VIZSLA SILVER ANNOUNCES PRICING OF US$250 MILLION CONVERTIBLE SENIOR NOTES OFFERING

Executive Summary

• Vizsla Silver Corp. has priced its offering of convertible senior unsecured notes due 2031 in an aggregate principal amount of US$250 million.
• The company intends to use the net proceeds to support the exploration and development of the Panuco Project, potential future acquisitions, and general corporate purposes.
• A portion of the proceeds (approximately US$39.6 million) will be used to purchase cash-settled capped calls to offset potential economic dilution upon conversion of the notes.

Key Details

• Offering Size: US$250 million aggregate principal amount of convertible senior unsecured notes due 2031.
• Underwriter Option: The initial purchasers have a 13-day option to purchase up to an additional US$50 million in notes.
• Interest Rate: 5.00% per annum, payable semi-annually in cash.
• Conversion Terms:
  • Initial conversion rate: 171.3062 common shares per US$1,000 principal amount.
  • Initial conversion price: Approximately US$5.84 per share.
  • Premium: Approximately 25% above the last reported sale price of US$4.67 on the NYSE American (Nov 19, 2025).
  • Conversion method: At the Company's election, convertible into shares, cash, or a combination thereof.
• Net Proceeds: Estimated at approximately US$239.4 million (or US$285.9 million if the over-allotment option is fully exercised), after deducting discounts, commissions, and offering expenses.
• Use of Proceeds:
  • Exploration and development of the Panuco Project.
  • Potential future acquisitions.
  • General corporate purposes.
• Capped Call Transactions:
  • Cost: Approximately US$39.6 million.
  • Purpose: To compensate for economic dilution upon conversion and/or offset cash payments exceeding the principal amount upon conversion.
  • Cap Price: US$10.5075 per share, representing a 125% premium above the last reported sale price.
  • Structure: Privately negotiated cash-settled capped calls with an affiliate of an initial purchaser and other financial institutions.
• Closing: Expected on or about November 24, 2025, subject to customary conditions including TSX and NYSE American approvals.
• Redemption/Repurchase: The Company retains the right to redeem the notes in certain circumstances; holders have the right to require repurchase upon certain events.