VIZSLA SILVER PROVIDES ADDITIONAL UPDATE ON SITUATION IN CONCORDIA

• Vizsla Silver confirms that nine employees were found deceased in the Concordia, Sinaloa incident; one employee remains missing.
• Site activities at the Panuco project are suspended pending security conditions and investigation outcomes.
• The company is providing ongoing support to affected families and cooperating fully with Mexican authorities.
• Remote engineering and planning work continues where possible while awaiting clearance to resume field operations.
• An operational update will be issued later, indicating potential material impact on project timelines and financial performance.

• The news confirms a significant escalation from earlier reports (which noted missing persons and preliminary fatalities) to nine confirmed deaths and one still missing.
• Operational suspension directly affects the Panuco project’s development timeline, potentially delaying the targeted construction decision (H2 2026) and first production (H2 2027).
• Compared to prior expectations—where the market had already priced in security concerns after the Jan 28 incident—the confirmation of multiple fatalities introduces a new, material negative factor that could increase costs, trigger impairments, and affect investor confidence.
• The event is adverse and not merely routine follow‑up; it represents a fresh, material negative development relative to the company’s size and near‑term prospects.

• Vizsla Silver Corp. (TSX: VZLA) is a silver‑gold exploration and development company focused on the Panuco district in Sinaloa, Mexico.
• Flagship project – Panuco: 100 % owned; measured & indicated resource of 222.4 Moz AgEq, inferred 138.7 Moz AgEq (as of Jan 6 2025).
• Feasibility Study (Nov 2025) outlines:
• Annual production: ~17.4 Moz AgEq.
• After‑tax NPV (5%): US$1.8 billion.
• IRR: 111 %.
• Payback period: ~7 months at $35.50/oz Ag and $3,100/oz Au.
• Development plan targets a construction decision in H2 2026 (subject to permitting & financing) with first silver production targeted for H2 2027.
• The company has expanded its land package via acquisitions of the Santa Fe, San Enrique and La Garra properties, adding exploration upside along the Panuco‑San Dimas corridor.