Mr. Michael Konnert reports

VIZSLA SILVER SECURES WORKING CAPITAL FACILITY WITH MEXICAN GOVERNMENT FINANCIAL INSTITUTION FOR PANUCO

Minera Canam S.A. de C.V., a Mexican subsidiary of Vizsla Silver Corp. that holds the Panuco silver-gold project in Sinaloa, Mexico, has entered into an unsecured credit agreement dated Feb. 26, 2026, for a 173-million-Mexican-peso working capital facility with Fideicomiso de Fomento Minero (FIFOMI), a Mexican government-backed financial institution specialized in the mining sector, with the facility having received approval from FIFOMI's internal credit committee on May 4, 2026.

"This agreement with FIFOMI represents another important step in the continued endorsement and validation of the Panuco project as an economically important development project for both Sinaloa and Mexico," commented Michael Konnert, president and chief executive officer of Vizsla Silver. "We are pleased to establish a relationship with a respected Mexican government-backed mining finance institution whose mandate is to support the responsible growth and long-term competitiveness of Mexico's mining sector. We are encouraged by the strong alignment this facility represents between Vizsla and the government of Mexico in advancing the Panuco project. The addition of this facility will serve to strengthen the mining community of Concordia and support local suppliers, contractors and investment in the state of Sinaloa."

Key terms of the facility

• 173-million-Mexican-peso (approximately $10-million (U.S.)) working capital facility;
• Unsecured, with a five-year term;
• Interest rate based on TIIE funding rate plus a 4.6681-per-cent margin;
• Quarterly interest and principal payments, with a two-year grace period on principal repayments;
• One-time commission fee equal to 1.0 per cent of the total facility;
• Proceeds to support operating and working capital expenditures related to the Panuco project.

About FIFOMI

FIFOMI is a Mexican government entity operating as a public trust within the Mexican financial system and is overseen by the Secretaria de Economia of Mexico. The institution was established to promote the development and competitiveness of Mexico's domestic mining industry through the provision of financing, technical assistance and training programs.

About Vizsla Silver Corp. and the Panuco project

Vizsla Silver is a Canadian mineral exploration and development company headquartered in Vancouver, B.C., focused on advancing its flagship, 100-per-cent-owned Panuco silver-gold project located in Sinaloa, Mexico. The company recently completed a feasibility study for Panuco in November, 2025, which highlights 17.4 million ounces AgEq of annual production over an initial 9.4-year mine life, an after-tax NPV (net present value) (5 per cent) of $1.8-billion (U.S.), 111-per-cent IRR (internal rate of return) and a seven-month payback at $35.50 (U.S.)/ounce Ag and $3,100 (U.S.)/oz Au. 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.

In accordance with National Instrument 43-101, Jesus Velador, PhD, MMSA QP, chief geologist, is the qualified person for the company and has reviewed and approved the technical and scientific content of this news release.

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