Vizsla Silver Awards EPCM & Mine Design Contracts for Panuco Development

• Vizsla Silver awards Engineering, Procurement and Construction Management (EPCM) contract to M3 Engineering valued at approximately US$170 million, covering process plant and surface infrastructure for the Panuco silver-gold project in Sinaloa, Mexico.
• Mining Plus secures mine design contract covering approximately US$50 million in development capital and approximately US$40 million in ore development over the next two years of pre-production.
• M3 Engineering has participated in the design and construction of several mining projects in Mexico, including Mercedes, Los Gatos, Peñasquito, Camino Rojo and Terronera.
• Mining Plus has supported Vizsla Silver since the Preliminary Economic Assessment published in July 2024, contributing to mine design, planning, scheduling, geotechnical work and the Morgan Test Mine development.
• Key mining schedule includes awarding a mining contract in the Second Quarter 2026, beginning mining operations upon MIA permit receipt, and implementing a two-year infill drilling program to support ramp-up and stockpiling ahead of process plant commissioning.

Company Overview

Vizsla Silver Corp. (TSX: VZLA | NYSE: VZLA) is a Canadian mineral exploration and development company headquartered in Vancouver, British Columbia, focused on advancing its 100%-owned Panuco silver-gold project in Sinaloa, Mexico. The company completed a Feasibility Study for Panuco in November 2025, highlighting 17.4 million ounces of silver-equivalent annual production over an initial 9.4-year mine life, an after-tax net present value at 5% discount rate (NPV5%) of US$1.8 billion, and 111% internal rate of return (IRR) at US$35.50 per ounce silver and US$3,100 per ounce gold. 

Contract Awards Advance Panuco Towards Development

Vizsla Silver has awarded the Engineering, Procurement and Construction Management (EPCM) contract to M3 Engineering & Technology Corp. and entered into a mine design contract with Mining Plus to support the advancement of its flagship Panuco silver-gold project in Sinaloa, Mexico. The contract awards represent a transition from feasibility-level planning to detailed engineering and mine development execution. The appointment follows the completion of the Panuco Feasibility Study published in November 2025.

President and Chief Executive Officer, Michael Konnert, stated:

"The appointment of key engineering and mine design partners represents an important step in advancing our Panuco Project. We are pleased to partner with M3 and Mining Plus as we move towards mobilisation."

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

M3 Engineering EPCM Contract

M3 Engineering is an experienced engineering firm specialising 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, Peñasquito, Camino Rojo and Terronera.

Since finalising the Panuco Feasibility Study, 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 US$170 million. The company and M3 Engineering are currently finalising the terms and conditions of the definitive EPCM agreement.

President and Chief Executive Officer of M3 Engineering, Alberto Bennett, stated:

"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. 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 Plus Mine Design Contract

Mining Plus, part of The Byrnecut Group, is a global mining services firm. Vizsla Silver and Mining Plus have worked together since finalising the Panuco Preliminary Economic Assessment (PEA), published in July 2024.

Mining Plus has supported mine design, planning, scheduling 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 US$50 million in development capital and approximately US$40 million in ore development over the next two years of pre-production.

Chief Executive Officer of Mining Plus, Vahid Haydari, stated:

"Mining Plus is pleased to continue its partnership with Vizsla Silver as the Panuco Project advances toward production. 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."

Next Steps

Key mining schedule items include awarding a mining contract in Second Quarter 2026, beginning mining operations upon receipt of the MIA permit, and implementing an infill drilling program over an initial two-year period to support ramp-up and stockpiling ahead of process plant commissioning.

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