$100M Financing Secured to Advance Mexico's Panuco Project Toward 2027 Production

• Vizsla Silver successfully completed a $100 million bought deal public offering to advance its flagship Panuco silver-gold project in Mexico toward production.
• The company targets first silver production in the second half of 2027, with a preliminary economic assessment projecting 15.2 million ounces of silver equivalent annual production over an initial 10.6-year mine life.
• Vizsla's updated mineral resource estimate shows 222.4 million ounces of measured and indicated silver equivalent resources, representing a 43% increase from the previous estimate.
• The Panuco project demonstrates strong economics with an after-tax NPV of $1.137 billion, 86% IRR, and a nine-month payback period at current metal price assumptions.
• The company has commenced a fully permitted test mine program to de-risk initial production and expects to deliver a feasibility study in the second half of 2025.

Vizsla Silver stands as a Canadian mineral exploration and development company headquartered in Vancouver, BC, with a singular focus on advancing its flagship 100%-owned Panuco silver-gold project located in Sinaloa, Mexico. The company's recent $100 million financing completion marks a significant milestone in its journey toward becoming what it describes as the world's leading silver company.

Major Financing Strengthens Development Pipeline

Vizsla Silver announced the successful completion of its previously announced bought deal public offering, raising US$100,002,000 through the issuance of 33,334,000 common shares at US$3.00 per share. The offering was led by Canaccord Genuity as sole bookrunner and lead underwriter, with a syndicate including CIBC Capital Markets, National Bank Financial Inc., Ventum Financial Corp., BMO Capital Markets, and Raymond James Ltd.

The net proceeds of the offering are expected to be used to advance the exploration and development of the Panuco Project, exploration of the Santa Fe Project, potential future acquisitions, as well as for working capital and general corporate purposes.

The financing provides Vizsla with over US$94 million in cash plus in-the-money options, positioning the company to carry operations beyond the delivery of its feasibility study without additional funding requirements.

Project Economics

The Panuco project's preliminary economic assessment, completed in July 2024, outlines compelling economics that form the foundation of Vizsla's investment thesis:

• The study projects an after-tax net present value of US$1.137 billion with an 86% internal rate of return and a remarkably short nine-month payback period.
• The project envisions initial mill throughput of 3,300 tonnes per day, ramping up to 4,000 tonnes per day in year four. Initial capital expenditure requirements are estimated at US$224 million, with life-of-mine sustaining capital of US$230 million.
• The project's all-in sustaining costs are projected at US$9.40 per ounce of silver equivalent, positioning Panuco competitively within the global silver production landscape where average AISC among primary producers ranges around US$17.60 per ounce.

Vizsla's updated mineral resource estimate, effective January 2025, shows substantial growth in the project's resource base. The company now reports 222.4 million ounces of measured and indicated silver equivalent resources, alongside 138.7 million ounces of inferred resources.

Key highlights from the resource update include an 11% increase in global contained ounces, a 43% increase in measured and indicated silver equivalent ounces, and a 4.5% increase in average grade to 534 g/t silver equivalent. Significantly, 30% of the indicated resource category was converted to the higher-confidence measured category.

The resource expansion reflects Vizsla's systematic approach to converting geological potential into economic resources. The company has completed over 375,000 meters of diamond drilling across the property, with less than 30% of known vein targets having been drill-tested to date.

Development Timeline, De-Risking Initiatives

Vizsla has established a clear development timeline targeting first silver production in the second half of 2027. The company commenced a fully permitted test mine program in Q4 2024, designed to extract a 10,000-tonne bulk sample from the high-grade Copala deposit.

The test mine program serves multiple purposes: confirming geotechnical parameters, validating spatial orientation models, and extending metallurgical testing. Results from this program will feed directly into the feasibility study, expected for completion in H2 2025.

The company completed a Preliminary Economic Study for Panuco in July 2024 which highlights 15.2 Moz AgEq of annual production over an initial 10.6-year mine life, an after-tax NPV5% of US$1.1B, 86% IRR and a 9-month payback.

Infrastructure Advantages and Community Relations

The Panuco project benefits from exceptional infrastructure positioning that reduces development risk and capital requirements. The property sits approximately one hour's drive from Mazatlán via Highway 40, with federal 400kv and 240kv power lines crossing the property.

This infrastructure advantage eliminates many of the challenges typically associated with developing remote mining projects. The proximity to deepwater port facilities in Mazatlán and the international airport provides additional logistical benefits for equipment delivery and product shipment.

Vizsla Silver has established itself as a leader in environmental, social, and governance practices within the Mexican mining sector. The company has received three-time national recognition for sustainability efforts and was awarded as a Socially Responsible Company (ESR). Through collaboration with local communities, Vizsla has secured 30-year operating agreements with all five local Ejidos. The company has invested over $400,000 in community infrastructure projects and maintains approximately 70% local hiring for on-site positions.

Conclusion for Investors

Within the silver mining sector, Vizsla Silver trades at what appears to be a significant valuation discount compared to producing companies. The company's analysis suggests that silver producers trade at an average price-to-net asset value multiple of 1.18x, representing a 146% premium over the average developer multiple of 0.48x.

This valuation gap presents potential re-rating opportunities as Vizsla advances through development milestones. The completion of the feasibility study, construction decision, and eventual production start-up represent key catalysts that could drive share price appreciation.

Vizsla Silver presents a compelling combination of advanced-stage development, strong project economics, and clear path to production. The company's recent $100 million financing provides the financial flexibility to advance through critical development milestones, while the Panuco project's robust economics and infrastructure advantages position it favorably within the global silver development pipeline.

With first production targeted for H2 2027 and significant exploration upside across the broader district, Vizsla Silver offers investors exposure to both near-term production growth and longer-term resource expansion potential. The company's commitment to sustainable development practices and strong community relations further enhance its investment appeal in an increasingly ESG-focused market environment.