Mr. Michael Konnert reports

VIZSLA SILVER PROVIDES UPDATE ON AT-THE-MARKET EQUITY PROGRAM

Vizsla Silver Corp. has updated its previously announced at-the-market (ATM) equity program to offer and sell up to $200-million (U.S.) of common shares of the company to the public, from time to time, through the agents (as defined below).

"Vizsla Silver remains well positioned to advance Panuco towards development," commented Michael Konnert, president and chief executive officer. "The updated at-the-market equity plan simply provides additional optionality to add to a strong balance sheet, as we continue to derisk the Panuco project and deliver on development milestones."

Sales of common shares, if any, will be made pursuant to the terms of an equity distribution agreement dated April 28, 2025, among the company, and Canaccord Genuity and CIBC Capital Markets, as lead agents, and National Bank Financial and BMO Capital Markets, on the Toronto Stock Exchange and the NYSE American, and/or any other marketplace for the common shares in Canada or the United States, or as otherwise agreed between the agents and the company. The sales of common shares under the ATM program, if any, will be determined in the company's sole discretion and at the market price prevailing at the time of each sale.

The offering of common shares under the ATM program is being made pursuant to a prospectus supplement dated April 28, 2025, to the company's final short form base shelf prospectus filed in all provinces and territories of Canada dated April 25, 2025, and pursuant to a prospectus supplement dated April 28, 2025, to the company's U.S. base prospectus included in its registration statement on Form F-10 (file No. 333-286322) filed with the United States Securities and Exchange Commission on April 25, 2025.

The company intends to use the net proceeds from the ATM program, if any, to finance continuing work programs to advance the Panuco project, for working capital and for general corporate purposes.

The ATM program will be effective until the earlier of the date on which: (i) the issuance and sale of all of the common shares issuable pursuant to the ATM program have been completed; and (ii) the receipt issued for the base shelf prospectus ceases to be effective, unless earlier terminated prior to such date by the company or the agents in accordance with the terms of the equity distribution agreement.

Concurrent with entering into the equity distribution agreement, the company's previously announced at-the-market equity distribution agreement dated Sept. 13, 2024, was terminated.

The prospectus supplement, the base shelf prospectus and the equity distribution agreement are available on SEDAR+, and the U.S. prospectus supplement, the U.S. base prospectus and the registration statement are available on the SEC's website. Alternatively, the agents will send copies of the prospectus supplement and the base shelf prospectus, or the U.S. prospectus supplement and the U.S. base prospectus, as applicable, upon request by contacting Canaccord Genuity, Suite 2100, 40 Temperance St., Toronto, Ont., M5H 0B4, or by e-mail at ecm@cgf.com.

Potential investors should read the offering documents before making an investment decision. Such documents contain important information about the ATM program.

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 ounces (oz) silver equivalent (AgEq) of annual production over an initial 10.6-year mine life, an after-tax NPV (net present value) at 5 per cent of $1.1-billion (U.S.), an 86-per-cent IRR (internal rate of return), and a nine-month payback at $26 (U.S.) per oz silver (Ag) and $1,975 (U.S.) per oz gold (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.

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