Mr. Michael Konnert reports

VIZSLA SILVER TO ACQUIRE STRATEGIC CLAIMS SURROUNDING PANUCO FROM FRESNILLO PLC

Vizsla Silver Corp. has entered into an agreement to acquire from Minera Fresnillo SA de CV, a subsidiary of Fresnillo PLC, 10 claims comprising 2,378 hectares along the highly prospective Panuco-San Dimas corridor. Seven of these claims, comprising 1,734 hectares, are strategic and occur adjacent to the Panuco project, covering prospective areas or potential extensions to veins with known mineralization.

Highlights:

• Property package comprises 2,378 hectares in the highly prospective Panuco-San Dimas corridor;
• Strategic claims comprise 1,734 hectares covering highly prospective areas or potential vein extensions;
• The claims contain various prospective areas or potential extensions to veins with known mineralization;
• Vizsla Silver has agreed to pay $2-million (U.S.) and issue $4-million (U.S.) in common shares to Fresnillo as consideration for the claims.

"With this acquisition, we now have more prospective ground adjacent to our flagship Panuco project to continue exploring," stated Michael Konnert, president and chief executive officer. "The strategic claims host past production along a trend of known mineralized structures, several of which are included in the recently announced Panuco feasibility study. The acquisition of the claims provides our team with new high-priority targets, which, pending exploration success, not only have the potential to grow the overall resource base but also bolster mine economics in future mine updates and technical studies."

About the claims

The claims comprise 10 titled mining claims covering 2,378 hectares in the emerging silver-gold-rich Panuco-San Dimas corridor with estimated historic production plus current resources and reserves of 1.2 billion ounces silver and 15 million ounces gold. The strategic claims are adjacent to and partially surround the Panuco project.

The main lithologies identified within the strategic claims adjacent to Panuco correspond to the favourable andesite lavas and tuffs with overlying rhyolite tuffs correlative with the Tarahumara formation that were intruded by diorite and granodiorite stocks of the Sinaloa batholitic complex. Additionally, detailed mapping, rock sampling and exploratory drilling suggest that some veins and vein systems within Panuco, such as La Luisa, Cruz Negra, San Dimas, Camelia, La Florida and Cordon del Oro may extend into the claims.

Furthermore, Vizsla Silver is in the process of expanding its lidar survey to cover the strategic claims and to start regional reconnaissance mapping and rock sampling in highly prospective areas where known mineralization may extend.

Terms of the acquisition

The company entered into an asset purchase agreement dated Dec. 17, 2025, with Fresnillo and the company's wholly owned subsidiary, Minera Canam SA de CV, pursuant to which the company agreed to acquire, through Minera Canam, all of Fresnillo's right, title and interest in and to the claims.

Pursuant to the acquisition agreement, the company has agreed to pay $2-million (U.S.) and issue 854,697 common shares in the capital of the company to Fresnillo. The consideration shares are subject to a four-month hold period pursuant to applicable Canadian securities laws.

Qualified person

In accordance with National Instrument 43-101, Dr. 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.

About Vizsla Silver Corp. and the Panuco project

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 feasibility Study for Panuco in November, 2025, which highlights 17.4 million ounces silver equivalent of annual production over an initial 9.4-year mine life, an after-tax net present value (discounted at 5 per cent) of $1.8-billion (U.S.), a 111-per-cent internal rate of return and a seven-month payback at $35.50 (U.S.) per ounce silver and $3,100 (U.S.) per ounce gold. Vizsla Silver aims to position itself as a leading silver company by implementing a dual-track development approach at Panuco, advancing mine development while continuing district-scale exploration through low-cost means.

We seek Safe Harbor.