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Here are a few brief analogies for Vizsla Silver:

• A developing Fresnillo, focused on bringing a new, high-grade silver-gold mine into production in Mexico.
• A potential future Pan American Silver, currently developing its flagship silver-gold project to become a major producer.

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• Silver concentrate/ore: Raw silver material extracted from their mineral properties, primarily sold to refiners for processing into pure silver.
• Gold concentrate/ore: Raw gold material often co-extracted from their polymetallic mineral properties, primarily sold to refiners for processing into pure gold.

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Vizsla Silver (TSX-V: VZLA) is an exploration and development company focused on advancing its high-grade Panuco silver-gold project in Mexico.

As an exploration and development stage company, Vizsla Silver is not yet in commercial production. Therefore, it does not currently have major customers that purchase its mineral products. The company's primary activities involve exploration, resource definition, engineering studies, and permitting to bring the Panuco project into production.

Once Vizsla Silver commences commercial production, it would typically sell silver and gold in the form of concentrates or doré bars to a limited number of specialized intermediaries. These future customers would likely include:

• Refiners (companies that process raw mineral products into refined metals).
• Commodity Trading Houses (firms specializing in buying and selling metals on global markets).
• Financial Institutions (for hedging or investment purposes, especially if selling doré bars).

However, these are potential future customers once the mine is operational, not current customers of VZLA in its present stage of development.

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Michael A. Konnert, President, Chief Executive Officer and Director

Michael Konnert is a mining entrepreneur with expertise in deal-making, financing, team leadership, and strategic corporate development. He is the Founder, President, Director, and CEO of Vizsla Silver Corp.. He is also a co-founder and Managing Partner of Inventa Capital, a natural resource incubator company that has raised over C$800 million since its founding in 2017. In 2017, Mr. Konnert co-founded CobaltOne Energy Corp., a battery metal exploration company, which he successfully led to an acquisition by Blackstone Minerals (ASX: BSX). He also serves as Executive Chairman of Vizsla Royalties and holds board positions at Vizsla Copper (TSX-V: VCU) and Summa Silver (CSE: SSVR). He holds a Bachelor of Science in both Geology and Economics and a Master of Applied Science in Mining Engineering.

Mahesh Nalinda Liyanage C.A., CPA, Chief Financial Officer

Mahesh Liyanage is a Chartered Professional Accountant with over 20 years of experience across diverse industries. His expertise includes Canadian public company reporting and regulatory compliance, business spin-offs/mergers and acquisitions, treasury management, and Canadian and US tax compliance. He has extensive experience with Mexican mining companies and previously worked with Evrim/Orogen and the Manex Resource Group. Mr. Liyanage is also listed as a Partner at Inventa Capital.

Simon Cmrlec, Chief Operating Officer and Director

Simon Cmrlec is a highly experienced senior engineer with over 30 years of industry experience, serving as a Director of Vizsla Silver since its formation. He most recently held the position of Chief Operating Officer of Ausenco, a global mining engineering and consulting firm, and possesses extensive experience in building mining projects globally across various commodities. He is tasked with advancing Vizsla Silver's Panuco silver-gold Project towards production.

Craig Andrew Parry, Chairman of the Board

Craig Parry is a founder and Chairman of Vizsla Silver Corp. (since December 18, 2018). He is also a co-founder and Partner of Inventa Capital, a venture capital advisory firm. Throughout his career, Mr. Parry has been a founder, director, CEO, senior executive, and geologist for numerous companies across various commodities. He is currently Lead Director of Skeena Resources Ltd and Executive Chairman and CEO of Vizsla Copper Corp.. Mr. Parry was a founder, CEO, or director of IsoEnergy Ltd and NexGen Energy Ltd.. He is a partner in EMR Capital, a private equity fund. His background includes working for Rio Tinto and being involved in significant discoveries such as Vizsla's Panuco-Copala silver district, IsoEnergy's Hurricane uranium deposit, and NexGen's Arrow uranium deposit.

Michael N. Pettingell, Senior Vice President, Business Development and Strategy

Before joining Vizsla Silver, Michael Pettingell spent four years in equity research at Canaccord Genuity, covering junior precious and base metal explorers and developers in the mining and metals sector. Prior to that, he worked for Hecla Mining in both exploration and corporate development. Mr. Pettingell began his career as an exploration geologist for Romarco Minerals at its Haile Gold mine before its acquisition by OceanaGold in 2015.

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The key risks to Vizsla Silver (VZLA) primarily stem from its status as a silver development company with no current cash flow from operations. These risks are:

1. Silver Price Risk: As a pure-play silver developer, Vizsla Silver is highly susceptible to fluctuations in silver prices. A decline in silver prices could severely impact the valuation of its Panuco project, make it more difficult to secure future funding, and negatively affect the overall economic viability of the project. The company currently generates no cash flow from operations, making it particularly vulnerable to adverse commodity price movements.
2. Construction, Funding, and Liquidity Risks: Developing a mine involves substantial capital expenditures and a lengthy timeline. Vizsla Silver faces significant risks that construction costs may exceed expectations, potentially due to inflation, and there is no guarantee the company will secure the necessary funding to build the mine. Currently, Vizsla Silver has negative profitability margins and continuous operational losses, indicating a reliance on external financing to cover its expenditures.
3. Permitting, Regulatory, and Political Risks: Operating in Mexico exposes Vizsla Silver to potential political instability and changes in government regulations, including tax, business, environmental, and mining laws. Delays or failures in obtaining necessary permits and approvals could significantly impede the project's advancement and timeline for production. Furthermore, recent incidents, such as a tragic accident at their Panuco project, can lead to increased regulatory scrutiny, potential fines, and higher operational costs related to enhanced safety measures.

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Vizsla Silver (symbol: VZLA) primarily focuses on the exploration and development of high-grade silver and gold deposits in Mexico, with its flagship Panuco project. Therefore, the addressable markets for their main products are the global silver and gold markets.

Global Silver Market: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 9.86% during the forecast period (2025-2033).

Global Gold Market: The global gold market was valued at USD 291.68 billion in 2024. It is projected to reach USD 457.91 billion by 2032, recording a CAGR of 5.80% during the forecast period.

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Vizsla Silver (VZLA) is poised for significant future revenue growth over the next 2-3 years, driven primarily by its transition from a developer to a producing mining company and the advancement of its flagship Panuco project. The key drivers include:

1. Commencement of Production at the Panuco Project: The most substantial driver of future revenue will be the initiation of commercial production at the Panuco silver-gold district in Sinaloa, Mexico. Vizsla Silver targets the second half of 2027 for first production, following a feasibility study expected in the second half of 2025 that will trigger a construction decision. The Preliminary Economic Assessment (PEA) from July 2024 outlined an average annual production of 15.2 million ounces of silver equivalent (AgEq) over an initial 10.6-year mine life, which will introduce substantial revenue streams for the company as it begins operations.
2. Continued Resource Expansion and District-Scale Exploration: Vizsla Silver has significant potential to expand its mineral resources at the Panuco district, with only approximately 30% of the 86-kilometer vein system tested to date. The company plans ongoing discovery-based and resource expansion drilling, with over 25,000 meters planned for 2025, and continues to identify new high-potential targets through mapping and geophysical surveys. Successful exploration and resource upgrades can extend the mine life and potentially increase the future production profile, thereby enhancing long-term revenue.
3. Favorable Precious Metal Price Environment: While not directly controlled by the company, the price of silver and gold will be a critical determinant of revenue. Analysts indicate that silver is the primary value driver for Vizsla Silver, with the project's Net Present Value (NPV) significantly impacted by silver price fluctuations. Current market conditions, with silver trading around $47 per ounce and gold above $3,870 per ounce, provide a strong tailwind for the company's future revenue potential, as these prices are well above the assumptions used in the initial economic assessments.
4. Robust Project Economics and Secured Financing: The Panuco project boasts strong economics, highlighted by an after-tax NPV of $1.1 billion and an 86% Internal Rate of Return (IRR) based on the 2024 PEA. Furthermore, Vizsla Silver has a strong financial position, with a cash balance of over $200 million as of August 2025, supplemented by a US$220 million senior secured project finance facility. This approximately $450 million in total financing capacity is expected to cover the capital expenditure for construction, reducing dilution risk and enabling the smooth development and operation of the mine, directly supporting future revenue generation.

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Share Issuance

• In June 2025, Vizsla Silver completed a bought deal public offering, issuing 33,334,000 common shares at US$3.00 per share for gross proceeds of US$100,002,000.
• An additional US$15,000,300 was raised in June 2025 through the full exercise of an over-allotment option, by issuing 5,000,100 common shares at US$3.00 per share.
• In 2024, the company raised a total of C$95 million through two financings: C$34.5 million in February and C$65 million in September.

Inbound Investments

• In September 2025, Vizsla Silver secured a mandate letter with Macquarie Bank Limited for a senior secured project finance facility of up to US$220 million to fund the construction and development of its Panuco silver-gold project.
• An initial US$25 million early-drawdown tranche from this facility is available for immediate funding of early development, construction preparation, and working capital.

Capital Expenditures

• A positive Feasibility Study for the Panuco Project, effective November 4, 2025, reported initial capital costs of US$238.7 million.
• The Feasibility Study also outlined sustaining capital expenditures of US$287.3 million for the Panuco Project.
• For 2025, Vizsla Silver plans to spend approximately US$20 million on exploration, focusing on identifying new centers of mineralization across the Panuco district and evaluating newly acquired properties such as Santa Fe, San Enrique, and La Garra.