upgraded and expanded. We now have 43 per cent more ounces in the measured and indicated category, and higher grades, relative to the previous resource. This bodes well for a potentially expanded mine plan in the pending feasibility study we plan to publish in the second half of 2025. Additionally, we have broken ground on our fully permitted and fully funded Copala test mine, arguably one of the most valuable derisking initiatives for the project. This will support feasibility study mine planning and development as we advance Panuco project 1 to construction. With over $92-million (U.S.) in cash and no debt, we remain well funded to deliver on our operational goals with a long-term view of first silver in 2027. In 2025, we continue to prioritize the health and safety of our communities and team members as we advance through the permitting and development process. Beyond development in the West, we continue exploring new areas of the district with both low-cost mapping and geophysical surveys and plus-10,000 metres of planned initial drilling. We look forward to another safe and exciting year for Vizsla Silver and thank everyone for their shard work and continued support."

Key objectives for 2025:

• Advance Copala test mine development and bulk sample program;
• Complete fourth round of metallurgical testing in H1 (first half) 2025;
• Advance through permitting process;
• Deliver feasibility study (FS) in H2 (second half) 2025;
• Complete 12,000-plus metres of geotechnical drilling to support the FS;
• Complete 25,000-plus metres of continuing discovery-based and resource expansion drilling;
• Complete an approximately 45-line-kilometre ground horizontal-loop EM (electromagnetic) (Promis-HLEM) over six selected target areas.

2024 highlights

In 2024, with Simon Cmrlec assuming the role of chief operating officer (COO) , Vizsla Silver focused on derisking Panuco project 1, located in the western portion of the Panuco-Copala district. This culminated in the announcement of a robust preliminary economic assessment (PEA) published in July, 2024, highlighting 15.2 million ounces (oz) silver equivalent (AgEq) of annual production over an initial 10.6-year mine life, an after-tax net present value (NPV) at 5 per cent of $1.1-billion (U.S.), an internal rate of return (IRR) of 86 per cent, and a nine-month payback at $26 (U.S.) per oz silver (Ag) and $1,975 (U.S.) per oz Au.

Drilling throughout the year totalled 37,662 metres, centred on converting resources within the upper levels of the Copala and Napoleon areas to higher confidence categories. This led to an updated mineral resource estimate published in early January, 2025, highlighting an estimated i situ combined measured and indicated mineral resource of 222.4 million oz AgEq and an in situ inferred resource of 138.7 million oz AgEq (see news release dated Jan. 6, 2025).

Other notable achievements in 2024:

• Vizsla Silver's share price increased by 45 per cent from $1.73 (Canadian) per share to $2.51 (Canadian per share);
• Vizsla Silver raised a total of $95-million (Canadian) in two financings: $34.5-million (Canadian) at $1.50 (Canadian) per share in February; and $65-million (Canadian) at $2.6 (Canadian) per share in September;
• Organized three on-site health fairs providing over 550 people access to nurses, doctors and psychologists;
• Vizsla Silver tripled its land package to 17,000-plus hectares (ha), with the acquisition of San Enrique and La Garra, two large highly prospective past-producing districts located along the emerging Sinaloa silver belt;
• Acquired district-wide WorldView III and Aster multispectral satellite imagery, and continued with the use of Terraspec for alteration mapping;
• Mr. Cmrlec appointed as COO, Suki Gill nominated to the board of directors, Karl Haase as director of engineering, Anna Pagliaro as director of commercial and legal risk, and Ana Meza as environmental and ESG (environmental, social and governance) manager;
• Completed spinout of Vizsla Royalties, trading on the TSX Venture Exchange, creating an additional $62-million (Canadian) of value for Vizsla Silver shareholders in the first three weeks of trading;
• In September, Vizsla Silver published its third annual sustainability report;
• In October, the GDXJ included Vizsla Silver to its constituency, awarding shareholders significant liquidity;
• Vizsla Silver's Mexican subsidiary, Minera CANAM, was awarded the socially responsible company distinction (ESR) for the third year in a row;
• In November, Vizsla Silver graduated to the Toronto Stock Exchange, raising the company to a new echelon of market access and awareness;
• Vizsla Silver commenced work on its fully financed, fully permitted Copala test mine/bulk sample program.

2025 outlook

Vizsla Silver's focus for 2025 remains centred on derisking project 1 in the west with a goal of first silver in 2027. To achieve this, the company is actively working to complete a feasibility study, while simultaneously advancing permitting and project financing to support a construction decision. In parallel, Vizsla Silver will continue exploring other prospective areas in the western portion of the district, proximal to project 1, but also in the central and eastern areas, where exploration drilling completed to date remains sparse. Key derisking initiatives planned for 2025 include:

1. Advance test mine;
2. Advance permitting/project finance;
3. Deliver FS.

For 2025, a total of 37,000-plus metres of drilling is planned for engineering (FS studies), expansion and exploration programs. Two diamond drill rigs will be active on the property, with the ability to scale up depending on exploration success. Exploration drills will focus on priority targets proximal to current resources in the west, as well as on other high-priority targets in the central and eastern portions of the district.

Targets

Resource extension:

• The Copala structure remains open along strike to the north and downdip to the south. Alternatively, after the discovery of the old Copala adit and concomitant with the successful infill/expansion drilling campaign in central Copala, the team identified potential for near-surface high-grade mineralization in the south. Vizsla Silver intends to drill two near-surface targets in the second half (H2) of 2025 once the team completes detailed structural and alteration mapping along Copala, south of the old adit.
• At Napoleon area, the company plans to conduct resource expansion drilling along the hangingwall-4 vein (HW4) downdip to the east and along the 400-metre-wide gap in La Luisa vein (see news release dated Feb. 13, 2024), between the current mineral resource area and the shallow drill holes located 500 metres to the north.

Exploration:

• During the first half (H1) of 2025, Vizsla Silver will continue drill testing the Camelia-San Dimas, Galeana and San Fernando-Nacaral targets in the northeastern part of the district. Other targets, such as El Roble, Oregano and La Whicha, also in the northeast will be explored in H2.
• The company also plans to drill additional exploration holes at El Molino (see news release dated Oct. 24, 2023) and at the convergence zone of main Napoleon vein with La Colorada vein-Copala fault system in northern Napoleon area. Exploration drilling on the northern Napoleon area is planned for H2 after completion of the ground EM survey.

Mapping/geophysics:

• The company continues advancing detailed mapping at 1:1,000 scale throughout the district; 67-plus per cent of Panuco district has been mapped to date with the aid of lidar, WorldView III and Aster satellite imagery and Terraspec analyses. Company geologists also started 3-D interpretations of Terraspec data collected on core samples to further build 3-D alteration models and define drilling vectors.
• Vizsla Silver also contracted TMC Geophysical consulting to conduct a horizontal-loop EM (Promis-HLEM) survey on 45 line kilometres over Copala and five selected high-priority targets during Q1 (first quarter). The objective of this study is to determine the geophysical response of known mineralization near surface at Copala and then investigate five other selected targets in the district.

Key objectives for 2025:

• Advance Copala test mine development and bulk sample program;
• Complete fourth round of metallurgical testing in H1 2025;
• Advance through permitting process;
• Deliver feasibility study in H2 2025;
• Complete 12,000-plus metres of geotechnical drilling to support the FS;
• Complete 25,000-plus metres of continuing discovery-based and resource expansion drilling;
• Complete an approximately 45-line-kilometre ground horizontal-loop EM (Promis-HLEM) over six selected target areas.

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. 6, 2025, the company announced an updated mineral resource estimate for Panuco, which includes an estimated in situ combined measured and indicated mineral resource of 222.4 million oz AgEq and an in situ inferred resource of 138.7 million oz AgEq (please refer to Vizsla Silver's news release dated Jan. 6, 2025).

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 million oz AgEq of annual production over an initial 10.6-year mine life, an after-tax NPV at 5 per cent of $1.1-billion (U.S.), an IRR of 86 per cent, and a nine-month payback at $26 (U.S.) per oz Ag and $1,975 (U.S.) per oz Au. 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 and North Vancouver facilities, and the SGS lab, are ISO 9001 and ISO/IEC 17025 certified. Silver and base metals were analyzed using a four-acid digestion with an ICP (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

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 reviewed and approved the technical and scientific content of this news release.

Information concerning estimates of mineral resources

The scientific and technical information in this news release was prepared in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (SEC). The terms "measured mineral resource," "indicated mineral resource" and "inferred mineral resource" used herein are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the CIM definition standards), which definitions have been adopted by NI 43-101. Accordingly, information contained herein providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable with similar information made public by other U.S. companies subject to the United States federal securities laws, and the rules and regulations thereunder.

You are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM definition standards, "inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. 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. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or prefeasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally minable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM definition standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective Feb. 25, 2019, the SEC adopted new mining disclosure rules under Subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended, with compliance required for the first fiscal year beginning on or after Jan. 1, 2021. The SEC modernization rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC modernization rules, the SEC now recognizes estimates of "measured mineral resources," "indicated mineral resources" and "inferred mineral resources." Information regarding mineral resources contained or referenced herein may not be comparable with similar information made public by companies that report according to U.S. standards. While the SEC modernization rules are purported to be "substantially similar" to the CIM definition standards, readers are cautioned that there are differences between the SEC modernization rules and the CIM definitions standards. Accordingly, there is no assurance any mineral resources that the company may report as "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the company prepared the resource estimates under the standards adopted under the SEC modernization rules.

We seek Safe Harbor.