VIZSLA SILVER DELIVERS POSITIVE FEASIBILITY STUDY FOR THE PANUCO PROJECT

The Feasibility Study, completed by Ausenco Engineering Canada ULC ("Ausenco"), supported by Mining Plus Canada Consulting Ltd. ("Mining Plus") and SGS Canada Inc. ("SGS"), provides a robust case for developing the Panuco silver-gold project as a high-margin, underground precious metals mine with low initial capital requirements and rapid payback. The Company is advancing permitting and project financing initiatives, targeting a construction decision upon receipt of required approvals.

"The strength of the Feasibility Study reflects the technical excellence and commitment of the Vizsla Silver team and all of our consultants," stated Simon Cmrlec, COO of Vizsla Silver. "The engineering and procurement for the project was significantly advanced during the Feasibility Study, which coupled with the actual performance of the ongoing test mine provides confidence in the results of the study. Project CAPEX and OPEX remain in line with the PEA, and the study demonstrates the project will produce more than 20 million silver equivalent ounces annually over the first five years, averaging 17.4 million ounces over the life of the project, significantly exceeding the production profile outlined in the PEA."

"We are very pleased to deliver a robust Feasibility Study on the Panuco project, outlining a high-margin, low CAPEX, silver focused precious metals operation", stated Michael Konnert, President and CEO of Vizsla Silver. "The study builds upon the strong economics outlined in the Panuco PEA, published in the summer of 2024, indicating that Panuco can become the next large-scale silver-primary producer in Mexico. Applying the updated, higher-grade resource estimate published in January 2025, production output in the Feasibility Study has increased significantly in the early years of the mine life relative to the PEA. This, combined with improved commodity price assumptions, demonstrates a base case after tax NPV (5%) of US$1.8 billion, an IRR of 111%, and a seven-month payback period at US$35.50 per ounce silver and US$3,100 per ounce gold. We expect to continue advancing both our underground and surface exploration proximal to the ongoing test mine to further grow the scale and quality of the deposit. Vizsla Silver would like to thank all its employees, community members and consultants/contractors including Ausenco, Mining Plus, SGS, SACH and PWC for their continued hard work in supporting our project. This very important milestone represents a key inflection point for the Company, the Panuco asset and all of our stakeholders as we advance towards production targeted for the second half of 2027."

Feasibility Study Webcast

Vizsla Silver will be hosting a webcast to discuss the Panuco Project Feasibility Study at 10:00 am PT (1:00 pm ET) on November 24th. To register, please click here.

Feasibility Study Highlights (Base Case)

• 3,300 tonnes per day ("tpd") production rate for the first three years, expanding to 4,000 tpd in year 4, producing silver-gold doré with an initial mine life of 9.4 years

• High-grade underground mine with Proven and Probable Mineral Reserves¹ averaging US$337/t NSR value (diluted) comprising:

  • Copala deposit with 7.90 Mt averaging 318 g/t Ag and 2.05 g/t Au 

  • Napoleon deposit with 4.91 Mt averaging 139 g/t Ag and 1.95 g/t Au 

• Life of mine ("LOM") average annual payable production of 17,383 koz AgEq² per year (10,130 koz Ag per year and 83 koz Au per year)

• Years 1-5 average annual payable production of 20,078 koz AgEq per year (12,067 koz Ag per year and 92 koz Au per year)

• LOM cash costs³ of US$8.56/oz payable AgEq on a co-product basis, LOM all-in sustaining costs (AISC⁴) of US$10.61/oz payable AgEq on a co-product basis

• Pre-production capital expenditures ("CAPEX") of US$238.7M

• After-tax NPV(5%) of US$1,802 million and 111% IRR at US$3,100/oz Au and US$35.50/oz Ag

• After-tax payback period of 7 months

Feasibility Study Overview

The 2025 Panuco Feasibility Study considers two contiguous underground mines, the Copala Mine and the Napoleon Mine, with on-site treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit to produce silver-gold doré bars. The mines will be contractor-operated, utilizing ramp-access and a combination of long-hole stoping and drift-and-fill mining methods.

The processing throughput capacity of 3,300 tonnes per day for the first 3 years, expanding to 4,000 tonnes per day in year 4, results in an initial mine life of 9.4 years. The Feasibility Study leverages the Panuco district's existing infrastructure in a well-established mining jurisdiction, including all-weather access roads, high-voltage power, and an abundance of water and skilled labour.

The Feasibility Study is derived using the Company's updated NI 43-101 Mineral Resource Estimate (dated February 20, 2025). The effective date of the Feasibility Study is November 4^th, 2025, and an NI 43-101 compliant technical report on the Feasibility Study (the "Technical Report") will be filed on the Company's website and SEDAR+ within 45 days of this disclosure.

Table 1: Panuco Feasibility Study Detailed Parameters and Outputs

The economic analysis assumes metal prices of US$35.50/oz Ag and US$3,100/oz Au and is based on Mineral Reserves only. The Feasibility Study excludes inferred Mineral Resources.

The Feasibility Study demonstrates strong economic resilience, with post-tax NPV(5%) and IRR remaining positive under 20% variations in all key capital and operating assumptions, and notably still positive under 50% reductions in metal prices. After-tax economic sensitivities are presented in Table(s) 2, 3 and 4 below. Additional project sensitivities will be presented in the Technical Report.

Table 2: Sensitivity Summary Post Tax NPV 5% (US$M) & IRR to Metal Prices

Table 3: Sensitivity Summary Post Tax NPV 5% (US$M)

Table 4: Sensitivity Summary Post Tax IRR (%)

Mineral Reserves

The Proven and Probable Mineral Reserve for the Panuco project is estimated at 12.81 Mt at an average grade of 249 g/t Ag and 2.01 g/t Au or 416 g/t AgEq, as summarized in Table 5. 

The initial Mineral Reserve estimate was prepared by Jason Blais, P.Eng., Principal Mining Consultant of Mining Plus with an effective date of November 4^th, 2025.

Table 5: Mineral Reserve Estimate

Table 6: Inputs Used to Calculate NSR for Gold & Silver

Mineral Resources

Table 7: Mineral Resources for Copala and Napoleon Deposits (effective September 9, 2024)

Capital and Operating Costs

The pre-production initial CAPEX is estimated to be $238.7 million, with a net initial cost of $173 million after accounting for $127.7 million in pre-production revenues and $62 million pre-production costs. Initial CAPEX includes a contingency of $24 million. Cumulative sustaining capital is estimated at $287.3 million. LOM operating costs for the Panuco Project are estimated to average $85.11 per tonne processed.

Sustaining Capital is expected to average approximately $30.72 million per year, largely attributable to continual mine development. In Year 4, with the mill expansion and increase in underground development associated with accessing the Napoleon Area veins, an expansion cost of $15.4 million is added (to be funded through initial cash flows). The projected timing of increases in capital expenditures in year 3 may be pushed further into the future with continued exploration success along the Copala structure.

The Feasibility Study is based on contractor underground mining, which has an estimated LOM cost of $53.31 per tonne milled. Processing costs are estimated at $24.84 per tonne milled, which includes TSF handlings of $0.33 per tonne milled. G&A costs are estimated at $6.96 per tonne milled.

The capital and operating cost estimate was developed in Q4 2025 United States Dollars (US$). The capital cost summary is presented in Table 8, and the operating cost summary is presented in Table 9.

Table 8: Project Capital Cost Estimates (US$M) (totals may differ due to rounding)

Table 9: Project Operating Cost Estimates (US$M)

Mining

The Panuco Project is a collection of silver-gold deposits located in the Panuco mining district in Sinaloa, Mexico, with Mineral Reserves that extend from surface to over 600 m in depth. The deposits range in thickness from 1.5 m to greater than 20 m.

Based on the characteristics of the deposit, long-hole stoping ("LHS") was selected as the primary mining method for all deposits, with drift-and-fill ("DAF") selected for the northern portion of the Copala North Zone, which is located directly under the Copala township. A sublevel spacing between 15-20 m was selected with stope strike lengths of 20 m for LHS to be used dependant on prevailing ground conditions, and 5 m high DAF drifts (three lifts per sublevel).

The mining methods considered for the Panuco Project are proposed to use a combination of cemented rock backfill (CRF), uncemented rock backfill, and paste backfill for stope support.

For the feasibility design of the Panuco Project, planned dilution and unplanned rock dilution (ELOS) was accounted for using the Deswik Stope Optimizer® ("SO"). Dilution within SO outputs was estimated at 36% and additional unplanned dilution of 2% was added for backfill dilution in longhole stopes. Internal dilution in DAF mining within the mining shape was estimated at 31% and additional backfill dilution in DAF was estimated at 5%. Mining recovery averaging 94% was applied for LHS based on geometry and extraction sequence, and a mining recovery of 100% was applied for DAF as a factor to the shapes created by SO within the production schedule. Figure 1 shows the proposed stope shapes by NSR ($US/t) and development design for the Panuco Project.

A Net Smelter Return (NSR) model was used to estimate the revenue of the mineralized material. Interim process recoveries, doré grades, smelting and refining terms, royalties and transportation costs were assumed to determine the NSR value. A Cut-Off Value ("COV") was used to flag material by whether the revenue in a block exceeds the costs of extraction and processing of that block. Following the financial model completion, there were three COVs used to assess mining at Panuco: A Fully Costed COV, an Incremental COV and the Marginal COV.

The Fully Costed COV represents the break-even value of Mineral Reserve required to cover all the associated operating and sustaining capital costs of extraction and processing. Fully costed COVs were initially assumed for Panuco at US$100.00/t for LHS and US$120.00/t for DAF. Following the completion of the financial model, the Fully Costed COV was calculated at US$105.72 for LHS and US$129.33/t for DAF.

The Incremental COV of US$ 87.00 /t for LHS and US$ 110.00 /t for DAF was applied in areas where development had already been completed, and no additional capital was required to access new stoping blocks. The Incremental COV includes the assumption that the material value exceeds the costs of the operational costs which include mining, processing and G&A, and does not include sustaining capital costs. The Incremental COV applied was elevated slightly compared to the calculated costs to reduce the effect of near cut-off stoping material and improve the overall mining sequence. Less than 1% of the AgEq ounces attributed to LHS and less than 2% of the AgEq ounces attributed to DAF are between the Incremental COV and the Fully Costed COV.

The Marginal COV of US$33.00/t was applied to development when the operation has committed to the preparation of stoping or DAF blocks and the material must be mined in order to access a production area. The Marginal COV includes the assumption that the material value exceeds the costs of the incremental processing and G&A and does not include any operational mining or sustaining capital costs. The Marginal COV applied was elevated slightly when compared to the calculated cost to remove the risk of overstating marginal tonnes in the Mineral Reserve.

Due to the distance between the various geological deposits, the project is separated into two underground mines. The Copala Mine, the larger of the two, accesses the Copala, Cristiano, and Tajitos deposits. The Napoleon Mine portal, located approximately 800 m west of the Copala Mine portal, accesses the Napoleon and La Luisa deposits.

Contractor mining is currently proposed for the Panuco Project to minimize upfront capital, leverage skilled labour and achieve higher productivity. The annual Panuco project material movements are summarized in Table 10.

Table 10: Total and Annual Material Movement Schedule for the Panuco Project

Processing and Metallurgy

Vizsla Silver has completed four rounds of metallurgical test work on the Panuco Project deposits since 2021. The latest round of test work (2025) focussed on variability within the deposit, defining consumable usage within the deposits and ensuring process efficiency was optimized.

Test work in 2025 included comminution test work, variability work on both whole ore leach and flotation flowsheets, oxygen uptake, thickening, rheology, paste characterisation and cyanide detoxification.

Based on the test work and mine plan feed grades, life-of-mine average recoveries are estimated at 92.3% Ag and 93.8% Au.