Vizsla Royalties Provides Update on Principal Asset

Company Update - Vizsla Royalties Corp provides an update on its principal asset, a net smelter return royalty on the Panuco silver-gold project owned by Vizsla Silver Corp [1] - Vizsla Silver reported an updated mineral resource estimate for Panuco, with combined measured and indicated resources of 222.4 Moz AgEq and inferred resources of 138.7 Moz AgEq [2] Mineral Resource Highlights - Measured and indicated resources increased by 43% from 155.8 to 222.4 Moz AgEq, with a 4.5% increase in average grade to 534 g/t AgEq [6] - New measured resources added 46 Moz AgEq, while new indicated resources added 176 Moz AgEq [8] - Inferred resources decreased by 18% from 169.6 to 138.7 Moz AgEq, mainly due to conversion to indicated resources [8] - The updated mineral resource represents less than 10% of the known vein strike in the Panuco district [8] Key Statistics - Copala area shows a 9.4% increase in combined measured and indicated grade, from 580 g/t to 635 g/t AgEq [8] - Global indicated grade increased by 4.5% from 511 g/t to 534 g/t AgEq [8] - Inferred grade decreased by 4.9% from 433 g/t to 412 g/t AgEq [8] - 91% of the updated mineral resource value is from precious metals, with 56% from silver [8] Exploration and Development - Total all-in exploration cost is US$0.41/oz AgEq discovered [8] - Vizsla Silver's drilling efforts in 2024 targeted the Copala and Napoleon areas, significantly increasing resource confidence [6] - The company announced its first-ever measured resource estimate, containing 46 Moz at an average grade of 640 g/t AgEq [6] Financial and Operational Outlook - A Preliminary Economic Study for Panuco highlights 15.2 Moz AgEq of annual production over an initial 10.6-year mine life [12] - The study projects an after-tax NPV5% of US$1.1B, 86% IRR, and a 9-month payback at US$26/oz Ag and US$1,975/oz Au [12] Technical and Scientific Review - The updated mineral resource estimate has been reviewed and approved by Jesus Velador, Ph.D. MMSA QP, in accordance with NI 43-101 [11]