VIZSLA SILVER TO ACQUIRE STRATEGIC CLAIMS SURROUNDING PANUCO FROM FRESNILLO PLC

On December 18, 2025, Vizsla Silver announced an agreement to acquire ten mining claims, totaling 2,378 hectares, from Fresnillo plc. These claims are strategically located adjacent to Vizsla's flagship Panuco silver-gold project in Sinaloa, Mexico. The total consideration for the acquisition is US$6,000,000, consisting of US$2,000,000 in cash and 854,697 common shares of Vizsla Silver. The company stated that the new claims host past production and known mineralized structures, providing high-priority exploration targets that could potentially grow the resource base and enhance future mine economics.

This acquisition is a logical, incremental step for Vizsla Silver, but it is not material on its own. The company has a market capitalization of approximately US$2.5 billion, making a US$6 million acquisition a minor transaction. The true material events occurred in the preceding months.

A chronological review of the company's progress reveals a rapid and successful de-risking of its Panuco project: - Q1 2025: The year began with a significant 43% increase in the Measured and Indicated mineral resource (Jan 6), setting a strong foundation for future studies. A tragic contractor fatality led to a temporary suspension of work (Jan 10), highlighting operational risks, but activities resumed quickly. - Q2 2025: The company focused on expanding its district footprint by acquiring the Santa Fe project (May 15) and initiating a US$100 million bought deal financing (June 23), which was upsized and closed in July, demonstrating strong market support. - Q3 2025: Vizsla secured a mandate letter with Macquarie for a US$220 million debt facility (Sep 5), a major de-risking milestone for project financing. - Q4 2025: This quarter was transformative. - Feasibility Study (Nov 12): The company released a highly positive Feasibility Study (FS) for Panuco, boasting an after-tax NPV of US$1.8 billion, an IRR of 111%, and a 7-month payback period. These numbers are spectacular, but are based on very aggressive commodity price assumptions (US$35.50/oz silver and US$3100/oz gold), which is a significant risk. The Preliminary Economic Assessment (PEA) from July 2024 used more conservative prices (US$26/oz silver and US$1975/oz gold). - Financing Pivot (Nov 19-24): In a surprising and positive move, the company pivoted from the Macquarie debt facility to a larger, more flexible US$300 million convertible senior notes offering. Successfully closing this financing with major global institutional investors was a massive vote of confidence and fully funds the company through construction. - Land Acquisition (Dec 18): The most recent news of acquiring claims from Fresnillo is a classic "bolt-on" acquisition. With the project de-risked and financed, management is now consolidating the surrounding land package to maximize long-term exploration potential.

In context, the Fresnillo land acquisition is a routine, positive development. It aligns perfectly with the company's strategy but does not fundamentally alter the investment thesis, which is now squarely based on the execution of the Panuco project as defined by the recent Feasibility Study and the massive new financing.

Vizsla Silver Corp. is a Canadian mineral exploration and development company focused on advancing its 100%-owned, flagship Panuco silver-gold project in Sinaloa, Mexico. The project is located in a historic mining district and hosts a large, high-grade silver and gold resource. The company's strategy is to rapidly advance the Panuco project towards production, with a stated goal of becoming the world's largest single-asset primary silver producer. The recent positive Feasibility Study outlines a high-margin, low-capex operation targeting first silver production in the second half of 2027.