Vizsla Silver (VZLA) Status Update summary

Strategic Vision and Exploration Focus

• Aims to become a world-class, high-grade, low-cost silver producer with multiple producing centers in Sinaloa, Mexico.

• Land package expanded to over 47,000 hectares in the Sandimas-Panuco Corridor through recent acquisitions.

• Over $200 million in cash and $25 million in marketable securities ensure strong financial position for ongoing exploration and development.

• Ambition to reach a billion ounces of silver equivalent at Panuco-Copala, with potential for multiple billion-ounce districts.

• Exploration is prioritized, with 25,000+ meters of drilling in 2025 dedicated to new discoveries, not resource extension.

Exploration Achievements and Plans

• Over 391,000 meters drilled since 2019, with a low discovery cost of $0.41 per ounce.

• Recent discovery at Animas zone includes 5.8 meters at 653 g/t silver and over 4 g/t gold.

• HLEM and airborne TEM geophysical surveys have identified new near-surface anomalies and high-priority targets.

• Over 140 targets identified in Panuco, with a robust pipeline at various exploration stages; 158 district targets defined, 43 drill tested.

• Initial fieldwork commenced at Santa Fé, aiming to generate near-mine drilling targets by Q3 2025.

Project Development and Timeline

• Feasibility Study for project one targeted for completion by end of 2025, with first silver production expected in late 2027.

• Permitting is underway, with expectations to receive permits by mid-2026.

• Test mine development is progressing well, serving as a key de-risking milestone.

• Project finance initiatives are ongoing, aiming for full construction funding within the year.

• Operations at Santa Fe continue under previous ownership, with an option to fully acquire and expand production capacity.