Mr. Michael Konnert reports

VIZSLA SILVER ENTERS US$220M PROJECT FINANCE MANDATE WITH MACQUARIE TO FUND DEVELOPMENT OF THE PANUCO PROJECT

Vizsla Silver Corp. has executed a mandate letter with Macquarie Bank Ltd. as lead arranger for a senior secured project finance facility of up to $220-million (U.S.) to finance the construction and development of the high-grade underground Panuco silver-gold project in Sinaloa, Mexico.

The facility will be arranged by a syndicate of banks, with Macquarie retaining a 70-per-cent interest and managing syndication of the remaining 30 per cent. Macquarie will act as lead arranger, agent and sole underwriter. In this capacity, Macquarie will be responsible for co-ordinating the syndication process and continuing project monitoring.

Subject to execution of definitive credit documentation and satisfaction of customary conditions, Vizsla Silver may draw an initial $25-million (U.S.) early-drawdown tranche down from the facility, providing immediate financing for early development, construction preparation and working capital ahead of the full project buildout at Panuco. The balance of the facility will become available following satisfaction of customary conditions precedent tied to the planned feasibility study, equity financing and permitting, and will be applied toward mine construction, commissioning and associated infrastructure at Panuco if a construction decision is made. Based on current SOFR (secured overnight financing rate) levels, the facility is expected to carry an interest cost of approximately 10 per cent during construction and below 10 per cent postcompletion, reflecting a margin of 5.75 per cent and 5.25 per cent, respectively, with no mandatory hedging requirements.

"Macquarie brings deep expertise in structuring project financing for large-scale mining developments, reinforcing Panuco as a globally recognized, financeable asset," stated Michael Konnert, president and chief executive officer of Vizsla Silver. "Securing this debt financing mandate brings us one step closer to derisking Panuco into production. Their support reflects the exceptional quality of Panuco and our team's ability to deliver. Together with the company's current cash position, this debt facility is expected to fully fund the Panuco project through to first silver production, and we remain firmly on schedule with this and other key derisking milestones, positioning us to transition seamlessly into construction. I would also like to recognize Chris Adams, our debt adviser, for his pivotal role in preparing Vizsla for an efficient and successful negotiation process."

Vizsla received significant interest from multiple banks and alternative lenders across North America and Europe, each presenting highly competitive terms. Following a rigorous, competitive process focused on maximizing net asset value per share, Vizsla selected Macquarie for its combination of the most attractive cost of capital and the best alignment with Panuco's development timeline. Vizsla is pleased with the strong working relationship established with Macquarie and the efficient execution of the process to date.

Advancing on schedule and to plan, the Morgan test mine is providing tangible evidence of the Vizsla team's technical capabilities, operational discipline and commitment to safe, efficient development. The results to date not only validate key assumptions for the planned feasibility study but also demonstrate that the same approach and attention to detail can be carried forward into full-scale construction with the backing of Macquarie.

Any offer to provide the facility remains subject to completion of due diligence, negotiation of definitive agreements, final credit approvals and other customary conditions. Closing is targeted for Q1 2026, in alignment with the company's broader project development schedule. Vizsla is working closely with Macquarie to efficiently advance the facility toward financing.

The company notes that David Cobbold, a director of Vizsla, is also vice-chairman of Macquarie. Mr. Cobbold did not participate in the board's deliberations or vote with respect to the facility. The decision to enter the mandate letter was approved by the independent directors of the company.

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 original contiguous 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 ounces silver equivalent and an in situ inferred resource of 138.7 million ounces silver equivalent (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 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. 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.

Technical disclosure

In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, Dr. 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.

No production decision has been made for Panuco at this time. Any decision to proceed to construction or commercial production will only be made following completion of a feasibility study that demonstrates economic and technical viability in accordance with NI 43-101.

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