Vancouver, British Columbia (January 17, 2024) – Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt:
0G3) (“Vizsla Silver” or the “Company”) is pleased to announce its intention to spin out the shares of Vizsla
Royalties Corp. (“Vizsla Royalties”), a wholly-owned subsidiary of Vizsla Silver, to the Company’sshareholders
(the “Spinout”). Vizsla Royalties currently holds, indirectly, a net smelter royalty (the “Royalty”) on any
potential future mineral production at Vizsla Silver’s flagship, 100% owned Panuco silver-gold project located
in Sinaloa, Mexico (the “Project” or “Panuco”).
The Royalty consists of: (i) a 2.0% net smelter return royalty on certain unencumbered concessions comprising
the Project; and (ii) a 0.5% net smelter return royalty on certain encumbered concessions comprising the
Project which have a pre-existing 3.0% net smelter return royalty (the “Underlying Royalty”).
Vizsla Silver is also expected to: (i) transfer to Vizsla Royalties the right to purchase one-half of the 3%
Underlying Royalty; (ii) grant Vizsla Royalties the right to acquire a royalty on any future projects acquired by
Vizsla Silver in the 24-month period after completion of the Spinout, which right would automatically
terminate upon a change of control of Vizsla Royalties or Vizsla Silver and (iii) make a cash injection into Vizsla
Royalties.
It is expected that the Spinout will be completed pursuant to a plan of arrangement under the Business
Corporations Act (British Columbia). The Spinout would be subject to shareholder, court, stock exchange and
regulatory approvals, as well as, at management’s continued discretion. Pursuant to the Spinout, common
shares of Vizsla Royalties would be distributed to shareholders of Vizsla Silver. Vizsla Silver is expected to hold
approximately a 49% ownership interest in Vizsla Royalties, with the remaining shares of Vizsla Royalties being
distributed to shareholders of Vizsla Silver on a pro-rata basis at a time to be determined by the board of
directors of Vizsla Silver. There will be no change in shareholders’ holdings in Vizsla Silver as a result of the
Spinout.
Subsequent to completion of the Spinout, the board of directors of Vizsla Royalties (the “Vizsla Royalties
Board”) may decide to pursue a listing on the TSX Venture Exchange if and when the Vizsla Royalties Board
determines it is in the best interests of the Vizsla Royalties shareholders. It is expected that, at the time Vizsla
Royalties pursues a listing on the TSX Venture Exchange, a majority of the members of its management team and the Vizsla Royalties Board will be independent of Vizsla Silver.
Additional details regarding the Spinout, including the proposed record date, will be provided as they become available. There is no certainty Vizsla Silver will proceed with the Spinout.
Shareholders are invited to contact Vizsla Silver via email at info@vizslasilver.ca for additional information regarding the Spinout.

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