Vizsla Silver (VZLA) Corporate Presentation summary

Strategic vision and project overview

• Aims to become the world's largest single-asset primary silver producer through the Panuco district in Mexico, targeting first silver production in H2 2027.

• Dual-track strategy: advancing mine development at Copala & Napoleon while continuing district-scale exploration.

• Quadrupled land package since 2024, now over 40,000 ha, with only 30% of known vein targets explored.

• Well-funded with over $94M in cash and in-the-money options, no debt, and a strong leadership team.

• Fully permitted test mine commenced in Q4 2024 to de-risk initial production.

Resource estimates and exploration upside

• January 2025 MRE: 222.4 Moz AgEq Measured & Indicated, 138.7 Moz AgEq Inferred, 11% increase in global contained ounces.

• 43% increase in M&I AgEq ounces and 4.5% increase in average M&I AgEq grade to 534 g/t.

• Only 67% of the property mapped and 30% of vein targets drill tested, with 93 km of cumulative vein strike mapped.

• Copala & La Luisa remain open along strike and down dip, with recent high-grade discoveries at Animas.

• Ongoing 10,000m drill program targeting high-priority areas for resource expansion.

Project economics and development timeline

• July 2024 PEA: post-tax NPV (5%) of $1,137M, IRR of 86%, 9-month payback, and 10.6-year mine life.

• Initial capital requirement of $224M, sustaining capital $230M, AISC $9.40/oz AgEq.

• Average annual production of 15.2 Moz AgEq in years 1-2, LOM average 15.2 Moz AgEq/year.

• Feasibility study targeted for H2 2025, construction decision to follow, with first silver in H2 2027.

• High-grade ore from Copala and Cristiano prioritized early in mine life to drive project economics.