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

Core Viewpoint - Vizsla Silver Corp. has announced the pricing of its offering of convertible senior unsecured notes amounting to US$250 million, expected to close around November 24, 2025, with an option for an additional US$50 million [1][3]. Summary by Sections Offering Details - The offering consists of convertible senior unsecured notes due in 2031, with a cash interest rate of 5.00% per annum, and an initial conversion rate of 171.3062 shares per US$1,000 principal amount, equating to a conversion price of approximately US$5.84 per share, representing a 25% premium over the last reported share price of US$4.67 [2][3]. Use of Proceeds - The estimated net proceeds from the offering are approximately US$239.4 million, or US$285.9 million if the option for additional notes is fully exercised. The proceeds will be used for exploration and development of the Panuco Project, potential acquisitions, and general corporate purposes, including a purchase price for capped call transactions of about US$39.6 million [3][6]. Capped Call Transactions - The company has entered into cash-settled capped call transactions to mitigate potential economic dilution from the conversion of the notes. The cap price for these transactions is set at US$10.5075 per share, a 125% premium over the last reported share price [4][5]. Market Impact - The capped call transactions may lead to various derivative transactions that could influence the market price of the shares or notes, potentially affecting the conversion process and the value received by noteholders [6][8]. Regulatory Compliance - The offering is subject to customary closing conditions, including necessary approvals from the Toronto Stock Exchange and NYSE American. The notes and shares will not be registered under the U.S. Securities Act and will only be offered to qualified institutional buyers [9][10]. Company Overview - Vizsla Silver is a Canadian mineral exploration and development company focused on the Panuco silver-gold project in Sinaloa, Mexico, aiming to position itself as a leading silver company through a dual-track development approach [13].