Mr. Michael Konnert reports

VIZSLA SILVER AWARDS EPCM AND MINE DESIGN CONTRACTS FOR THE DEVELOPMENT OF THE PANUCO SILVER-GOLD PROJECT

Vizsla Silver Corp. has awarded the engineering, procurement and construction management (the EPCM) contract to M3 Engineering & Technology Corp., and has entered into a mine design contract with Mining Plus. Both contractors will support the advancement of its flagship Panuco silver-gold project.

"The appointment of key engineering and mine design partners represents an important step in advancing our Panuco project," said Michael Konnert, president and chief executive officer. "We are pleased to partner with M3 and Mining Plus as we move towards mobilization."

With its partners, the company will work off-site to advance detailed design, construction planning and equipment procurement, while continuing to advance go-forward, long-term security plans for the Panuco project. Vizsla Silver advises that key development activities continue to progress in line with previously disclosed timelines.

EPCM contract selection

M3 Engineering is an experienced engineering firm specializing in mineral processing and infrastructure projects. The firm has participated in the design and construction of several mining projects in Mexico, including Mercedes, Los Gatos, Penasquito, Camino Rojo and Terronera.

Since finalizing the Panuco feasibility study (published in November, 2025), Vizsla Silver has worked with M3 Engineering to support the planning and development of the project. The EPCM scope of work covers the process plant and surface infrastructure, valued at approximately $170-million (U.S.). The company and M3 Engineering are currently finalizing the terms and conditions of the definitive EPCM agreement.

"M3 Engineering & Technology Corp. is proud to contribute our technical expertise to support Vizsla Silver in advancing the development of the Panuco silver-gold project," said Alberto Bennett, president and chief executive officer of M3 Engineering. "We look forward to continuing working closely with Vizsla Silver's team to deliver another successful project in Mexico, on time and on budget."

Mining design contract

Mining Plus, part of The Byrnecut Group, is a global mining services firm. Vizsla Silver and Mining Plus have worked together since finalizing the Panuco preliminary economic assessment (PEA), published in July, 2024.

Mining Plus has supported mine design, planning, schedulling and geotechnical work, including contributions to the development of the company's Morgan test mine at Panuco. The mining design scope of work covers approximately $50-million (U.S.) in development capital and approximately $40-million (U.S.) in ore development over the next two years of preproduction.

Key mining schedule items include:

• Award mining contract in Q2 2026;
• Begin mining operations upon receipt of the MIA permit;
• Implement an infill drilling program over an initial two-year period to support ramp-up and stockpiling ahead of process plant commissioning.

"Mining Plus is pleased to continue its partnership with Vizsla Silver as the Panuco project advances toward production," said Vahid Haydari, chief executive officer of Mining Plus. "Since our initial involvement following the preliminary economic assessment, we have worked closely with the team on mine design and planning. This next phase focuses on detailed planning and disciplined execution as this high grade, technically compelling project advances toward commercial production."

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 AgEq (silver equivalent) of annual production over an initial 9.4-year mine life, an after-tax NPV (net present value) (5 per cent) of $1.8-billion (U.S.), 111-per-cent IRR (internal rate of return) and a seven-month payback at $35.50 (U.S.)/oz Ag and $3,100 (U.S.)/oz Au. 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.

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