Mr. Michael Pettingell of Vizsla Royalties reports

VIZSLA ROYALTIES TO ACQUIRE ADDITIONAL 3.0% NSR ON PANUCO PROJECT AND ANNOUNCES US$40 MILLION FINANCING

Vizsla Royalties Corp. has entered into a royalty purchase agreement dated June 4, 2025, with Grupo Minero Bacis SA de CV, pursuant to which the company will acquire an additional 3.0-per-cent net smelter return (NSR) royalty on certain concessions (the Silverstone concessions) comprising the Panuco-Copala silver-gold project, located in the state of Sinaloa, Mexico. The Panuco project is owned and operated by Vizsla Silver Corp. and is being advanced toward production.

"This is a transformative acquisition for Vizsla Royalties," stated Michael Pettingell, chief executive officer. "We have now fully consolidated all royalties in the Panuco district, significantly increasing shareholder exposure to one of the highest-grade silver-gold districts in the world. Vizsla Royalties is a publicly traded company with a Tier 1 silver royalty, which could ultimately serve as a cornerstone asset from which to develop a broader portfolio of quality precious metals royalties in the years to come."

Vizsla Royalties currently holds a 0.5-per-cent NSR royalty on the Silverstone concessions, which was established as part of its spinout from Vizsla Silver in 2024. Upon acquiring the 3.0-per-cent royalty in connection with the transaction, the company will hold a 3.5-per-cent NSR royalty on the Silverstone concessions, significantly increasing its exposure to one of the most advanced and high-grade silver-gold development districts in the world, positioning shareholders to benefit from long-term value creation as the Panuco project progresses toward production. Vizsla Royalties also holds a 2.0-per-cent NSR royalty on certain other concessions (the Rio Panuco concessions) comprising the Panuco project.

Under the terms of the purchase agreement, Vizsla Royalties will exercise its right to repurchase 50 per cent of the 3.0-per-cent royalty for $1.95-million (U.S.) and will purchase the remaining 50 per cent of the 3.0-per-cent royalty for $38.05-million (U.S.) for a total cash consideration of $40-million (U.S.) subject to potential adjustment in customary circumstances.

The transaction is an arm's-length transaction. No finders' fees are payable in connection with the transaction.

Financing to finance acquisition

The company is pleased to announce that it has entered into an agreement with CIBC Capital Markets, as lead bookrunner and 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, 27.4 million common shares of the company at a price of $2 per share for aggregate gross proceeds of $54.8-million, excluding any potential additional proceeds raised from the exercise of the overallotment option (defined below).

The company has granted the underwriters an option to purchase up to an additional 15 per cent of the shares sold under the offering, exercisable in whole or in part at any time for a period of 30 days following the closing date, on the same terms as the offering.

The net proceeds of the offering will be used to finance the cash consideration for the acquisition of the 3.0-per-cent royalty and for general corporate purposes.

The shares will be offered in each of the provinces and territories of Canada (other than Quebec) pursuant to a prospectus supplement to the company's base shelf prospectus dated May 20, 2025, which will be filed with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada. The shares may also be sold by way of private placement in the United States or such other jurisdictions as agreed by the company and the underwriters.

The transaction and the offering are expected to close concurrently on or about June 12, 2025, subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.

Access to the prospectus supplement, the base shelf prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment. The base shelf prospectus is and the prospectus supplement will be (within two business days of the date hereof) accessible on SEDAR+. An electronic or paper copy of the prospectus supplement, the base shelf prospectus and any amendment to the documents may be obtained, without charge, from CIBC Capital Markets, 161 Bay St., fifth floor, Toronto, Ont., M5J 2S8, or by telephone at 416-956-6378 or by e-mail at mailbox.canadianprospectus@cibc.com by providing an e-mail address or address, as applicable. The base shelf prospectus and prospectus supplement contain important, detailed information about the company and the proposed offering. Prospective investors should read the base shelf prospectus and prospectus supplement (when filed) before making an investment decision.

Advisers and counsel

CIBC is acting as financial adviser to Vizsla Royalties, with Forooghian + Company Law Corp. acting as legal adviser to the company in relation to the transaction and the public offering. Borden Ladner Gervais LLP is acting as legal adviser to CIBC in relation to the offering.

About Vizsla Royalties Corp.

Vizsla Royalties is a precious-metal-focused royalty company. The company's principal asset is a net smelter return royalty on Vizsla Silver flagship Panuco project located in Mexico. Panuco is a world-class silver and gold development project actively advancing toward production. A preliminary economic study for Panuco was published in July, 2024, which highlights 15.2 million ounces silver equivalent 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.

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