Mr. Michael Konnert reports

VIZSLA SILVER PROVIDES AN UPDATE ON THE COPALA TEST MINE AT ITS PANUCO PROJECT IN MEXICO

Vizsla Silver Corp. has provided an update on the continuing development of its Copala test mine at its 100-per-cent-owned Panuco silver-gold project, located in Sinaloa, Mexico.

The test mine program marks a major step forward in derisking the Panuco project, as the company transitions from exploration to development. The Copala portal, established as part of this program, is expected to serve as the primary access to underground mining operations following a construction decision.

"We're now testing underground at Panuco and executing the test mine development according to plan, at the historic Copala district," commented chief operating officer Simon Cmrlec. "Our crews are performing well, advancing safely, installing all required ventilation and ground support, and we are meeting planned development rates. Our team is currently focused on optimizing advance rates and testing contractor capabilities.

"This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up. We are on track to complete the fully funded test mine program by year-end."

Test mine progress

Vizsla Silver has now advanced approximately 125 metres along the Copala decline. The decline is advancing in favourable ground conditions at a 15-per-cent grade with dimensions of 5.5 metres wide by 5.5 metres tall. A 10,000-tonne bulk sample will be taken from the 460 level which is approximately 70 metres vertically below the surface. The decline is currently progressing at a rate of four metres per day, with drilling and mucking currently being optimized to achieve two blasts per day and advance rates of around eight metres per day.

Bulk sampling and technical program

Upon reaching the ore zone, Vizsla Silver will extract a 10,000-tonne bulk sample and stockpile it on surface without impacting the environment by utilizing previously disturbed areas. This material will ultimately be used for:

• Paste fill and cemented rockfill (CRF) testing to support backfill planning.
• Rock competency and structural consistency analysis to optimize mine design and cost models related to support requirements.
• Grade reconciliation with the block model.

Technical observations and future opportunities

• The Copala test mine portal is situated approximately 300 metres north of the proposed processing facility. Waste stockpiles and ore staging areas are located within 200 metres of the portal, with all current activities using existing roads and confined to previously disturbed areas from historic mining.
• Underground access will enable low-cost drilling from underground stations, supporting the conversion of existing resources to higher-confidence categories. Several high-priority targets have already been outlined and are expected to be tested as the decline advances.
• Mapped parallel structures on the surface highlight near-mine exploration upside.

The on-site work force continues to grow, with an emphasis on hiring from the local community. Newly constructed infrastructure -- including first aid facilities, staff buildings and workshops --not only supports operational efficiency, but also enhances safety protocols and emergency response capabilities.

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 Moz (million ounces) AgEq (silver equivalent) and an in situ inferred resource of 138.7 Moz AgEq (please refer to Vizsla's press 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 ounces of AgEq of annual production over an initial 10.6-year mine life, an after-tax NPV5 per cent (net present value, 5-per-cent discount rate) of $1.1-billion (U.S.), 86-per-cent IRR (internal rate of return) and a nine-month payback at $26 (U.S.)/oz Ag and $1,975 (U.S.)/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, 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 (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.

We seek Safe Harbor.