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NYSE:VZLATSX:VZLA November 2025Corporate Presentation PANUCO –SILVER & GOLD DISTRICTDeveloping a World Class Silver Asset in Mexico
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2 Forward Looking StatementThispresentationcontains“forwardlookingstatements”regardingtheCompanywithinthemeaningofapplicablesecuritieslegislation,includingstatementsastofutureevents,resultsandplans.Forward-lookingstatementsaresometimesbutnotalwaysidentifiedbysuchwordsas“targeted”,“can”,“will”,“anticipates”,“projects”,“expects”,“intends”,“likely”,“plans”,“should”,“could”or“may”orgrammaticalvariationsthereof.Theseinclude,withoutlimitation,statementswithrespectto:theexploration,developmentandproductionofthePanucoproperty;publicationofafeasibilitystudy;timelinesforaconstructiondecisionandfirstsilverproduction;explorationupside;expectedcashflows;drillingprograms;metallurgicaloptimizationplans;strategicplans;explorationanddevelopmentobjectives;potentialproductionatthePanucopropertyincludingrelatedcosts;districtupsidepotential;re-ratingpotential;andkeypotentialcatalysts.Theseforward-lookingstatementsreflecttheCompany’scurrentbeliefsandarebasedoninformationcurrentlyavailabletotheCompanyandassumptionstheCompanybelievesarereasonable.TheCompanyhasmadevariousassumptions,including,amongothers,that:thehistoricalinformationrelatedtotheCompany’spropertiesisreliable;theCompany’soperationsarenotdisruptedordelayedbyunusualgeologicalortechnicalproblems;theCompanyhastheabilitytoexploreanddeveloptheCompany’sproperties;theCompanywillbeabletoraiseanynecessaryadditionalcapitalonreasonabletermstoexecuteitsbusinessplan;theCompany’scurrentcorporateactivitieswillproceedasexpected;generalbusinessandeconomicconditionswillnotchangeinamaterialadversemanner;andbudgetedcostsandexpendituresareandwillcontinuetobeaccurate.Actualresultsanddevelopmentsmaydiffermateriallyfromresultsanddevelopmentsdiscussedintheforward-lookingstatementsastheyaresubjecttoanumberofsignificantrisksanduncertainties,including:publichealththreats;fluctuationsinmetalsprices,priceofconsumedcommoditiesandcurrencymarkets;futureprofitabilityofminingoperations;accesstopersonnel;resultsofexplorationanddevelopmentactivities,accuracyoftechnicalinformation;risksrelatedtoownershipofproperties;risksrelatedtominingoperations;risksrelatedtomineralresourcefiguresbeingestimatesbasedoninterpretationsandassumptionswhichmayresultinlessmineralproductionunderactualconditionsthaniscurrentlyanticipated;theinterpretationofdrillingresultsandothergeologicaldata;receipt,maintenanceandsecurityofpermitsandmineralpropertytitles;environmentalandotherregulatoryrisks;changesinoperatingexpenses;changesingeneralmarketandindustryconditions;changesinlegalorregulatoryrequirements;otherriskfactorssetoutinthispresentation;andotherriskfactorssetoutintheCompany’spublicdisclosuredocuments.AlthoughtheCompanyhasattemptedtoidentifysignificantrisksanduncertaintiesthatcouldcauseactualresultstodiffermaterially,theremaybeotherrisksthatcauseresultsnottobeasanticipated,estimatedorintended.CertainoftheserisksanduncertaintiesarebeyondtheCompany’scontrol.Consequently,alloftheforward-lookingstatementsarequalifiedbythesecautionarystatements,andtherecanbenoassurancesthattheactualresultsordevelopmentswillberealizedor,evenifsubstantiallyrealized,thattheywillhavetheexpectedconsequencesorbenefitsto,oreffecton,theCompany.TheinformationcontainedinthispresentationisderivedfrommanagementoftheCompanyandotherwisefrompubliclyavailableinformationanddoesnotpurporttocontainalloftheinformationthataninvestormaydesiretohaveinevaluatingtheCompany.Theinformationhasnotbeenindependentlyverified,mayprovetobeimprecise,andissubjecttomaterialupdating,revisionandfurtheramendment.Whilemanagementisnotawareofanymisstatementsregardinganyindustrydatapresentedherein,norepresentationorwarranty,expressorimplied,ismadeorgivenbyoronbehalfoftheCompanyastotheaccuracy,completenessorfairnessoftheinformationoropinionscontainedinthispresentationandnoresponsibilityorliabilityisacceptedbyanypersonforsuchinformationoropinions.Theforward-lookingstatementsandinformationinthispresentationspeakonlyasofthedateofthispresentationandtheCompanyassumesnoobligationtoupdateorrevisesuchinformationtoreflectneweventsorcircumstances,exceptasmayberequiredbyapplicablelaw.AlthoughtheCompanybelievesthattheexpectationsreflectedintheforward-lookingstatementsandinformationarereasonable,therecanbenoassurancethatsuchexpectationswillprovetobecorrect.Becauseoftherisks,uncertaintiesandassumptionscontainedherein,prospectiveinvestorsshouldnotreadforward-lookinginformationasguaranteesoffutureperformanceorresultsandshouldnotplaceunduerelianceonforward-lookinginformation.Nothinginthispresentationis,orshouldberelieduponas,apromiseorrepresentationastothefuture.Totheextentanyforward-lookingstatementinthispresentationconstitutes“future-orientedfinancialinformation”or“financialoutlooks”withinthemeaningofapplicableCanadiansecuritieslaws,suchinformationisbeingprovidedtodemonstratetheanticipatedmarketpenetrationandthereaderiscautionedthatthisinformationmaynotbeappropriateforanyotherpurposeandthereadershouldnotplaceunduerelianceonsuchfuture-orientedfinancialinformationandfinancialoutlooks.Future-orientedfinancialinformationandfinancialoutlooks,aswithforward-lookingstatementsgenerally,are,withoutlimitation,basedontheassumptionsandsubjecttotheriskssetoutabove.TheCompany’sactualfinancialpositionandresultsofoperationsmaydiffermateriallyfrommanagement’scurrentexpectationsand,asaresult,theCompany’srevenueandexpenses.TheCompany’sfinancialprojectionswerenotpreparedwithaviewtowardcompliancewithpublishedguidelinesofInternationalFinancialReportingStandardsandhavenotbeenexamined,reviewedorcompiledbytheCompany’saccountantsorauditors.TheCompany’sfinancialprojectionsrepresentmanagement’sestimatesasofthedatesindicatedthereon.
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3 Vizsla’s Vision –First Silver 2027 The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economicviability. Vizsla’s vision is to become theWorld’sLargestSingle AssetSilverPrimaryProducerthrough exploration and development of the Panuco district in Mexico
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4 Leadership –The Most Important Asset MichaelKonnertCEO, DirectorFounder&ManagingPartnerofInventaCapital,raisingover$800Msince2017.FounderofVizslaSilver.Co-founded&soldCobaltOneEnergy.15+yearsexperienceincorporatestrategy,teamleadership,andminingcapitalmarkets SimonCmrlecCOO, DirectorFormerCOOofAusenco.30+yearsindustryexperiencesupportingdevelopmentofminesaroundtheworld,includingSilvercrest’sLasChispasmine JesusVeladorVP ExplorationDoctorateinepithermaldeposits.FormerGeologistforFortunaSilver,andDirectorofExplorationforFirstMajestic.25+yearsexperience Eduardo LunaDirectorMexicanmininghalloffamemember,DirectorofCoeurMining,formerPresidentoftheMexicanMiningChamberandSilverInstitute,FormerDirectoratWheatonPreciousMetals,SeniorExecutiveatPeñoles,Goldcorp,Luismin,AlamosGold,andPrimero CraigParryChairmanInitialCo-founder&advisorofInventaCapital,andDirectorofSkeenaResources.FoundingDirectorofNexGen,formerCEO/founderofIsoEnergy.25+years-experience Significant Discoveries & Shareholder Returns Driven By The Vizsla Silver Team
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5 Tier-1 Silver Development with Tremendous Growth Potential 1.See Slide Titled “Corporate Snapshot” in the appendix2.To date Vizsla has mapped and sampled approximately 88.5 km of cumulative vein strike at Panuco.3.Infrastructure improvements include investments in public buildings, clean water for residents, and support for agricultural infrastructure.4.Minera Canam (Vizsla Silver’s Mexican subsidiary), was awarded the EmpresaSocialmenteResposable(ESR). Advancing DevelopmentExploration UpsideResponsibleGrowth Fast Track to ProductionFeasibility Study in H2 2025, followed by construction decision with first silver expected for H2 2027 Well-Funded US$200M+ cash + ITM options, and advancing debt funding to carry beyond delivery of Feasibility Study De-RiskingCompleted conversion drilling, and test mine commenced Q4 2024 Investing LocallySeven infrastructure projects(3)& $300k invested to benefit four communities, and $6M for land rehabilitation projects Community FirstThrough collaboration, secured 30-year operating agreements with all five local Ejidos Leader in ESG and SustainabilityThree-time national recognition of sustainability efforts, awarded as a Socially Responsible Company (ESR)(4) Growing Land Package Quadrupled land package since 2024, building a multi-generation pipeline of assets along a frontier silver belt Significant Upside Less than 67% of the property is mapped, and only 30% of the known vein targets have been explored(2) District Wide GeophysicsEM surveys on select district-wide targets to support structural controls and locating new sulfide mineralization
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6 Panuco Silver-Gold Project 1.Source: First Majestic Annual Production Reports, and Cap IQ2.See Slide Titled “Corporate Snapshot” in the appendix District Scale & 100% Owned •Applying modern exploration techniques to a newly consolidated land package that has never been systematically explored •Quadrupled land package since January 2024, now over 40k ha Existing Infrastructure•Past producing district that benefits from access to HV power, water, roads, and proximal to Mazatlán•To date, Vizsla has completed over 390,000 metres of diamond drilling without constructing a single roadAdvancing to Production•Upgrading resources to higher confidence categories•Fully permitted, fully funded test mine commenced Q4 2024 to de-risk initial production•Targeting first silver in H2 2027 Location, Location, Location•Situated in an underexplored area of the emerging Western Mexico Silver Belt•80km from San Dimas (1Bn+ Oz AgEq in production(1)+ reserves) Corporate Strength•Vizsla is well funded with US$200M+ in cash plus ITM options(2), advancing debt facility, and industry leading team & board N 1hr Drive Panuco Panuco San Enrique SantaFé La Garra
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7 Fully Financed –Derisking the Final Milestones 1.Vizsla Silver currently holds a ~17% stake in Vizsla Royalties (TSXV:VROY) and holds a non-controlling interest in Pacifica Silver (CSE:PSIL).2.Vizsla Silver executed a Mandate Letter Sept 4th, 2025, for a US$220M senior secured project financing facility with Macquarie holding a 70% interest and lead arranger for the remaining 30% syndication. Initial CapExCash Position Debt(2)Facility Equity(1)Positions Total Financing CapacityUS$224MUS$200M US$220M US$30MUS$450MLow CapExRequirement Strong Financial Position Imminent Feasibility Study Near Term Construction Decision & Permits Vizsla Silver is advancing with the financial capacity to transition the Panuco Project into full-scale production following a construction decision üüüü
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8 Development TimelineAdvancing Panuco Towards Construction Decision Targeting First Silver In The Second Half Of 2027 Q1 Q1 Q1 Q1Q2 Q2 Q2 Q2Q3 Q3 Q3 Q3Q4 Q4 Q4 Q42024 20262025 2027 Conversion DrillingPEA Commence Test MineResource UpdatePermittingFeasability StudyConstructionFirst Silver
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9 PanucoAchieves First Measured Resource Estimation 1.Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.2.Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,425/t lead and $2,976/t zinc. •11% increase in Global Contained Ounces•43% increase in M&I AgEqounces from 155.8 to 222.4 Moz•4.5% increase in avg M&I AgEqgrade from 511 to 534 g/t•30% of Indicated resource converted to Measured•18% of Inferred resources converted to Indicated Upgraded Resource Highlights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Ag (US$/Oz)2124262931Au (US$/Oz)1,5801,7751,9752,2002,370NPV(5%)7479691,1371,3621,528IRR63%76%86%98%107%10 July 2024 PEA Highlights The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economicviability. PEA Post-Tax EconomicsPEA Outlines Upfront Cashflows Allowing for Rapid Payback Sensitivities to Silver & Gold -U S$150M -U S$50M US$50M US$150M US$250M US$350M Y-2Y-1Y1Y2Y3Y4Y5Y6Y7Y8Y9Y10Y11 Post-Tax FCFPre-Tax FCF $1,137MNPV(5%)86%IRR9 MonthsPayback5.1xNPV/Capex+20%Base Case-10%+10%-20%
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$0 $5 $10 $15 $20 $25 0Moz 5Moz 10Moz 15Moz 20Moz 25Moz Y-2Y-1Y1Y2Y3Y4Y5Y6Y7Y8Y9Y10Y11 Copala & CristianoTa jitosNapoleon & LuisaStockpileAISC (US$/Oz AgEq) 11 2024 PEA Production Profile 1.Unit Operating Costs represent US$/t processed. Initial CAPEX includes contingency2.Operating cash costs consist of mining costs, processing costs, TSF costs, and site-level G&A. Total cash costs consist of operating cash costs plus royalties and offsite charges. AISC consist of total cash costs plus sustaining capital High-Grades From Copala & Cristiano Early in the Mine Life Drive PEA Project Economics 20.2MozAvg Annual Production Years 1-2 (AgEq) 162.1MozLOM Total Production (AgEq)Avg Annual Production15.2Moz AgEq/yAvg Annual Ag -8.8MozAvg Annual Au -76KozThroughput –3,300 è4,000 tpdMine Life –11 years Unit Operating CostsOperating Cost(1): US$76.4/tOperating Cash Costs(3)US$6.88/Oz AgEqAISC: US$9.4/Oz AgEq Capital RequirementsInitial Capital(1)US$224M LOM Sustaining CapitalUS$230M Contingency: US$46M Base Case EconomicsSilver Price: US$ 26/OzGold Price: US$1,975/OzPost-Tax NPV(5%) : US$1,137MPost-Tax IRR: 85.7%Payback: 9 Months 15.2MozLOM Avg Annual Production (AgEq)
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Proposed Site Layout 12
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13 Fully Permitted Test Mine –10k tonne CopalaOre Sample Ore Development•169 meters •70 vertical meters below surface•4.5m W x 5m H•10K tonne Bulk SampleWaste Development•902 meters•5.5m W x 5.5m H Confirm GeotechnicalSpatial OrientationExtend Metallurgical TestingSpecifications
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14 District Upside Potential 1.To date Vizsla has mapped and sampled approximately 93 km of cumulative vein strike ResourceExpansion•Copala& La Luisa remain open along strike to the north and down dip to the south•Napoleon (HW4) to the east, as well as three potential feeder veins located along the main Napoleon structure at depthDistrictScale•Animas (La Pipa)•Camelia –San Dimas•Galeana•San Fernando –Nacaral•Jesusita –Palos Verdes To date, less than 30% of the known vein targets at Panuco have been drill tested(1) Proximal•La Luisa North•San Jack –San Peter•Esmeralda-Tecolote•Colorada-Napoleon 5.8 metresTrue Width653 g/tSilver4.26 g/t Gold Recent Discovery at Animas (Released March 31st)Recent Discovery
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15 A Quality Portfolio in a Prolific Silver BeltSantaFéüSecured 100% ownership of all production and exploration concessions, extending the high-grade discovery trend at PanucoüDefined six high-priority drill targets along the Mother VeinüCurrent focus: expanding detailed property-wide mapping and drill target refinementSan Enrique üConsolidated two mining claims (10,667ha) within the emerging silver-gold-rich Panuco–SanDimas corridorüCompleted LiDAR and airborne magnetic surveys, outlining major NW-trending vein/fault structuresüCurrent focus: Regional reconnaissance mapping in progress to finalize H22025 drill targetsLa GarraüConcluded a five-day site visit; 14 rock-chip samples from multiple veins returned AgEqgrades of >200g/tüStrong district-scale potential along the LaGarra-Metates trend for additional high-grade mineralization
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$360M$430M$712M$1,452M$1,463M$1,557M$2,458M$2,616M $6,460M $8,885M $11,362M 0.560.580.550.550.56 1.33 1.040.95 2.41 2.07 2.78 Dolly V arde nNe w Pa cific Me ta lsGo Gol d Re sour cesVizs la SilverSilver corp Met alsAya Gold & S ilverEn dea vour S ilverFor tuna MiningHe cl a Mi ni ngFirst Ma jesticCoe ur Mini ng 16 Significant Re-rate Potential: Closing The Valuation Gap 1.Source: S&P Capital IQ, Company reports, and benchmarks from Scotia, BMO, CIBC, RBC, National, Ventum, Raymond James, Stifel, Agentis, and Canaccordas of Nov 3rd, 2025. 2.P/NAV = Price/(Net Asset Value), where NAV is equal to the present value of future cashflow generated by the underlying asset, and Price is market capitalization. Avg Producer P/NAV 1.59x Avg Developer P/NAV 0.56x Market Cap (US$M)P/NAV(1) Average producer P/NAV multiple represents a 185% increase over the average developer P/NAV(1) Explorer/DeveloperProducersVZLA –Panuco 185% Increase
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$1.20$1.70$2.20$2.70$3.20$3.70$4.20$4.70 May-2025Jun-2025Jul-2025Aug-2025Sep-2025Oct-2025 Company Snapshot *NAV valuation, Sources: Company reports, Stockwatch, Bloomberg. CAD to USD at 1.36 COVERAGE –C$8.00/s (US$5.80/s) Consensus TargetPhilip Ker647.789.2407VentumFinancialBUYC$7.25/shMichael Gray778.952.0978Agentis CapitalC$13.40/sh*Mike Niehuser949.402.5336Roth CapitalBUYUS$3.25/shCraig Stanley416.777.2291Raymond JamesBUYC$7.25/shJake Sekelsky888.543.4448AGPBUYUS$4.50/shCosmos Chiu416.594.7106CIBCBUYC$9.75/shPeter Bell647.205.4430CanaccordBUYC$8.25/shDon DeMarco416.869.7572NationalBUYC$7.75/ShKevin O'Halloran416.278.7023BMOBUYC$7.50.sh HISTORICAL TRADING PRICE NYSE as of November 3rd, 2025 VIZSLA SHAREHOLDERS 50%35% 15%Institutions & HNW Retail Management,Directors & Advisors Top ShareholdersFranklin Templeton12%Sprott Inc5%Eric Sprott3%ETF Managers Group3%Craig Parry3% 17 COMPANY STATISTICS NYSE as of Nov 3rd, 2025Shares Outstanding344.18 MWarrants (M) 0.06 MOptions (M) 19.27 MShares Fully Diluted (M)367.06 MMarket Capitalization (US$M)$1,410 M52 Week Trading Range (US$)$1.66 -$5.05Avg Daily Trading Volume (3-month, NYSE & TSX)5,240,000Cash (US$M) $200 M US $4.11
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18 Three Reasons to Own Vizsla Silver (VZLA-NYSE) 1.See Slide Titled “Corporate Snapshot” in the appendix2.To date Vizsla has mapped and sampled approximately 88.5 km of cumulative vein strike at Panuco.3.Source: S&P Capital IQ, Company reports, and benchmarks from Scotia, BMO, CIBC, RBC, National, Ventum, Raymond James, Stifel, Canaccord Fast Track to ProductionImmense Exploration UpsideSignificantly Undervalued TimingStrong leverage to rising metals prices supported by growing supply deficits Silver PremiumOn a P/NAV basis VZLA trades at a material discount to silver producers(3) Catalyst RichVizsla has several potential catalysts over the next 12 months Advanced DeveloperFeasibility Study in H2 2025, targeting first silver in H2 2027 Well-Funded US$200M+ cash + ITM options, and advancing debt funding to carry beyond delivery of Feasibility Study De-RiskingCompleted conversion drilling, with updated MRE delivered Jan 2025, and test mine commenced Q4 2024 Growing Land Package Tripled land package in 2024, building a multi-generation pipeline of assets along a frontier silver belt Significant Upside Less than 67% of the Panucoproperty is mapped, and only 30% of the known vein targets have been explored(2) District Wide GeophysicsEM & MAG surveys to cover entire Panuco district for the first time in history
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NYSE:VZLATSX:VZLANov 2025 595 Burrard StreetSuite 1723, Vancouver, BC Canada V7X 1J1+1 604 364 2215 info@vizslasilver.ca