Vizsla Silver Announces Annual Meeting Results & Auditor Transition to Deloitte LLP

• Vizsla Silver's annual general and special meeting held on October 2, 2025, resulted in shareholder approval of all proposed motions with 181,024,637 shares voted, representing 52.63% of issued and outstanding shares.
• Shareholders elected seven directors to the board including Craig Parry, Michael Konnert, Simon Cmrlec, Harry Pokrandt, David Cobbold, Eduardo Luna, and Suki Gill for the ensuing year.
• The company has changed its auditor from MNP LLP to Deloitte LLP effective October 3, 2025, to support growth and regulatory requirements.
• The former auditor's reports on financial statements for fiscal years ended April 30, 2025 and April 30, 2024 contained no modifications, reservations, or reportable events.
• Vizsla Silver's flagship Panuco project in Sinaloa, Mexico, demonstrated strong economics in its July 2024 Preliminary Economic Study with an after-tax NPV5% of US$1.1 billion and 86% IRR.

Vizsla Silver Corp., a Canadian mineral exploration and development company headquartered in Vancouver, British Columbia, operates the flagship 100%-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 silver equivalent annual production over an initial 10.6-year mine life, an after-tax net present value at 5% discount rate of US$1.1 billion, 86% internal rate of return, and a nine-month payback period at US$26 per ounce silver and US$1,975 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.

The company's annual general and special meeting results and auditor change announcement provide investors with insights into corporate governance developments and the company's strategic positioning as it advances its Mexican silver-gold project toward production.

Annual General Meeting Results

Vizsla Silver held its annual general and special meeting of shareholders on October 2, 2025, in Vancouver, British Columbia. The meeting attracted significant shareholder participation with 181,024,637 shares voted, representing 52.63% of the company's issued and outstanding shares as at the record date. This level of participation demonstrates moderate shareholder engagement in the company's governance decisions at a critical stage of project development.

Shareholders were presented with five key resolutions covering board composition, auditor appointment, compensation structure, and corporate governance matters. All motions put forth at the meeting received shareholder approval, indicating alignment between management proposals and shareholder interests. The company has made detailed voting results available on its profile on SEDAR+ and EDGAR for investor review.

Board of Directors Election

Shareholders approved fixing the number of directors at seven persons and elected the full slate of director nominees for the ensuing year. The elected board members are Craig Parry, Michael Konnert, Simon Cmrlec, Harry Pokrandt, David Cobbold, Eduardo Luna, and Suki Gill. This board composition provides continuity in leadership as the company advances its Panuco project through critical development phases.

The detailed voting results for each director nominee demonstrate varying levels of shareholder support across the slate. While all nominees received sufficient votes for election, the specific vote counts and percentages for each director are available in the detailed voting results table filed with securities regulators. This transparency allows investors to assess the level of shareholder confidence in individual board members.

The board's composition and the mandate given by shareholders will guide the company's strategic direction as it pursues its dual track development approach at Panuco. The directors will oversee both the advancement of mine development activities and the continuation of district scale exploration programs.

Compensation & Governance Approvals

Shareholders approved the company's omnibus equity incentive compensation plan at the annual meeting. This approval provides the company with the tools necessary to attract, retain, and incentivize key personnel during the critical transition from exploration and development to potential production. Equity-based compensation remains a standard practice in the mining sector, particularly for companies in the development stage that must compete for talent while managing cash resources carefully.

Additionally, shareholders approved an alteration of the company's articles. While the specific nature of these alterations was not detailed in the announcement, such changes typically relate to governance matters, shareholder rights, or operational flexibility. The approval of all proposed resolutions suggests shareholder confidence in management's governance approach.

Auditor Transition

Vizsla Silver announced a significant change in its external audit arrangements, transitioning from MNP LLP to Deloitte LLP effective October 3, 2025. The company stated that:

"The appointment of Deloitte LLP was necessary to support the growth and regulatory requirements of the Company."

This transition to one of the Big Four accounting firms typically signals a company's evolution toward increased complexity, scale, or regulatory scrutiny.

The timing of this auditor change coincides with the company's advancement of the Panuco project following completion of the Preliminary Economic Study in July 2024. As Vizsla Silver moves closer to potential development decisions and financing activities, the enhanced audit capabilities and global recognition associated with a Big Four firm may facilitate access to capital markets and provide additional credibility to financial reporting.

The company has confirmed that the Former Auditor's reports on the Company's financial statements for the two most recent fiscal years ended April 30, 2025 and April 30, 2024 did not contain any modifications or reservations and there were no reportable events as defined in National Instrument 51-102 in connection with their audits through to the date of change. This clean transition without qualifications or reportable events provides assurance that the auditor change reflects strategic positioning rather than financial reporting concerns.

Regulatory Compliance

In accordance with National Instrument 51-102, Vizsla Silver has filed a Notice of Change of Auditor along with the required letters from both MNP LLP and Deloitte LLP on SEDAR+ and EDGAR. This compliance with Canadian securities regulations demonstrates the company's commitment to transparency and adherence to disclosure requirements. The regulatory filings provide additional documentation for investors seeking to understand the circumstances and rationale behind the auditor transition.

The requirement for letters from both the former and successor auditors serves as an important investor protection mechanism, ensuring that auditor changes are properly documented and that no material issues exist that would warrant investor concern. The completion of these filings allows the auditor transition to proceed in an orderly manner while maintaining investor confidence.

Project Economics & Development Strategy

The Panuco project represents the core value proposition for Vizsla Silver investors. The July 2024 Preliminary Economic Study outlined compelling economics with 15.2 million ounces of silver equivalent annual production over an initial 10.6-year mine life. The after-tax net present value at a 5% discount rate of US$1.1 billion and 86% internal rate of return suggest strong project returns at the assumed commodity prices of US$26 per ounce for silver and US$1,975 per ounce for gold.

The nine-month payback period indicated in the study represents an attractive timeline for capital recovery, which may facilitate project financing discussions. The company's dual track approach of advancing mine development while continuing district scale exploration through low-cost means provides optionality for resource expansion and mine life extension beyond the initial economic assessment parameters.

Shareholder Approval & Corporate Authorization

The shareholder approval of the re-appointment of the auditor and authorization for directors to determine auditor remuneration follows standard corporate governance practice. This delegation of authority to the board for auditor compensation allows for appropriate negotiation of fees commensurate with the scope and complexity of audit work required.

With all resolutions approved, the company has received the necessary shareholder mandates to execute its strategic plans for the ensuing year. The 52.63% voter turnout, while representing a majority of shares, leaves room for increased shareholder engagement in future meetings as the company advances toward development decisions.

Implications for Investors

The annual meeting results and auditor change carry several implications for Vizsla Silver investors. The successful election of all director nominees and approval of all resolutions indicates shareholder support for the current strategic direction. The absence of contested director elections or rejected proposals suggests relative satisfaction with management performance and corporate governance.

The transition to Deloitte LLP as external auditor represents a maturation of the company's financial reporting infrastructure. For investors evaluating Vizsla Silver as a potential investment or considering existing positions, the Big Four audit firm may provide enhanced confidence in financial statement reliability and internal control frameworks. This enhanced audit capacity may prove particularly valuable as the company potentially moves toward project financing, construction decisions, or other significant capital allocation events.

The clean transition from MNP LLP, with no modifications, reservations, or reportable events in recent financial statements, provides comfort that the auditor change stems from growth considerations rather than financial reporting concerns. This distinction is important for investors conducting due diligence on the company's financial health and reporting integrity.

Capital Markets Positioning

The combination of positive annual meeting results and the strategic auditor transition positions Vizsla Silver for potential capital markets activities. Companies in the mining development sector typically require significant capital to advance projects from preliminary economic studies through feasibility studies, permitting, construction, and ultimately production. The credibility and global recognition associated with Big Four audit firms can facilitate access to institutional investors and debt markets.

The Panuco project economics outlined in the July 2024 Preliminary Economic Study provide a foundation for discussions with potential financing partners. The US$1.1 billion after-tax net present value and 86% internal rate of return create a compelling value proposition, though investors should recognize that preliminary economic studies carry higher uncertainty than feasibility studies and are subject to completion of additional technical work, permitting, and financing arrangements.

Corporate Governance & Transparency

Vizsla Silver's compliance with securities regulations through proper filing of meeting results and auditor change documentation on SEDAR+ and EDGAR demonstrates commitment to transparency. The availability of detailed voting results allows investors to assess the level of support for individual directors and corporate proposals. This transparency supports informed investment decision-making and aligns with best practices in corporate governance.

The seven-person board elected by shareholders provides governance oversight across technical, financial, operational, and strategic matters. The board composition and individual director qualifications, backgrounds, and independence status are typically detailed in the company's management information circular, which investors should review for comprehensive governance assessment.

Conclusion

Vizsla Silver's annual general meeting results demonstrate shareholder support for the company's current board composition, compensation structure, and governance framework. The successful approval of all resolutions with 52.63% of shares voted provides management with clear authorization to execute strategic plans for the ensuing year. The transition from MNP LLP to Deloitte LLP as external auditor, characterized by the company as necessary to support growth and regulatory requirements, positions Vizsla Silver with enhanced audit capabilities as it advances the Panuco silver-gold project in Mexico.

For investors evaluating Vizsla Silver, the annual meeting outcomes and auditor change should be considered alongside the project economics demonstrated in the July 2024 Preliminary Economic Study. The Panuco project's after-tax net present value of US$1.1 billion, 86% internal rate of return, and nine-month payback period provide a foundation for value creation, subject to successful advancement through subsequent development stages, permitting, financing, and construction. The clean auditor transition without financial statement modifications or reportable events, combined with shareholder approval of corporate governance matters, suggests operational continuity as the company pursues its dual track approach of mine development and continued exploration. Investors should monitor the company's progress in advancing the Panuco project, securing necessary permits and financing, and executing its exploration program to assess the realization of the value proposition outlined in the preliminary economic study.