# EDGAR Filing Document

**Accession Number:** 0001796073
**File Stem:** 0001062993-25-012973
**Filing Date:** 2025-7
**Character Count:** 499372
**Document Hash:** d2b3b59f66e4c391b6d495f0842ba90d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-012973.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001062993-25-012973

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 108

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250717

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vizsla Silver Corp.
- **CENTRAL INDEX KEY:** 0001796073
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41225
- **FILM NUMBER:** 251131923

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1723, 595 BURRARD STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7X 1J1
- **BUSINESS PHONE:** 7788993050

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 49193, 595 BURRARD STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7X 1K8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vizsla Resources Corp.
- **DATE OF NAME CHANGE:** 20191205

?xml version='1.0' encoding='ASCII'? Vizsla Silver Corp.: Form 40-F - Filed by newsfilecorp.com

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 40-F**

☐ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934 <br> or <br> ☒ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

---

| | |
|:---|:---|
| For the fiscal year ended **April 30, 2025** | Commission File Number **001-41225** |

---

**<u>Vizsla Silver Corp.</u>**

(Exact name of Registrant as specified in its charter)

<u>**N/A**</u>

(Translation of Registrant's name into English (if applicable))

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada**  | **1040** | **N/A**  |
| (Province or other jurisdiction of | (Primary Standard Industrial Classification | (I.R.S. Employer |
| incorporation or organization) | Code Number) | Identification Number) |

---

**Suite 1723, 595 Burrard Street**

**Vancouver, British Columbia, V7X 1J1, Canada**

<u>**(604)-364-2215**</u>

(Address and telephone number of Registrant's principal executive offices)

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor** 

**New York, NY 10168**

<u>**1-800-221-0102**</u>

(Name, address (including zip code) and telephone number (including

area code) of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| **Common Shares, no par value** | **VZLA** | **NYSE American LLC** |

---

Securities registered pursuant to Section 12(g) of the Act: <u>**None**</u>

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: <u>**None**</u>

------

For annual reports, indicate by check mark the information filed with this Form:

☒ Annual information form ☒ Audited annual financial statements

Indicate the number of outstanding shares of each of the registrant's classes of capital or common stock as of the close of the period covered by the annual report: 298,374,460 outstanding as of April 30, 2025.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

☒ Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

------

**EXPLANATORY NOTE**

Vizsla Silver Corp. (the "Company," "Registrant," or "Vizsla") is a "foreign private issuer" as defined in Rule 3b-4 under Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is a Canadian issuer eligible to file its annual report ("Annual Report") pursuant to Section 13 of the Exchange Act on Form 40-F pursuant to the multi-jurisdictional disclosure system (the "MJDS") adopted by the United States Securities and Exchange Commission (the "SEC"). The Company's common shares are listed on the TSX Venture Exchange and the NYSE American LLC ("NYSE") under the trading symbol "VZLA".

In this annual report, references to "we", "our", "us", the "Company", the "Registrant", or "Vizsla", mean Vizsla Silver Corp., unless the context suggests otherwise.

**FORWARD LOOKING STATEMENTS** 

Certain information, estimates and projections contained in this Annual Report, and the documents incorporated by reference herein, if any, constitute forward-looking statements regarding the Company, its operations and projects, including, but not limited to, the Panuco-Copala Property (as defined in the Management Discussion and Analysis of the Company for the year ended April 30, 2025, attached as Exhibit 99.3 to this Annual Report). All statements that are not historical facts, involving without limitation, statements regarding future projections, plans and objectives, securing strategic partners and financing requirements and the ability to fund future mine development are forward-looking statements, or forward-looking information. Forward-looking information and statements involve risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such information or statements. Such risk factors and uncertainties include, but are in no way limited to, statements with respect to the effect and estimated timeline of the drilling and assay results of the Company, the estimation of mineral reserves and mineral resources, the timing and amount of estimated future exploration, costs of exploration, capital expenditures, success of exploration activities, permitting time lines and permitting, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, fluctuations in mineral prices, volatility in the global financial markets, increased inflation, and other risk factors, as discussed in the Company's filings with Canadian securities regulatory agencies including the documents incorporated by reference herein. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

The Company's forward-looking statements are based on beliefs, expectations, and opinions of management on the date the statements are made. While the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be factors that cause actions, events, or results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company disclaims any obligation to update any forward-looking statements or information, other than as may be specifically required by applicable securities laws and regulations.

------

Forward-looking statements are subject to a variety of risks, uncertainties, and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation those risks outlined under the heading ["Risk Factors"] beginning on page [9] in the Annual Information Form for the year ended April 30, 2025, attached as Exhibit 99.1 to this Annual Report, and incorporated herein by reference, and under the heading "Risks and Uncertainties" on beginning page [26] in the Registrant's Management's Discussion & Analysis for the year ended April 30, 2025, attached as Exhibit 99.3 to this Annual Report, and incorporated herein by reference, and in other filings that the Registrant has made and may make with applicable securities authorities in the future.

**NOTICE TO UNITED STATES READERS - DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under the MJDS, to prepare this Annual Report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant has historically prepared its consolidated financial statements, which are filed as Exhibit 99.2, and incorporated herein by reference, to this Annual Report on Form 40-F, in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board, which are subject to Canadian auditing and auditor independence standards. Financial statements prepared in IFRS may differ from financial statements prepared in United States GAAP ("U.S. GAAP") and from practices prescribed by the SEC. Therefore, the Registrant's financial statements filed with this Annual Report may not be comparable to financial statements of United States companies prepared in accordance with U.S. GAAP.

Unless otherwise indicated, all dollar amounts in this annual report on Form 40-F are in Canadian dollars. The exchange rate of Canadian dollars into U.S. dollars, on July 16, 2025 based upon the closing rate published by the Bank of Canada, was U.S.$1.00=CDN$1.3712. Bank of Canada exchange rates are nominal quotations and are not buying or selling rates. These rates are intended for statistical or analytical purposes. Rates available from financial institutions will differ. Rates are expressed in Canadian dollars, converted from U.S. dollars.

**PRINCIPAL DOCUMENTS** 

The following documents have been filed as part of this annual report on Form 40-F:

**A. Annual Information Form** 

The Registrant's Annual Information Form for the fiscal year ended April 30, 2025 is attached as Exhibit 99.1 to this Annual Report on Form 40-F, and is incorporated by reference herein.

------

**B. Audited Annual Financial Statements** 

The Registrant's consolidated audited annual financial statements, including the reports of the independent registered public accounting firm with respect thereto, are attached as Exhibit 99.2 to this Annual Report on Form 40-F, and is incorporated by reference herein.

**C. Management's Discussion and Analysis** 

The Registrant's management's discussion and analysis of financial condition and results of operations for the year ended April 30, 2025 is attached as Exhibit 99.3 to this Annual Report on Form 40-F, and is incorporated by reference herein.

**TAX MATTERS** 

Purchasing, holding or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Annual Report on Form 40-F.

**DISCLOSURE CONTROLS AND PROCEDURES** 

Disclosure controls and procedures are designed to ensure that (i) information required to be disclosed by the Company in reports that it files or submits to the SEC under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in the Company's reports filed under the Exchange Act is accumulated and communicated to the Company's management, including its Chief Executive Officer ("CEO") and its Chief Financial Officer ("CFO"), as appropriate, to allow for timely decisions regarding required disclosure.

At the end of the period covered by this report, an evaluation was carried out under the supervision of and with the participation of the Company's management, including the CEO and CFO, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). The evaluation included documentation review, enquiries and other procedures considered by management to be appropriate in the circumstances. Based on that evaluation, the Company's CEO and CFO have concluded that, as of April 30, 2025, the Company's disclosure controls and procedures were effective.

**MANAGEMENT'S REPORT ON** 

**INTERNAL CONTROL OVER FINANCIAL REPORTING** 

The Company's management, including the Company's CEO and CFO, is responsible for establishing and maintaining adequate internal control over the Company's internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS. The Company's internal control over financial reporting includes policies and procedures that: pertain to the maintenance of records that, in reasonable detail accurately and fairly reflect the transactions and disposition of assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of the consolidated financial statements in accordance with IFRS and that receipts and expenditures are being made only in accordance with authorization of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements.

------

Because of their inherent limitations, internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Furthermore, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company's management (with the participation of the CEO and the CFO) conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of April 30, 2025. This evaluation was based on the criteria set forth in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its assessment, management has concluded that the Company's internal control over financial reporting was effective as at April 30, 2025, and management's assessment did not identify any material weaknesses.

**ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM** 

This Annual Report does not include an attestation report of the Registrant's registered public accounting firm due to a transition period established by rules of the SEC for newly public companies. Under Section 3 of the Exchange Act, as a result of enactment of the Jumpstart Our Business Startups Act (the "JOBS Act"), "emerging growth companies" are exempt from Section 404(b) of the Sarbanes-Oxley Act of 2002, which generally requires that a public company's registered public accounting firm provide an attestation report relating to management's assessment of internal control over financial reporting. The Registrant qualifies as an "emerging growth company" and therefore has not included in, or incorporated by reference into, this Annual Report such an attestation report as of the end of the period covered by this Annual Report.

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING** 

There have been no changes in the Registrant's internal control over financial reporting during the fiscal year ended April 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**NOTICES PURSUANT TO REGULATION BTR** 

None.

------

**CODE OF CONDUCT**

The Registrant has adopted a written "code of ethics" (as defined by the rules and regulations of the SEC), entitled "Code of Business Conduct and Ethics" (the "Code") that applies to all members of the Board of Directors, officers, employees, and consultants of the Company and its affiliates and subsidiaries worldwide. Adherence to this code is a condition of employment with or providing services to the Company.

The Code may be obtained upon request from Vizsla Silver Corp.'s head office at Suite 1723, 595 Burrard Street, Vancouver, British Columbia, V7X 1J1, or by viewing the Registrant's web site at <u>https://vizslasilvercorp.com/</u>.

All amendments to the Code, and all waivers of the Code with respect to any director, executive officer or principal financial and accounting officers, will be posted on the Registrant's web site within five business days following the date of the amendment or waiver and any amendment will be provided in print to any shareholder upon request.

**AUDIT COMMITTEE**

The Board of Directors has a separately designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and Section 803B of the NYSE American LLC Company Guide. The Company's Audit Committee is comprised of Suki Gill (Chair), Harry Pokrandt, and David Cobbold, all of whom, in the opinion of the Company's Board of Directors, are independent (as determined under Rule 10A-3 of the Exchange Act and Section 803A of the NYSE American LLC Company Guide). All three members of the Audit Committee are financially literate, meaning they are able to read and understand the Company's financial statements and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. The Audit Committee meets the composition requirements set forth by Section 803B(2) of the NYSE American LLC Company Guide.

The members of the Audit Committee are appointed by the Company's Board of Directors annually. Each member of the Audit Committee will remain on the committee until the next annual meeting of shareholders after his or her appointment, unless otherwise removed or replaced by the Board of Directors at any time.

The full text of the Audit Committee Charter is available on the Company's website at <u>https://vizslasilvercorp.com/</u>.

*Audit Committee Financial Expert*

The Board of Directors has determined that each of Suki Gill, Harry Pokrandt, and David Cobbold (i) is financially sophisticated within the meaning of Rule 803B of the NYSE American LLC Company Guide; (ii) is an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K; and (iii) is independent (as determined under Exchange Act Rule 10A-3 and Section 803A of the NYSE American LLC Company Guide).

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**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The required disclosure is included under the heading "Audit Committee Information" under the sub-heading "External Auditor Service Fees" in the Company's Annual Information Form for the fiscal year ended April 30, 2025, filed as Exhibit 99.1 to this Annual Report on Form 40-F, and incorporated herein by reference.

**PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

The Audit Committee Charter sets out responsibilities regarding the provision of non-audit services by the Registrant's external auditors and requires the Audit Committee to pre-approve all permitted non-audit services to be provided by the Registrant's external auditors, in accordance with applicable law.

**OFF-BALANCE SHEET ARRANGEMENTS** 

The Registrant currently has no off-balance sheet arrangements.

**TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS**

The following table lists, as of April 30, 2025, information with respect to the Registrant's known contractual obligations (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  |  | **Less than** |  |  | **More than** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contractual Obligations** | **Total** | **1 year** | **1-3 years** | **3-5 years** | **5 years** |
| Long-Term Debt Obligations | $0 | $0 | $0 | $0 | $0 |
| Capital (Finance) Lease Obligations | $0 | $0 | $0 | $0 | $0 |
| Operating Lease Obligations | $0 | $0 | $0 | $0 | $0 |
| Purchase Obligations | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities Reflected on Balance Sheet | $0 | $0 | $0 | $0 | $0 |
| **Total** | $**0** | $**0** | $**0** | $0 | $0 |

---

**NYSE AMERICAN LLC CORPORATE GOVERNANCE**

The Registrant is a foreign private issuer, and its common shares are listed on the NYSE American LLC. As a Canadian corporation listed on the NYSE American LLC ("NYSE American"), we are not required to comply with certain NYSE American corporate governance standards, so long as we comply with applicable Canadian and Toronto Stock Exchange ("TSX") corporate governance requirements. In order to claim relief under these provisions, Section 110 of the NYSE American LLC Company Guide (the "Company Guide") requires us to provide written certification from independent local counsel that the non-complying practice is not prohibited by home country law.

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A comparison of NYSE American corporate governance rules required to be followed by U.S. domestic issuers under NYSE American's listing standards and our corporate governance practices (such disclosure required by Section 110 of the Company Guide) is detailed below.

**Shareholder Approval**

Section 711 of the Company Guide requires shareholder approval of all equity compensation plans and material revisions to such plans. The Company follows the shareholder approval requirements listed in "Part VI - C. Security Based Compensation Arrangements" in the TSX Company Manual (the "TSX Manual") in connection with equity compensation arrangements. Pursuant to the TSX Manual, shareholder approval is required (a) on adoption of certain types of security-based compensation plans, (b) annually in respect of certain types of security-based compensation plans, and (c) in connection with the amendment of any security-based compensation plan.

Sections 712 and 713 of the Company Guide require a listed company to obtain the approval of its shareholders for certain kinds of securities issuances. The Company follows the shareholder approval requirements in the TSX Manual in connection with securities issuances, including "Part VI - B. Distributions of Securities of a Listed Class" in connection with private placements. Pursuant to the TSX Manual, shareholder approval is required in connection with private placements that (a) will result in the creation of a new control person (b) appear to be undertaken as a defensive tactic to a takeover bid, or (c) unless an exemption is available, constitute a related party transaction.

**Quorum**

Section 123 of the Company Guide recommends a quorum of not less than one-third of a listed company's shares issued and outstanding entitled to vote at a meeting of shareholders. The Company's quorum requirement under its Articles is two shareholders entitled to vote at the meeting whether in person or by proxy who hold, in the aggregate, at least 5% of the issued shares entitled to be voted at the meeting. The Company's quorum requirements comply with the requirements under the TSX Manual and the corporate law of British Columbia.

The foregoing is consistent with the laws, customs, and practices in the province of British Columbia and Canada.

Further information about the Registrant's governance practices is included on the Registrant's website at <u>https://vizslasilvercorp.com/</u>.

**MINE SAFETY DISCLOSURE** 

Not applicable.

**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

None.

------

**RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

None.

**UNDERTAKING** 

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS** 

The Registrant has previously filed with the SEC a written consent to service of process on Form F-X. Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registrant.

**ADDITIONAL INFORMATION** 

Additional information relating to the Registrant may be found on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca and on the SEC's Electronic Data Gathering, Analysis and Retrieval (EDGAR) system at www.sec.gov.

**INCORPORATION BY REFERENCE**

The Registrant's Annual Report is incorporated by reference into the Registrant's Registration Statement on Form F-10 (Reg. No. 333-286322), including the prospectus contained therein.

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**SIGNATURES** 

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | **VIZSLA SILVER CORP.** |
| By: | /s/ Michael Konnert |
|  | Name: Michael Konnert |
|  | Title: Chief Executive Officer |

---

Date: July 17, 2025

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **EXHIBIT** | **DESCRIPTION OF EXHIBIT** |
| [99.1](exhibit99-1.htm) | [Annual Information Form for the fiscal year ended April 30, 2025](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Audited Consolidated Financial Statements for the fiscal year ended April 30, 2025](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [Management Discussion and Analysis for the year ended April 30, 2025](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Certification by the Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) or 15d-14 of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit99-4.htm) |
| [99.5](exhibit99-5.htm) | [Certification by the Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) or 15d-14 of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit99-5.htm) |
| [99.6](exhibit99-6.htm) | [Certification by the Chief Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit99-6.htm) |
| [99.7](exhibit99-7.htm) | [Certification by the Chief Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit99-7.htm) |
| [99.8](exhibit99-8.htm) | [Consent of MNP LLP](exhibit99-8.htm) |
| [99.9](exhibit99-9.htm) | [Consent of Allan Armitage, P.Geo., of SGS Geological Services](exhibit99-9.htm) |
| [99.10](exhibit99-10.htm) | [Consent of Benjamin K. Eggers, P. Geo., of SGS Geological Services](exhibit99-10.htm) |
| [99.11](exhibit99-11.htm) | [Consent of and Henri Gouin, P. Eng., of SGS Geological Services](exhibit99-11.htm) |
| [99.12](exhibit99-12.htm) | [Consent of James Millard, P.Geo., of Ausenco Sustainability Canada ULC](exhibit99-12.htm) |
| [99.13](exhibit99-13.htm) | [Consent of Jonathan Cooper, P.Eng., of Ausenco Sustainability Canada ULC](exhibit99-13.htm) |
| [99.14](exhibit99-14.htm) | [Consent of Peter Mehrfert, P.Eng., of Ausenco Engineering Canada ULC](exhibit99-14.htm) |
| [99.15](exhibit99-15.htm) | [Consent of Scott Elfen, P.E., of Ausenco Engineering Canada ULC](exhibit99-15.htm) |
| 101 | XBRL Document |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| [101.SCH](vzla-20250430.xsd) | [Inline XBRL Taxonomy Extension Schema Document](vzla-20250430.xsd) |
| [101.CAL](vzla-20250430_cal.xml) | [Inline XBRL Taxonomy Extension Calculation Linkbase Document](vzla-20250430_cal.xml) |
| [101.DEF](vzla-20250430_def.xml) | [Inline XBRL Taxonomy Extension Definition Linkbase Document](vzla-20250430_def.xml) |
| [101.LAB](vzla-20250430_lab.xml) | [Inline XBRL Taxonomy Extension Label Linkbase Document](vzla-20250430_lab.xml) |
| [101.PRE](vzla-20250430_pre.xml) | [Inline XBRL Taxonomy Extension Presentation Linkbase Document](vzla-20250430_pre.xml) |
| 104 | Cover Page Interactive Data File |

---

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## Exhibit 99.1

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![](exhibit99-1x001.jpg)

**ANNUAL INFORMATION FORM**

For the year ended April 30, 2025

Date: July 17, 2025

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PRELIMINARY NOTES](#page_4) | [1](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Date of Information](#page_4) | [1](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Information](#page_4) | [1](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Currency and Exchange Rate Information](#page_4) | [1](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Documents Incorporated by Reference](#page_4) | [1](#page_4) |
| [FORWARD-LOOKING INFORMATION](#page_4) | [1](#page_4) |
| [CORPORATE STRUCTURE](#page_5) | [2](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Name, Address and Incorporation](#page_5) | [2](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Intercorporate Relationships](#page_5) | [2](#page_5) |
| [GENERAL DEVELOPMENT OF THE BUSINESS](#page_6) | [3](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Three Year History](#page_6) | [3](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Significant Acquisitions](#page_10) | [7](#page_10) |
| [DESCRIPTION OF BUSINESS](#page_10) | [7](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[General Description of the Business](#page_10) | [7](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Business of the Company](#page_10) | [7](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Specialized Skill and Knowledge](#page_11) | [8](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Competitive Conditions](#page_11) | [8](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cycles](#page_11) | [8](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Environmental Protection](#page_11) | [8](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Employees](#page_11) | [8](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Foreign Operations](#page_11) | [8](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Bankruptcy and Similar Procedures](#page_12) | [9](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reorganizations](#page_12) | [9](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social or Environmental Policies](#page_12) | [9](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Risk Factors](#page_12) | [9](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Instrument Risk](#page_12) | [9](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Liquidity risk](#page_13) | [10](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Market risk](#page_13) | [10](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Interest rate risk](#page_13) | [10](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Foreign currency risk](#page_13) | [10](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Price risk](#page_13) | [10](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Credit risk](#page_14) | [11](#page_14) |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Material Mineral Projects](#page_24) | [21](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Panuco-Copala Property](#page_24) | [21](#page_24) |
| [DIVIDENDS](#page_43) | [40](#page_43) |
| [CAPITAL STRUCTURE](#page_43) | [40](#page_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Common Shares](#page_43) | [40](#page_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Warrants](#page_43) | [40](#page_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Stock Options and Restricted Share Units](#page_44) | [41](#page_44) |
| [MARKET FOR SECURITIES](#page_44) | [41](#page_44) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trading Price and Volume](#page_44) | [41](#page_44) |
| [PRIOR SALES](#page_45) | [42](#page_45) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Warrants](#page_45) | [42](#page_45) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Stock Options & Restricted Share Units](#page_45) | [42](#page_45) |
| [ESCROWED SECURITIES](#page_46) | [43](#page_46) |
| [DIRECTORS AND OFFICERS](#page_46) | [43](#page_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Name, Occupation and Security Holdings](#page_46) | [43](#page_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Director Biographies](#page_49) | [46](#page_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Cease Trade Orders, Bankruptcies, Penalties or Sanctions](#page_51) | [48](#page_51) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Conflicts of Interest](#page_52) | [49](#page_52) |
| [AUDIT COMMITTEE INFORMATION](#page_52) | [49](#page_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Audit Committee Mandate](#page_52) | [49](#page_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Composition of the Audit Committee](#page_52) | [49](#page_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Relevant Education and Experience](#page_52) | [49](#page_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Reliance on Certain Exemptions](#page_53) | [50](#page_53) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Audit Committee Oversight](#page_53) | [50](#page_53) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Pre-Approval Policy and Procedures](#page_53) | [50](#page_53) |
| &nbsp;&nbsp;&nbsp;&nbsp;[External Auditor Service Fees](#page_53) | [50](#page_53) |
| [LEGAL PROCEEDINGS AND REGULATORY ACTIONS](#page_53) | [50](#page_53) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Legal Proceedings](#page_53) | [50](#page_53) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Regulatory Actions](#page_54) | [51](#page_54) |
| [INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS](#page_54) | [51](#page_54) |
| [TRANSFER AGENT AND REGISTRAR](#page_54) | [51](#page_54) |
| [MATERIAL CONTRACTS](#page_54) | [51](#page_54) |
| [INTERESTS OF EXPERTS](#page_54) | [51](#page_54) |
| [ADDITIONAL INFORMATION](#page_55) | [52](#page_55) |

---

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**PRELIMINARY NOTES**

**Date of Information**

Unless otherwise indicated, all information contained in this Annual Information Form (this "**AIF**") of Vizsla Silver Corp. (the "**Company**") is as of April 30, 2025.

**Financial Information**

The Company's financial results are prepared and reported in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board and Interpretations of the International Financial Reporting Interpretations Committee.

**Currency and Exchange Rate Information**

All dollar amounts (i.e. "$"), unless otherwise indicated, are expressed in Canadian.

**Documents Incorporated by Reference**

The technical report titled "Updated Mineral Resource Estimate and Preliminary Economic Assessment for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico" (the "**Technical Report**") with an effective date of September 9, 2024, prepared for the Company by Allan Armitage, Ph. D., P.Geo. of SGS Geological Services ("**SGS**"), Ben Eggers, MAIG, P.Geo. of SGS, Henri Gouin, P.Eng. of SGS, Peter Mehrfert, P.Eng. of Ausenco Engineering Canada ULC ("**Ausenco Engineering**"), James Millard, P.Geo., of Ausenco Sustainability Canada ULC ("**Ausenco Sustainability**"), Scott Elfen, P.E., of Ausenco Engineering and Jonathan Cooper, P.Eng., of Ausenco Sustainability is specifically incorporated by reference into this Annual Information Form and may be obtained online at the SEDAR+ website at <u>www.sedarplus.ca</u>.

**FORWARD-LOOKING INFORMATION**

Certain information, estimates and projections contained herein, and the documents incorporated by reference herein, if any, constitute forward-looking statements regarding the Company, its operations and projects, including, but not limited to, the Panuco-Copala Property (as defined herein). All statements that are not historical facts, involving without limitation, statements regarding future projections, plans and objectives, securing strategic partners and financing requirements and the ability to fund future mine development are forward-looking statements, or forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Forward-looking information and statements involve risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such information or statements. Such risk factors and uncertainties include, but are in no way limited to, statements with respect to the effect and estimated timeline of the drilling and assay results of the Company, the estimation of mineral reserves and mineral resources, the timing and amount of estimated future exploration, costs of exploration, capital expenditures, success of exploration activities, permitting time lines and permitting, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, fluctuations in mineral prices, uncertainties and other factors relating to public health crises, volatility in the global financial markets, increased inflation, turbulence in mining markets resulting from risks related to war (including the Russian invasion of Ukraine and the war in the Middle East), macroeconomic risks and other risk factors, as discussed in the Company's filings with Canadian securities regulatory agencies including the documents incorporated by reference herein, including those risk factors described herein under "Risk Factors". Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

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There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company disclaims any obligation to update any forward-looking statements or information, other than as may be specifically required by applicable securities laws and regulations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

The Company was incorporated on September 26, 2017, pursuant to the *Business Corporations Act* (British Columbia) under the name "Vizsla Capital Corp.". On March 8, 2018, the Company changed its name to "Vizsla Resources Corp.". On February 5, 2021, the Company change its name to "Vizsla Silver Corp.".

The head office of the Company is located at Suite 1723, 595 Burrard Street, Vancouver, British Columbia V7X 1J1. The registered and records office of the Company is located at Suite 401, 353 Water Street, Vancouver, British Columbia V6B 1B8.

The Company is a reporting issuer in all provinces and territories of Canada and its common shares (the "**Common Shares**") are listed on the Toronto Stock Exchange (the "**TSX**") under the trading symbol "VZLA". On January 21, 2022, the Common Shares were listed on the NYSE American and commenced trading under the symbol "VZLA".

**Intercorporate Relationships**

As at April 30, 2025, the Company had four wholly-owned subsidiaries: Canam Alpine Ventures Ltd., Panuco Silver Resources Corp., Sinaloa Minerals Exploration Corp., and La Garra Resources Corp., all of which were incorporated pursuant to the *Business Corporations Act* (British Columbia). Canam Alpine Ventures Ltd. has two wholly-owned subsidiaries in Mexico: Minera Canam S.A. DE C.V., Operaciones Canam Alpine S.A. DE C.V.. Panuco Silver Resources Corp. has one wholly-owned subsidiary in Mexico: Panuco Silver Resources S.A. de C.V. Sinaloa Minerals Exploration Corp. has one wholly-owned subsidiary in Mexico: Sinaloa Minerals Exploration S.A. de C.V. La Garra Resources Corp. has one wholly-owned subsidiary in Mexico: Goanna Resources S.A.P.I de C.V.

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**GENERAL DEVELOPMENT OF THE BUSINESS**

The Company was formed to engage in the business of the acquisition, exploration and development of mineral resource properties. The Company is currently focused on the exploration and development of the

Company's 100% owned flagship Panuco-Copala silver-gold project located in Mexico (the "**Panuco-Copala Property**").

**Three Year History**

On May 5, 2022, Martin Dupuis was appointed to Chief Operating Officer from VP, Technical Services and Jesus Velador was appointed VP of Exploration.

On July 5, 2022, Stuart Smith resigned as a director of the Company.

On November 15, 2022, the Company closed a bought deal prospectus offering of 23,805,000 units of the Company at a price of C$1.45 per unit for aggregate gross proceeds of C$34,517,250 (the "**2022 Prospectus Offering**"). Each unit consisted of one Common Share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one Common Share of the Company until November 15, 2024, at a price of C$2.00.

The 2022 Prospectus Offering was conducted by PI Financial Corp. and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners, and Raymond James Ltd., H.C. Wainwright & Co., LLC, Roth Canada Inc. and Stifel Nicolaus Canada Inc. (the "**2022 Prospectus Underwriters**"). In connection with the 2022 Prospectus Offering, the Company paid the 2022 Prospectus Underwriters a cash commission cash commission equal to 6% of the gross proceeds raised under the 2022 Prospectus Offering. As further consideration for the services provided by the 2022 Prospectus Underwriters in connection with the 2022 Prospectus Offering, on closing the Company issued broker warrants to the 2022 Prospectus Underwriters, exercisable at any time on or before November 15, 2024, to acquire that number of common shares of the Company which is equal to 6% of the number of units sold under the 2022 Prospectus Offering at an exercise price of C$1.45.

On November 22, 2022, Veljko Brcic resigned as VP of Corporate Development of the Company and was appointed Corporate Development Advisor of the Company.

On December 8, 2022, David Cobbold was elected as a director of the Company at its annual general meeting.

On December 16, 2022, the Company entered into a binding strategic investment agreement (the "**Definitive Agreement**") with Prismo Metals Inc. ("**Prismo**"). Pursuant to the Definitive Agreement, the Company agreed to make a strategic investment (the "**Strategic Investment**") with a right of first refusal to purchase the Palos Verdes project from Prismo and acquire 4,000,000 units of Prismo (the "**Prismo Units**"), for aggregate consideration of C$2,000,000 ("**Prismo Units**").

On January 6, 2023, the Company closed its Strategic Investment with Prismo. The consideration for the Strategic Investment consisted of a cash payment of C$500,000 and 1,000,000 common shares of the Company (the "**Consideration Shares**"). The Consideration Shares are subject to a voluntary escrow period of 24 months with 25% of the securities released every six months. The Company acquired 4,000,000 Prismo Unit. Each Prismo Unit consisted of one common share of Prismo (a "**Prismo Share**") and one-half of one common share purchase warrant (a "**Prismo Warrant**"). Each Prismo Warrant entitles the Company to purchase one additional Prismo Share up to January 6, 2025, at a price of $0.75.

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On January 27, 2023, Charles Funk resigned as a director of the Company to satisfy the requirements of the US Securities Exchange to have an independent board and was appointed Lead Technical Advisor to the board. Michael Pettingell was promoted from VP Business Development and Strategy to Senior Vice President, Business Development and Strategy.

On February 9, 2023, the Company closed a brokered private placement of 27,286,050 common shares of the Company at a price of C$1.65 per common share for aggregate gross proceeds of C$45,021,982 (the "**Offering**").

The Offering was led by PI Financial Corp. on behalf of a syndicate of agents that included Canaccord Genuity Corp., Raymond James Ltd., Stifel Nicolaus Canada Inc., Roth Canada Inc. and Alliance Global Partners (the "**2023 Agents**"). In connection with the Offering, the Company paid the 2023 Agents a cash commission equal to 6% of the gross proceeds of the Offering and issued 1,637,163 compensation options (the "**Compensation Options**") to the 2023 Agents. Each Compensation Option is exercisable to acquire one Common Share at $1.65 until February 9, 2025.

On November 15, 2023, Eduardo Luna was appointed as a director of the Company.

On December 18, 2023, the Company filed its first inaugural sustainability report on SEDAR+.

On January 30, 2024, Simon Cmrlec was appointed as Chief Operation Officer effective April 1, 2024, replacing Martin Dupuis.

On February 20, 2024, the Company filed the Technical Report on SEDAR+ containing an updated mineral resource estimate on the Company's Panuco-Copala Property.

On February 29, 2024, the Company closed a bought deal prospectus offering of 23,000,000 common shares of the Company (the "**Offered Shares**") at a price of C$1.50 per Offered Share for aggregate gross proceeds of C$34,500,000, which includes the exercise in full of the Underwriters' (as defined below) over-allotment option for 3,000,000 Offered Shares (the "**Offering**").

The Offering was conducted by PI Financial Corp., as lead underwriter and sole bookrunner, and Canaccord Genuity Corp., CIBC World Markets Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc. and BMO Nesbitt Burns Inc. (collectively, the "**Underwriters**"). In consideration for the services provided by the Underwriters in connection with the Offering, the Company paid to the Underwriter a cash commission equal to 6% of the gross proceeds raised under the Offering. As further consideration for the services provided by the Underwriters in connection with the Offering, the Company issued compensation warrants to the Underwriters, exercisable at any time on or before February 28, 2026, to acquire that number of common shares of the Company which is equal to 6% of the number of Offered Shares sold under the Offering at an exercise price of C$1.50. The Offering was completed pursuant to a prospectus supplement dated February 23, 2024 to the short form base shelf prospectus of the Company dated March 31, 2023 in each of the provinces and territories of Canada (except Quebec), in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") and applicable state securities laws and other jurisdictions outside of Canada and the United States on an exempt basis.

On March 27, 2024, the Company entered into an arrangement agreement with Vizsla Royalties Corp. ("**Vizsla Royalties**") whereby the business of the Company will be reorganized into two companies by way of a plan of arrangement (the "**VROY Arrangement**") under the *Business Corporations Act* (British Columbia).

------

The VROY Arrangement involves, among other things, the distribution of common shares (the "**Vizsla Royalties Shares**") and warrants of Vizsla Royalties (the "**Vizsla Royalties Warrants**") to Vizsla Silver shareholders such that each shareholder as of a particular date, immediately prior to closing of the transaction (the "**Record Date**") will receive 1/3 of a Vizsla Royalties Share and 1/3 of a Vizsla Royalties Warrant for each common share of Vizsla Silver (the "**Vizsla Silver Shares**") held as of the Record Date.

Also on March 27, 2024, the Company entered into an equity distribution agreement with Canaccord Genuity Corp. and filed a Prospectus Supplement in respect of an at-the-market equity program (the "**ATM Program**").

The ATM Program allows the Company to issue and sell up to C$50,000,000 of Vizsla Silver Shares from treasury to the public, from time to time, through Canaccord Genuity, at the Company's discretion and in accordance with the terms and conditions of the Distribution Agreement. All Vizsla Silver Shares issued under the ATM Program will be sold in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions, including sales made directly on the TSX Venture Exchange or on any other "marketplace" (as defined in National Instrument 21-101 - Marketplace Operation) in Canada, and/or any other method permitted by applicable law, at the prevailing market price at the time of sale and, as such, prices may vary among purchasers during the period of the ATM Program.

On March 28, 2024, the Company entered into an agreement to acquire the past-producing La Garra-Metates district (the "**La Garra-Metates District**") situated in the heart of the silver-gold-rich Panuco - San Dimas corridor.

The La Garra-Metates District is located 108 kilometres northeast of the City of Mazatlan, in the Municipality of Mazatlan, Sinaloa, Mexico and approximately 32 km north-northwest of the Panuco Project and 32 km south-southwest of San Dimas in the Mazatlán municipality.

On April 12, 2024, Suki Gill was appointed as a director of the Company.

On April 16, 2024, the Company entered into an agreement to acquire two large claims comprising 10,667.0 Ha (the "**San Enrique prospect**") located south and partially adjacent to the Company's Panuco-Copala Property.

The San Enrique prospect is situated along the highly prospective Panuco - San Dimas corridor and is covered 100% with LiDAR and partially covered with high-resolution aero-magnetic and radiometric surveys.

On June 24, 2024, the Company completed the spinout of certain assets of the Company, including a royalty on the Company's Panuco Project in southern Sinaloa, Mexico into Vizsla Royalties by way of a court approved plan of arrangement under the *Business Corporations Act* (British Columbia). Prior to closing of the VROY Arrangement, the Company completed an internal reorganization whereby certain assets of the Company were transferred to Vizsla Royalties. Prior to the internal reorganization, the Company held the only issued and outstanding Vizsla Royalties Share. Pursuant to the VROY Arrangement, shareholders of the Company received: (i) one new Vizsla Silver Share; (ii) 1/3 of a Vizsla Royalties Share; and (iii) 1/3 of a Vizsla Royalties Warrant for each Vizsla Silver Share held on June 21, 2024. Vizsla Silver warrants and options were also adjusted pursuant to the VROY Arrangement. Following completion of the transaction, the Company had ownership and control over 83,000,000 Vizsla Royalties, representing approximately 50.8% of the then issued and outstanding Vizsla Royalties Shares, with the remainder held by shareholders of the Company.

------

On August 28, 2024, the Company filed its PEA on SEDAR+ containing a base case assessment for developing Panuco-Copala Property.

On September 13, 2024, the Company updated its previously announced ATM Program to offer and sell up to US$100 million. The Company entered into a new equity distribution agreement dated September 13, 2024, with Canaccord Genuity and CIBC Capital Markets, as lead agents and National Bank Financial and BMO Capital Markets as agents. The offering of Common Shares under the ATM Program was made pursuant to a prospectus supplement dated September 13, 2024 (the "**Prospectus Supplement**") to the Company's final short form base shelf prospectus filed in all provinces and territories of Canada dated March 31, 2023 (the "**Base Shelf Prospectus**"), and pursuant to a prospectus supplement dated September 13, 2024 (the "**U.S. Prospectus Supplement**") to the Company's U.S. base prospectus (the "**U.S. Base Prospectus**").

On September 19, 2024, the Company closed a bought deal public offering of 25,000,000 common shares of the Company (the "**Common Shares**") at a price of C$2.60 per Common Share (the "**Offering Price**") for aggregate gross proceeds of C$65,000,000 (the "**Offering**"). The Offering was led by Canaccord Genuity as sole bookrunner and lead underwriter on behalf of a syndicate of underwriters that included CIBC Capital Markets, Ventum Financial Corp., Raymond James Ltd., Stifel Nicolaus Canada Inc., National Bank Financial Inc., and BMO Capital Markets (collectively, the "**Underwriters**"). The Company granted the Underwriters an over-allotment option, exercisable at the Offering Price for a period of 30 days after and including the closing date of the Offering, to purchase up to an additional 3,750,000 Common Shares. In consideration for the services provided by the Underwriters in connection with the Offering, the Company paid to the Underwriters a cash commission equal to C$3,228,000.

The Common Shares were offered pursuant to the Prospectus Supplement of the Company to the short Base Shelf Prospectus, in all the provinces and territories of Canada, except Quebec, and in the United States pursuant to a US Prospectus Supplement.

On September 25, 2024, the Underwriters exercised the over-allotment option in full purchasing an additional 3,750,000 Common Shares.

On September 26, 2024, the Company filed its second annual sustainability report on SEDAR+.

On October 17, 2024, the Company completed its acquisition of the past-producing La Garra-Metates District, previously announced on March 28, 2024. The Acquisition was completed pursuant to a share purchase agreement dated March 27, 2024.

On November 5, 2025, the Company graduated to the TSX and delisted from the TSX Venture Exchange (the "**TSXV**").

On December 11, 2024, the Company commenced its fully funded and fully permitted test mining and bulk sample program.

On January 9, 2025, one of the Company contractors suffered a fatal accident while working at the Panuco silver-gold project. A landslide impacted one of the exploration drill pads and claimed the life of an employee of Bylsa Drilling S.A. de C.V. ("Bylsa"). A second employee of Bylsa was also injured in the same incident. The operations were temporarily suspended and a comprehensive safety review was conducted.

On January 20, 2025, the Company resumed its operations on the Panuco silver-gold project.

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On February 20, 2025, the Company filed the Technical Report on SEDAR+ containing an updated mineral resource estimate on the Company's Panuco-Copala Property.

On April 28, 2025, the Company updated its previously announced ATM Program to offer and sell up to US$200 million of Common Shares of the Company. The Company entered into an equity distribution agreement dated April 28, 2025 (the "**Equity Distribution Agreement**") with Canaccord Genuity and CIBC Capital Markets, as lead agents, and National Bank Financial and BMO Capital Markets (collectively, the "**Agents**"), on the Toronto Stock Exchange and the NYSE American, and/or any other marketplace for the Common Shares in Canada or the United States or as otherwise agreed between the Agents and the Company.

The offering of Common Shares under the ATM Program is being made pursuant to a prospectus supplement dated April 28, 2025 (the "**Prospectus Supplement**") to the Company's final short form base shelf prospectus filed in all provinces and territories of Canada dated April 25, 2025 (the "**Base Shelf Prospectus"),** and pursuant to a prospectus supplement dated April 28, 2025 (the "**U.S. Prospectus Supplement**") to the Company's U.S. base prospectus (the "**U.S. Base Prospectus**").

**Recent Developments**

On May 15, 2025, the Company entered into an agreement to acquire the past producing Santa Fe Project (the "**Santa Fe Project**"), including both production and exploration concessions, comprising 12,229 Ha located to the south of the Company's flagship Panuco-Copala Property for a combination of cash and shares. The Santa Fe Project benefits from permitted on-site production infrastructure including an operating 350 tonne per day ("tpd") mill situated along the highly prospective Panuco - San Dimas corridor and is covered 100% with LiDAR and high-resolution aero-magnetic and radiometric surveys.

On June 26, 2025, the Company completed the bought deal public offering of 33,334,000 common shares of the Company at a price of (US$3.00) per Common Share for aggregate gross proceeds of $136,402,728 (US$100,002,000). The Company has granted the Underwriters an over-allotment option, exercisable at the offering price for a period of 30 days after and including the closing date of the Offering, to purchase up to an additional 5,000,100 common shares. The Company paid to the Underwriters a cash commission equal to $7,262,346 (US$5,324,300) in cash share issue costs and other costs for net proceeds of $129,140,383 (US$94,677,700). Exercise of such option on July 14, 2025, if done.

On July 14, 2025, the Company closed the over-allotment in full. The Underwriters exercised the over-allotment of 5,000,100 common shares at a purchase price of US$3.00 per Common Share raising gross proceeds of US$15,000,300. The Company paid to the Underwriters a cash commission equal to US$750,015.00 in cash share issue costs and other costs for net proceeds of US$14,248,784.97.

**Significant Acquisitions**

During the year ended April 30, 2025, the Company did not complete any significant acquisitions for which disclosure is required under Part 8 of National Instrument 51-102.

**DESCRIPTION OF BUSINESS**

**General Description of the Business**

***Business of the Company***

As of the date of this AIF, the primary business of the Company is the exploration and development of the Panuco-Copala Property.

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***Specialized Skill and Knowledge***

Several aspects of the Company's business require specialized skills and knowledge. Such skills and knowledge include the areas of geology, drilling, logistical planning, geophysics, metallurgy and mineral processing, implementation of exploration programs, mine construction and operation, and accounting. While recent increased activity in the resource mining industry has made it more difficult to locate competent employees and consultants in such fields, the Company has found that it can locate and retain such employees and consultants and believes it will continue to be able to do so.

***Competitive Conditions***

As a mineral exploration and development company, the Company may compete with other entities in the mineral exploration and development business in various aspects of the business including: (a) seeking out and acquiring mineral exploration and development properties; (b) obtaining the resources necessary to identify and evaluate mineral properties and to conduct exploration and development activities on such properties; and (c) raising the capital necessary to fund its operations. The mining industry is intensely competitive in all its phases, and the Company may compete with other companies that have greater financial resources and technical facilities. Competition could adversely affect the Company's ability to acquire suitable properties or prospects in the future or to raise the capital necessary to continue with operations.

***Cycles***

The mineral exploration business is subject to mineral price cycles. The marketability of minerals and mineral concentrates and the ability to finance the Company on favourable terms is also affected by worldwide economic cycles.

***Environmental Protection***

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous materials and other matters.

The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its properties that may result in material liability to the Company.

***Employees***

As of April 30, 2025, the Company had two full-time employees and eight consultants at its head office in Vancouver, Canada. The Company had seventy-seven full-time employees at its offices in Mazatlán, Mexico.

***Foreign Operations***

The Panuco-Copala Property is the Company's material property. The Panuco-Copala Property is in Sinaloa, Mexico. As such, the Company's operations and investments may be affected by local political and economic developments, including expropriation, invalidation of government orders, permits or agreements pertaining to property rights, political unrest, labour disputes, limitations on repatriation of earnings, limitations on mineral exports, limitations on foreign ownership, inability to obtain or delays in obtaining necessary mining permits, opposition to mining from local, environmental or other non-governmental organizations, government participation, royalties, duties, rates of exchange, high rates of inflation, price controls, exchange controls, currency fluctuations, taxation and changes in laws, regulations or policies as well as by laws and policies of Canada affecting foreign trade, investment and taxation.

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***Bankruptcy and Similar Procedures***

There is no bankruptcy, receivership or similar proceedings against the Company, nor is the Company aware of any such pending or threatened proceedings. There have not been any voluntary bankruptcy, receivership or similar proceedings by the Company within the three most recently completed financial years or currently proposed for the current financial year.

***Reorganizations***

Other than as disclosed in this AIF, there have been no material reorganizations of or involving the Company within the three most recently completed financial years or currently proposed for the current financial year.

***Social or Environmental Policies***

At its current stage of development and activities (i.e., drilling, prospecting and development), the Company has limited financial obligations in meeting applicable environmental standards. This will change as the Company advances its projects. Environmental regulations that are applicable to the Company cover a wide variety of matters, including, without limitation, prevention of waste, pollution and protection of the environment, labour regulations and worker safety. While the Company does not currently expect the impact of costs and other effects related to compliance with environmental, health and safety regulations to have a material adverse effect on the Company's financial condition or results of operations, such regulations are evolving in a manner which is likely to result in stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their directors and employees. Such stricter standards could impact the Company's costs and have an adverse effect on results of operations. Furthermore, an environmental, safety or security incident could impact the Company's reputation in such a way that the result could have a material adverse effect on its business and on the value of its securities.

**Risk Factors**

The Company is subject to many risks that may affect future operations over which the Company has little control. These risks include, but are not limited to, intense competition in the resource industry, market conditions and the Company's ability to access new sources of capital, mineral property title, results from property exploration and development activities, and currency fluctuations. The ability of the Company to fund its future operations and commitments is dependent on its ability to generate revenue and to obtain additional financing. Risks of the Company's business include the following:

***Financial Instrument Risk***

The Company's activities expose it to a variety of financial risks, which include market risk, foreign currency risk, interest rate risk, price risk, credit risk and liquidity risk. The Company's risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's financial performance.

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***Liquidity risk***

Liquidity risk is the risk that the Company will not meet its financial obligations as they become due. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2025, the Company had a cash and cash equivalents balance of $132,616,939 to settle liabilities of $6,392,341. All of the Company's financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms, except for the long-term portion of the Cash Consideration of the acquisition of Goanna Resources. Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

***Market risk***

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of commodity price risk and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. The Company is not exposed to significant market risk.

***Interest rate risk***

Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates. The average interest rate earned by the Company during the year ended April 30, 2025 on its cash and cash equivalents and short-term investments was 2.19% (2024 – 4.35%). A 1% increase or decrease in the interest earned from financial institutions on cash and cash equivalents and short-term investments would result in approximately a $1,445,000 change in the Company's net and comprehensive loss (April 30, 2024: $375,000).

***Foreign currency risk***

Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar, United States dollar, and Mexican Peso will affect the Company's operations and financial results. The Company and its subsidiaries are exposed to foreign currency risk to the extent that it has monetary assets and liabilities denominated in foreign currencies.

The Company measures the effect on total assets or total receipts of reasonably foreseen changes in interest rates and foreign exchange rates. The analysis is used to determine if these risks are material to the financial position of the Company. A 1% change in foreign exchange rate of CAD to MXN would increase/decrease the net and comprehensive loss for the year ended April 30, 2025, by approximately $201,000 (April 30, 2024: $212,000). A 1% change in foreign exchange rate of CAD to USD would increase/decrease the net and comprehensive loss for the year ended April 30, 2025, by approximately $305,000 (April 30, 2024: $17,000). Actual financial results for the coming year will vary since the balances of financial assets are expected to decline as funds are used for Company expenses.

***Price risk***

This risk relates to fluctuations in commodity and equity prices. The Company closely monitors commodity prices of precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in pricing may be significant.

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***Credit risk***

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered with the Company. The Company is exposed to credit-related losses in the event of non-performance by the counterparties. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Cash and cash equivalents are held with reputable banks in Canada. The long-term credit rating of these banks, as determined by Standard and Poor's, was A+. As at April 30, 2025, the cash on deposit at these institutions was more than federally insured limits. However, management believes credit risk is low given the good credit ratings of the banks.

*Competition*

Other exploration companies, including those with greater financial resources than the Company, could adopt or may have adopted the same business strategies and thereby compete directly with the Company, or may seek to acquire and develop mineral claims in areas targeted by the Company. While the risk of direct competition may be mitigated by the Company's experience and technical capabilities, there can be no assurance that competition will not increase or that the Company will be able to compete successfully.

*Resource Exploration and Development is a Speculative Business*

Resource exploration and development is a speculative business and involves a high degree of risk, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but from finding mineral deposits which, though present, are insufficient in size to return a profit from production. The marketability of natural resources that may be acquired or discovered by the Company will be affected by numerous factors beyond the control of the Company. These factors include market fluctuations, the proximity and capacity of natural resource markets, government regulations, including regulations relating to prices, taxes, royalties, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in the Company not receiving an adequate return on invested capital.

Substantial expenditures are required to establish ore reserves through drilling and metallurgical and other testing techniques, determine metal content and metallurgical recovery processes to extract metal from the ore, and construct, renovate or expand mining and processing facilities. No assurance can be given that any level of recovery of ore reserves will be realized or that any identified mineral deposit, even it is established to contain an estimated resource, will ever qualify as a commercial mineable ore body which can be legally and economically exploited. The great majority of exploration projects do not result in the discovery of commercially mineable deposits of ore.

*Fluctuation of Metal Prices*

Even if commercial quantities of mineral deposits are discovered by the Company, there is no guarantee that a profitable market will exist for the sale of the metals produced. Factors beyond the control of the Company may affect the marketability of any substances discovered. The prices of gold, silver, copper, lead, zinc, moly, and other minerals have fluctuated widely in recent years and are affected by several factors beyond the Company's control, including international economic and political conditions, expectations of inflation, international currency exchange rates, interest rates, consumption patterns, and speculative activities and increased production due to improved exploration and production methods. Fluctuations in commodity prices will influence the willingness of investors to fund mining and exploration companies and the willingness of companies to participate in joint ventures with the Company and the level of their financial commitment. The supply of commodities is affected by various factors, including political events, economic conditions, and production costs in major producing regions. There can be no assurance that the price of any commodities will be such that any of the properties in which the Company has, or has the right to acquire, an interest may be mined at a profit.

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*Increased Costs*

Management anticipates that costs at the Company's projects will frequently be subject to variation from one year to the next due to several factors, such as the results of ongoing exploration activities (positive or negative), changes in mineralization encountered, and revisions to exploration programs, if any, in response to the foregoing. Increases in the prices of such commodities or a scarcity of consultants or drilling contractors could render the costs of exploration programs to increase significantly over those budgeted. A material increase in costs for any significant exploration programs could have a significant effect on the Company's operating funds and ability to continue its planned exploration programs.

*Reclamation*

There is a risk that monies allotted for land reclamation may not be sufficient to cover all risks, due to changes in the nature of the waste rock or tailings and/or revisions to government regulations. Therefore, additional funds, or reclamation bonds or other forms of financial assurance may be required over the tenure of any mineral project of the Company to cover potential risks. These additional costs may have a material adverse effect on the Company's business, financial condition and results of operations.

*Mining Industry is Intensely Competitive*

The Company's business of the acquisition, exploration and development of mineral properties is intensely competitive. Increased competition could adversely affect the Company's ability to attract necessary capital funding or acquire suitable producing properties or prospects for mineral exploration in the future.

*Permits and Licenses*

The operations of the Company will require licenses and permits from various governmental authorities. There can be no assurance that the Company will be able to obtain all necessary licenses and permits that may be required to carry out exploration, development and mining operations at its projects, on reasonable terms or at all. Delays or a failure to obtain such licenses and permits or a failure to comply with the terms of any such licenses and permits that the Company does obtain, could have a material adverse effect on the Company.

*Government Regulation*

Any exploration, development or mining operations carried on by the Company, will be subject to government legislation, policies and controls relating to prospecting, development, production, environmental protection, mining taxes and labour standards. In addition, the profitability of any mining prospect is affected by the market for precious and/or base metals which is influenced by many factors including changing production costs, the supply and demand for metals, the rate of inflation, the inventory of metal producing corporations, the political environment and changes in international investment patterns.

*Environmental Restrictions*

The activities of the Company are subject to environmental regulations promulgated by government agencies in different countries from time to time. Environmental legislation generally provides for restrictions and prohibitions on spills, releases or emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species and reclamation of lands disturbed by mining operations. Certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner which means stricter standards, and enforcement, fines and penalties for non-compliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has a potential to reduce the profitability of operations.

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*Global Economy*

The volatility of global capital markets, including the general economic slowdown in the mining sector, over the past several years has generally made the raising of capital by equity or debt financing more difficult. The Company may be dependent upon capital markets to raise additional financing in the future. As such, the Company is subject to liquidity risks in meeting its operating expenditure requirements and future development cost requirements in instances where adequate cash positions are unable to be maintained or appropriate financing is unavailable. These factors may impact the ability to raise equity or obtain loans and other credit facilities in the future and on terms favourable to the Company and its management. If these levels of volatility persist or if there is a further economic slowdown, the Company's operations, the Company's ability to raise capital and the trading price of the Company's securities could be adversely impacted.

*Inflation and Inflationary Pressures*

The Company's operating costs could escalate and become uncompetitive due to supply chain disruptions, inflationary cost pressures, equipment limitations, escalating supply costs, commodity prices and additional government intervention through stimulus spending or additional regulations. The Company's inability to manage costs may impact, among other things, future development decisions, which could have a material adverse impact on the Company's financial performance.

General inflationary pressures may affect labor and other costs, which could have a material adverse effect on the Company's financial condition, results of operations and the capital expenditures required to advance the Company's business plans. There can be no assurance that any governmental action taken to control inflationary or deflationary cycles will be effective or whether any governmental action may contribute to economic uncertainty. Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response thereto may have a material adverse effect on the Company's business, results of operations, cash flow, financial condition and the price of the Company's securities.

*Public Health Crises*

Public health crises can result in volatility and disruptions in the supply and demand for gold and other metals and minerals, global supply chains and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect commodity prices, interest rates, credit ratings, credit risk and inflation. The risks to the Company of such public health crises also include risks to employee health and safety, a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak, increased labour and fuel costs, regulatory changes, political or economic instabilities or civil unrest. Any of these could affect the Company's ability to advance exploration and development with such risks to include challenges in recruiting and retaining staff and personnel, restricted access for employees and contractors to the Panuco-Copala Property, equipment and materials not being delivered to site on schedule or at all, and further inefficiencies required to be put in place to health and safety resulting in less productivity.

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*Enforcement of U.S. Judgments*

The Company is incorporated under the laws of British Columbia, Canada, and all the Company's directors and officers are not residents of the United States. Because certain of the Company's assets and the assets of these persons are located outside of the United States, it may be difficult for U.S. investors to effect service of process within the United States upon the Company or upon such persons who are not residents of the United States, or to realize in the United States upon judgments of U.S. courts predicated upon civil liabilities under U.S. securities laws. A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the U.S. court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. There is substantial doubt whether an original action could be brought successfully in Canada against any of such persons or the Company predicated solely upon such civil liabilities.

*U.S. Federal Income Tax Risks*

If the Company is treated as a passive foreign investment company (a "PFIC"), United States shareholders may be subject to adverse U.S. federal income tax consequences. A foreign corporation will generally be considered a PFIC for any taxable year in which (i) 75% or more of its gross income is "passive income" under the PFIC rules or (ii) 50% or more of the average quarterly value of its assets produce (or are held to produce) "passive income". The Company believes that it may have been classified as a PFIC for prior taxable years and may continue to be classified as a PFIC for the current taxable year, but the Company expects that it may cease being classified as a PFIC once it begins to generate revenues from operations. The Company's status as a PFIC in any taxable year, however, requires a factual determination that can only be made annually after the close of each taxable year. Therefore, there can be no assurance as to whether the Company will be classified as a PFIC for the current taxable year or for any future taxable year. If the Company is treated as a PFIC for any taxable year during which a U.S. person holds Common Shares, such U.S. person may be subject to material adverse tax consequences upon a sale, exchange or other disposition of such Common Shares, or upon the receipt of distributions in respect of such Common Shares, unless certain elections are made. Each prospective investor is strongly urged to consult its own tax advisors regarding the application of these rules, along with the availability and advisability of any elections, to such investor's particular circumstances.

If a U.S. person is treated as owning (directly, indirectly or constructively) at least 10% of the value or voting power of the Common Shares, such person may be treated as a United States shareholder with respect to each controlled foreign corporation in the Company's group (if any). A United States shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata share of Subpart F income, global intangible low-taxed income and investments in U.S. property by controlled foreign corporations, whether the Company will make any distributions. An individual that is a United States shareholder with respect to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a corporation. A failure to comply with these reporting obligations may subject a United States shareholder to significant monetary penalties and may prevent the statute of limitations with respect to a United States shareholder's U.S. federal income tax return for the year for which reporting was due from starting. Furthermore, the Company cannot provide any assurances that it will have sufficient information to assist investors in determining whether the Company or any of its subsidiaries are treated as a controlled foreign corporation or whether such investor is treated as a United States shareholder with respect to any such controlled foreign corporations. The Company also cannot guarantee that it will be able to furnish to any United States shareholder information that may be necessary to comply with the reporting and tax payment obligations. Prospective U.S. investors should consult their own advisors regarding the potential application of these rules to an investment in the Common Shares.

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*Macroeconomic Risks*

Political and economic instability (including the ongoing conflicts between Russia and Ukraine and in the Middle East), global or regional adverse conditions, such as pandemics or other disease outbreaks or natural disasters, currency exchange rates, trade tariff developments, transport availability and cost, including import-related taxes, transport security, inflation and other factors are beyond the Company's control. The macroeconomic environment remains challenging, and the Company's results of operations could be materially affected by such macroeconomic conditions.

*Foreign Countries and Political Risk*

The Company currently conducts mining operations in Mexico, and as such the Company's operations are exposed to various levels of political and economic risks by factors outside of the Company's control. These potential factors include but are not limited to: mining royalty and various tax increases or claims by governmental bodies, expropriation or nationalization, foreign exchange controls, trade disputes, high rates of inflation, extreme fluctuations in currency exchange rates, import and export regulations, cancellation or renegotiation of contracts, environmental and permitting regulations, illegal mining operations by third parties on the Company's properties, labour unrest and surface access issues. The Company currently has no political risk insurance coverage against these risks.

The Company is unable to determine the potential impact of these risks on its future financial position or results of operations. Changes, if any, in mining or investment policies or shifts in political attitude in Mexico may substantively affect the Company's exploration and development and production.

*Changes to Mining Laws and Regulation*

On May 8, 2023, the Mexican Government enacted a decree amending several provisions of the Mining Law, the Law on National Waters, the Law on Ecological Equilibrium and Environmental Protection and the General Law for the Prevention and Integral Management of Waste (the "**Decree**"), which became effective on May 9, 2023. The Decree amends the mining and water laws, including: (i) the duration of the mining concession titles, (ii) the process to obtain new mining concessions (through a public tender), (iii) imposing conditions on water use and availability for the mining concessions, (iv) the elimination of "free land and first applicant" scheme; (v) new social and environmental requirements in order to obtain and keep mining concessions, (vi) the authorization by the Ministry of Economy of any mining concession's transfer, (vii) new penalties and cancellation of mining concessions grounds due to non-compliance with the applicable laws, (viii) the automatic dismissal of any application for new concessions, and (ix) new financial instruments or collaterals that should be provided to guarantee the preventive, mitigation and compensation plans resulting from the social impact assessments, among other amendments.

These amendments could have an impact on our current and future exploration activities and operations in Mexico. However, the likelihood and extent of such impact is yet to be determined. On June 7, 2023, the Senators of the opposition parties (PRI, PAN and PRD) filed a constitutional action against the Decree, which is pending to be decided by Plenary of the Supreme Court of Justice. Additionally, on June 17, 2023, the Company filed *amparo* lawsuits, challenging the constitutionality of the Decree. As of the date of this prospectus supplement, these *amparos* filed by the Company, along with numerous amparos in relation to the Decree that have been filed by other companies, are still pending before the District or Collegiate Courts. On July 15, 2024, the Supreme Court of Justice in Mexico suspended all ongoing amparo lawsuits against the Decree whilst the constitutional action is being considered by the Supreme Court. As of the date of this prospectus supplement, the Supreme Court has not yet rendered an official ruling on the constitutional action against the Decree that was brought by the opposition parties within the Mexican government.

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In addition, on September 15, 2024, the Mexican Congress and a majority of state legislatures approved amendments to the Mexican Constitution to implement certain structural changes to the Mexican judiciary (the "Judiciary Reform"). The Judiciary Reform introduces significant changes to the Mexican judiciary, including (i) shifting from an appointment-based system, largely dependent on qualifications, to a system where judges are elected; and (ii) replacing the Federal Judicial Council with two new entities: the Judicial Administration Body and the Judicial Discipline Tribunal, which will oversee judicial careers, the Judiciary Branch's budgeting, and disciplinary actions for public officials. These proposed changes may have impacts on the Mexican court system and litigation in Mexico, the effects of which cannot be predicted at this time. In October 2024, opposition parties (PRI and PAN), along with certain judges and members of the Mexican Congress, filed constitutional actions with the Mexican Supreme Court of Justice against the Judiciary Reform. The Supreme Court of Justice has accepted the constitutional actions for its review.

The Company's mining, exploration and development projects, could be adversely affected by amendments to such laws and regulations, by future laws and regulations, by more stringent enforcement of current laws and regulations, by changes in applicable government policies affecting investment, mining and repatriation of financial assets, by changes in the independence and reliability of Mexican courts, by shifts in political attitudes and by exchange controls. The effect, if any, of these factors cannot be accurately predicted.

*Title Matters*

Although the Company has taken steps to verify the title to the mineral properties in which it has or has a right to acquire an interest in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee title (whether of the Company or of any underlying vendor(s) from whom the Company may be acquiring its interest). Title to mineral properties may be subject to unregistered prior agreements or transfers and may also be affected by undetected defects or the rights of indigenous peoples. The Company has investigated title to all its mineral properties and, to the best of its knowledge, title to all its properties for which titles have been issued are in good standing.

*Exploration and Mining Risks*

Fires, power outages, labour disruptions, flooding, explosions, cave-ins, landslides and the inability to obtain suitable or adequate machinery, equipment or labour are other risks involved in the operation of mines and the conduct of exploration programs. Substantial expenditures are required to establish reserves through drilling, to develop metallurgical processes, to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that funds required for development can be obtained on a timely basis. The economics of developing mineral properties is affected by many factors including the cost of operations, variations of the grade of ore mined, fluctuations in the price of gold or other minerals produced, costs of processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. In addition, the grade of mineralization ultimately mined may differ from that indicated by drilling results and such differences could be material. Short term factors, such as the need for orderly development of ore bodies or the processing of new or different grades, may have an adverse effect on mining operations and on the results of operations. There can be no assurance that minerals recovered in small scale laboratory tests will be duplicated in large scale tests under on-site conditions or in production scale operations. Material changes in geological resources, grades, stripping ratios or recovery rates may affect the economic viability of projects.

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*Regulatory Requirements*

The activities of the Company are subject to extensive regulations governing various matters, including environmental protection, management and use of toxic substances and explosives, management of natural resources, exploration, development of mines, production and post-closure reclamation, exports, price controls, taxation, regulations concerning business dealings with indigenous peoples, labour standards on occupational health and safety, including mine safety, and historic and cultural preservation. Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties, enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions, any of which could result in the Company incurring significant expenditures. The Company may also be required to compensate those suffering loss or damage by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or more stringent enforcement of current laws and regulations by governmental authorities, could cause additional expense, capital expenditures, restrictions on or suspension of the Company's operations and delays in the exploration and development of the Company's properties.

*No Assurance of Profitability*

The Company has no history of earnings and, due to the nature of its business there can be no assurance that the Company will ever be profitable. The Company has not paid dividends on its Common Shares since incorporation and does not anticipate doing so in the foreseeable future. The only present source of funds available to the Company is from the sale of its Common Shares or, possibly, from the sale or optioning of a portion of its interest in its mineral properties. Even if the results of exploration are encouraging, the Company may not have sufficient funds to conduct the further exploration that may be necessary to determine whether a commercially mineable deposit exists. While the Company may generate additional working capital through further equity offerings or through the sale or possible syndication of its properties, there can be no assurance that any such funds will be available on favorable terms, or at all. At present, it is impossible to determine what amounts of additional funds, if any, may be required. Failure to raise such additional capital could put the continued viability of the Company at risk.

*Taxation in Multiple Jurisdictions*

In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. Income tax provisions and income tax filing positions require estimates and interpretations of income tax rules and regulations of the various jurisdictions in which the Company and its subsidiaries operate and judgments as to their interpretation and application to the specific situation. In assessing the probability of realizing income tax assets recognized, the Company makes estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, the Company gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. While management believes that the Company's provision for income tax is appropriate and in accordance with IFRS and applicable legislation and regulations, tax filing positions are subject to review and adjustment by taxation authorities who may challenge the Company's interpretation of the applicable tax legislation and regulations. Examination by applicable tax authorities is supported based on individual facts and circumstances of the relevant tax position examined considering all available evidence. Any review or adjustment may result in the Company or its subsidiaries incurring additional tax liabilities. Any such liabilities may have a material adverse effect on the Company's financial condition.

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The introduction of new tax laws, tax reforms, regulations or rules, or changes to, or differing interpretation of, or application of, existing tax laws, regulations or rules in Canada or Mexico or any other countries in which the Company's subsidiaries may be located, or to which shipments of products are made, could result in an increase in the Company's taxes payable, or other governmental charges, interest and penalties, duties or impositions. No assurance can be given that new tax laws, tax reforms, regulations or rules will not be enacted or that existing tax laws, regulations or rules will not be changed, interpreted or applied in a manner which could result in the Company's profits being subject to additional taxation, interest and penalties, or which could otherwise have a material adverse effect on the Company.

*Violence and other Criminal Activities in Mexico*

Certain areas of Mexico, including the State of Sinaloa (in which the Panuco-Copala Property is located), have experienced outbreaks of localized violence, threats, thefts, kidnappings and extortion associated with drug cartels and other criminal organizations in various regions. On April 4, 2025, the Company announced that it had temporarily paused field work at the Panuco-Copala Property due to security conditions in the area. Any increase in the level of violence, or a concentration of violence in areas where the projects and properties of the Company are located, could have an adverse effect on the results and the financial condition of the Company.

*Uninsured or Uninsurable Risks*

Exploration, development and mining operations involve various hazards, including environmental hazards, industrial accidents, metallurgical and other processing problems, unusual or unexpected rock formations, structural cave-ins or slides, flooding, fires, metal losses and periodic interruptions due to inclement or hazardous weather conditions. These risks could result in damage to or destruction of mineral properties, facilities or other property, personal injury, environmental damage, delays in operations, increased cost of operations, monetary losses and possible legal liability. The Company may not be able to obtain insurance to cover these risks at economically feasible premiums or at all. The Company may elect not to insure where premium costs are disproportionate to the Company's perception of the relevant risks. The payment of such insurance premiums and of such liabilities would reduce the funds available for exploration and production activities.

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*Potential Conflicts of Interest*

The directors and officers of the Company may serve as directors and/or officers for other public and private companies, including companies in which the Company has invested in, and may devote a portion of their time to manage other business interests. This may result in certain conflicts of interest. To the extent that such other companies may participate in ventures in which the Company is also participating, and to the extent that such companies may receive funds from the Company, such directors and officers of the Company may have a conflict of interest in negotiating and reaching an agreement with respect to the extent of each company's participation. The Business Corporations Act (British Columbia), which governs the Company, requires the directors and officers to act honestly, in good faith, and in the best interests of the Company and its shareholders. However, in conflict-of-interest situations, directors and officers of the Company may owe the same duty to another company and will need to balance the competing obligations and liabilities of their actions. There is no assurance that the needs of the Company will receive priority in all cases. From time to time, several companies may participate together in the acquisition, exploration and development of natural resource properties, thereby allowing these companies to: (i) participate in larger programs; (ii) acquire an interest in a greater number of programs; and (iii) reduce their financial exposure to any one program. A particular company may assign, at its cost, all or a portion of its interests in a particular program to another affiliated company due to the financial position of the Company making the assignment. In determining whether the Company will participate in a particular program and the interest therein to be acquired by it, it is expected that the directors and officers of the Company will primarily consider the degree of risk to which the Company may be exposed and its financial position at that time.

*Key Executives and Outside Consultants*

The Company is dependent upon the services of key executives, including the directors of the Company, and will be dependent on a small number of highly skilled and experienced executives and personnel if development plans progress at the Panuco-Copala Property. Due to the relatively small size of the Company, the loss of these persons or the inability of the Company to attract and retain additional highly skilled employees may adversely affect its business and future operations.

The Company has also relied upon outside consultants, geologists, engineers and others and intends to rely on these parties for their exploration and development expertise. Substantial expenditures are required to construct mines, to establish mineral resources and reserves estimates through drilling, to carry out environmental and social impact assessments, to develop metallurgical processes and to develop the development, exploration and plant infrastructure at any site. If such parties' work is deficient or negligent or is not completed in a timely manner, it could have a material adverse effect on the Company's business, financial condition and results of operations.

*Accounting Policies and Internal Controls*

The Company prepares its financial reports in accordance with International Financial Reporting Standards. In preparation of its financial reports, management may need to rely upon assumptions, make estimates or use their best judgment in determining the financial condition of the Company. Significant accounting policies are described in more detail in the Company's audited financial statements. To have a reasonable level of assurance that financial transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and reported, the Company has implemented and continues to analyze its internal control systems for financial reporting, as further explained in its audited financial statements. Although the Company believes its financial reporting and financial statements are prepared with reasonable safeguards to ensure reliability, the Company cannot provide absolute assurance in this regard.

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*Litigation*

Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Like most companies, the Company is subject to the threat of litigation and may be involved in disputes with other parties in the future which may result in litigation or other proceedings. The results of litigation or any other proceedings cannot be predicted with certainty. If the Company is unable to resolve these disputes favourably, it could have a material adverse effect on the Company's business, financial condition and results of operations.

*Anti-Corruption and Anti-Bribery Laws*

The Company's operations are governed by, and involve interactions with, many levels of government in numerous countries. The Company is required to comply with anti-corruption and anti-bribery laws, including the Corruption of Foreign Public Officials Act (Canada) and the Foreign Corrupt Practices Act (Canada) and similar laws in the other jurisdictions in which it operates or maintains a public listing. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. The Company's internal procedures and programs may not always be effective in ensuring that it, its employees, contractors or third-party agents will comply strictly with all such applicable laws. Annual training on the policy is provided to all supervisory employees. If the Company becomes subject to an enforcement action or is found to be in violation of such laws, this may have a material adverse effect on the Company's reputation, result in significant penalties, fines and/or sanctions, and/or have a material adverse effect on the Company's operations.

*Active Liquid Market for and Market Price of Common Shares*

Securities of mining companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance, underlying asset values or prospects of the companies involved. These factors include macroeconomic developments in North America and globally and market perceptions of the attractiveness of industries. There can be no assurance that continual fluctuations in the market price of the Common Shares will not occur.

It may be anticipated that any quoted market for the Common Shares will be subject to market trends generally, notwithstanding any potential success of or developments with respect to the Company. The value of the Common Shares may be affected by such volatility. The market price of the Common Shares is also likely to be significantly affected by short-term changes in commodity prices, other mineral prices, currency exchange fluctuations and the Company's financial condition and results of operations as reflected in the Company's continuous disclosure. Further, the market price for the Common Shares may increase or decrease in response to a number of events and factors, including the performance of competitors and other similar companies, public reaction to the Company's public announcements and public filings with securities regulatory authorities, recommendations by research analysts who track the Company's securities or other companies in the resource sector, changes in general economic and/or political conditions, the arrival or departure of key personnel, the factors listed under the heading "Forward-Looking Information" and acquisitions, strategic alliances or joint ventures involving the Company or its competitors.

As a result of any of these factors, the market price for the Common Shares at any given point in time may not accurately reflect the long-term value of the Company. Securities class-action litigation has often been brought against companies following periods of volatility in the market price of their securities. The Company could in the future be the target of similar litigation and such litigation could result in substantial costs and damages and divert management's attention and resources, all of which could have a material adverse effect on the business, results of operations and financial condition of the Company.

*Future Sales of Common Shares by Existing Shareholders*

Sales of a large number of Common Shares in the public markets, or the potential for such sales, could decrease the trading price of the Common Shares and could impair the Company's ability to raise capital through future sales of Common Shares. The Company has previously completed financings or issued securities at prices which may be, from time to time, lower than the market price of the Common Shares. Accordingly, a significant number of the Company's shareholders at any given time may have an investment profit in the Common Shares that they may seek to liquidate.

*Dividend Policy*

No dividends on the Common Shares have been paid by the Company to date. The Company currently plans to retain all future earnings and other resources, if any, of the future operation and development of its business. Payment of any future dividends, if any, will be at the discretion of the Company's board of directors (the "**Board**") after considering many factors, including the Company's operating results, financial condition and current and anticipated cash needs.

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The Company's management consider the risks disclosed to be the most significant to potential investors of the Company, but not all risks associated with an investment in securities of the Company. If any of these risks materialize into actual events or circumstances or other possible additional risks and uncertainties of which the directors are currently unaware or which they consider not to be material in relation to the Company's business, actually occur, the Company's assets, liabilities, financial condition, results of operations (including future results of operations), business and business prospects, are likely to be materially and adversely affected. In such circumstances, the price of the Company's securities could decline, and investors may lose all or part of their investment.

**Material Mineral Projects**

As at the date of this AIF, the Panuco-Copala Property is the Company's only material property.

***The Panuco-Copala Property***

In accordance with the instructions set out in Section 5.4 of Form 51-102F2 – *Annual Information Form*, the Company has reproduced below the summary from the Technical Report on the Panuco-Copala Property dated with an effective date of September 9, 2024 and prepared for the Company by Allan Armitage, Ph.D., P.Geo, of SGS, Ben Eggers, MAIG, P.Geo of SGS, Henri Gouin, P.Eng. of SGS, Peter Mehrfert, P.Eng. of Ausenco Engineering Canada ULC , James Millard, P.Geo. of Ausenco Sustainability ULC, and Jonathan Cooper of Ausenco Sustainability ULC.. Defined terms in the summary below have the meanings ascribed to them in the Technical Report. Portions of the disclosure below are based on assumptions, qualifications and procedures which are not fully described herein. Reference should be made to the full text of the Technical Report, which is incorporated by reference in its entirety into this AIF, and which is available for review under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

<u>Summary</u>

SGS was contracted by the Company to complete an updated Mineral Resource Estimate ("**MRE**") for the Panuco-Copala Property (also referred to in this section as "**Panuco**" or the "**Project**") in Sinaloa, Mexico, and to prepare a National Instrument 43-101 ("**NI 43-101**") Technical Report written in support of the updated MRE. The Project is considered an early-stage exploration project.

The Company was incorporated as Vizsla Capital Corp. under the *Business Corporations Act* (British Columbia) on September 26, 2017. On March 8, 2018, the Company changed its name to Vizsla Resources Corp. On February 8, 2021, the Company changed its name to Vizsla Silver Corp. The Company's principal business activity is the exploration of mineral properties. The Company currently conducts its operations in Panuco-Copala Property Mexico and Canada.

On January 21, 2022, the Company was listed on the NYSE American exchange and commenced trading under the symbol "VZLA".

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The Technical Report is authored by Allan Armitage, Ph.D., P. Geo., ("**Armitage**"), Ben Eggers, MAIG, P.Geo. ("**Eggers**"), and Henri Gouin, P.Eng. ("**Gouin**") of SGS, Peter Mehrfert, P.Eng. ("**Mehrfert**") and Scott Elfen, P.E. ("**Elfen**") of Ausenco Engineering Canada ULC., James Millard, P.Geo. ("**Millard**"), and Jonathan Cooper ("**Cooper**") of Ausenco Sustainability ULC. (collectively, the "**Authors**"). The Authors are independent Qualified Persons as defined by NI 43-101 and are responsible for all sections of this report. The updated mineral resource estimate (the "**MRE**") presented in the Technical Report was estimated by Armitage.

The reporting of the updated MRE complies with all disclosure requirements for Mineral Resources set out in NI 43-101. The classification of the updated MRE is consistent with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014 CIM Definitions) and adheres as best as possible to the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (2019 CIM Guidelines).

The QP's confirm that the updated mineral resource estimate does not contain a material change to the tonnage and grade of the deposit that was the subject of an initial PEA filed by the Company on SEDAR+ on August 24, 2024. In addition, the QP's have audited the mine plan with respect to the updated MRE and verified that the modifying factors and inputs into the economic analysis have not changed materially from those disclosed in initial PEA. The QP's confirm the information contained in Sections 16-22 of the initial PEA is still current, and it has been included in this report.

The current Technical Report will be used by Vizsla in fulfillment of their continuing disclosure requirements under Canadian securities laws, including National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("**NI 43-101**"). This Technical Report is written in support of an updated MRE completed for Vizsla.

*Property Description, Location, Access, and Physiography*

The Project is in the Panuco-Copala mining district in the municipality of Concordia, southern Sinaloa state, along the western margin of the Sierra Madre Occidental physiographic province in western Mexico. The Panuco-Copala Property is centered at 23 25' north latitude and 105 56' west longitude on map sheets F13A-37.

The Project comprises 119 titled mining concessions in nineteen blocks, covering a total area of 16,536.87 ha, and two mineral concessions covering 1,321.15 ha. The mining concessions are held 100% by Vizsla. The concessions are granted for 50 years, except San Carlos that was originally granted for 100 years, provided semi-annual property tax payments are made in January and July each year and if minimum annual investment requirements are met, or if there is minimum annual production equal to the amount of the annual investment requirement. The concession owner may apply for a second 50-year term. Property tax payments of MX$2.03M were made in January and July of 2023 and MX$2.116M were paid in January of 2024 by Vizsla. Additionally, the company paid MX$2.421M of outstanding taxes in May 2024, for the recently acquired El Richard and San Enrique claims.

On January 17, 2024, Vizsla announced its intention to spin out the shares of Vizsla Royalties Corp, a wholly owned subsidiary of Vizsla, to the Company's shareholders. Vizsla Royalties currently holds, indirectly, a net smelter royalty (the "**Royalty**") on any potential future mineral production at Vizsla's flagship, 100% owned Panuco silver-gold project located in Sinaloa, Mexico. 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 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 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 and (iii) make a cash injection into Vizsla Royalties.

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Most of the surface rights in the municipality of Concordia are owned by Ejidos, which are areas of communal land used for agriculture. Community members individually farm designated parcels and collectively maintain communal holdings comprising the ejido. Ejidos are registered with Mexico's National Agrarian Registry (Registro Agrario Nacional). Surface rights to most of the land underlying the Project area are owned by six Ejidos. Mining concession owners have the right to obtain the expropriation, temporary occupancy, or creation of land easements required to complete exploration and mining work, including the deposit of rock dumps, tailings, and slag. Vizsla has agreements in place with 5 Ejidos covering a total of 15,029.63 ha within the Property with rights to extend the area as required with the same consideration per hectare.

The Project area is accessed from Mazatlán via Federal Highway 15 to Villa Union, then on Highway 40 for 56 km (one-hour drive) (see Figure 4-1 of the Technical Report). Highway 40 crosscuts the Project area and most of the vein structures. Toll Highway 40D also crosses the Project. In addition, local dirt roads provide access to most of the workings, but some require repairs or are overgrown, and four-wheel-drive vehicles are recommended in the wet season.

The Project is in the Concordia municipality, which has a population of approximately 27,000 inhabitants. Public services, including health clinics and police, are in the town of Concordia. Residents provide an experienced mine labour force. Contractors in Durango and Hermosillo have a strong mining tradition and provide the Project with a local source of knowledgeable labour and contract mining services. Drilling companies and mining contractors are available in Mazatlán, Durango, Hermosillo, Zacatecas, Fresnillo, and other areas of Mexico. The Project area is also used for cattle grazing, with limited agricultural use.

Two power lines connecting Durango and Mazatlán cross the Project, with 400 kV and 240 kV capacities.

The Company owns the 500 tonnes per day Coco mill on its property. In addition, there are some mineral processing plants held by third parties in the district that range from 200 to 700 tonnes per day in capacity.

*Geology and Mineralization* 

The Project is on the western margin of the Sierra Madre Occidental (SMO), a high plateau and physiographic province that extends from the U.S.A.-Mexico border to the east-trending Trans-Mexican Volcanic Belt. The SMO is a Large Igneous Province (LIP) recording continental magmatic activity from the Late Cretaceous to the Miocene in three main episodes. The first episode, termed the Lower Volcanic Complex (LVC), comprises a suite of intrusive bodies, including the Sonora, Sinaloa, and Jalisco batholiths and andesitic volcanic rock units with minor dacite and rhyolite tuffs and ignimbrites that are correlative with the Tarahumara Formation in Sonora of Late Cretaceous to Eocene age. The second magmatic episode is dominated by rhyolitic ignimbrites and tuffs that built one of the earth's largest silicic volcanic provinces and has been termed the Upper Volcanic Supergroup (UVS). These dominantly rhyolitic units were extruded in two episodes, from about 32 to 28 Ma and 24 to 20 Ma. These two periods of magmatic activity are associated with the subduction of the Farallon plate under North America and the Laramide orogeny that occurred between the Upper Cretaceous - Paleocene and the Eocene. The third episode comprises post subduction alkali basalts and ignimbrites associated with the opening of the Gulf of California between the late Miocene and Pleistocene - Quaternary.

The western part of the SMO in Sonora and Sinaloa is cut by north-northwest-trending normal fault systems developed during the opening of the Gulf of California between 27 and 15 Ma. The normal fault systems favoured the formation of elongated basins that were subsequently filled with continental sedimentary rocks. The basins occur in a north-northwest-trending belt extending from western Sonora to most of Sinaloa.

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The basement to the SMO is locally exposed in northern Sinaloa, near Mazatlan and on small outcrops within the project area. It comprises folded metasedimentary and metavolcanic rocks, deformed granitoids, phyllitic sandstones, quartzites, and schists of the Tahue terrane of Jurassic to Early Cretaceous age.

In the broader Project area, the LVC comprises granite, granodiorite, and diorite intrusive phases correlative with the Late Cretaceous to Early Paleocene San Ignacio and Eocene Piaxtla batholiths in San Dimas district. The andesite lavas, rhyolite-dacite tuffs, and ignimbrites are locally intruded by the Late Cretaceous to Early Paleocene intrusive phases and younger Eocene-Oligocene felsic dikes and domes. Northwest trending intermontane basins filled with continental conglomerates and sandstones incise the UVS and LVC in the Project area. The Oligocene age ignimbrites of the UVS occur east of the property towards Durango state.

The structure of the Project area is dominated by north-northwest-trending extensional and transtensional faults developed or reactivated during the Basin and Range tectonic event (~28 to 18 Ma). The extensional belt is associated with aligned rhyolite domes and dikes and Late Oligocene to Middle Miocene grabens.

Mineralization on the Panuco Property comprises several epithermal quartz veins. Previous workers and recent mapping and prospecting works conducted by Vizsla's geologists determined a cumulate length of veins traces of 86 km. Individual vein corridors are up to 7.6 km long, and individual veins range from decimetres to greater than 10 m wide. Veins have narrow envelopes of silicification, and local argillic alteration, commonly marked by clay gouge. Propylitic alteration consisting of chlorite-epidote in patches and veins affecting the andesites and diorite are common either proximal or distal to the veins.

The primary mineralization along the vein corridors comprises hydrothermal quartz veins and breccias with evidence of four to five different quartz stages: generally white, grey, and translucent and varying grain size from amorphous-microcrystalline-coarse. A late stage of amethyst quartz is also observed in some veins. The grey colour in quartz is due to the presence of fine-grained disseminated sulphides, believed to be mainly pyrite and acanthite. Vizsla Silver has delineated several hydrothermal breccias with grey quartz occurring more commonly at lower levels of the vein structures. Barren to low grade, quartz is typically white and is more common in the upper parts of the veins and breccias. Locally, mineralized structures are cut by narrow, banded quartz veins with thin, dark argentite/acanthite, sphalerite, galena, and pyrite bands. Bladed and lattice quartz pseudomorphs after calcite have been noted at several locations within the veins and indicate boiling conditions during mineral deposition. Later quartz veinlets cut all the mineralized zones with a mix of white quartz and purple amethyst. The amethyst is related to mixing near-surface waters as the hydrothermal system is collapsing, as has been noted in the nearby San Dimas district.

The Mineral Resource includes ten mineralized vein systems: the Napoleon, Napoleon hanging wall, Josephine, and Cruz Negra veins; the Copala, Cristiano, Tajitos and Copala 2 veins; the San Antonio vein; and the Rosarito vein. These trends are west to east within the Napoleon, Cinco Senores, Cordon del Oro, and Animas-Refugio corridors. The bulk of the resource veins strike north-northwest to north-northeast, with thicknesses varying from 1.5 m to over 10 m.

*History of Exploration, Drilling*

Capitan Francisco de Ibarra founded Concordia in 1565, and gold and silver veins in Panuco and Copala were first exploited in the centuries that followed Sim (2008) and Robinson (2019). Although production has been carried out on the Project over the last 460 years, no production records are available to the Company.

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The first recorded modern mining activity commenced late in the 20th century. The Mineral Resources Council (Consejo de Recursos Minerales ("**CRM**"), the predecessor of the Mexican Geological Service ("**SGM**") carried out 1:50,000 scale mapping on map sheet F13-A37 and fine-fraction stream sediment sampling in 1999. In 2003, the CRM published additional 1:50,000 scale mapping on map sheet F13-A36, and fine-fraction stream sediment sampling (Polanco-Salas et al., 2003). In 2019 the SGM conducted 1:50,000 scale geological mapping and fine-fraction stream sediment sampling on map sheet F13-A46.

In 1989 the CRM optioned and sold several mineral concessions in the district, including to Grupo Minera Bacis ("**Bacis**") in 1989. Bacis subsequently acquired claims from other parties active in the area, including Minas del Oro y del Refugio S.A. de C.V. Bacis drilled 19 holes totaling 2,822.8 m along the Animas-Refugio corridor, but only collar and survey records exist of this work.

From 1999 to 2001, Minera Rio Panuco S.A. de C.V. (Rio Panuco) explored the Animas-Refugio and Cordon del Oro structures culminating in 45 holes for 8,358.6 m. No geological drill logs, downhole survey data, downhole sample data, or geochemical assay data have been preserved. Graphic drill-hole sections are available, with limited downhole geology and geochemical data.

Capstone Mining Corp. ("**Capstone**") optioned the Bacis concessions in 2004 and carried out geologic mapping and sampling of the Animas-Refugio and Cordon del Oro structures. In 2005, Capstone drilled 15,374 m in 131 holes on down-dip extensions of the Clemens and El Muerto mines on the Animas-Refugio vein. In 2007, Capstone explored the La Colorada structure with surface mapping and sampling, followed by 6,659 m of drilling in 64 holes.

Also, in 2007, Capstone transferred the claims of the Copala, Claudia, Promontorio, Montoros, and Martha projects to Silverstone Corp. ("**Silverstone**"). Capstone and Silverstone completed 21,641 m of drilling in 200 holes from 2005 to 2008.

Two Mineral Resource estimates were prepared on the property for Silverstone on October 16, 2008. The Mineral Resource estimates were prepared for the La Colorada vein-manto and the La Pipa, El Muerto and Clemens portions of the Animas-Refugio Vein.

Silverstone merged with Silver Wheaton Ltd. ("**Silver Wheaton**") in 2009, and Silver Wheaton subsequently sold the shares of concession owner Silverstone to Mexican owners. The Silverstone owners mined out a portion of the Mineral Resource defined in 2008 over the next decade. Silverstone mined parts of the Clemens, El Muerto, La Pipa, Mariposa, El 40, and San Martin ore shoots until mining encountered the water table, preventing further mining. Silverstone or unauthorized mining activity in the intervening years exploited most of the Mineral Resources estimated by Christopher and Sim (2008).

Rio Panuco contracted Geophysical Surveys S.A. de C.V. of Mexico City in 2016 to conduct an airborne magnetics survey. However, no data are available, and no survey or flight specifications are included in the report. The survey was flown in two blocks.

In 2019, Silverstone and Rio Panuco optioned their mineral concessions to Minera CANAM.

MRP contracted Geophysical Surveys S.A. de C.V. of Mexico City in 2016 to conduct an airborne magnetics survey. However, no data are available, and no survey or flight specifications are included in the report. The survey was flown in two blocks.

Vizsla commenced exploration on the Project in July 2019. Surface exploration to date has included geological mapping, rock geochemical sampling, geophysical surveys. The 1:1,000 scale geological mapping of the Property completed as of December 2023 amounted to 4,800 ha mapped out of a total of 7,189.5 ha held by the company, which represents 67% of the total area mapped. Rock geochemical sampling completed between 2019 and 2024 amounts to 5,930 samples. Vizsla has conducted airborne and ground surveys since 2019. These include Fixed Loop Electromagnetic surveys (FLEM) or ground EM surveys, drone magnetic surveys, and LiDAR.

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Since initiating drilling on the Property in November 2019, Vizsla has conducted several significant drill campaigns in the Napoleon, Copala-Tajitos, Animas and San Antonio areas. Up to September 2024 (data cut-off date for the current MRE), Vizsla had completed 1,012 drill holes totaling 383,017.22 m and collected 57,680 assays. Vizsla has continued to drill at the Project since the data cut off for the Mineral Resource estimate.

In November 2019, Vizsla began drilling on the Panuco Project on the Animas-Refugio corridor near the La Pipa and Mariposa mine areas. A total of 820.50 m in three drill holes was completed in 2019. Drilling for 2020 totalled 28,643.42 m in 129 drill holes. The four main corridors of Napoleon, Cinco Senores, Cordon del Oro, and Animas-Refugio were tested. Drilling was focused on initially on targets proximal to areas of historical mapped and worked veins.

Drilling at the Panuco Project in 2021 totalled 100,242.55 m in 320 drill holes. The drilling focused along the Napoleon and Tajitos vein areas, with 54,759.15 m in 180 drill holes and 34,769.35 m in 104 drill holes, respectively. Additionally, 4,438.50 m in 14 drill holes were drilled in the Animas-Refugio corridor, and 6,275.55 m in 22 drill holes in the Cordon del Oro corridor.

At Napoleon and Tajitos, infill and delineation drilling focussed on denser drilling to inform the Mineral Resource estimate and expand the structure's strike length. Drilling discoveries in 2021 included the Josephine and Copala veins. Further drill testing included the Cruz Negra, Alacran, Cinco Senores, and Colorada vein areas. In the Animas-Refugio corridor, drilling tested the Rosarito segment included in the Mineral Resource estimate, in addition to the Peralta and Cuevillas veins. Drilling at the Cordon del Oro corridor targeted the San Antonio structure in addition to exploration near the Aguita Zarca vein.

Drilling for 2022 totalled 121,582.40 m in 297 drill holes. The four main corridors of Napoleon, Cinco Senores, Cordon del Oro, and Animas-Refugio were tested. Drilling at the Napoleon corridor included 109 drill holes tested the Napoleon structure, for 53,412.80 m. At the Cordon del Oro corridor, drilling totalled 7,225.80 m in 30 drill holes. Drilling at the Copala/Tajitos veins included 135 drill holes for 52,045.10 m. Additionally, 6,588.90 m in 16 drill holes were drilled in the Animas-Refugio corridor and 2,309.80 m in 7 drill holes were drilled in the Broche de Oro area.

The bulk of 2022 drilling was centred on the western portion of the district, focused on upgrading and expanding resources at the Copala and Napoleon areas. At Copala, mineralization has now been traced over 1,100 meters along strike, 400 meters down dip, and remains open to the north and southeast.

At Napoleon, drilling throughout 2022 successfully expanded mineralization along strike and down plunge to the south, several vein splays were identified in the hanging wall and footwall of the main structure.

Other notable discoveries include the Cristiano Vein; marked by high precious metal grades up to 1,935 g/t Ag and 15.47 g/t Au over 1.46 metres, located immediately adjacent to Copala; and La Luisa Vein, located ~700 metres west of Napoleon which continues to display similar silver and gold zonation as that seen at Napoleon.

Drilling for 2023 totalled 99,800.65 m in 180 drill holes. The main Napoleon and Cinco Senores corridors were primarily tested with limited drilling in the Animas-Refugio corridor. Drilling at the Napoleon corridor included 75 drill holes testing the Napoleon structure, for 40,926.80 m. Drilling at the Copala/Tajitos veins included 86 drill holes for 52,083.65 m. Drilling in the Animas-Refugio corridor included 8 drill holes for 2,548.50 m. Additional geotechnical drilling was completed at Napoleon, 6 drill holes for 2,375.70 m, and Cordon del Oro, 5 drill holes for 1,866.00 m.

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The 2023 drilling was centred on the western portion of the district, focused on upgrading and expanding resources at the Copala and Napoleon areas. At Copala, mineralization has now been traced over 1,700 m along strike and to depths of 450 to 550 m and remains open to the north and southeast.

At Napoleon, drilling throughout 2023 successfully expanded mineralization along strike and down plunge/dip to the south, several vein splays were identified in the hanging wall and footwall of the main structure.

Drilling for 2024 (to September 9) totalled 31,927.70 m in 83 drill holes. The main Napoleon and Cinco Senores corridors were tested. Drilling at the Napoleon corridor included 16 drill holes testing the Napoleon structure, for 8,885.20 m. Drilling at the Copala/Tajitos veins included 67 drill holes for 23,042.50 m.

The 2024 drilling was centred on the western portion of the district, primarily focused on infill drilling at 50 m and 25 m centres to upgrade resources within the Copala and Napoleon areas. Drilling at La Luisa focused on infill holes within high-grade shoots of the La Luisa and Footwall vein splay. The discovery of the El Molino vein in 2023 occurred approximately 250 m west of the Copala and Tajitos veins, but new interpretations and drilling confirmed that the vein extends southwest and intersects with Napoleon.

*Metallurgical Test Work*

Preliminary metallurgical test programs have been completed on each of the 3 main deposits that form the Panuco resource. All test programs were conducted at ALS Metallurgy in Kamloops, BC, Canada. The Napoleon test program was conducted in 2021 on samples obtained from 7 drill holes in the 2020 and 2021 drill programs. The Tajitos test program was conducted in 2022 on samples from 22 drill holes in the 2020 and 2021 drill programs. The Copala test program was conducted in 2023 on samples from 8 drill holes in the 2022 drill program.

The sample selections covered a range of identified lithologies. Master composites were assembled to obtain feed grades that were similar to the expected average resource grades, variability composites were assembled to cover ranges of grades and lithologies. The majority of the testing was completed on the master composites of each deposit.

Comminution testing was completed which suggested that the materials were competent with respect to both impact and attrition breakage. Drop Weight tests (SMC) were only conducted on the Copala samples and returned an average Axb value of 33. Bond ball mill tests conducted on samples from all three deposits measured ball mill work index (BMWi) values ranging from 16.4 to 18.9 kWhr/tonne.

Mineralogical assessments on the feed samples using QEMSCAN indicated that the host rock was primarily quartz and feldspars. Quartz contents ranged from 55 to 86%. The samples contained generally low levels of sulphide minerals, with pyrite as the most abundant sulphide mineral. The Napoleon samples contained elevated levels of galena and sphalerite, these base metal mineral contents were generally quite low in the Tajitos and Copala samples. Analyses on the Tajitos and Copala samples indicated that silver was mostly present in the form of a silver sulphide mineral acanthite, although small amounts were present in silvercopper sulphides. Detailed analyses on the Copala samples indicated a significant portion of the silver bearing sulphide minerals were quite fine grained and poorly liberated, suggesting that somewhat fine primary grind sizes may be required to achieve high silver recoveries.

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Froth flotation tests were conducted on all samples, investigating the potential to sequentially float lead and zinc, as well as simply recovering a bulk sulphide concentrate. Open circuit cleaner testing on the Napoleon master composite demonstrated that production of lead and zinc concentrates that meet standard marketing grade targets would be possible using industry-proven processing conditions. In this flowsheet, about 70 and 80 percent of the silver and gold, respectively, would report to the lead concentrate. The zinc concentrates contained approximately 0.4% cadmium, which may be of concern for marketing, otherwise no other deleterious elements were measured at penalty levels.

Lead-zinc sequential flotation was only investigated in rougher flotation protocols on the Tajitos and Copala samples, distributions of silver and gold to the rougher concentrates were similar to the Napoleon material. Bulk sulphide flotation on all three deposits indicated that bulk sulphide concentrates containing 50 to 60 g/t gold could be generated on each material, silver concentrations ranged from 1500 to over 8000 g/t depending on the sulphide mineral contents in the feed. In general, about 80 to 90% of the silver and gold reported to bulk rougher concentrates at the primary grind sizes tested, recoveries to cleaner concentrates were not confirmed as tests were only conducted in open circuit.

Cyanide leaching of the rougher flotation tails was investigated on the Tajitos and Copala samples. Approximately 60 to 70% of the silver and 80 to 85% of the gold remaining in the rougher tails could be extracted in tests conducted over 48 and 72 hours. Leaching of rougher flotation concentrates was investigated on all deposits, but most extensively on the Copala samples. Silver extractions ranged from 85 to 98% and gold extractions ranged from 93 to 97% after 48 hours of leaching the concentrates, depending on the level of regrinding applied.

Whole ore leaching was investigated on samples from all deposits, which indicated that about 83-86% of the silver and 90 to 94% of the gold could be extracted after 96 hours of leaching. These tests were conducted at primary grind sizes ranging from 63 to 100μm P80.

*Panuco Project Mineral Resource Estimate*

<u>*Mineral Resource Statement*</u>

Completion of the updated MREs for the Napoleon-La Luisa and Copala-Tajitos deposit areas involved the assessment of an updated drill hole database, which included all data for surface drilling completed between November 2019 and September 2024. The MREs for the Animas and San Antonio deposit areas included data for surface drilling completed between November 2019 and September 2022; there has been no new drilling on the Animas and San Antonio deposit areas and these MREs previously published (Armitage et al., 2023) are considered current. Completion of the MREs also included the assessment of updated three-dimensional (3D) mineral resource models (resource domains), 3D topographic surface models, 3D models of historical underground workings, and available written reports.

The Inverse Distance Squared ("ID2") calculation method restricted to mineralized domains was used to interpolate grades for Ag (g/t), Au (g/t), Pb (ppm) and Zn (ppm) into block models for all deposit areas.

The MREs presented in the Technical Report take into consideration that all deposits on the Property may be mined by underground mining methods.

The reporting of the updated MRE complies with all disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects. The classification of the updated MRE is consistent with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014 CIM Definitions) and adheres as best as possible to the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (2019 CIM Guidelines).

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The updated MRE for the Project is presented in Table 1-1 and Table 1-2 of the Technical Report.

Highlights of the Current Project Mineral Resource Estimate are as follows:

* Combined Measured and Indicated Mineral Resources are estimated at 12.96 Mt grading 307 g/t silver, 2.49 g/t gold, 0.27% lead, and 0.85% zinc (222.4 Moz AgEq at 534 g/t AgEq). The Updated MRE includes Measured mineral resources of 28.6 Moz of silver, 214 koz of gold, 7.2 Mlbs of lead, and 17.4 Mlbs of zinc (46.1 Moz AgEq) and indicated mineral resources of 99.2 Moz of silver, 822 koz of gold, 69.7 Mlbs of lead, and 225.6 Mlbs of zinc (176.3 Moz AgEq).

* Inferred Mineral Resources are estimated at 10.5 Mt grading 219 g/t silver, 1.96 g/t gold, 0.30% lead, and 1.01% zinc (412 g/t AgEq). The Updated Mineral Resource Estimate includes inferred mineral resources of 73.6 Moz of silver, 660 koz of gold, 31.2 kt of lead, and 106.2 kt of zinc (138.7 Moz AgEq).

**Table 1-1 Panuco Project Mineral Resource Estimate, September 9, 2024**

![](exhibit99-1x002.jpg)

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**Table 1-2 Panuco Project Mineral Resource Estimate by Are, September 9, 2024**

![](exhibit99-1x003.jpg)

![](exhibit99-1x004.jpg)

***Panuco Project Updated Mineral Resource Estimate Notes:***

(1) The classification of the current Mineral Resource Estimate into Indicated and Inferred is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.

(2) All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.

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(3) All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models (considered mineable shapes), and are considered to have reasonable prospects for eventual economic extraction.

(4) Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

(5) It is envisioned that the Panuco Project deposits may be mined using underground mining methods including longhole stoping (LHS) and/or drift-and-fill (DAF). Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes.

(6) Based on the size, shape, general thickness and orientation of the majority of the mineralized zones within the project area, it is envisioned that the deposits may be mined using a combination of underground mining methods including longhole stoping (LHS) and/or drift-and-fill (DAF).

(7) The base-case AgEq Cut-off grade considers metal prices of $26.00/oz Ag, $1,975/oz Au, $1.10/lb Pb and $1.35/lb Zn and considers metal recoveries of 93% for Ag, 90% for Au, 94% for Pb and 94% for Zn.

(8) The base case cut-off grade of 150 g/t AgEq considers a mining cost of US$45.00/t and processing, treatment, refining, and transportation cost of USD$30.00/t and G&A cost of US$20.00/t of mineralized material.

(9) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

*Mining Methods* 

The Panuco Project is a collection of silver-gold deposits located in the Panuco-Copala mining district in Sinaloa, Mexico, which extend from surface to over 800 m in depth. The deposits range in thickness from 1.5 m to greater than 20 m.

Based on the characteristics of the deposit, longhole stoping (LHS) was selected as the primary mining method, with drift-and-fill (DAF) selected for the northern portion of the Copala North Zone located directly under the Copala township. LHS considered a sublevel spacing of 20 m, stoping panels 20 m long, and on average are 8 m wide. Stope strike lengths are reduced in poor ground conditions to reduce excessive unplanned dilution. Where DAF was used, drifts are proposed to be 4 m high with five lifts per sublevel.

The mining methods considered for the Panuco Project are proposed to use a combination of cemented rock backfill (CRF), uncemented rock backfill, and paste backfill for stope support.

A Net Smelter Return (NSR) model was used to estimate the revenue of the mineralized material. Preliminary process recoveries, doré grades, smelting and refining terms, and transportation costs were used to estimate the NSR value. A Cut-Off Value ("COV") was used to flag material by whether the revenue in a block exceeds the costs of extraction and processing of that block. There were three COVs used to assess mining at Panuco: Fully Costed COV; an Elevated COV; and the Marginal COV.

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The Fully Costed COV represents the break-even value of mineralized material required to cover all the associated operating and sustaining capital costs of extraction and processing. Fully costed COVs were assumed for Panuco at US$106.6/t for LHS and US$120.7/t for DAF. The Elevated COV of US$200/t was considered during the pre-production period and the first three years of processing. The Marginal COV of US$22/t was assumed when the operation has committed to development and preparation of stoping blocks.

Due to the distance between the various geological deposits, the project was designed into two separate underground mines. The Copala Mine, the larger of the two, accesses the Copala, Cristiano, and Tajitos deposits. The Napoleon Mine which is located to the west of the Copala Mine accesses the Napoleon, La Luisa, Cruz Negra, and Josephine deposits.

Contractor mining is currently proposed for the Panuco Project to minimise up front capital and achieve higher productivities. The material movement is summarized in Table 1-3 of the Technical Report.

*Recovery Methods* 

The process design is based on processing mineralized material from the Panuco deposits, through crushing, grinding cyanide leaching and precious metal recovery via the Merrill Crowe process in phase 1 and converted to bulk flotation with concentrate regrind and concentrate leach in Year 4. The design is based on previous test work programs performed on the deposit, Ausenco's extensive database of reference projects, and in-house process modelling. The process plant has been designed with assumed availabilities of 65% for the crushing plant, and 92% for all other processing circuits, based on industry proven industry values. The plant will operate with two 12-hour shifts per day, 365 days per year.

A staged expansion approach for the process plant has been selected. A simple Whole Ore Leach flowsheet for Year 1-3 will treat Copala material and bulk float-con leach-tail leach configuration will be added when Napoleon material is introduced from Year 4. The expansion of the plant over the life of mine occurs as follows:

* Phase 1 (Years 1 to 3) - 3 stage crushing, ball milling, followed by whole ore leach recovery at a throughput of 1.2 Mt/a,

* Phase 2 (Years 4+) - conversion to bulk flotation with concentrate regrind, with concentrate and flotation tailings leach recovery at a throughput of 1.5 Mt/a.

The process plant features the following:

* Three-stage crushing of run of mine (ROM) material,

* Ball milling in closed circuit with a classifying cyclone,

* Bulk rougher flotation and concentrate regrind (Phase 2 only),

* Cyanide leaching of the reground flotation concentrate (Phase 2 only),

* Bulk leaching of the cyclone overflow (Phase 1) or of the flotation tailings and concentrate leach residue (Phase 2),

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* Counter-current decantation (CCD),

* Zinc precipitation of the clarified pregnant solution and smelting to produce doré,

* Cyanide detoxification,

* Tailings thickening, and

* Paste backfill mixing system. The simplified process flow diagram for the project is shown in Figure 1-1 of the Technical Report.

*Project Infrastructure* 

<u>*Overview*</u>

The major project facilities include the site access road, process plant, tailings storage facility and water management structures. Support facilities also include the gold room, truck shop, cemented backfill paste plant, administration office, laboratory, and warehouse.

The Panuco site will be 'drive-in', as such no permanent camp facilities are considered on the property. Operators will be housed in Concordia and Copala and the surrounding towns and will be transported to site every day.

The overall site layout is shown in Figure 1-2 of the Technical Report.

<u>*Site Access*</u>

The Property is located near the town of Copala, 80 km northeast of city of Mazatlan in Sinaloa, Mexico. The site can be accessed by travelling 25 km east along Highway 15, then travelling 43 km northeast along Highway 40. This leads to an entrance to a gravel access road that can be used to navigate across the property.

<u>*Power Supply*</u>

Power will be provided from a connection to Comisión Federal de Electricidad (CFE) electrical grid via a 69 kV transmission line. The transmission line will be stepped down to the 13.8 kV at the substation for distribution to different power requirements across the project site.

<u>*Water Supply*</u>

Fresh water will be sourced from the UG workings and site water collection which will be supplemented by water from the Panuco River as required. The water will be transported through pumps. 2.6 km of overland pipeline will be installed from Panuco River to the process plant where freshwater tanks will be located. This water will be the source of potable and fire water on site, used for administration buildings and process plant.

<u>*On-Site Roads*</u>

The project site has unpaved roads connecting the existing access road to the nearby highway. The existing roads will be upgrade to 4m - two lane roads from the process plant to Highway 40, and single lane road from Highway 40 to the Tailings Storage Facility (TSF).

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<u>*Buildings*</u>

The plant site consists of the necessary infrastructure to support the processing operations. All infrastructure buildings and structures will be built and constructed as per applicable codes and regulations. The project site will include an administration building, plant maintenance shop and warehouse, and other buildings.

<u>*Waste Rock Storage Facility*</u>

Currently the waste rock will be utilized for the development of the TSF and other infrastructure. However, if in the next phase, if its determined that a waste rock facility will be required, a siting study will need to be performed.

<u>*Tailings Storage Facility*</u>

A siting and deposition trade-off study was performed to determine best location and deposition technology. Several sites were analyzed, and the outcome of the study was a slurry tailings storage facility located approximately 2.5 km to the east of the process plant in a small watershed. The TSF has been designed to store 8.8 Mt of tailings but has capacity to expand if additional resources are discovered. The TSF has been designed with 4 stages over the life of the project. The starter embankment crest has a height of 573 m.a.s.l. and the final crest elevation of 612 m.a.s.l. to contain the required volume of tailings, operational water, and stormwater plus freeboard. In addition, spillways will be designed for every dam raise to pass the design storm event. The TSF is designed in accordance with best practices and Global Industry Standard on Tailings Management (GISTM) and International Council on Mining & Metals (ICMM's).

Tailings will be slurried from the process plant to the TSF by way of a pipelines that will extend 2/3rd around the perimeter of these facilities. Spigots around the facilities will discharge tailings into them to provide a uniform tailings surface and maximize the storage volume. Tailings are planned to be discharged at 65% solids and will have an overall final dry bulk density of 1.45 t/m3. The TSF will provide a portion of the water for the process plant from excess tailings water and rainfall runoff. Any water from the underdrain and emergency spillway will be collected in the transfer pond located at the base of the TSF and conveyed to the collection pond located approximately 1 km downstream in a small drainage.

*Markets and Contracts* 

The Ag + Au doré bars will be trucked from the project site to Mazatlán, where the doré will be subsequently transported by air to clients. Doré will be sold into the general market to North American smelters and refineries.

Project economics are estimated based on long-term metal prices of US$26.00/oz Ag and US$1,975/oz Au.

Transportation and off-take agreements for doré are not currently in place but are expected to be negotiated within the industry norms. Similarly, there are no contracts currently in place for supply of reagents, utilities or other bulk commodities required to construct and operate the Project.

*Environmental, Permitting and Social Considerations* 

The Panuco Project is in the Panuco-Copala mining district in the municipality of Concordia, southern Sinaloa State, along the western margin of the Sierra Madre Occidental physiographic province in western Mexico. Mountain ranges characterize the province's topography up to 1,640 m, cut by steep gorges. The climate is subtropical, with heavy rain in June through September.

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<u>*Environmental Considerations*</u>

The baseline environmental information provided in this report have been largely gathered by consultants during the period January 2022 to February 2023 (WSP, 2022-2023). These studies were intended to serve as a reference and support for the preparation of the Environmental Impact Assessment, EIA (MIA in Mexico) required by the Ministry of Environment and Natural Resources (SEMARNAT) to support ongoing exploration activities and to provide initial data to support proposed future mining operations for the Project. At the time of issuing the documents in 2022 and 2023, the location and design of the Project infrastructure had not yet been finalized.

Currently, baseline data is available for the following subject areas: meteorology and climate, surface water, groundwater, air quality, noise, and flora and fauna. A preliminary desktop study was completed on the social aspects of the Project and on regional hydrogeological aspects (Flores Doncel 2022).

A geotechnical and hydrogeological investigation was conducted by consultants in 2023-2024 (SRK 2024). The results of this investigation provided preliminary characterization focused on geotechnical and hydrogeological properties of the deposit and production access ramps. Additional hydrogeological investigations will be required to collect sufficient hydrogeological testing and monitoring data that can be used, coupled with geological models, to develop a groundwater conceptual model for the Project and study area.

At the time of this study, data was not available from public or other sources for the subject areas of geochemistry and archaeology, for the Project site. To support the next stage of the Project design work and to support future environmental assessment and permitting activities, additional site-based targeted environmental and local socioeconomic studies will need to be initiated. With regard to archaeological resources, a survey will need to be conducted, and findings registered with the INAH (Instituto Nacional de Antropologia e Historia, National Institute of Anthropology and History).

Currently, the only known environmental liabilities are associated with the exploration site activities and access roads. and existing underground workings from former operations Remediation of surface disturbances and removal of wastes will be mitigated by compliance with applicable Mexican regulatory requirements.

As the Project progresses though future and EIS/permitting stages, environmental management and monitoring plans will be required to guide the development and operation of the Project to mitigate and limit environmental impacts. These plans will be complementary to the engineered designs that will be required for the storage of tailings, waste rock, mineralized material, and conveyance/storage and processing of these materials.

<u>*Permitting Considerations*</u>

The Project is currently in the exploration stage and operates under three permits for mine exploration issued in 2020 and 2021, by SEMARANT (Secretary of Environmental Media and Natural Resource). An Informe Preventivo (IP) is in force for the area of the of the Panuco Project that permits drilling and exploration activities.

There are a number of environmental permits required for the operation of the project. Mining regulations are managed at the federal, state and local levels. Application for these permits have not yet been made but are in the preliminary preparation stage. Three major federal permits required by the Secretary of Environmental Media and Natural Resources (SEMARNAT) prior to construction include the Environmental Impact Assessment, EIA (MIA in Mexico), Land Use Change (CUS), and Risk Analysis (RA). A detailed list and description of required authorizations and permits for the Project are provided in Table 20-5 of the Technical Report.

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In March 2023, the Mexican Federal Executive Branch (Poder Ejecutivo) first submitted a bill to amend the Mining Law and other national laws impacting new mining and water concessions (known as the Amendments). The primary goal of the bill to regulate the granting, maintenance, supervision and termination of mining concessions and water concessions for mining purposes. However, the amendments have been postponed as declared in The Official Gazette of the Mexican Nation as of July 11, 2024, by the Supreme Court of Justice of the Nation. The Amendments, which focus principally but not exclusively, on the process of granting new concessions, are generally applicable to new concessions only. The Amendments are not seen as materially affecting the advancement of the Project given that the Project is comprised entirely of existing concessions. However, there does remain some minor uncertainty as to how the Amendments may be applied by Mexican regulators in the future, and the situation should be monitored closely.

<u>*Social and Community Considerations*</u>

The Panuco Project is in the northwest of the municipality of Concordia, Sinaloa. This region is made up of six rural agrarian centers with large extensions of Common Use Lands and 32 towns. The municipality of Concordia has an estimated population of 24,899 (2020 census) within an area of 2,167 km2. Many of these populations consist of emigration flows of people displaced from their original communities due to organized crime conflicts. Within the local area of Panuco, there are six agrarian settlements with large areas of Common Use Lands, and within it, there are 32 localities with rural characteristics. The estimated population of this area is 2,400 inhabitants, of which 28% have active agrarian rights (communeros or ejidatarios), and 72% are settlers (without agrarian rights). The total population is distributed across 20 localities, with 12 localities recorded as uninhabited. The Project's positive impact on the community may include employment generation, economic output and incorporation into social security programs. The Company will need to establish measures to mitigate negative impacts, especially if they are of concern to the population.

Vizsla reports that it is in the process of establishing guiding principles for community outreach and developing a strategic plan aligned with the organizational philosophy and the objectives of the Project. The implementation of actions must be accompanied by monitoring and measurement to evaluate performance and results. A community engagement plan and management system would enable relations with the community by controlling social risks and enabling favorable conditions for the development of the Project in the long term. In addition, such an engagement and management system would allow for the orderly development and justify sufficient budgets to allow for meaningful social investment, thereby reducing Project risks and costs due to potential community opposition and contribute to the responsible development of the community in accordance with community needs.

Supporting social activities and recreation for the Ejidos population is a main contribution that the Company has been supporting over the years. The support includes financial resources per request of the people and needed for the festivities and recreational activities that as a society are performed locally.

Vizsla has reportedly commenced conversations with local stakeholders to express the intention of developing a mining project within Common Use Lands and ejido property land that would aim to provide socio-economic well-being for the local population. The Company intends to maintain this relationship throughout the Project's lifecycle.

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*Closure and Reclamation Planning* 

In accordance with the general work schedule of the Panuco Project, the abandonment phase will commence after Year 11 from the start of operations, after which the approved Closure and Reclamation Plan will be implemented. At this time no formal Closure and Reclamation Plan has been prepared for the Panuco Project for the purpose of regulatory submission; one will be required as the Project advances through subsequent project stages of feasibility-level design and as part of the MIA. An environmental monitoring plan will need to be developed once closure measures are implemented.

However, for the purpose of Project design, a conceptual closure and reclamation plan for the Project has been preliminarily developed that involves the identification of risks and associated mitigation measures for various Project components. The associated cost of reclamation and closure has been preliminarily estimated at US$31.8M (refer to Section 21.2.10).

*Capital and Operating Cost Estimates* 

<u>*Capital Cost Estimates*</u>

The capital costs provided in this PEA are reported in United States Dollars (US$) with no allowance for escalation or exchange rate fluctuations. The capital cost estimate conforms to Class 5 guidelines of the Association for the Advancement of Cost Engineering International (AACE International) with an estimated accuracy of +50%/-30%. The capital cost estimate was developed in Q3 2024 dollars based on budgetary quotations for equipment and construction contracts, as well as in-house database of projects and advanced studies including experience from similar operations. The total initial capital cost for the Panuco Project is US$223.5M, expansion capital cost is US$11.1M and LOM sustaining cost including financing and closure cost of US$31.8M is US$262.0M. The capital cost summary is presented in Table 1-4 of the Technical Report.

<u>*Average Operating Cost Estimate*</u>

The costs considered on-site operating costs are those related to mining, processing, tailings handling, maintenance, power and general and administrative activities.

A summary of the operating costs is presented in Table 1-5 of the Technical Report.

The unit operating cost is US$76.40/t processed, including an annual G&A cost of US$9.9M.

*Economic Analysis* 

The economic analysis was performed assuming a 5% discount rate. The pre-tax net present value (NPV) discounted at 5% is US$1,778M; the internal rate of return (IRR) is 124.1%, and payback period is 0.6 years. On a post-tax basis, the NPV discounted at 5% is US$1,137M, the IRR is 85.7%, and the payback period is 0.8 years. A summary of project economics is shown in Table 1-6 of the Technical Report. The analysis was done on an annual cashflow basis; the cashflow output is shown graphically in Figure 1-3 of the Technical Report.

Readers are cautioned that the PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

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*Sensitivity Analysis* 

A sensitivity analysis was conducted on the base case NPV and IRR of the project using the following variables: discount rate, head grade, recovery, total operating cost, initial capital cost, as well as silver and gold prices, which were encompassed in a single variable, metal price. As illustrated in Figure 1-4 of the Technical Report, the sensitivity analysis revealed that the project is most sensitive to changes in head grade and metal price.

*Interpretations and Conclusions* 

The MRE, effective September 1, 2023, includes Indicated resource of 9.48 Mt grading 289 g/t silver, 2.41 g/t gold, 0.27% lead, and 0.84% zinc (511 g/t AgEq) plus an additional 12.19 Mt grading 239 g/t silver, 1.93 g/t gold, 0.29% lead, and 1.03% zinc (433 g/t AgEq) in the Inferred category. The process design is based on processing mineralized material from the Panuco deposits, through crushing, grinding cyanide leaching and precious metal recovery via the Merrill Crowe process in phase 1 and converted to bulk flotation with concentrate regrind and concentrate leach in Year 4.

The mining method selected for the Panuco Project is LHS backfill with a combination of Cemented Rock Fill ("CRF") and paste backfill. Mining operations will feed 1.2 Mt/a of mineralized material (387 g/t Ag, 2.35 g/t Au) in Phase 1 and 1.5 Mt/a of mineralized material (230 g/t Ag, 1.77 g/t Au) in Phase 2 for processing over a 11-year project life. Based on the assumptions and parameters in this technical report, the PEA shows a positive economics (i.e. US$1,137M post-tax NPV (5%) and 85.7% IRR). The PEA supports a decision to carry out additional studies to progress the project further into detailed assessment.

*Recommendations* 

<u>*The Overall Recommendations*</u>

The Panuco Project demonstrates positive economics, as shown by the results presented in this technical report.

It is recommended to continue developing the Project through FS. The recommended work program to advance through FS includes additional drilling to convert inferred resources to indicated resources, metallurgical work and trade-off studies to further improve the process plant design, additional geotechnical drilling to improve the mine plan, further work to characterise the water management and tailings storage facility and expansion and ongoing data collection of environmental data for future permitting. Table 1-7 of the Technical Report summarized the estimated cost for the recommended future work on the Panuco Project.

*Exploration and Drilling* 

The Deposits of the Panuco Project contain underground Indicated and Inferred Mineral Resources that are associated with well-defined mineralized trends and models. All deposits are open along strike and at depth.

Armitage considers that the Project has potential for delineation of additional Mineral Resources and that further exploration is warranted. Given the prospective nature of the Panuco Property, it is the opinion of Armitage that the Property merits further exploration and that a proposed plan for further work by Vizsla is justified.

Armitage is recommending Vizsla conduct further exploration, subject to funding and any other matters which may cause the proposed exploration program to be altered in the normal course of its business activities or alterations which may affect the program as a result of exploration activities themselves.

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For 2025, the company plans to drill ~25,000 m on current resource areas, priority targets proximal to current resources in the west, as well as on other high-priority targets in the eastern portion of the district.

<u>*Resource Extension Targets*</u>

The Copala structure remains open along strike to the north and down dip to the south. Alternatively, after the discovery of the old Copala adit and concomitant with the successful infill/expansion drilling campaign in central Copala, the team identified potential for near surface high-grade mineralization in the south. Vizsla intends to drill two near surface targets in the second half (H2) of 2025 once the team completes detailed structural and alteration mapping along Copala, south of the old adit.

At Napoleon area, the company plans to conduct resource expansion drilling along the Hanging Wall-4 vein (HW4) down-dip to the east and along the 400m wide gap in La Luisa vein, located between the current mineral resource area and seven shallow drill-holes located 500m to the north.

<u>*Proximal Targets*</u>

The EL Molino Vein, a northeast trending vein located between Copala and Napoleon, reported significant silver and gold grades close to surface, and Vizsla plans to continue exploring the vein along strike and at depth to add additional high-grade resources close to planned infrastructure in 2025.

Vizsla plans to drill-test a conceptual target at the projected northern intersection of the Copala fault with the Napoleon vein system near La Estrella area.

<u>*District Targets*</u>

New mapping efforts completed in 2023 and 2024 have highlighted an abundance of historic workings in the northeastern portion of the district. The new areas named "Camelia-San Dimas, Animas-Triunfo, Galeana, San Fernando-Nacaral and El Roble-Oregano-Whicha" are marked by several anomalous to high-grade surface samples grading up to 400 g/t Ag and 5.0 g/t Au. Given, the overall density of veins mapped on surface and the abundance of surface samples related to historic workings this has become a high priority district target in the east. Vizsla also contracted TMC Geophysical consulting to conduct a Horizontal Loop EM (Promis-HLEM) survey on 45 l-km over Copala (test area) and 5 selected high-priority targets during. The objective of the study is to determine the geophysical response of known mineralization near-surface at Copala, and then investigate five other selected targets in the district, four of them located in the northeast.

<u>*Bulk Sample / Test Mine*</u>

Vizsla has received permits to develop and operate a test mine program at its Panuco project to extract a combined 25,000 tonne bulk sample from the Copala and Napoleon structures. Initial engineering and underground development for the bulk sample test mine began in late 2024.

Key objectives for 2025:

* Advance Copala test mine development and bulk sample program

* Complete fourth round of metallurgical testing in H1 2025

* Advance through permitting process

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* Deliver Feasibility Study (FS) in H2 2025

* Complete +12,000 meters of geotechnical drilling to support the FS

* Complete +25,000 meters of ongoing discovery-based and resource expansion drilling

* Complete a ~45 line-kilometre ground Horizontal-Loop EM (Promis-HLEM) over six selected target areas

The total cost of the planned exploration work program by Vizsla is estimated at ~CAD$4.25 million.

**DIVIDENDS**

The Company has not paid any dividends since incorporation, and it has no plans to pay dividends for the foreseeable future. The directors of the Company will determine if and when dividends should be declared and paid in the future based on the Company's financial position at the relevant time. All of the Common Shares are entitled to an equal share of any dividends declared and paid.

**CAPITAL STRUCTURE**

**Common Shares**

The Company's authorized capital consists of an unlimited number of Common Shares without par value. As of April 30, 2025, a total of 298,374,460 Common Shares were issued and outstanding. As of the date of this AIF, a total of 342,795,860 Common Shares are issued and outstanding.

Each Common Share ranks equally with all other Common Shares with respect to dissolution, liquidation or winding-up of the Company and payment of dividends. The holders of Common Shares are entitled to one vote for each share of record on all matters to be voted on by such holders and are entitled to receive pro rata such dividends as may be declared by the Board out of funds legally available therefore and to receive, pro rata, the remaining property of the Company on dissolution. The holders of Common Shares have no redemption, retraction, purchase, pre-emptive or conversion rights. The rights attaching to the Common Shares can only be modified by the affirmative vote of at least two-thirds of the votes cast at a meeting of shareholders called for that purpose.

**Warrants**

There were 233,553 Common Share purchase warrants ("**Warrants**") outstanding as of April 30, 2025, exercisable into 233,553 Common Shares, with a weighted average exercise price of $1.48 per Common Share. As of the date of this AIF, 55,200 Warrants are outstanding, exercisable into 55,200 Common Shares, with a weighted average exercise price of $1.50 per Common Share, which would result in $82,800 cash proceeds to the Company, if exercised.

**Stock Options and Restricted Share Units**

The Company has approved an Omnibus Equity Incentive Plan (the "**Equity Plan**"), for the employees, directors, officers, consultants and employees of a person or company which provides management services to the Company or its associated, affiliated, controlled and subsidiary companies (the "**Participants**"). The Equity Plan replaced the existing Stock Option Plan that was in place since 2018. The Equity Plan includes a rolling 10% plan to issue stock options ("**Stock Options**"), restricted share units ("**RSU**s"), performance share units ("**PSU**s") and deferred share units ("**DSU**s") (together "**Awards**"). The Equity Plan can be found on the Company's Corporate Governance page on the website or under the Company's profile on SEDAR+ or EDGAR.

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There were 18,539,000 Stock Options outstanding as of April 30, 2025, exercisable into 18,539,000 Common Shares, with a weighted average exercise price of $1.91 per Common Share. As of the date of this AIF, there are 20,584,500 options outstanding, exercisable into 20,584,500 Common Shares with a weighted average exercise price of $2.14 per Common Share, which would result in $44,058,175 cash proceeds to the Company, if exercised.

210,000 options outstanding are exercisable into one Common Share up to June 29, 2025, and are fully vested. 1,190,000 options outstanding are exercisable into one Common Share up to August 6, 2025, and are fully vested. 100,000 options outstanding are exercisable into one Common Share up to December 1, 2025, and are fully vested. 60,000 options outstanding are exercisable into one Common Share up to January 12, 2026, and are fully vested. 1,278,000 options outstanding are exercisable into one Common Share up to February 17, 2026, and are fully vested. 2,535,000 options outstanding are exercisable into one Common Share up to June 22, 2026, and are fully vested. 139,000 options outstanding are exercisable into one Common Share up to July 27, 2026, and are fully vested. 1,343,000 options outstanding are exercisable into one Common Share up to September 24, 2026, and are fully vested. 200,000 options outstanding are exercisable into one Common Share up to February 1, 2027, and are fully vested. 435,000 options outstanding are exercisable into one Common Share up to June 2, 2027, and are fully vested. 1,078,000 options outstanding are exercisable into one Common Share up to February 10, 2028, and fully vested. 2,889,000 options outstanding are exercisable into one Common Share up to May 19, 2028, and 2,238,000 are vested. 320,000 options outstanding are exercisable into one Common Share up to November 15, 2028, and 160,000 are vested. 250,000 options outstanding are exercisable into one Common Share up to December 18, 2025, and are fully vested. 480,000 options outstanding are exercisable into one Common Share up to February 27, 2029, and are fully vested. 6,032,000 options are exercisable into one Common Share up to June 12, 2029, and 2,414,000 are vested.

There were 1,360,868 RSUs outstanding as of April 30, 2025 and will fully vest by June 12, 2027, and as of the date of the AIF there were 2,601,659 RSUs outstanding that will fully vest by May 1, 2028.

There were zero DSUs outstanding as of April 30, 2025, and as of the date of the AIF there were 850,000 DSUs issued to directors of the Company. These DSUs will fully vest upon the resignation of the director.

**MARKET FOR SECURITIES**

**Trading Price and Volume**

The Common Shares are listed and posted for trading on the TSX under the trading symbol "VZLA". On November 7, 2024, the Corporation graduated to the TSX from the TSXV and as such, the Common Shares were delisted from the TSXV at the end of the trading day on November 6, 2024, and began trading on the TSX on November 7, 2024.

The following table sets forth the high and low trading prices and trading volume of the Common Shares for its most recently completed financial year and as at the date of this AIF as reported by the TSX, and prior to November 7, 2024, the TSXV for the periods indicated:

------

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **High ($)** | **Low ($)** | **Volume** |
| July 1-16, 2025 | C$4.63 | C$3.86 | 7251634 |
| Jun-25 | C$5.00 | C$3.87 | 15845016 |
| May-25 | C$4.10 | C$2.83 | 14072883 |
| Apr-25 | C$3.34 | C$2.40 | 14844968 |
| Mar-25 | C$3.52 | C$2.61 | 13907812 |
| Feb-25 | C$3.37 | C$2.68 | 8333529 |
| Jan-25 | C$3.11 | C$2.44 | 12272937 |
| Dec-24 | C$2.825 | C$2.40 | 7127834 |
| Nov-24 | C$2.91 | C$2.33 | 18074191 |
| Oct-24 | C$3.31 | C$2.49 | 20488085 |
| Sep-24 | C$2.97 | C$2.43 | 31217134 |
| Aug-24 | C$2.93 | C$2.30 | 8803770 |
| Jul-24 | C$3.02 | C$2.28 | 8634994 |
| Jun-24 | C$2.52 | C$2.19 | 7287168 |
| May-24 | C$2.63 | C$1.79 | 14519011 |

---

**PRIOR SALES**

During the year ended April 30, 2025, the Company issued the following securities that are not listed or quoted on a marketplace:

**Warrants**

During the Company's most recently completed financial year, no Warrants were issued.

As of the date of this AIF, there are Warrants outstanding to purchase 55,200 Common Shares.

**Stock Options & Restricted Share Units**

During the Company's most recently completed financial year, 6,050,000 incentive stock options ("**Options**") were granted as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Grant** | &nbsp;&nbsp; **Number of<br>Options Granted** | &nbsp;&nbsp; **Exercise<br>Price** | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;12-Jun-2024 | &nbsp;&nbsp;6050000 | &nbsp;&nbsp;$2.24 | &nbsp;&nbsp;12-Jun-2029 |

---

Since May 1, 2025, the following Options have been granted:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Grant** | &nbsp;&nbsp; **Number of<br>Options Granted** | &nbsp;&nbsp; **Exercise<br>Price** | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;1-May-2025 | &nbsp;&nbsp;4050000 | &nbsp;&nbsp;$2.90 | &nbsp;&nbsp;1-May-2030 |

---

------

During the Company's most recently completed financial year, 775,000 restricted share units ("**RSUs**") were granted.

Since May 1, 2025, 1,450,000 RSUs have been granted as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Date of Grant** | &nbsp;&nbsp; **Number of<br>RSUs Granted** | &nbsp;&nbsp;**Grant<br>Price** |
| &nbsp;&nbsp;1-May-2025 | &nbsp;&nbsp;1450000 | &nbsp;&nbsp;$2.90 |

---

During the Company's most recently completed financial year, zero deferred share units ("**DSUs**") were granted.

Since May 1, 2025, 850,000 DSUs have been granted as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Date of Grant** | &nbsp;&nbsp; **Number of<br>DSUs Granted** | &nbsp;&nbsp; **Grant<br>Price**  |
| &nbsp;&nbsp; 1-May-2025 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; $2.90 |

---

As of the date of this AIF, there are Options outstanding to purchase an aggregate of 20,584,500 Common Shares, there are 2,601,659 RSUs outstanding and there are 850,000 DSUs outstanding.

**ESCROWED SECURITIES**

As of April 30, 2025, the Company has no shares in escrow.

**DIRECTORS AND OFFICERS**

**Name, Occupation and Security Holdings**

The following table sets out the names of the directors and officers of the Company as at the date of this AIF and their respective provinces or states and countries of residence, positions with the Company, principal occupations within the five preceding years, periods during which each director has served as a director and the number of each class of securities of the Company and percentage of such class beneficially owned, directly or indirectly, or subject to control or direction by that person.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position and<br>City, Province and<br>Country of Residence** | **Principal Occupation or<br>Employment for Past 5<br>Years<sup>(</sup>**<sup>**1)**</sup> | **Director or<br>Officer Since** | **No. and<br>Class of<br>Securities<sup>(1)</sup>** | **Percentage<br>of Class<sup>(2)</sup>** |
| **Michael Konnert**<br>British Columbia, Canada<br>*President, CEOand Director* | Mr. Konnert is the founder of Vizsla Silver Corp., and he is currently the Chief Executive Officer, President and a Director of the Company. | September 26, 2017 | 2415751 | 0.70% |
| **Craig Andrew Parry <sup>(7)</sup>**<br>British Columbia, Canada<br>*Director* | Mr. Parry is the Chairman of Vizsla Silver Corp. He also the CEO and Executive Chairman of Vizsla Copper Corp. and serves on various other boards as a director. | December 18, 2018 | 8692485<br>| 2.54% |
| **Simon Cmrlec**<br>British Columbia, Canada<br>*Director and Chief Operating Officer* | Mr. Cmrlec is the Chief Operating Officer of the Company. He was previously Chief Operating Officer at Ausenco Limited. | February 21, 2019 | 1214061<br>| 0.35% |
| **Harry Pokrandt <sup>(3)(4)(6)**<br></sup><br>British Columbia, Canada<br>*Director* | Mr. Pokrandt is a director for the Company. He is currently Chairman of Spectrum Energy and a Board Member of Big Brothers Foundation of Greater Vancouver.<br>| November 23, 2021 | 352500 | 0.10%<br>|
| **David Cobbold** <sup>**(3)(4)(6)**<br></sup><br>British Columbia, Canada<br>*Director* | Mr. Cobbold is currently Vice Chairman of Metals and Mining, Macquarie Group. | December 8, 2022 | 55450 | 0.02% |
| **Eduardo Luna <sup>(7)</sup>**<br>Mexico<br>*Director* | Mr. Luna is currently the Chairman of the Board of Directors of Rochester Resources Ltd. He formerly served as a member of the Board of Directors of Wheaton Precious Metals Corporation. He is a Director of Coeur Mining, Inc. | November 15, 2023 |  |  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position and<br>City, Province and<br>Country of Residence** | **Principal Occupation or<br>Employment for Past 5<br>Years**<sup>**(</sup>**<sup>**1)**</sup> | **Director or<br>Officer Since** | **No. and<br>Class of<br>Securities<sup>(1)</sup>** | **Percentage<br>of Class<sup>(2)</sup>** |
| **Sukhjit Gill <sup>(3)(</sup>**<sup>**5**</sup><sup>**)(6)**<br></sup><br>British Columbia, Canada<br>*Director* | Ms. Gill currently serves as a partner at Smythe LLP. | April 12, 2024 |  |  |
| **Mahesh Liyanage**<br>British Columbia, Canada<br>*Chief Financial Officer* | Mr. Liyanage is the CFO of the Company. | December 1, 2020 | 72498 | 0.02% |
| **Michael Pettingell**<br>British Columbia, Canada<br>*SVP, Business Development and Strategy* | Mr. Pettingell is currently SVP of Business Development of the Company. | July 27, 2021 | 61947 | 0.02% |
| **Dr. Jesus Velador**<br>British Columbia, Canada<br>*VP, Exploration* | Dr. Velador is currently VP, Exploration of the Company. | May 5, 2022 | 110315 | 0.03% |
| **Jennifer Hanson**<br>British Columbia, Canada<br>*Corporate Secretary* | Ms. Hanson is currently Corporate Secretary for Vizsla Silver Corp. She serves as Corporate Secretary for various public companies. | December 18, 2018 | 9627 | 0.00% |

---

Notes:

(1) The information as to principal occupation and shares beneficially owned has been furnished by the respective individuals.

(2) Based upon the 342,795,860 Common Shares issued and outstanding as of the date of this AIF.

(3) Member of the Audit Committee.

(4) Member of the Compensation Committee

(5) Chair of the Audit Committee<br>(6) Member of Corporate Governance & Nominating Committee<br>(7) Member of the Technical Committee

As at the date of this AIF, 12,984,634 Common Shares of the Company are beneficially owned, directly or indirectly, by the directors and executive officers as a group, representing approximately 3.79% of the issued and outstanding voting securities of the Company.

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**Director Biographies**

*Michael Konnert, Director, President and Chief Executive Officer* 

Mr. Konnert is a mining entrepreneur with deep expertise in deal-making, financing, team leadership and strategic corporate development. As the Founder, President, Director and CEO of Vizsla Silver Corp. (NYSE:VZLA), he has successfully led the company in consolidating one of Mexico's highest-grade silver and gold districts, positioning it to develop one of the world's largest single-asset silver producers. He is also co-founder and Managing Partner of Inventa Capital, a natural resource incubator company dedicated to acquiring and developing assets in the natural resource sector. Since its founding in 2017, Inventa has raised over C$800M in capital, focusing on discovering emerging opportunities in the industry.

In 2017, Mr. Konnert co-founded CobaltOne Energy Corp, a battery metal exploration company, which he successfully led to acquisition by Blackstone Minerals (ASX: BSX). He also serves as Executive Chairman of Vizsla Royalties and holds board positions at Vizsla Copper (TSX-V: VCU) and Summa Silver (CSE: SSVR). Michael's career is marked by his strategic vision, commitment to sustainable development, and innovative approach to the mining industry.

*Craig Parry, Director*

Through the course of his career, Mr. Parry has been a founder, director, CEO, senior executive and geologist working across a broad range of commodities with several companies. He is currently Lead Director of Skeena Resources Ltd and has been a Director since December 15, 2016. He is the Executive Chairman and CEO of Vizsla Copper Corp. (since September 1, 2021). He is a founder and Chairman of Vizsla Silver Corp. (since December 18, 2018). He was a founder and CEO and/or director of Valkea Resources Corp., Gold Bull Resources Corp., IsoEnergy Ltd (TSXV:ISO), NexGen Energy Ltd (NYSE:NXE), EMR Capital, Tigers Realm Coal (ASX:TIG), Tigers Realm Minerals, and G-Resources Group. He worked for Rio Tinto from 2000 to 2008.

Mr. Parry has led teams and been involved in a number of exceptional discoveries and resource projects including Vizsla's discovery of new veins at its Panuco-Copala silver district, IsoEnergy's Hurricane uranium deposit, NexGen's Arrow uranium deposit and Tigers Realm Coal's Amaam and Amaam North coking coal deposits.

Mr. Parry graduated from The University of New South Wales and holds a Bachelor of Science (Applied Geology) with first class Honours and the University Medal. He is a member of the AusIMM.

*Simon Cmrlec, Director and Chief Operating Officer*

Mr. Cmrlec is a highly experienced senior engineer with over 30-years of industry experience who has been a director of the Company since its formation and has most recently held the position of Chief Operating Officer of Ausenco, a global mining engineering and consulting firm. He has extensive experience in building mining projects around the world and across a number of different commodities and will be tasked with advancing Vizsla Silver's world-class Panuco silver-gold Project towards production, with the goal of becoming one of the world's largest single-asset silver producers.

Mr. Cmrlec began his career with Western Mining at its Olympic Dam Operations in South Australia where he held a number of technical and operations roles. He was one of the Owners Representatives for the Olympic Dam Expansion Project (ODP) where he was involved in the design, construction and commissioning of the Smelter and Hydrometallurgical facilities. Following the completion of the ODP project Simon joined Kvaerner and was involved in the construction and commissioning of various base metals, iron ore and gold projects in the US, South America, Middle East and South Africa. In 2001 he joined Inco on the Goro Nickel project in New Caledonia as the Project Manager responsible for the Refinery facility. Simon held a number of roles on the Goro Nickel project including Senior Project Manager and Construction director in his eight years there. Simon joined Ausenco in 2009 and held a number of positions with the company including President, Program Management and President APAC/Africa before moving to Canada in 2015 in the role of President, North America and finally Chief Operating Officer.

------

He became a Director of Vizsla Silver in 2018 before joining the company as Chief Operating Officer in 2024.

Mr. Cmrlec attended the Gartrell School of Mining, Metallurgy and Applied Geology at the University of South Australia and graduated with a B.Eng (Hons) in Metallurgical Engineering in 1994.

*Harry Pokrandt, Director*

Mr. Pokrandt is a Capital Markets Executive with 30+ years experience in mining and technology. He is a currently Chairman of Spectrum Energy and a Director of Big Brothers Foundation of Greater Vancouver. He is formerly Chairman of Mayfair Gold and former Managing Director at Macquarie Capital Markets, CEO of Hive Block chain, Director of Kore Mining, Gold X Mining Corp., BQ Metals Corp, Lithium X and Fiore Exploration.

*David Cobbold, Director*

Mr. Cobbold is a veteran investment banker with 28 years of financial services experience. Currently, he is Vice Chairman of Metals and Mining, Macquarie Group where he is responsible for sourcing and leading merger, acquisition, sale and defence transactions for clients ranging from exploration and development companies to global metals & mining companies. Mr. Cobbold's clients are based in Canada, US, U.K., South Africa and Australia.

In addition, Mr. Cobbold has extensive experience in global commodity and securities markets. Mr. Cobbold joined Macquarie in 2011 as a Managing Director, Head of Mining, Macquarie Capital Markets Canada. Prior to joining Macquarie, Mr. Cobbold worked at CIBC World Markets and CIBC Capital Partners for 13 years in various capacities, including as a Managing Director, Global Mining Investment Banking and Managing Director, Equity Capital Markets.

Mr. Cobbold holds a Bachelor of Arts in Economics, University of Western Ontario and Master of Business Administration (MBA), Harvard Business School.

*Eduardo Luna, Director*

Mr. Luna has spent over forty years in the precious metals mining industry and has held prior senior executive and board positions at several companies including Industrial Peñoles, Goldcorp Inc., Luismin SA de CV, Wheaton River Minerals Ltd., Alamos Gold Inc., Dyna Resource, Inc. and Primero Mining Corporation.

He is currently the Chairman of the Board of Directors of Rochester Resources Ltd., a junior natural resources company with assets in Mexico. He formerly served as a member of the Board of Directors of Wheaton Precious Metals Corporation. He is a Director of Coeur Mining, Inc. Mr. Luna is the former President of the Mexican Mining Chamber and a former President of the Silver Institute.

------

He is an inductee in the Mexico Mining Hall of Fame and serves as Chairman of the Advisory Board of the Faculty of Mines at the University of Guanajuato where he received a degree in Mining Engineering and Metallurgy.

*Sukhjit Gill, Director*

Ms. Gill currently serves as a partner at Smythe LLP and practice group leader of Smythe's assurance group. She is a Chartered Professional Accountant with 23 years of experience and specializes in providing audit and assurance services to publicly traded companies operating in the resource industry, as well as private companies across several industries in both Canada and the United States. Ms. Gill is also a director of Skeena Resources Limited. She was previously on the board of directors for the Provincial Health Services Authority and British Columbia Emergency Health Services.

Ms. Gill holds a Bachelor of Technology in Accounting from BCIT and a Chartered Professional Accountants of British Columbia.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Other than as disclosed below, to the knowledge of the Company, no director or executive officer of the Company nor a shareholder holding a sufficient number of Common Shares to materially affect the control of the Company, nor a personal holding company of any of them,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, at the date of this AIF or has been within the 10 years before the date of this AIF, a director or executive officer of any company (including the Company), that while that person was acting in that capacity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was the subject of a cease trade order or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was subject to an event that resulted, after the director or executive officer ceased to be a director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities registration, for a period of more than 30 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement, or compromise with creditors, or had a receiver, receiver manager, or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has, within the 10 years before the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or comprise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, officer or shareholder.

Mahesh Liyanage was the Chief Financial Officer of Synodon Inc. from March 1, 2016, to November 17, 2016. On November 30, 2016, a Receiver was appointed under the Bankruptcy and Insolvency Act (Canada) pursuant to a Court Order of the Court of Queen's Bench of Alberta and on May 8, 2017, Synodon Inc. was cease traded by the Alberta Securities Commission.

------

To the knowledge of the Company, no director or executive officer of the Company, nor a shareholder holding a sufficient number of Common Shares of the Company to affect materially the control of the Company, nor a personal holding company of any of them, has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a security's regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

**Conflicts of Interest**

Certain directors and officers of the Company are directors and officers of other companies, some of which are in the same business as the Company. The directors and officers of the Company are required by law to act in the best interests of the Company. They have the same obligations to the other companies in respect of which they act as directors and officers. Discharge by the directors and officers of their obligations to the Company may result in a breach of their obligations to the other companies, and in certain circumstances this could expose the Company to liability to those companies. Similarly, discharge by the directors and officers of their obligations to the other companies could result in a breach of their obligation to act in the best interests of the Company. Such conflicting legal obligations may expose the Company to liability to others and impair its ability to achieve its business objectives.

**AUDIT COMMITTEE INFORMATION**

Pursuant to the provisions of National Instrument 52-110 Audit Committees ("**NI 52-110**") the Company

is required to provide the following disclosure with respect to its Audit Committee.

**Audit Committee Mandate**

The text of the Audit Committee's Charter is attached as Appendix "A" to this AIF.

**Composition of the Audit Committee**

The Company's audit committee consists of Suki Gill, Harry Pokrandt, and David Cobbold (the "**Members**"). The Members are independent of the Company. Ms. Gill is the Chairman of the Audit Committee.

**Relevant Education and Experience**

Each member of the Audit Committee has considerable experience participating in the management of private and/or publicly traded companies and has the ability to read and understand financial statements that present the breadth and level of complexity of accounting issues that would generally be expected to be raised by the Company's financial statements. See "*Directors and Officers - Director Biographies*" for additional information on each director's education and experience.

Each Audit Committee member has had extensive experience reviewing financial statements. Each member understands the Company's business and has an appreciation for the relevant accounting principles for that business.

------

**Reliance on Certain Exemptions**

At no time since the commencement of the Company's most recently completed financial year has the Company relied on: (a) the exemption in section 2.4 (*De Minimis Non-audit Services*), or (b) an exemption from NI 52-110, in whole or in part, granted under Part 8 (*Exemptions*).

**Audit Committee Oversight**

For the year ended April 30, 2025, the audit committee of the Company has not made any recommendations to nominate or compensate an external auditor which were not adopted by the Board.

**Pre-Approval Policy and Procedures**

The audit committee has not adopted any specific policies and procedures for the engagement of non-audit

services.

**External Auditor Service Fees**

The following table sets forth the fees paid by the Company and its subsidiaries to MNP LLP for services rendered in the years ended April 30, 2025 and April 30, 2024:

---

| | | |
|:---|:---|:---|
| **Category** | **Year ended**<br>**April 30, 2025** | **Year ended**<br>**April 30, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit Fees(1) | 201482 | $174571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit Related Fees(2<sup>)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Fees(3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Fees(4<sup>)</sup> | 54677 | $19700 |
| **Total** | **$256159** | **$194271** |

---

Notes:

(1) "Audit fees" include aggregate fees billed by the Company's external auditor in each of the last two fiscal years for audit fees.

(2) "Audit related fees" include the aggregate fees billed in each of the last two fiscal years for assurance and related services by the Company's external auditor that are reasonably related to the performance of the audit or review of the Company's financial statements and are not reported under "Audit fees" above. The services provided include employee benefit audits, due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation.

(3) "Tax fees" include the aggregate fees billed in each of the last two fiscal years for professional services rendered by the Company's external auditor for tax compliance, tax advice and tax planning. The services provided include tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions, and requests for rulings or technical advice from tax authorities.

(4) "All other fees" include the aggregate fees billed in each of the last two fiscal years for products and services provided by the Company's

external auditor, other than "Audit fees", "Audit related fees" and "Tax fees" above. Other fees included review work on the prospectus and other relevant forms for the NYSE.

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

**Legal Proceedings**

The Company is not aware of any actual or pending material legal proceedings to which the Company is or is likely to be party or of which any of its business or property is or is likely to be subject.

------

**Regulatory Actions**

No penalties or sanctions were imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the year ended April 30, 2025.

No penalties or sanctions were imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision.

The Company did not enter into any settlement agreements before a court relating to securities legislation or with a securities regulatory authority during the year ended April 30, 2025.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Other than as disclosed in this AIF, no director, executive officer or persons or companies who beneficially own, control or direct, directly or indirectly, more than 10 percent of any class of outstanding voting securities of the Company, nor any associate or affiliate of the foregoing persons, has or has had any material interest, direct or indirect, in any transactions with the Company within the three most recently completed financial years or during the current financial year, that has materially affected or is reasonably expected to have a material effect on the Company.

**TRANSFER AGENT AND REGISTRAR**

The Company's transfer agent and registrar is Computershare Trust Company of Canada ("**Computershare**"). Computershare's register of transfers for the common shares of the Company is located at 510 Burrard Street, Second Floor, Vancouver, British Columbia, Canada, V6C 3B9.

**MATERIAL CONTRACTS**

Other than contracts entered into in the ordinary course of business, there were no material contracts that the Company entered into during the year ended April 30, 2025 (see General Development of Business - Three Year History).

**INTERESTS OF EXPERTS**

MNP LLP (PCAOB ID:1930) is the independent registered public accounting firm of the Company and is independent within the meaning of the Rules of Professional Conduct of the Institute of Chartered Accountants of British Columbia.

Allan Armitage, Ph.D., P.Geo. of SGS, Ben Eggers, MAIG, P.Geo. of SGS, Henri Gouin, P.Eng. of SGS, Peter Mehrfert, P.Eng., of Ausenco Engineering Canada ULC James Millard, P.Geo., of Ausenco Sustainability Canada ULC , Scott Elfen, P.E., of Ausenco Engineering Canada ULC and Jonathan Cooper, P.Eng., of Ausenco Sustainability Canada ULC prepared the Technical Report. To management's knowledge, Messrs. Armitage, Eggers, Gouin, Mehrfert, Millard, Elfen and Cooper do not have any registered or beneficial interests, direct or indirect, in any securities or other property of the Company (or of any of its associates or affiliates).

------

**ADDITIONAL INFORMATION**

Additional information relating to the Company may be found on SEDAR+ at <u>www.sedarplus.ca</u>.

Additional information including Statement of Executive Compensation, directors' and officers' remuneration and indebtedness, principal holders of the Company's securities, and securities authorized for issuance under the Company's Equity Plan, as applicable, is contained in the Company's information circular dated August 23, 2024 which may be viewed on SEDAR+ (<u>www.sedarplus.ca</u>).

Additional financial information is provided in the Company's audited financial statements and the Management's Discussion and Analysis of the Company for the year ended April 30, 2025, a copy of which may be requested from the Company's head office, or may be viewed on SEDAR+ (<u>www.sedarplus.ca</u>).

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**APPENDIX "A"**

**AUDIT AND RISK COMMITTEE CHARTER**

**ARTICLE 1**

**PURPOSE**

1.1 The Audit and Risk Committee (the "Committee") of the Board of Directors (the "Board") of Vizsla Silver Corp. (the "Company") shall assist the Board in fulfilling its financial oversight responsibilities. The overall purpose of the Committee is (i) to ensure that the Company's management has designed and implemented an effective system of internal financial controls, (ii) to review and report on the integrity of the consolidated financial statements and related financial disclosure of the Company, (iii) to review the Company's compliance with regulatory and statutory requirements as they relate to financial statements, taxation matters and disclosure of financial information, and (iv) to oversee the external auditor's qualification and independence and the performance of the external auditors. In performing its duties, the Committee will maintain effective working relationships with the Board, management, and the external auditors and monitor the independence of those auditors. To perform his or her role effectively, each member of the Committee will obtain an understanding of the responsibilities of the Committee membership as well as the Company's business, its operations and related risks.

**ARTICLE 2**

**COMPOSITION, PROCEDURE, AND ORGANIZATION**

2.1 The Committee shall consist of at least three members of the Board (each a "Committee Member" or "Member"). Each Committee Member shall be an "independent director" as determined in accordance with applicable legal requirements for audit committee service, including the requirements of the National Instrument 52-110 of the Canadian Securities Administrators ("NI 52-110") and Rule 10A-3(b) of the U.S. Securities Exchange Act of 1934 (as amended, the "Exchange Act"), as such rules are revised, updated or replaced from time to time.

2.2 If, a Member ceases to be independent for reasons outside the member's reasonable control, the member is exempt from the requirements in NI 52-110 or Rule 10A-3(b) of the Exchange Act for a period ending on the later of:

a) the next annual meeting of the issuer; and

b) the date that is six months from the occurrence of the event which caused the member to not be independent.

2.3 All members of the Committee shall, to the satisfaction of the Board, be "financially literate", and at least one member shall have accounting or related financial management expertise to qualify as a "financial expert" in accordance with applicable legal requirements, including the requirements of NI 52-1101 and the Exchange Act, as revised, updated or replaced from time to time.

2.4 The Board, at its organizational meeting held in conjunction with each annual general meeting of the shareholders, shall appoint the members of the Committee for the ensuing year. The Board may at any time remove or replace any member of the Committee and may fill any vacancy in the Committee.

2.5 Unless the Board shall have appointed a Chair of the Committee, the members of the Committee shall elect a Chair of the Committee by majority vote of the full membership of the Committee.

2.6 The quorum for meetings shall be a majority of the members of the Committee, present in person or by telephone or other telecommunication device that permits all persons participating in the meeting to speak and to hear each other.

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2.7 The Committee shall have access to such officers and employees of the Company and to the Company's external auditors, and to such information respecting the Company, as it considers to be necessary or advisable in order to perform its duties and responsibilities.

2.8 Meetings of the Committee shall be conducted as follows:

(a) the Committee shall meet at least four times annually at such times and at such locations as maybe requested by the chair of the Committee. The external auditors or any member of the Committee may request a meeting of the Committee;

(b) the external auditors shall receive notice of and have the right to attend all meetings of the Committee; and

(c) management representatives may be invited to attend all meetings except private sessions with the external auditors.

2.9 The external auditors shall have a direct line of communication to the Committee through its chair and may bypass management if deemed necessary. The Committee, through its chair, may contact directly any employee in the Company as it deems necessary, and any employee may bring before the Committee any matter involving questionable, illegal or improper financial practices or transactions.

2.10 The Committee will conduct and review with the Board annually an evaluation of the Committee's performance with respect to the requirements of this Charter. This evaluation should also set forth the goals and objectives of the Committee for the upcoming year. The Committee may conduct this performance evaluation in such manner as the Committee, in its business judgment, deems appropriate.

**ARTICLE 3**

**ROLES AND RESPONSIBILITIES**

3.1 The overall duties and responsibilities of the Committee shall be as follows:

(a) to report regularly to the Board and to assist the Board in the discharge of its responsibilities relating to the Company's accounting principles, reporting practices and internal controls and its approval of the Company's annual and interim consolidated financial statements and related financial disclosure;

(b) to establish and maintain a direct line of communication with the Company's external auditors and assess their performance;

(c) to set clear hiring policies for employees or former employees of the external auditors;

(d) to review and approve in advance any proposed related-party transactions and required disclosures of such in accordance with applicable securities laws and regulations, and report to the Board on any approved transactions.

(e) to review with management and the external auditors, the financial reporting of any transactions between the Company and any officer, director or other "related party" (including significant shareholder) or any entity in which any person has a financial interest and any potential conflicts of interest;

(f) to ensure that the management of the Company has designed, implemented, and is maintaining an effective system of internal financial controls and to discuss policies with respect to risk assessment and risk management;

(g) to prepare the disclosure required by Item 407(d)(3)(i) of Regulation S-K under the U.S. Securities Act of 1933, as amended;

(h) to oversee procedures relating to the receipt, retention and treatment of complaints received by the Company regarding accounting, internal controls or auditing matters and the confidential anonymous submission by employees of the Company of concerns regarding questionable accounting of auditing matters, pursuant to the Company's whistleblower policy;

(i) to meet separately, periodically, with management, with internal auditors (or other personnel responsible for the internal audit function) and with the external auditors;

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(j) to review with the external auditors any audit problems or difficulties and management's response; and

(k) to report regularly to the Board on the fulfilment of its duties and responsibilities.

3.2 The duties and responsibilities of the Committee as they relate to the external auditors shall be as follows:

(a) to recommend to the Board a firm of external auditors to be engaged by the Company, and to verify the independence of such external auditors;

(b) to review and approve the fee, scope and timing of the audit and other related services rendered by the external auditors;

(c) review the audit plan of the external auditors prior to the commencement of the audit;

(d) to review with the external auditors, upon completion of their audit, the contents of their report (such report to be provided at least annually), including and as well as:

(i) the scope and quality of the audit work performed;

(ii) the adequacy of the Company's financial and auditing personnel;

(iii) co-operation received from the Company's personnel during the audit;

(iv) internal resources used;

(v) significant transactions outside of the normal business of the Company;

(vi) the Company's internal quality-control procedures;

(vii) any material issues raised by the most recent internal quality-control review, or peer review, of the Company, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the external auditors,

(viii) any steps taken to deal with any such issues, and (to assess the external auditor's independence) all relationships between the external auditors and the Company;

(ix) significant proposed adjustments and recommendations for improving internal accounting controls, accounting principles or management systems; and

(x) the non-audit services provided by the external auditors;

(e) to meet to review and discuss the Company's annual audited financial statements and quarterly financial statements with management and the external auditors, including reviewing the Company's specific disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations";

(f) to discuss with the external auditors the quality and not just the acceptability of the Company's accounting principles; and

(g) to implement structures and procedures to ensure that the Committee meets the external auditors on a regular basis in the absence of management.

3.3 The duties and responsibilities of the Committee as they relate to the internal control procedures of the Company are to:

(a) review the appropriateness and effectiveness of the Company's policies and business practices which impact on the financial integrity of the Company, including those relating to insurance, accounting, information services and systems and financial controls, management reporting and risk management;

(b) review compliance under the Company's business conduct and ethics policies and to periodically review these policies and recommend to the Board changes which the Committee may deem appropriate;

(c) review any unresolved issues between management and the external auditors that could affect the financial reporting or internal controls of the Company; and

(d) periodically review the Company's financial and auditing procedures and the extent to which recommendations made by the external auditors have been implemented.

3.4 The Committee is also charged with the responsibility to:

(a) review and approve the Company's annual and interim financial statements and related Management's Discussion & Analysis ("MD&A"), including the impact of unusual items and changes in accounting principles and estimates;

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(b) review and approve the financial sections of any of the following disclosed documents prepared by the Company:

(i) the annual report to shareholders;

(ii) the annual information form;

(iii) annual MD&A;

(iv) prospectuses;

(v) news releases discussing financial results of the Company;

(vi) financial information and earnings guidance provided to analysts and rating agencies; and

(vii) other public reports of a financial nature requiring approval by the Board,

and report to the Board with respect thereto;

(c) review regulatory filings and decisions as they relate to the Company's consolidated financial statements;

(d) review the appropriateness of the policies and procedures used in the preparation of the Company's consolidated financial statements and other required disclosure documents, and consider recommendations for any material change to such policies;

(e) review any significant tax exposures and tax planning initiatives intended to promote compliance with applicable laws while minimizing tax costs;

(f) review and report on the integrity of the Company's consolidated financial statements;

(g) review the minutes of any audit committee meeting of subsidiary companies;

(h) review with management, the external auditors and, if necessary, with legal counsel, any litigation, claim or other contingency, including tax assessments that could have a material effect upon the financial position or operating results of the Company and the manner in which such matters have been disclosed in the consolidated financial statements;

(i) review the principal risks of the Company's business and operations, and any other circumstances and events that could have significant impact on the Company's assets and shareholders;

(j) assessing the Company's risk tolerance, the overall process for identifying principal business and operational risks and the implementation of appropriate measures to manage and disclose such risks;

(k) monitoring reporting trends on emerging risks and making recommendations to management on implementation of appropriate measures to manage and disclose such risks;

(l) reviewing with senior management annually, the Company's insurance policies and considering the extent of any uninsured exposure and the adequacy of coverage;

(m) reviewing the Company's cybersecurity, privacy and data security risk exposures and measures taken to protect the confidentiality, integrity and availability of its information systems and Company data;

(n) review the Company's compliance with regulatory and statutory requirements as they relate to financial statements, tax matters and disclosure of financial information; and

(o) develop a calendar of activities to be undertaken by the Committee for each ensuing year and to submit the calendar in the appropriate format to the Board following each annual general meeting of shareholders.

3.5 Without limiting the generality of anything in this Charter, the Committee has the authority:

(a) to engage independent counsel and other advisors as it determines necessary to carry out its duties,

(b) to set and pay the compensation for any advisors employed by the Committee, and

(c) to communicate directly with the external auditors.

**ARTICLE 4**

**EFFECTIVE DATE**

4.1 This Charter was adopted by the Board on May 22, 2018.

4.2 This Charter was reviewed and amended on October 15, 2021.

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## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? Vizsla Silver Corp.: Exhibit 99.2 - Filed by newsfilecorp.com

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![exhibit99-2x001.jpg](exhibit99-2xz001.jpg)

**Consolidated Financial Statements and Notes**

FOR THE YEARS ENDED APRIL 30, 2025 AND APRIL 30, 2024

PRESENTED IN CANADIAN DOLLARS

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|:---|:---|
| **Independent Auditor's Report** | ![tmpauditorsletterxu001.jpg](exhibit99-2xz003.jpg) |

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To the Shareholders of Vizsla Silver Corp.:

**Opinion**

We have audited the consolidated financial statements of Vizsla Silver Corp. and its subsidiaries (the "Company"), which comprise the consolidated statements of financial position as at April 30, 2025 and April 30, 2024, and the consolidated statements of loss and comprehensive loss, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at April 30, 2025 and April 30, 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board.

**Basis for Opinion**

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audits of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

***Value-added Tax (VAT) Receivable***

*Key Audit Matter Description*

We draw attention to Note 3 and Note 4 to the consolidated financial statements. As at April 30, 2025, the Company recognized a Mexican value-added tax receivable (VAT receivable). The Company makes a number of assumptions in assessing the recoverability of the VAT receivable. The collection of VAT receivable is subject to a complex application and collection process and therefore, there is a risk related to the collectability and timing of the payment from the Mexican government. We considered this as a key audit matter given the significant judgment made by management in estimating the timing and likelihood of collecting the refund. This resulted in a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating the audit evidence related to managements estimates.

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|:---|:---|
| **MNP LLP** |  |
| 2200 - 1021 West Hastings Street, Vancouver BC, V6E 0C3 | 1.877.688.8408 T: 604.685.8408 F: 604.685.8594 |

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*Audit Response*

We responded to this matter by performing procedures in relation to the classification and recoverability of the VAT

receivable. Our audit work in relation to this included, but was not restricted to, the following:

• Reviewed management's assessment on recoverability of the VAT receivable in Mexico and critically assessed areas where there was significant management judgment, including accounting estimates that are subject to a high degree of estimation uncertainty. This included obtaining management's assessment on recoverability, and evaluating the reasonableness of procedures in place to expedite the refund process;

• Performed a retrospective review of historical collection and the balances filed;

• Reviewed supporting documentation for VAT receivable claimed and amounts of refunds received during the year, and obtained correspondences between the Company and the Mexican tax authorities to understand the status of VAT receivable filed but not received;

• Performed a restrospective review of the filing timing to assess the reasonableness of management's estimated filing timeline and the classification between current and non-current portion; and

• Reviewed the adequacy of the disclosures in the consolidated financial statements, including disclosures related to significant judgments and estimates.

**Other Information**

Management is responsible for the other information. The other information comprises Management's Discussion and Analysis as well as the Annual Report on Form 40-F.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audits of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audits or otherwise appears to be materially misstated. We obtained Management's Discussion and Analysis and the Annual Report on Form 40-F prior to the date of this auditor's report.. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

**Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

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|:---|:---|
| *2200 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3*<br>*1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca* | ![tmpauditorsletterxu002.jpg](exhibit99-2xz004.jpg) |

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**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional

judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audits and significant audit findings, including any significant deficiencies in internal control that we identify during our audits.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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|:---|:---|
| *2200 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3*<br>*1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca* | ![tmpauditorsletterxu002.jpg](exhibit99-2xz004.jpg) |

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From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Jian-Kun Xu.

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| | |
|:---|:---|
| Vancouver, British Columbia | ![tmpauditorsletterxu003.jpg](exhibit99-2xz005.jpg) |
| July 17, 2025<br> 1930 | Chartered Professional Accountants |

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| | |
|:---|:---|
| *2200 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3*<br>*1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca* | ![tmpauditorsletterxu002.jpg](exhibit99-2xz004.jpg) |

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|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | Consolidated Statements of Financial Position<br>(Presented in Canadian dollars) |

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| | |
|:---|:---|
| <br> As at | **Note** |
| **ASSETS** |  |
| **Current assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Value-added tax receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other expenses |  |
| **Total current assets** |  |
| **Non-current assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term value-added tax receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associate | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred payment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets | **6** |
| **Total non-current assets** |  |
| **Total assets** |  |
| **LIABILITIES** |  |
| **Current liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **6c** |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | **7** |
| **Total current liabilities** |  |
| **Non-current liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current accounts payable | **6c** |
| **Total liabilities** |  |
| **SHAREHOLDERS' EQUITY** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares to be issued | **6b,6c** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit |  |
| **Total shareholders' equity** |  |
| **Total liabilities and shareholders' equity** |  |

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Corporate information and nature of operations (Note 1)

Subsequent events (Notes 15)

See accompanying notes to the consolidated financial statements

Approved by the Board of Directors on July 17, 2025

<u>"Michael Konnert"</u> <u>"Craig Perry"</u> <br> Director, CEO Director, Chairman

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | Consolidated Statements of Loss and Comprehensive Loss<br>(Presented in Canadian dollars) |

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| |
|:---|
| **General and administrative expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;Office and administrative**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and communication**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory and transfer agent**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation**)** |
| **Other Income (expense)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and finance income |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revaluation loss on investment in equity instruments**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt settlement of Visla Royalties Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on spin out of of Visla Royalties Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss in share of Visla Royalties Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |
| **Net loss for the year)** |
| <br>**Other comprehensive loss** |
| **Items that will be reclassified subsequently** |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation (loss) gain on foreign operations**)** |
| **Comprehensive loss)** |
| **Basic and diluted loss per share)** |
| <br>**Weighted average number of common shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted |

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See accompanying notes to the consolidated financial statements

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|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | Consolidated Statements of Cash Flows<br>(Presented in Canadian dollars) |

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| | |
|:---|:---|
|  | **Note** |
| **Operating activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss for the year**)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Items not affecting cash: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | **8e,8f** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revaluation loss on investment in equity instruments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of gain of associate and deemed disposal gain | **5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on debt settlement from of Visla Royalties Corp. | **5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on spin out of Visla Royalties Corp. | **5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash working capital items) |  |
| **Net cash flows used in operating activities)** |  |
| **Investing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for exploration & evaluation assets and property plant & equipment | **6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Strategic investment expenditures**)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments in Guaranteed Investment Certificate ("GIC")**)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturity of guaranteed investment certificates |  |
| **Net cash flows (used in) provided by investing activities)** |  |
| **Financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares proceeds - net of share issuance | **8b** |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise warrants | **8d** |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | **8e** |
| **Net cash flows provided by financing activities** |  |
| **Effects of exchange rate changes on cash and cash equivalents)** |  |
| **Increase in cash and cash equivalents** |  |
| Cash and cash equivalents, beginning of year |  |
| **Cash and cash equivalents, end of year** |  |

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Supplemental cash flow information (Note 13)

See accompanying notes to the consolidated financial statements

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | Consolidated Statements of Changes in Equity<br>(Presented in Canadian dollars) |

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| | | |
|:---|:---|:---|
|  | <br> **Attributable to equity holders of the Company** | <br> **Attributable to equity holders of the Company** |
|  | **Number** | **Share to be<br>issued** |
|  | # | $|
| Balance, April 30, 2023 | 207938329 | -) |
| Shares issued pursuant to private placement and prospectus | 23000000 |  |
| Shares issued pursuant to property acquisition |  | 882830 |
| Shares issued pursuant to exercise of warrants, options, and RSUs | 1703706) |  |
| Share issuance costs - cash | -) | -) |
| Share issuance costs - finders warrants | -) |  |
| Stock based compensation - options |  |  |
| Stock based compensation - RSUs |  |  |
| Net loss and other comprehensive income for the year |  | -) |
| Balance, April 30, 2024 | 232642035 | 882830) |
| **Shares issued pursuant to property acquisition** | **1717978** | **7576031** |
| **Shares issued pursuant to over-allotment options, bough deal and ATM** | **42455156** | **-** |
| **Shares issued pursuant to exercise of warrants, options, and RSUs** | **21559291)** | **-** |
| **Stock-based compensation - options** | **-** | **-** |
| **Stock-based compensation - RSUs** | **-** | **-** |
| **Distribution to shareholders from Visla Royalties Corp.** | **-** | **-))** |
| **Net loss and other comprehensive loss for the year** | **-** | **-)** **))** |
| **Balance at April 30, 2025** | **298374460** | **8458861)** |

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See accompanying notes to the consolidated financial statements

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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**1.** **Corporate Information and Nature of Operations**

The Company was incorporated on September 26, 2017, under the Business Corporations Act (British Columbia) under the name Vizsla Capital Corp. On March 8, 2018, the Company changed its name to Vizsla Resources Corp. On February 5, 2021, the Company changed its name to Vizsla Silver Corp. (the "Company", "Vizsla Silver"). On January 21, 2022, Vizsla Silver Corp. was listed on the NYSE American and commenced trading under the symbol "VZLA". Effective November 7, 2024, the common shares of the Company were uplisted to the TSX under the symbol VZLA. The Company's principal business activity is the exploration of mineral properties. The Company currently conducts substantially all its operations in Canada and Mexico in one business segment.

The head office and principal address of the Company is 595 Burrard Street, Suite 1723 Vancouver, BC V7X 1J1.

These consolidated financial statements have been prepared using accounting principles applicable to a going concern which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation.

**2. Basis of Presentation** 

The consolidated financial statements have been prepared in accordance with the IFRS® Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

The consolidated financial statements were approved by the Board of Directors of the Company on July 17, 2025.

During the year ended April 30, 2025, certain prior year amounts have been reclassified to conform to the current year's presentation. These reclassifications had no impact on previously reported net loss and other comprehensive loss for the year, cash flows, or shareholders' equity. The Company believes that this change reflects best the nature of the expenses of the General and administrative ("G&A") expense. See Note 9 - Reclassifications for further details.

**3.** **Material Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)** **Basis of measurement***

These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments measured at their fair value as explained in the accounting policies below.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b)** **Basis of consolidation***

The principal subsidiaries of the Company, which are accounted for under the consolidation method, are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Entity** | **Principal activities** | **Country of**<br> **incorporation**<br> **and operation** | **Functional**<br> **currency** | **Ownership**<br> **interest as at**<br> **April 30,** **2025**  | **Ownership**<br> **interest as** **at** <br> **April 30,** **2024** |
| Canam Alpine Ventures Ltd. | Holding Co | Canada | CAD | 100% | 100% |
| Minera Canam S.A. de C.V. | Exploring evaluating mineral properties | Mexico | MXN | 100% | 100% |
| Operaciones Canam Alpine<br>S.A. DE C.V. <sup>(3)</sup> | Exploring evaluating<br>mineral properties | Mexico | MXN | 0% | 100% |
| Panuco Royalty Corp. (formerly Vizsla Royalty Corp., Vizsla Copper Corp., and 1283303 B.C. Ltd.) <sup>(1)</sup> | Royalty Company | Canada | CAD | 32.89% | 100% |
| Canam Royalties Mexico, S.A. de C.V. <sup>(</sup><sup>1)</sup> | Royalty Company | Mexico | MXN | 32.89% | 100% |
| Vizsla Royalties Corp. <sup>(1)</sup> | Royalty Company | Canada | CAD | 32.89% | 100% |
| Goanna Resources, S.A.P.I. de C.V. <sup>(2)</sup> | Exploring evaluating mineral properties | Mexico | MXN | 100% | 0% |
| Panuco Silver Resources Corp. <sup>(3)</sup> | Holding Co | Canada | CAD | 100% | 0% |
| Sinaloa Minerals Exploration Corp. <sup>(3)</sup> | Holding Co | Canada | CAD | 100% | 0% |
| La Garra Resources Corp. | Holding Co | Canada | CAD | 100% | 0% |

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(1) As of April 30, 2025, the Company holds a 32.89% interest in Vizsla Royalties Corp. or ("Spinco") (Please see definition of Spinco in Note) and after assessing if there is any other indicative of control, it was concluded that Spinco is now an associate that is accounted following the equity method and is no longer consolidated. See Note 5.

(2) On October 7, 2024, the Company acquired Goanna Resources, S.A.P.I. de C.M. See Note 6(c).

(3) On December 29, 2024, the Company incorporated 3 new subsidiaries. As of April 30, 2025, these subsidiaries did not have any activities. On April 25, 2025 the Company disposed of its entire equity interest in Operaciones Canam Alpine S.A. de C.V. ("OCA"), a services company. The consideration received for the disposal was $3,500. OCA did not have any assets at the date of disposal. As a result of this disposal, the Company recognized a gain of $3,500 in the consolidated statement of loss and comprehensive loss under "Other income".

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. All significant intercompany transactions and balances have been eliminated.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c)** **Functional and presentation currency***

Items included in the financial statements of each consolidated entity in Vizsla Silver Corp.'s group are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in CAD, which is the Company's presentation currency.

For the purpose of presenting these consolidated financial statements, entities that have a functional currency different from the presentation currency ("foreign operations") are translated into CAD as follows:

* Assets and liabilities: at the closing rate at the date of the statement of financial position; and Income and expenses: at the average rate for the period (as this is considered a reasonable approximation of actual rates prevailing at the transaction dates).

Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity. When an entity disposes of its entire interest in a foreign operation, or loses control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests.

In preparing the financial statements of each individual Vizsla Silver Corp. entity and subsidiary, transactions in currencies other than the entity's functional currency ("foreign currency") are recognized at the rates of exchange prevailing at the date of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for the exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***d)** **Cash and cash equivalents***

Cash consists of cash on hand, deposits in banks with no restrictions, and highly liquid savings accounts. Cash equivalents include other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The Company's cash and cash equivalents are invested with major financial institutions in business accounts.

Cash and cash equivalents of $132,616,939 (April 30, 2024: $37,548,304), including $85,115,000 in term deposits that are cashable within one to three months (April 30, 2024: $30,000,000). The term deposits earn interest at a range between 3.14% and 3.25% (April 30, 2024: 5.24%-5.33%).

At April 30, 2025, the Company had $1,510,684 ($21,443,344 Mexican pesos) (April 30, 2024: $35,557 ($441,705 pesos)) and $26,593,301 ($19,253,766 US dollars) (April 30, 2024: $3,061,214 ($2,226,985 US dollars)).

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***e) Short-term investments***

As of April 30, 2025, the Company holds short-term investments with major financial institutions in the form of Guaranteed Investment Certificates ("GICs") of $5,000,000 and, $6,906,000 (US$5,000,000) for a total of $11,906,000 (April 30, 2024: $nil). The short-term investments consist of term deposits with original maturities of 90 days that are not readily redeemable. The term deposits earn interest rates of 3.15% and 4.75% (April 30, 2024: nil%), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***f)** **Value-added tax receivable***

Value-added tax receivables and long-term value-added tax receivables include value-added taxes ("VAT") receivables generated on the purchase of supplies and services and are receivable from the Mexican government. The Company classifies VAT receivables as non-current if it does not expect collection of certain amounts to occur within the next year. The recovery of VAT involves a complex application process, and the timing of collection of VAT receivables is uncertain.

As at April 30, 2025 and 2024, the current VAT receivable are as follows:

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| |
|:---|
| Total Value-added tax receivable |
| Less: non-current portion**)** |
| Current portion |

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During the year ended, the Company received a net refund of VAT of $3,785,015 ($53,688,159 Mexican Pesos (April 30, 2024: $862,488 ($10,714,135 Mexican pesos)) from the tax authorities.

Subsequent to the reporting date, the Company has received a net refund of VAT of $1,070,686 ($15,187,033 Mexican Pesos) from the tax authorities. This refund relates to the VAT return for the year ended April 30, 2025, which was submitted prior to the year-end.

VAT receivable is net of provision of $413,714 ($5,868,290 Mexican pesos) (April 30, 2024: $472,397 $5,868,290 Mexican pesos).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***g)** **Exploration and evaluation assets***

The Company is in the exploration stage with respect to its investment in mineral properties.

*Exploration and evaluation assets - acquisition costs*

Exploration expenditures on properties for which the Company does not have title or rights are expensed when incurred. Once a license to explore an area has been secured, the Company follows the practice of capitalizing all costs of acquiring exploration properties, including transaction costs. Payments related to the acquisition of land and mineral rights and the costs to conduct a preliminary evaluation to determine that the property has potential to develop an economic ore body are capitalized as incurred. The time between initial acquisition and a full evaluation of a property's potential is dependent on many factors, including, but not limited to, location relative to existing infrastructure, the property's stage of development, geological controls and metal prices.

*Exploration and evaluation expenditures*

The Company capitalizes the acquisition costs exploration properties, maintaining its interest, and exploring mineral properties as exploration and evaluation assets. Such costs include but are not limited to, geological and geophysical studies, exploratory drilling, and sampling until such time as the properties are placed into development, abandoned, sold, or considered to be impaired in value.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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*Provision for restoration and rehabilitation*

A provision for restoration and rehabilitation is recognized when there is a present legal or constructive obligation because of exploration and development activities undertaken; it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the provision can be measured reliably. The estimated future obligation includes the cost of removing facilities, abandoning sites, and restoring the affected areas. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the reporting date. The estimated cost is capitalized into the cost of the related asset and amortized on the same basis as the related assets. If the estimated cost does not relate to an asset, it is charged to earnings in the period in which the event giving raises to the liability occurs.

As at April 30, 2025, and 2024, the Company did not have any provision for restoration and rehabilitation.

Property, plant and equipment

Property, plant, and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably.

The major categories of property, plant, and equipment are depreciated on a straight-line basis as follows:

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| | |
|:---|:---|
| Mining Equipment | 30% |
| Office Equipment | 30% |
| Computer Equipment | 30% |
| Office improvements | 2 years |
| Computer software | 1 year |

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Impairment losses are included as part of other gains and losses on the consolidated statements of loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***h)** **Share-based compensation and payments***

The Company grants share-based compensation to directors, officers, employees and service providers. Each tranche in an award is considered a separate award with it's own vesting period.

The Company applies the fair value method of accounting for share-based payments and the fair value is calculated using the Black-Scholes option pricing model.

Share-based payments for employees and others providing similar services are determined based on the grant date fair value. Share-based payments for non-employees are determined based on the fair value of the goods/services received or fair value of the share-based payment measured at the date on which the Company obtains such goods/services. Compensation expense is recognized over each tranche's vesting period, in earnings or capitalized as appropriate, based on the number of awards expected to vest.

The Company estimates a forfeiture rate based on historical data and expectations of future forfeitures. The forfeiture rate is reviewed and adjusted, if necessary, at each reporting date. The impact of any changes to the forfeiture rate is recognized in the statement of loss and comprehensive loss with a corresponding adjustment to equity.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i)** **Related party transactions***

Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, and related parties may be individuals, such as key management personnel, including immediate family members of the individual, or corporate entities, including the Company's wholly owned subsidiaries. A transaction is a related party transaction when there is a transfer of resources or obligations between related parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***j)** **Equity***

Share capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share purchase warrants are recognized as a deduction from equity, net of any tax effects.

Share issue costs

Professional, consulting, regulatory and other costs directly attributable to equity financing transactions are recorded as share issue costs when the financing transactions are completed if the completion of the transaction is considered likely. Otherwise, they are expensed as incurred. Share issue costs are charged to share capital when the related shares are issued. Deferred share issue costs related to financing transactions that are not completed are charged to expenses.

Warrants

Proceeds from issuances by the Company of units consisting of shares and warrants are allocated based on the residual method, whereby the carrying amount of the warrants is determined based on any difference between gross proceeds and the fair market value of the shares. If the proceeds from the offering are less than or equal to the fair market value of shares issued, a nil carrying amount is assigned to the warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***k)** **Basic and diluted loss per share***

Basic losses per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and share units, if dilutive.

The number of additional shares is calculated by assuming that outstanding stock options and share units were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the reporting periods.

&nbsp;&nbsp;&nbsp;&nbsp;***l)** **Investment in Associates***

The Company accounts for investments in associates in which it has the ability to exercise significant influence, but does not control, using the equity method in accordance with IAS 28 - Investments in Associates and Joint Ventures.

Under the equity method, the investment is initially measured at cost and subsequently adjusted to recognize the Company's share of the associate's net income or loss, as well as other comprehensive loss, from the date significant influence is obtained. Dividends distributed by the associate reduce the carrying amount of the investment.

The Company evaluates its investment in associates for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment losses, if any, are recognized in net loss and comprehensive loss.

If the Company's share of losses exceeds the carrying amount of the investment, further losses are not recognized unless it has incurred obligations in respect of the associate.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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&nbsp;&nbsp;&nbsp;&nbsp;***m)** **Taxation***

Income tax expense comprises current and deferred tax. Income tax is recognized in the statement of loss and comprehensive loss, except to the extent it relates to items recognized directly in equity.

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recognized using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and does not give rise to equal taxable and deductible temporary differences. In addition, deferred tax is not recognized for taxable temporary differences rising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

&nbsp;&nbsp;&nbsp;&nbsp;***n)** **Financial instruments***

Financial assets

The Company classifies its financial assets in the following categories:

- Fair value through profit or loss (FVTPL)

- Fair value through other comprehensive income (FVTOCI)

- Amortized cost

The determination of the classification of financial assets is made at initial recognition. The Company's accounting policy for each of the categories is as follows:

**Financial assets at FVTPL**

Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of financial assets held at FVTPL are included in the consolidated statements of loss and comprehensive loss.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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**Financial assets at FVTOCI**

Financial assets carried at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive losses.

**Financial assets at amortized cost**

A financial asset is measured at amortized cost if the objective is to hold the financial asset for the collection on contractual cash flows and the asset's contractual cash flows are comprised solely of payments of principal and interest. The financial asset is classified as current or non-current based on its maturity date and is initially recognized at fair value and subsequently carried at amortized cost less any impairment. The Company classifies cash and cash equivalents,short-term investments and other receivables in this category.

**Impairment of financial assets at amortized cost**

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost.

Financial liabilities

The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was incurred. The Company's accounting policy for each category is as follows:

Financial liabilities at FVTPL This category comprises derivatives or liabilities acquired or incurred principally for the purpose of selling or repurchasing in the near term. They are carried in the statement of financial position at fair value with changes in fair value recognized in the statements of loss and comprehensive loss.

**Other financial liabilities**

This category includes accounts payable and accrued liabilities and due to related parties, which are recognized at amortized cost using the effective interest method.

The effective interest method calculates the amortized cost of a financial liability and allocates interest expense over the corresponding period. The effective interest rate is the rate that discounts estimated future cash receipts over the expected life of the financial liability, or, where appropriate, a shorter period. Transaction costs in respect of financial liabilities at fair value through profit or loss are recognized in the statements of operations and comprehensive loss immediately while transaction costs associated with other financial liabilities are included in the initial measurement of the financial liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***o)** **Loss of control***

When losing control of a subsidiary, the Company derecognizes the assets and liabilities of the subsidiary at their carrying amounts, including any non-controlling interests in the former subsidiary. Consideration received and any investment retained in the former subsidiary are recognized at its fair value. If the transaction, event or circumstances that resulted in the loss of control involves a distribution of shares of the subsidiary to owners in their capacity as owners, that distribution is recognized at its fair value in accordance with IFRIC 17 - distribution of non-cash assets to owners, as a reduction in deficit from the Company. Any gain or loss is recognized in profit or loss attributable to the Company.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***p)** **Business combinations***

Acquisitions of businesses are accounted for using the acquisition method under IFRS 3 - Business Combinations. A business combination requires the assets acquired and liabilities assumed constitute a business. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. For the assets acquired and liabilities assumed not constituting a business, it is accounted as an asset acquisition. Consideration is measured at the date of the exchange which includes equity instruments issued. Acquisition related costs incurred for the business combination are expensed and included in purchase costs for asset acquisition. The acquiree's identifiable assets and liabilities are recognized at their fair values at the acquisition date. Provisional fair values are finalized at the earlier of the following: the date as soon as the acquirer received the information it was seeking about facts and circumstances that existed as of the acquisition date, learns that more information is not available or twelve months from the acquisition date. Goodwill arising on an acquisition is recognized as an asset and initially measured at cost, which is the excess of the consideration paid over the fair value of the net identifiable assets and liabilities recognized. No goodwill is recognized in an asset acquisition transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***q)** **Accounting standards issued but not yet adopted***

The new standards or amendments issued but not yet effective are either not applicable or Company is evaluating the impact of the adoption of the specific standard below on the consolidated financial statements.

Accounting pronouncements

New standards and interpretations not yet adopted in 2025:

*IFRS 18: Presentation and Disclosure of Financial Statements* 

On April 9, 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18"), to improve reporting of financial performance. IFRS 18 replaces IAS 1, Presentation of Financial Statements ("IAS 1"). IFRS 18 carries forward many of the requirements of IAS 1 but introduces significant changes to the structure of a company's statement of income (loss).

The standard is applicable for annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. The Company is currently evaluating the impact of the adoption of the standard.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

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**4.** **Significant Judgments and Estimates** 

Preparing the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, and related disclosure. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgment is used mainly in determining how a balance or transaction should be recognized in the financial statements. Estimates and assumptions are used mainly in determining the measurement of recognized transactions and balances. Actual results may differ from these estimates.

Significant areas where management's judgment and estimate has been applied during the year ended April 30, 2025 include:

* Fair value determination of distributed assets and retained interest on spin-out transaction

Management assessed the fair value of the distributed assets and retained interest at the transaction day. The shares were valued using market prices, while the warrants were estimated using an option pricing model.

* Multiple arrangements accounted for as a single transaction

Significant judgement involved in determining whether multiple arrangements should be accounted for as a single transaction when the Company loses control of a subsidiary in two or more arrangements. As the spin-out arrangement and private placement of Vizsla Royalties are considered entered in contemplation of each other and form a single transaction designed to achieve an overall commercial effect, management assessed the spin-out arrangement and the loss of control in Vizsla Royalties Corp. as one single transaction.

* Assessment of the transactions as business combinations or asset acquisitions

Management has had to apply judgment relating to an acquisition with respect to whether the acquisition is a business combination or an asset acquisition. Management applied a three-element process to determine whether a business or an asset was purchased, considering the inputs, processes, and outputs of the acquisition in order to reach a conclusion. The Company concluded that the acquisition of La Garra as defined in note 6(c) does not meet the definition of a business combination and therefore is accounted for as an asset acquisition.

* Valuation of net assets acquired in asset acquisitions

Estimates were made as to the fair value of assets and liabilities acquired in business combinations.

The Company measured all assets acquired and liabilities assumed at their acquisition-date fair values. Additionally, the Company measured the fair value of the consideration payable in cash and in shares applying and calculating discount rates reflective of the timing and risks associated to the Company and the industry it operates in.

The share consideration was measured based on fair value of the shares applying a Discount for Lack of Marketability (DLOM) to adjust for liquidity.

Management applied judgment in determining the appropriate timing for recognizing these values in the financial statements and believes that the assumptions applied appropriately reflect the market participant view, consistent with the objective of IFRS 13– Fair Value Measurement. The applicable DLOM rates are ranging from 7.78% to 19.18%.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

*Collectability and classification of Value-added tax receivable* 

Value-added tax receivable is collectible from the government of Mexico. The collection of VAT is subject to a complex application and collection process and therefore, there is risk related to the collectability and timing of payment from the Mexican government. The Company uses its best estimates based on the facts known at the time and its experience to determine its best estimate of the collectability and timing of these recoveries. Changes in the assumptions regarding collectability and the timing of collection could impact the valuation and classification as a current or non-current asset associated with VAT receivable.

*Impairment of non-current assets*

Non-current assets are tested for impairment when indicators of impairment are present. Calculating the estimated fair values of cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to future gold and silver prices; future capital cost estimates; operating cost estimates; reductions in the estimated mineral reserves; decreases in estimated production; and, the discount rate. Reductions in metal price forecasts; increases in estimated future costs of production; increases in estimated future non-expansionary capital expenditures; reductions in the amount of recoverable resources, and exploration potential; and/or adverse current economics can result in a write-down of the carrying amounts of the Company's non-current assets.

**5.** **Investments in associate**

**Plan of Arrangement - Spin out of Vizsla Royalties Corp.**

On January 17, 2024, the Company announced an arrangement with its subsidiary Vizsla Royalties Corp. or ("Spinco"), referring to the newly formed legal entity, that will be created from the spin-off of Vizsla Silver, which holds a net smelter royalty (NSR) on the Panuco silver-gold project in Sinaloa, Mexico. Under the arrangement, Vizsla Silver shareholders received one new Vizsla Silver share, one-third of a Spinco share, and one-third of a Spinco warrant for each Vizsla Silver share held. As a result, Spinco ceased being a wholly owned subsidiary of Vizsla Silver.

The Arrangement was approved by shareholders on June 17, 2024, received court approval on June 19, and final TSX Venture Exchange ("TSX-V") approval on June 20, 2024. Spin out was completed on June 24, 2024. Shareholders received one new Vizsla Silver share and 0.3333 Spinco shares for each Vizsla Silver share held as of June 21, 2024.

Upon completion of the spin out arrangement, the Company retained 83,000,000 shares of Spinco. The Company received $470,081 in cash and 32,186,240 Spinco shares at $0.06 to offset a $2,079,393 loan, resulting in a gain on settlement of debt at $321,862, and increasing its total holdings to 115,186,240 shares.

On July 29, 2024, Spinco completed the non-brokered private placement, raising gross proceeds of $5,000,000. Spinco shares began trading on the TSX-V under the symbol VROY on August 26, 2024.

On July 29, 2024, Vizsla Silver recorded a total of $11,649,084 gain in the derecognition of the investment of Spinco as a subsidiary. The common shares and warrants of Spinco were treated as a distribution of capital to the Company's shareholders for a gain of $6,669,084 fair value (80,493,651 shares at $0.06 per share, for $4,829,619, and 80,493,651 warrants valued at $1,839,465 using the Black-Scholes pricing model). The retained interest in Spinco held by Vizsla Silver, fair value was $4,980,000 (83,000,000 Spinco shares at $0.06 per share).

On August 6, 2024, Spinco consolidated its common shares at a 10-to-1 ratio, as approved by the Board.

The Company still intends to make an additional $3,500,000 loan to Spinco.

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

In addition, Viszla Silver recorded a total of $2,100,337 gain on disposal of Spinco assets at the amount of $248,181 and liabilities at the amount of $2,348,518.

In accordance with IFRIC 17, the Company recorded a total gain of $13,749,421 from the spin-out in its annual consolidated financial statements of loss and comprehensive loss for the year ended April 30, 2025.

The fair value of Spinco's warrants granted in the year ended April 30, 2025, was calculated as of the grant date using the Black-Scholes pricing model with the following assumptions:

---

| | |
|:---|:---|
| Risk Free Interest Rate | 3.94% |
| Expected Dividend Yield |  |
| Expected Volatility | 107.52% |
| Expected Term in Years | 0.47 years |

---

As of April 30, 2025, the Company holds a 32.89% interest in Spinco and after assessing if there is any other indicative of control, it was concluded that Spinco is now an associate that is accounted following the equity method and is no longer consolidated after completion of spin out arrangement.

As a result, the Company recorded a share of loss in associate of $493,423 for the year ended April 30, 2025 (April 30, 2024 - $nil). The dilution of ownership percentage is due to the issuance of equity instruments by Spinco which the Company was not involved with, and it was treated as a deemed disposal. The investment continuity schedule is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ownership** | **Addition<br>of an<br>associate** | **Deemed<br>disposal<br>gain <sup>(1)</sup>** | **Balance** |
|  | % | $| $| $|
| April 30, 2024 | 100 |  |  |  |
| **April 30, 2025** | **32.89** | **6911174)** | **1889557** | **7404597** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During the year ended April 30, 2025, Spinco raised cash of which the Company was not a part of. As such, the result was analyzed as deemed disposal gain since there was a dilution in the ownership percentage without the loss of significant influence with an increase in cash, which becomes attributable to the Company.

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

**6. Exploration and Evaluation assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)** **Canam Alpine Ventures Ltd. - Panuco-Copala Property***

On November 5, 2019, under a share exchange agreement dated September 13, 2019, the Company acquired all common shares of Canam Alpine Ventures Ltd. ("Canam"), a private British Columbia company. Canam owns two Mexican subsidiaries: Minera Canam S.A. de C.V. and Operaciones Canam Alpine S.A. de C.V. (disposed of on April 30, 2025). The Company agreed to pay $45,000 in cash and issue 6,000,000 common shares and 12,000,000 Milestone Shares, with additional shares issued upon achievement of milestones:

* Milestone 1: Issuance of 6,500,000 common shares if defined options are exercised by Canam.

* Milestone 2: Issuance of 5,500,000 common shares if a resource greater than 200,000 gold equivalent ounces is defined.

The Company issued 250,000 common shares at closing and will issue 250,000 additional shares per milestone, totaling 750,000 shares as finders' fees. Contingent consideration of $308,595 related to the milestones and finders' fees was recorded at fair value and has been fully reversed as of April 30, 2022.

Additionally, Canam entered into option agreements with Minera Rio Panuco S.A. de C.V. ("Panuco") on August 8, 2019, and Silverstone Resources S.A. de C.V. ("Copala") on September 9, 2019. The Panuco agreement requires $2,000,000 in exploration and $23,000,000 in payments, with an extension paid on May 6, 2020. The Copala agreement requires $1,423,000 in exploration and $20,000,000 in payments, with a 3.0% NSR that can be reduced to 1.5% for 10% of the purchase price. On July 21, 2021, the Company signed a binding amending agreement with Panuco and an option exercise notice with Copala to acquire 100% of the Panuco-Copala silver-gold district.

Under the Amending Agreement, Vizsla and Panuco have accelerated the exercise of Vizsla's option on the Panuco Property. Upon closing, Vizsla will acquire 100% of the Panuco Property (43 concessions, 3,839 Ha) and the "El Coco" mill for:

* $4,250,000 in cash (paid) upon signing.

* 6,245,902 Vizsla common shares at $2.44 per share ($12,000,000) upon transfer of the property (issued).

* $6,100,000 in additional cash: $250,000 paid on August 19, 2021; $850,000 paid on February 1, 2022; $5,000,000 paid on May 6, 2022, for the mill.

The Panuco Property includes the royalty-free Napoleon vein corridor.

Under the Copala Exercise Notice, Vizsla and Copala have accelerated the exercise of Vizsla's option on the Copala Property. According to the definitive agreement signed on July 20, 2021, Vizsla will acquire 100% of the Copala Property (64 concessions, 5,547 Ha) for:

* $9,500,000 in cash (paid) upon transfer of the property.

* 4,944,672 Vizsla common shares at $2.44 per share (issued).

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

Costs related to the properties summarized as follows:

---

| | |
|:---|:---|
|  | **Balance** |
|  | **April 30, 2025** |
| **Acquisition costs** | **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | **26140301** |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective settlement of loans receivables | **1190024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares | **58146988** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | **85477313** |
|  | **Balance** |
|  | **April 30, 2025** |
| **Exploration and evaluation expenses** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Assays and analysis | **12508231** |
| &nbsp;&nbsp;&nbsp;&nbsp;Drilling | **52178234** |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineering | **2019446** |
| &nbsp;&nbsp;&nbsp;&nbsp;Geological | **18433169** |
| &nbsp;&nbsp;&nbsp;&nbsp;Land, water use, and claims | **2906681** |
| &nbsp;&nbsp;&nbsp;&nbsp;Project development | **23034269** |
| &nbsp;&nbsp;&nbsp;&nbsp;Site administration | **17698491** |
| &nbsp;&nbsp;&nbsp;&nbsp;Test mine | **565302** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **129343823** |
|  | **214821136** |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of change in exchange rate | **6527887** |
| Total | **221349023** |

---

The Company created a 100% owned subsidiary, Canam Royalties Mexico, S.A. de C.V. ("Canam Royalties") through Vizsla Royalty Corp., which is 100% owned by the Company. On February 23, 2022, Vizsla transferred 2% NSR on certain concessions and 0.5% NSR on certain concessions to Canam Royalties. On November 16, 2022, and January 30, 2023, Vizsla transferred 2% NSR on certain concessions to Canam Royalties. On October 13, 2023, Vizsla Royalty Corp.'s name was changed to Panuco Royalty Corp., and Vizsla Royalties Corp. was incorporated. Panuco Royalty Corp. became its wholly owned subsidiary.

On June 24, 2024, the Company completed the arrangement to spin out Vizsla Royalties Corp. to shareholders under the Business Corporations Act (British Columbia) (Note 5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b)** **Acquisition of El Richard - San Enrique claims***

The Company entered into an asset purchase agreement (the "APA") dated March 5, 2024, with Inca Azteca Gold S.A.P.I. de C.V. ("Inca Azteca Gold") and the Company's wholly owned subsidiary, Minera Canam, S.A. de C.V. ("Minera Canam") pursuant to which the Company agreed to acquire, through Minera Canam, all of Inca Azteca Gold's right, title and interest in and to the mineral concessions (the "Acquisition"). The Acquisition includes two large claims comprising 10,667 hectares (the "El Richard - San Enrique claims" or "San Enrique prospect") located south and partially adjacent to the Company's Panuco project (the "Panuco Project" or "Panuco"). The San Enrique prospect is situated along the highly prospective Panuco - San Dimas corridor.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

Pursuant to the APA, the Company has agreed to issue an aggregate of $882,830 (US$650,000) in common shares of the Company at the exchange rate and market price applicable on the effective date (April 15, 2024) (collectively, the "Consideration Shares") plus any applicable value added tax to Inca Azteca Gold (paid). For accounting purposes, the acquisition will be recorded as an exploration and evaluation asset, as defined in IFRS 6 Exploration for and Evaluation of Mineral Resources. The Acquisition was settled with equity and its fair value can be reliably providing using share price on the closing date of April 15, 2024, per IFRS 2 Share-based payment.

On May 3, 2024, the Company issued to the Inca Azteca Gold 448,137 common shares of Vizsla priced at $1.97 per share for a total value of $882,830 (US$650,000) upon the completion of the transfer of the El Richard - San Enrique claims. The Company paid a total of $1,050,859, $507,843 ($6,469,339 Mexican pesos) on April 23, 2024 and $543,016 ($7,552,385 Mexican pesos) on May 22, 2024 for surface duties owed by Inca Azteca Gold to Governmental Entities concerning the mineral concessions.

The consideration shares are subject to a four-month hold period pursuant to applicable Canadian securities laws and Inca Azteca Gold has agreed to voluntary resale restrictions, whereby 12.5% of the consideration shares will become free trading on the date that is four months and one day from the effective date and an additional 12.5% will become free trading every three months thereafter. At year ended April 30, 2025, 280,086 common shares are still under restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c)** **Acquisition of Goanna Resources, S.A.P.I. de C.V (La Garra claims)***

The Company has entered into an agreement to acquire the past-producing La Garra-Metates district ("La Garra") situated in the heart of the silver-gold-rich Panuco - San Dimas corridor. As of April 30, 2025, the transaction was completed.

The Company entered into a share purchase agreement (the "SPA") dated March 27, 2024, with Exploradora Minera La Hacienda S.A. de C.V. and Manuel de Jesus Hernandez Tovar (collectively, the "Sellers") pursuant to which they agreed to acquire (the "Acquisition") all of the outstanding shares of Goanna Resources, S.A.P.I. de C.V. ("Goanna Resources"), a private Mexican corporation, from the Sellers. Goanna Resources is the owner of the La Garra-Metates District. Pursuant to the SPA, the Company has agreed to make cash payments in an aggregate of $4,134,621 (US$3,075,000) in cash (collectively, the "Cash Payments") and issue an aggregate of 5,555,555 common shares in the capital of the Company (collectively, the "La Garra Consideration Shares") to the Sellers (Note 8(g)). The Company agreed to pay tenement taxes owed by Goanna Resources to Governmental Entities concerning the mineral concessions in the amount of $2,188,574 (US$1,606,500).

Page \| 21

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

Cash Payments will be made, and the La Garra consideration shares will be issued over a period of 24 months from closing. On October 7, 2024, the Company and the Sellers agreed to establish this date as the effective date for the La Garra considerations shares ("effective date") and an updated payment schedule for the Cash Payments changing the timing of them to start on October 30, 2024 and the subsequent payments to happen in the same schedule originally set up.

---

| | | |
|:---|:---|:---|
|  | Cash | Shares |
|  | US$ | # |
| Signing of nonbinding LOI <sup>(i)</sup> | 100000 |  |
| Closing of the transaction <sup>(ii)</sup> |  | 257937 |
| October 30, 2024 <sup>(iii)</sup> | 150000 |  |
| 3 months from effective date <sup>(i</sup><sup>v</sup><sup>)</sup> |  | 476190 |
| January 30, 2025 <sup>(v)</sup> | 275000 |  |
| 6 months from effective date |  | 535714 |
| April 30, 2025<sup>(vi</sup><sup>)</sup> | 225000 |  |
| 9 months from effective date<sup>(vii</sup><sup>)</sup> |  | 595238 |
| July 30, 2025 | 350000 |  |
| 12 months from effective date |  | 714286 |
| October 30, 2025 | 300000 |  |
| 15 months from effective date |  | 833333 |
| January 30, 2026 | 375000 |  |
| 18 months from effective date |  | 952381 |
| July 30, 2026 | 1300000 |  |
| 24 months from effective date |  | 1190476 |
|  | 3075000 | 5555555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Paid on January 18, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Issued on October 16, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Paid on October 25, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Issued on January 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Paid on January 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Paid on April 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Issued on July 16, 2025.

For accounting purposes, the acquisition is recorded as an asset acquisition as Goanna Resources did not meet the definition of a business, as defined in IFRS 3 - Business Combinations.

The Consideration Shares are fair valued. DLOM is based on the risk arising from the restricted holding period set out on the Acquisition. The share price is derived from the market price on the effective date, October 7, 2024, of $2.58, with consideration for the lack of marketability.

The Company has made two payments up to April 30, 2025, in connection with the tenement taxes owed to Governmental Entities: $1,095,768 (US$810,000) on March 6, 2024, and $1,092,806 (US$796,500) on May 17, 2024. In addition, the Company has made four payments up to April 30, 2025, in connection with the Cash Payments: $135,050 (US$100,000) on January 18, 2024, upon signing a non-binding letter of intent, $208,333 (US$150,000) on October 25, 2024, $390,398 (US$275,000) on January 22, 2025, and $313,128 (US$225,000) on April 24, 2025. At the effective date October 7, 2024, the Company has recognized exploration and evaluation assets of $17,622,286, an obligation to issue shares of $8,458,861, corresponding to the Consideration Shares to be issued, share capital of $3,063,393, corresponding to the Consideration Shares issued and the remaining liability to the sellers of $2,739,381 recorded as part of accounts payable and accrued liabilities, of which $1,132,340 is presented as current and $1,607,041 presented as non-current, on the Consolidated Statements of Financial Position. This acquisition also includes $70,699 of legal fees and other transaction costs incurred in relation to the acquisition.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

Costs related to the properties summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Balance | Additions | Balance | **Additions** | **Balance** |
|  | 30-Apr-23 |  | 30-Apr-24 |  | **30-Apr-25** |
| Acquisition costs | $| $| $| **$** | **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  |  | **6029211** | **6029211** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares |  |  |  | **11522376** | **11522376** |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction cost |  |  |  | **70699** | **70699** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  |  | **17622286** | **17622286** |
|  | Balance | Additions | Balance | **Additions** | **Balance** |
|  | 30-Apr-23 |  | 30-Apr-24 |  | **30-Apr-25** |
| Exploration costs | $| $| $| **$** | **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and reclamation fees |  |  |  | **728619** | **728619** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  |  | **728619** | **728619** |
|  |  |  |  | **18350905** | **18350905** |
| &nbsp;&nbsp;Effect of change in exchange rate |  |  |  | **-** | **-** |
| Total | - | - | - | **18350905** | **18350905** |

---

The Company's Exploration and Evaluation assets consist of the Panuco-Copala, La Garra, and the El Richard and San Enrique and others. Costs related to the properties can be summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **La Garra** | **Others** |
| &nbsp;&nbsp;**Cost** |  |  |
|  | $| $|
| &nbsp;&nbsp;As at April 30, 2023 |  |  |
| &nbsp;&nbsp;Additions |  |  |
| &nbsp;&nbsp;Effect of change in exchange rate |  |  |
| &nbsp;&nbsp;As at April 30, 2024 |  |  |
| &nbsp;&nbsp;Additions | **18350905** | **17670** |
| &nbsp;&nbsp;Effect of change in exchange rate | **-** | **-** |
| &nbsp;&nbsp;**As at April 30, 2025** | **18350905** | **17670** |

---

**7. Related Party Transactions**

During the years ended April 30, 2025, and 2024, the Company has the following related party transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has incurred $3,284,679 (April 30, 2024: $2,698,461) in salary, consulting fees, and management fees to the Company's officers and companies owned by the Company's officers as compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has incurred $418,000 (April 30, 2024: $338,047) in director fees to the Company's independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has paid $780,000 (April 30, 2024: $675,000) to a company with common directors and officers for rent expenses and administration expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has granted 4,850,000 (April 30, 2024: 3,165,000) stock options to officers and directors of the Company (Note 8(e)).

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company has granted 360,000 (April 30, 2024: 318,000) RSUs to officers of the Company (Note 8(f)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As of April 30, 2025, $394,027 was payable to officers of the Company (April 30, 2024: $673,600 and $475,000 was payable to officers and the former Chief Operating Officer of the Company, respectively).

These transactions are in the normal course of operations and have been valued in these consolidated financial statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

**8. Share Capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)** **Authorized***

Unlimited number of common shares with no par value.

&nbsp;&nbsp;&nbsp;&nbsp;***b)** **Issued and outstanding***

As at April 30, 2025, 298,374,460 (April 30, 2024: 232,642,035) common shares with no par value were issued and outstanding.

During the year ended April 30, 2025, the Company issued common shares of the Company as follow:

15,040,837 warrants were exercised at a weighted average exercise price of $1.90 for proceeds of $28,946,769, and 6,139,722 options were exercised at a weighted average exercise price of $1.44 for proceeds of $8,724,044. In addition, 378,732 restricted share units ("RSUs") were exercised and converted to common shares, 272,732 were vested at the price of $1.60 while 106,000 were vested at a price of $1.89.

On September 19, 2024, the Company completed the bought deal public offering of 25,000,000 common shares of the Company at a price of $2.60 per share for aggregate gross proceeds of $65,000,000. In addition, the Company granted the underwriters an over-allotment option exercisable at the same price to purchase 3,750,000 which was exercised for gross proceeds of $9,750,000. In consideration for the services provided by the Underwriters in connection with the issue and sale of the additional shares.

During the year ended April 30, 2025, the Company completed numerous At-the-Market Offerings ("ATM") for a total of 13,705,156 common shares of the Company at an average price of US$2.17 for gross proceeds of $40,843,047 (US$29,737,862).

Cash commissions to the underwriters of the transactions for a total of $7,477,245.

On May 8, 2024, the Company issued 448,137 common shares at $1.97 per share for a total value of $882,830 (US$650,000) in relation to the acquisition of El Richard - San Enrique claims (Note 6(b)).

During the year ended April 30, 2025, the Company issued 1,269,841 shares for a total value of $3,063,515 to the sellers in relation to the acquisition of Goanna Resources (Note 6(c)).

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

During the year ended April 30, 2024, the Company issued common shares of the Company as follow:

714,670 warrants were exercised at a weighted average exercises price of $1.46 for proceeds of $1,042,597, and 782,250 options were exercised at a weighted average exercise price of $1.38 for proceeds of $1,083,250. 206,786 restricted share units ("RSUs") were exercised and converted to common shares at the vested price of $1.60.

On February 21, 2024, the Company entered into an agreement with PI Financial Corp. as sole bookrunner and lead underwriter, on its own behalf and on behalf of a syndicate of underwriters (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 20,000,000 common shares of the Company at a price of $1.50 per Share for aggregate gross proceeds of $30,000,000, excluding additional proceeds raised from the exercise of the Over-Allotment Option.

The Company agreed to grant the Underwriters an option to cover over-allotments (the "Over- Allotment Option"), which will allow the Underwriters to purchase up to an additional 15% of the Shares sold pursuant to the Offering, on the same terms as the Offering. The Over-Allotment Option may be exercised in whole or in part at any time, for 30 days after the closing date of February 29, 2024. The Over Allotment Options were exercised in full, and the Company completed the bought deal prospectus for gross proceeds of $34,500,000 on February 29, 2024.

The Company paid the underwriter a cash commission equal to 6% of the gross proceeds raised under the offering. As further consideration for the services provided by the underwriters in connection with the offering, the Company issued compensation warrants to the Underwriters, exercisable at any time on or before February 28, 2026, to acquire that number of common shares of the Company which is equal to 6% of the number of Offered Shares sold under the Offering at an exercise price of $1.50. The compensation warrants have a fair value of $742,418 using the Black-Scholes Options pricing model. The Company incurred a total of $2,228,139 in cash share issue costs.

&nbsp;&nbsp;&nbsp;&nbsp;***c)** **Escrow shares***

As of April 30, 2025, the Company has nil shares in escrow (April 30, 2024: 500,000). The escrow shares related to the Prismo transaction are subject to a voluntary escrow period of 24 months. During this period, 25% of the securities will be released every six months, starting from the closing date of January 6, 2023. During the year ended April 30, 2025, a total of 500,000 shares were released, and nil shares remain in escrow.

&nbsp;&nbsp;&nbsp;&nbsp;***d)** **Warrants***

As of April 30, 2025, the Company has 233,553 warrants outstanding and exercisable (April 30, 2024: 15,437,163)

During the year ended April 30, 2025:

During the year ended April 30, 2025, 15,040,837 warrants were exercised at a weighted average exercise price of $1.90 for proceeds of $28,946,769. No new warrants were issued during the year ended April 30, 2025.

The weighted average market price on the warrant exercise date is $2.50.

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

During the year ended April 30, 2024:

During the year ended April 30, 2024, 714,670 warrants were exercised at a weighted average exercises price of $1.46 for proceeds of $1,042,597. The Company issued 1,380,000 broker warrants in relation to the bought deal financing which closed on February 29, 2024. Each warrant entitles the holder to acquire one common share of the company until February 28, 2026, at a price of $1.50.

A summary of the Company's warrant activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | April 30, 2024 |
|  | <br>**Number of<br>warrants** | <br>Number of<br>warrants |
|  | **#** | # |
| Warrants outstanding, beginning of the year | **15437163** | 14771833 |
| Issued | **-** | 1380000 |
| Exercised | **(15040837))** | (714670) |
| Expired | **(162773))** |  |
| Warrants outstanding, end of the year | **233553** | 15437163 |

---

The following warrants were outstanding and exercisable on April 30, 2025:

---

| | |
|:---|:---|
| **Expiry date** | **Number of warrants<br>outstanding and exercisable** |
|  | $**#** |
| February 28, 2026 | **233553** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) According to the Arrangement with Vizsla Royalties on June 24, 2024 (Note 5), each Vizsla Silver Warrant was exchanged for one Vizsla Silver Replacement Warrant with the exercise price being adjusted accordingly.

As at April 30, 2025, the weighted average remaining contractual life for outstanding warrants is 0.83 years (April 30, 2024: 0.69 years).

The fair value of the broker warrants granted in the year ended April 30, 2024, was calculated as of the grant date using the Black-Scholes pricing model with the following assumptions:

---

| | |
|:---|:---|
| Risk Free Interest Rate | 4.18% |
| Expected Dividend Yield |  |
| Expected Volatility | 61.35% |
| Expected Term in Years | 2 years |

---

During the year ended April 30, 2025, the Company recorded fair value of $nil compared to $742,418 in April 30, 2024, against reserves.

***e)** **Options***

The Company has adopted a Stock Option Plan pursuant to which options may be granted to directors, officers, and consultants of the Company. Under the terms of the Plan, the Company can issue a maximum of 10% of the issued and outstanding common shares at the time of the grant, a maximum term of 10 years, and the exercise price of each option is determined by the directors but may not be less than the closing market price of the Common Shares on the day preceding the date of granting of the option less any available discount, in accordance with TSXV Policies. No option may be granted for a term longer than ten years. Options granted under the Plan including vesting and the term, are determined by, and at the discretion of, the Board of Directors.

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

During the year ended April 30, 2025, the Company:

On June 12, 2024, the Company granted 6,050,000 stock options at an exercise price of $2.24 directors, officers, employees and consultants of the Company. These options are exercisable for a period of five years and will vest over the next two years. No other options were granted, and 175,000 options were canceled, during the year ended April 30, 2025.

During the year ended April 30, 2025, 6,139,722 were exercised with weighted average exercise price of $1.44 for proceeds of $8,724,044, and 175,000 options were canceled. No other options were issued, canceled, or expired during the year ended April 30, 2025.

The weighted average market price on the options exercise date is $2.69.

During the year ended April 30, 2024, the Company:

On May 19, 2023, the Company granted 3,850,000 stock options at an exercise price of $1.60 to directors, officers, employees, and consultants of the Company. These options are exercisable for a period of five years and will vest over the next two years.

On November 15, 2023, the Company has granted 400,000 stock options at an exercise price of $1.36 to a director and a consultant of the Company. These options are exercisable for a period of five years and will vest over the next two years.

On December 18, 2023, the Company has granted 250,000 stock options at an exercise price of $1.53 to a consultant of the Company. These options are exercisable for a period of two years and will vest over the next one year.

During the year ended April 30, 2024, 782,250 were exercised with weighted average exercise price of $1.38 for proceeds of $1,083,250, and 841,000 options were canceled. No other options were issued, canceled, or expired during the year ended April 30, 2024.

A summary of the Company's stock option activity during the year ended April 30, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | April 30, 2024 |
|  | **Number of<br>options** | Number of<br>options |
|  | **#** | # |
| Options outstanding, beginning of the year | **18803722** | 15926972 |
| Issued | **6050000** | 4500000 |
| Cancelled | **(175000))** | (841000) |
| Exercised | **(6139722))** | (782250) |
| Options outstanding, end of the year | **18539000** | 18803722 |
| Options exercisable, end of the year | **14110000** | 15469222 |

---

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

A summary of the Company's stock options outstanding and exercisable as of April 30, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Expiry date** | **Exercise price** | **Adjusted<br>exercise price** | **Number of<br>Options<br>outstanding** | **Number of<br>Options** <br>**exercisable** |
|  | **$** | **$** | $**#** | **#** |
| **June 29, 2025** | **0.79** | **0.76** | **210000** | **210000** |
| **August 6, 2025** | **2.15** | **2.07** | **1190000** | **1190000** |
| **December 1, 2025** | **1.46** | **1.4** | **100000** | **100000** |
| **December 18, 2025** | **1.53** | **1.53** | **250000** | **250000** |
| **January 12, 2026** | **1.71** | **1.64** | **60000** | **60000** |
| **February 17, 2026** | **1.5** | **1.44** | **1278000** | **1278000** |
| **June 22, 2026** | **2.31** | **2.22** | **2535000** | **2535000** |
| **July 12, 2026** | **2.44** | **2.34** | **-** | **-** |
| **July 27, 2026** | **2.44** | **2.34** | **139000** | **139000** |
| **September 24, 2026** | **2.25** | **2.25** | **1343000** | **1343000** |
| **February 1, 2027** | **2.45** | **2.45** | **200000** | **200000** |
| **June 2, 2027** | **1.74** | **1.74** | **435000** | **435000** |
| **February 10, 2028** | **1.6** | **1.6** | **1078000** | **1078000** |
| **May 19, 2028** | **1.6** | **1.6** | **2889000** | **2238000** |
| **November 15, 2028** | **1.36** | **1.36** | **320000** | **160000** |
| **February 27, 2029** | **0.15** | **0.14** | **480000** | **480000** |
| **June 12, 2029** | **2.26** | **2.26** | **6032000** | **2414000** |
|  |  |  | **18539000** | **14110000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) According to the Arrangement with Vizsla Royalties on June 24, 2024, each Vizsla Silver Option was exchanged for one Vizsla Silver Replacement Option with the exercise price being adjusted accordingly. The change in the fair value of the options upon replacement was in the amount of $38,908.

A summary of the Company's assumptions used in the Black-Scholes option pricing model to calculate the fair value of the options granted is as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | April 30, 2024 |
| Risk Free Interest Rate | **3.41%** | 3.29%-3.99% |
| Expected Dividend Yield | **-** |  |
| Expected Volatility | **75%** | 63.00%-96.24% |
| Expected Term in Years | **5 years** | 2-5 years |

---

The Company recorded a fair value of $8,119,184 as share-based compensation for the year ended April 30, 2025 (April 30, 2024: $5,059,733) after adjusting for an estimated forfeiture rate of 4%, which resulted in a reduction of the fair value of share-based compensation by $330,520 for the year ended April 30, 2025 (April 30, 2024: $210,822).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***f)** **Restricted shares units ("RSU")***

As of April 30, 2025, the Company has 1,360,868 RSUs outstanding (April 30, 2024: 1,044,073).

Page \| 28

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

During the year ended April 30, 2025:

On June 12, 2025 the Company granted 775,000 RSUs to officers, employees, and consultants of the Company. These RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date can be settled with cash, shares, or combination at the Company's discretion.

The fair value of each RSU is $2.34 which is the value of a Vizsla common share on grant day. The total share-based compensation of the RSUs is valued at $1,813,500, which will be realized as the RSUs vest.

During the year ended April 30, 2025, a total of 378,732 RSUs were exercised and converted to common shares, 272,732 were vested at the price of $1.60 while 106,000 were vested at a price of $1.89, and 79,473 RSUs were cancelled. No other RSUs were issued, canceled, or expired during the year ended April 30, 2025.

During the year ended April 30, 2024:

On April 1, 2024, the Company granted 318,000 RSUs to an officer of the Company. The RSUs will vest in three equal annual installments commencing on the first anniversary of the grant date.

The Company can settle each vested RSUs with cash, shares, or a combination of cash and shares at the Company's discretion.

The fair value of each RSU is $1.89 which is the value of a Vizsla common share on grant day. The total share-based compensation of the RSUs is valued at $601,020, which will be realized as the RSUs vest.

206,786 RSUs were exercised and converted to common shares, and 200,713 RSUs were canceled. No other RSUs were issued, canceled, or expired during the year ended April 30, 2024.

A summary of the Company's RSU activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | April 30, 2024 |
|  | **Number<br>of RSUs** | Number of<br>RSUs |
|  | **#** | # |
| RSUs outstanding, beginning of the year | **1044073** | 1133572 |
| Issued | **775000** | 318000 |
| Exercised and converted to shares | **(378732))** | (206786) |
| Cancelled | **(79473))** | (200713) |
| RSUs outstanding, end of the year | **1360868** | 1044073 |

---

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

The following RSUs were outstanding and exercisable on April 30, 2025:

---

| | | |
|:---|:---|:---|
| **Grant date** | **Number of RSUs<br>outstanding** | **Number of RSUs<br>exercisable** |
|  | $**#** | **#** |
| **10-Feb-23** | **393868** | **130502** |
| **01-Apr-24** | **212000** | **-** |
| **12-Jun-24** | **755000** | **-** |
|  | **1360868** | **130502** |

---

For the year ended April 30, 2025, the Company has recognized a share-based compensation of $1,549,280 (April 30, 2024: $777,014) for the RSUs. For the year ended April 30, 2025, the Company used an estimated forfeiture rate of 4%, resulting in an impact of $64,553 (April 30, 2024: $32,376), which reduces the fair value of share-based compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***g)** **Shares to be issued***

During the year ended April 30, 2025:

In relation to the acquisition of La Garra claims, the Company has agreed to make cash payments in an aggregate of US$3,075,000 in cash and issue an aggregate of 5,555,555 common shares in the capital of the Company to the sellers. The cash payments will be made and the consideration shares will be issued over a period of 24 months from the closing date of the Acquisition.

During the year end 2025, the Company has issued to Exploradora Minera La Hacienda S.A. de C.V. and Manuel de Jesus Hernandez Tovar 1,269,841 common shares of Vizsla for a total value of $3,063,515, and a total of 4,285,714 remains as shares to be issued with a total value of $8,458,861. According to the agreement (Note 6(c)).

During the year ended April 30, 2024:

In relation to the acquisition of El Richard - San Enrique claims, the Company agreed to issue an aggregate of US$650,000 in common shares of the Company at the exchange rate and market price applicable on the effective date (April 15, 2024).

On May 3, 2024, the Company issued to the Inca Azteca Gold 448,137 common shares of Vizsla priced at $1.97 per share (for a total value of $882,830 (US$650,000)). As of April 30, 2024, these shares are classified as shares to be issued.

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

**9.** **Reclassification of prior year amounts**

To conform to the current year's presentation, the following prior-year net loss and comprehensive loss amounts have been reclassified (reduced/increased) in the comparative 2024 figures:

A decrease General and Administrative expenses by $651,765 and an increase in other expenses by $651,765 from the following lines in the net loss and comprehensive loss:

* $487,069 Foreign exchange loss; and 

* $164,696 Transaction costs

This reclassification reflects a change in the classification of certain costs determined to be not directly attributable to operational activities. It does not affect net loss for the year and comprehensive loss, loss per share, or cash flow from operating activities.

**10. Financial Instruments** 

*Fair value of financial instruments*

The Company applied the following fair value hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:

The three levels are defined as follows:

* Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

* Level 2 - inputs to valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument.

* Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company's financial instruments are cash and cash equivalents, short-term investments, other receivables, due to related party, and accounts payable and accrued liabilities. All these financial instruments are carried on the consolidated statements of financial position at amortized cost except investments, which are carried at fair value through profit or loss using a level 2 fair value measurement (Note 5).

The Company's financial instruments are exposed to certain financial risks, including liquidity risk, credit risk and interest rate risk.

*Liquidity risk* 

Liquidity risk is the risk that the Company will not meet its financial obligations as they become due. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2025, the Company had a cash and cash equivalents balance of $132,616,939 to settle liabilities of $6,392,341. All of the Company's financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms, except for the long-term portion of the Cash Consideration of the acquisition of Goanna Resources. Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

*Market risk*

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of commodity price risk and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. The Company is not exposed to significant market risk.

*Interest rate risk* 

Interest rate risk is the risk that the fair values and future cash flows and short-term investments of the Company will fluctuate because of changes in market interest rates. The average interest rate earned by the Company during the year ended April 30, 2025 on its cash and cash equivalents and short-term investments was 2.19% (2024 – 4.35%). A 1% increase or decrease in the interest earned from financial institutions on cash and cash equivalents and short-term investments would result in approximately a $1,445,000 change in the Company's net and comprehensive loss (April 30, 2024: $375,000).

*Foreign currency risk*

Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar, United States dollar, and Mexican Peso will affect the Company's operations and financial results. The Company and its subsidiaries are exposed to foreign currency risk to the extent that it has monetary assets and liabilities denominated in foreign currencies.

The Company measures the effect on total assets or total receipts of reasonably foreseen changes in interest rates and foreign exchange rates. The analysis is used to determine if these risks are material to the financial position of the Company. A 1% change in foreign exchange rate of CAD to MXN would increase/decrease the net and comprehensive loss for the year ended April 30, 2025, by approximately $201,000 (April 30, 2024: $212,000). A 1% change in foreign exchange rate of CAD to USD would increase/decrease the net and comprehensive loss for the year ended April 30, 2025, by approximately $305,000 (April 30, 2024: $17,000). Actual financial results for the coming year will vary since the balances of financial assets are expected to decline as funds are used for Company expenses.

*Price risk*

This risk relates to fluctuations in commodity and equity prices. The Company closely monitors commodity prices of precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in pricing may be significant.

*Credit risk* 

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered with the Company. The Company is exposed to credit-related losses in the event of non-performance by the counterparties. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Cash and cash equivalents are held with reputable banks in Canada. The long-term credit rating of these banks, as determined by Standard and Poor's, was A+. As at April 30, 2025, the cash on deposit at these institutions was more than federally insured limits. However, management believes credit risk is low given the good credit ratings of the banks.

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

**11. Capital Management**

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration and development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

The Panuco-Copala property in which the Company currently has an interest are in the exploration stage, as such the Company has historically relied on the equity markets to fund its activities. In order to carry out the planned exploration and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so.

The capital structure of the Company consists of shareholders' equity, comprising issued capital and deficit. The Company is not exposed to any externally imposed requirements. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

**12. Segment Information**

The Company has one operating segment, principally mineral exploration, evaluation and development.

*Geographic Information*

The Company's non-current assets by location of assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | April 30, 2024 |
|  | **$** | $|
| Canada | **7906067** | 628123 |
| Mexico | **244029642** | 216396869 |
|  | **251935709** | 217024992 |

---

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---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

**13. Supplemental Cash Flow**

The following table summarizes changes in non-cash working capital items in operating activities:

 **April 30, 2025**
April 30, 2024 **$**
$ Accounts payable and accrued liabilities
**13,619** (3,647,973)
Due to related parties
**(754,573)** 868,095 Taxes
receivable **6,114,457**
(3,811,486) Other receivable
**(240,572)** 256,058 Prepaid
expenses **(86,495)** 942,569
**5,046,436** (5,392,737)

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | April 30, 2024 |
|  | **$** | $|
| Share issuance costs - finders warrants | **-** | 742418 |
| Shares issued pursuant to property acquisition **8d** | **3946345** |  |
| Shares to be issued pursuant to property acquisition **8f** | **7576031** | 882830 |
| Shares issued for RSUs **8g** | **784519** | 330858 |

---

**14. Income Tax**

The following table reconciles the expected income taxes expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the consolidated statements of loss and comprehensive loss for the years ended April 30, 2025, and 2024:

---

| |
|:---|
| Net loss before tax |
| Statutory tax rate |
| Expected income recovery |
| Change in deferred tax assets not recognized |
| Share issuance costs |
| Foreign exchange |
| Change in estimate |
| Gain on spin out arrangement |
| Non-deductible items and other |
| **Total income tax expense (recovery)** |

---

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| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

The deferred taxes assets and liabilities reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values. The recognized deferred tax liability and assets as at April 30, 2025, and 2024 are comprised of the following:

---

| |
|:---|
| Non-capital loss carryforwards |
| Property and equipment |
| Exploration and evaluation assets |
| Net deferred tax asset (liability) |

---

The unrecognized deductible temporary differences as at April 30, 2025, and 2024 are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **$** | **$** |
| Non-capital loss carryforwards | **70916626** | 44301215 |
| Property, plant, and equipment | **126110** | 126110 |
| Equity investments | **1712655** | 1251761 |
| Intangible assets | **-** | 89875 |
| Financing costs | **11127563** | 8796460 |
| Foreign exchange | **265712** |  |
| Capital Loss | **8362285** |  |
| Total unrecognized deductible temporary differences | **92510951** | 54565421 |

---

The Company has non-capital loss carry forwards of approximately $70,916,626 (2024: $44,301,215) that have not recognized in these financial statements, which may be carried forward to apply against future income for Canadian and Mexican income tax purposes, subject to the final determination by taxation authorities, expiring in the following years:

---

| | |
|:---|:---|
| Expiry | &nbsp;&nbsp;**$** |
| 2045 | &nbsp;&nbsp;**11798435** |
| 2044 | &nbsp;&nbsp;**-** |
| 2043 | &nbsp;&nbsp;**10239059** |
| 2042 | &nbsp;&nbsp;**6534759** |
| 2041 | &nbsp;&nbsp;**5797867** |
| 2040 | &nbsp;&nbsp;**-** |
| 2039 | &nbsp;&nbsp;**-** |
| 2038 | &nbsp;&nbsp;**-** |
| 2037 | &nbsp;&nbsp;**-** |
| 2036 | &nbsp;&nbsp;**-** |
| 2035 | &nbsp;&nbsp;**29668778** |
| 2034 | &nbsp;&nbsp;**6877728** |
| 2033 | &nbsp;&nbsp;**-** |
| 2032 | &nbsp;&nbsp;**-** |
| Total | &nbsp;&nbsp;**70916626** |

---

Page \| 35

------

---

| | |
|:---|:---|
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | **Notes to the Consolidated Financial Statements** |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | For the year ended April 30, 2025 and 2024 |
| ![exhibit99-2xu002.jpg](exhibit99-2xz002.jpg) | (Presented in Canadian dollars except number of shares,<br>options and per share amounts, unless otherwise noted) |

---

**15.** **Subsequent Events**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a) Exercise and grant of warrants, options, and RSUs subsequently***

Subsequent to April 30, 2025, a total of 178,353 warrants were exercised at a weighted average exercises price of $1.50 for proceeds of $267,530, a total of 2,004,500 options were exercised at a weighted average exercise price of $1.59 for proceeds of $3,196,300 and 209,209 RSUs were exercised and converted to common shares at the vested price of $1.65. No warrants has expired unexercised.

On May 1, 2025 the Company announces that, pursuant to the Company's Omnibus Equity Incentive compensation plan, it has granted 4,050,000 stock options at an exercise price of $2.90, 1,450,000 restricted share units (each, an "RSU") and 850,000 deferred share units (each, an "DSU") to directors, officers, employees and consultants of the Company. The options are exercisable for a period of five years and will vest over the next two years, and the RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date. The DSUs vest immediately and will be exchanged for one common share of the Company upon the time that the Optionee ceases to hold their position as an independent director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b) ATM capital raises***

Subsequent to April 30, 2025, the Company conducted a series of financings through its existing ATM facility. As a result, a total of 3,100,000 common shares were issued at a weighted average share price of US$3.13, generating gross proceeds of $13,331,508 (US$9,691,598).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c) Santa Fe acquire land package including a producing mine along trend and immediately south of Panuco***

On May 15, 2025, the Company has acquired the Santa Fe Project, including both production and exploration concessions, comprising 12,229 Ha located to the south of the Company's flagship Panuco project for a combination of cash and shares. The Santa Fe Project benefits from permitted on-site production infrastructure including an operating 350 tonne per day ("tpd") mill situated along the highly prospective Panuco - San Dimas corridor and is covered 100% with LiDAR and high-resolution aero-magnetic and radiometric surveys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***d) US$100 Million bought deal financing***

On June 26, 2025, the Company completed the bought deal public offering of 33,334,000 common shares of the Company at a price of US$3.00 per common share for aggregate gross proceeds of $136,402,728 (US$100,002,000). The Company has granted the underwriters an over-allotment option, exercisable at the offering price for a period of 30 days after and including the closing date of the offering, to purchase up to an additional 5,000,100 common shares. The Company paid to the underwriters a cash commission equal to $7,262,346 (US$5,324,300) in cash share issue costs and other costs for net proceeds of $129,140,383 (US$94,677,700).

On July 14, 2025 the Company completed to the underwriters an over-allotment option, exercisable at the offering price for a period of 30 days after and including the closing date of the offering, to purchase up to an additional 5,000,100 common shares US$3.00 per common share for aggregate gross proceeds of $20,539,910 (US$15,000,300) announced on June 26, 2025. The Company paid to the underwriters a cash commission equal to $1,029,050 (US$751,515) in cash share issue costs and other costs for net proceeds of $19,510,861 (US$14,248,785).

Page \| 36

------

## Exhibit 99.3

------

![](exhibit99-3x002.jpg)

**Management's Discussion and Analysis**

FOR THE YEAR ENDED APRIL 30, 2025

------

---

| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[1.](#page_3) | [Introduction](#page_3) | [3](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.](#page_3) | [Description of business](#page_3) | [3](#page_3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.](#page_4) | [Highlights](#page_4) | [4](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[4.](#page_6) | [Outlook and upcoming milestones for 2025](#page_6) | [6](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.](#page_6) | [Operating performance](#page_6) | [6](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[6.](#page_18) | [Financial performance](#page_18) | [18](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7.](#page_20) | [Review of Annual and Quarterly Results](#page_20) | [20](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[8.](#page_21) | [Liquidity and Capital position](#page_21) | [21](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.](#page_23) | [Use of proceeds](#page_23) | [23](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.](#page_24) | [Off-Balance sheet arrangements](#page_24) | [24](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.](#page_24) | [Related party transactions](#page_24) | [24](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.](#page_25) | [Proposed transactions](#page_25) | [25](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.](#page_25) | [Material Accounting Policies, Standards and Judgements](#page_25) | [25](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.](#page_26) | [Risk and Uncertainties](#page_26) | [26](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[15.](#page_37) | [Disclosure and Internal Control procedures](#page_37) | [37](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.](#page_38) | [Additional disclosure for issuers without significant revenues](#page_38) | [38](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.](#page_38) | [Cautionary Note](#page_38) | [38](#page_38) |

---

------

---

| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**1. Introduction**

This Management Discussion and Analysis ("MD&A") is intended to help the reader understand Vizsla Silver Corp. ("us", "we", "our", "Vizsla", "Vizsla Silver", or the "Company"), our liquidity, capital resources, and operational and financial performance. This MD&A should be read in conjunction with the Company's Audited Consolidated Financial Statements for the year ended April 30, 2025 (the "2025 Financial Statements"), and the related notes contained therein. The Annual Consolidated Financial Statements have been prepared in accordance with the IFRS® Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

All amounts in the MD&A and the Financial Statements are in Canadian dollars ("CAD"), the presentation currency of the Company, unless identified otherwise. Vizsla's material accounting policies are set out in Note 3 of the 2025 Financial Statements.

For further information on the Company, reference should be made to its public filings on SEDAR+ at <u>www.sedarplus.c</u><u>a</u>. All the Company's public disclosure filings, including its most recent management information circular, annual information form ("AIF"), material change reports, press releases, and other information, may be accessed via <u>www.sedar.com</u> and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties. Information on risks associated with investing in the Company's securities is contained in the most recently filed AIF.

All technical reports on material properties, press releases, and material change reports are filed on he Company's System for Electronic Document Analysis and Retrieval ("SEDAR+") at <u>www.sedarplus.ca</u>, or the Company's Electronic Data Gathering, Analysis, and Retrieval system ("EDGAR") profile at <u>www.sec.gov</u>, or on the Company's website: <u>www.vizslasilvercorp.com</u>.

Readers are cautioned that the MD&A contains forward-looking statements and that actual events may vary from management's expectations. Readers are encouraged to read the Forward-Looking Statement disclaimer included with this MD&A.

This MD&A has been prepared by management and approved by the Board of Directors as of July 17, 2025 (the "MD&A Date").

**2. Description of Business**

Vizsla is headquartered in Vancouver, BC. The Company's principal focus is the Panuco project with near-term production potential. VZLA has an ongoing initiative to increase its asset base by expanding current Mineral Resource and Reserve Estimates, acquiring, discovering and developing high value precious metal projects. The company is listed on the Toronto Stock Exchange ("TSX") and the NYSE American exchange and trades under the symbol "VZLA".

Vizsla Silver Corp. was incorporated as Vizsla Capital Corp. under the Business Corporations Act (British Columbia) on September 26, 2017. On March 8, 2018, the Company changed its name to Vizsla Resources Corp. On February 5, 2021, the Company changed its name to Vizsla Silver Corp. The Company shares started trading on the TSX on November 7, 2024, under the symbol "VZLA", before that, the shares traded on the TSX Venture Exchange ("TSXV"). On January 21, 2023, Vizsla Silver Corp. was listed on the NYSE American exchange and commenced trading under the symbol "VZLA".

The Company has no substantial revenue and supports its operations through equity funding or sale of assets such as mineral properties. The value of any mineral property is dependent upon the existence or potential existence of economically recoverable mineral reserves. See the section related to "Risks and Uncertainties" in this statement.

------

---

| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**3. Highlights**

During the year ended April 30, 2025, and to the date of this MD&A.

**Panuco project development**

**Q4, 2025**

* On March 31, 2025, the Company made a new discovery from its ongoing exploration drill program at its Panuco silver-gold project. The discovery was made in hole AM-25-90, marked by several high-grade intervals contained within a broader envelope of precious metals mineralization. AM-25-90 is located approximately six kilometers to the northeast of the Copala resource area, situated along the Animas Vein system below known historic mine workings. The new high-grade discovery at Animas intersected 897 g/t AgEq over 5.85 meters including 2,256 g/t AgEq over 1.13 meters.

**Year ended April 30, 2025**

* On February 20, 2025, the Company filed an independent technical report containing an updated mineral resource estimate on Panuco project. The Technical Report has an effective date of September 9, 2024, and was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

* January 6, 2025, the Company increase 43% in measured and indicated mineral resources at Panuco, including 46 Moz grading 640 g/t AgEq in its first measured resource estimate. The independent technical report contained an updated mineral resource estimate. The Technical Report has an effective date of September 9, 2024, and was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

* On December 11, 2024, the Company commenced its fully funded and fully permitted test mining and bulk sample program at the Panuco project. The primary objectives for the Program will be to 1) reconcile actual geotechnical conditions at Copala with the current geotechnical model in preparation for full-scale development & operations, 2) provide initial reconciliation of resource models against actual grades and tonnes, and 3) build operational experience for the Panuco team.

* On August 28, 2024, the Company filed a PEA Technical Report on the Panuco Project.

**Financing and Corporate**

**Subsequent to April 30, 2025**

* On June 26, 2025, the company completed the bought deal public offering of 33,334,000 common shares of the Company at a price of (US$3.00) per Common Share for aggregate gross proceeds of $136,402,728 (US$100,002,000). The Company has granted the Underwriters an over-allotment option, exercisable at the offering price for a period of 30 days after and including the closing date of the Offering, to purchase up to an additional 5,000,100 common shares. The Company incurred a total of $7,262,346 (US$5,324,300) in cash share issue costs and other costs for net proceeds of $129,140,383 (US$94,677,700).

* On July 14, the Company completed to the Underwriters an over-allotment option, exercisable at the Offering Price for a period of 30 days after and including the closing date of the Offering, to purchase up to an additional 5,000,100 Common Shares US$3.00 per Common Share for aggregate gross proceeds of $20,539,910 (US$15,000,300) announced on June 26, 2025. The Company paid to the Underwriters a cash commission equal to $1,029,050 (US$751,515) in cash share issue costs and other costs for net proceeds of $19,510,861 (US$14,248,785).

------

---

| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

* On May 15, 2025, the Company has acquire the Santa Fe Project, including both production and exploration concessions, comprising 12,229 Ha located to the south of the Company's flagship Panuco project for a combination of cash and shares. The Santa Fe Project benefits from permitted on-site production infrastructure including an operating 350 tonne per day ("tpd") mill situated along the highly prospective Panuco - San Dimas corridor and is covered 100% with LiDAR and high-resolution aero-magnetic and radiometric surveys.

* On May 1, 2025, the Company granted 4,050,000 stock options at an exercise price of $2.90, 1,450,000 restricted share units ("RSUs"), and 850,000 deferred share units ("DSUs") to directors, officers, employees, and consultants under its Omnibus Equity Incentive Plan. The options vest over two years and are exercisable for five years. RSUs vest in three equal annual instalments beginning on the first anniversary of the grant date. DSUs vest immediately and are redeemable upon the holder ceasing to be an independent director.

**Year ended April 30, 2025**

* On November 5, 2024, the Company received final listing approval from the Toronto Stock Exchange (the "TSX") to graduate from the TSX Venture Exchange (the "TSXV"). The common shares of the Company began trading on the TSX effective at the market open on November 7, 2024, under the symbol "VZLA".

* On October 17, 2024, the Company completed its acquisition of the past-producing La Garra-Metates district (the "La Garra-Metates District" or "La Garra") situated in the heart of the silver-gold-rich Panuco - San Dimas corridor, previously announced on March 28, 2024. 

* On September 19, 2024, the Company completed the bought deal public offering of 25,000,000 common shares of the Company at a price of $2.60 per share for aggregate gross proceeds of $65,000,000. In addition, the Company granted the underwriters an over-allotment option exercisable at the same price to purchase 3,750,000 which was exercised for gross proceeds of $9,750,000. In consideration for the services provided by the Underwriters in connection with the issue and sale of the Additional Shares, the Company paid to the Underwriters a cash commission equal to $487,500.

* On June 19, 2024, the Supreme Court of British Columbia has issued its final order approving the plan of arrangement with Vizsla Royalties Corp. ("Spinco"). Under the Arrangement, the owners of common shares of Vizsla Silver are entitled to receive one new VZLA Share, one-third of a common share of Spinco and one-third of a common share purchase warrant of Spinco for each VZLA Share held immediately prior to the closing of the Arrangement. Following the Arrangement, Spinco will no longer be a wholly owned subsidiary of Vizsla Silver.

------

---

| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**4. Outlook and upcoming milestones for 2025**

The company remains focused on advancing the Company's strategic objectives and near-term milestones on the Panuco Project, which include the following:

* Advancing with permitting

* Complete the update to the Feasibility Study at the Panuco Project.

* Continue to advance exploration programs with activities focused on supporting study work and new target identification.

* The Company will continue to evaluate and acquire future growth opportunities including strengthening the land holding in the district. The Company also will continue with the resource/discovery-based drill program.

**5. Operating performance**

**PANUCO-COPALA PROJECT - MEXICO**

*MINERAL RESOURCE ESTIMATE*

On January 9<sup>th</sup>, 2025, the Company announced the results of the Panuco project mineral resource estimate update. The company in conjunction with an independent qualified person ("QP") completed a geostatistical block model estimate. Details of the methods used, and other project information are available for review in a NI 43-101 compliant report available on SEDAR+ (February 20, 2025).

**Panuco Project Resource Summary - January 9, 2025 (150 g/t AgEq cut-off) or (1.97 g/t AuEq cut-off)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Classification | Tonnes | Average Grade | Average Grade | Average Grade | Average Grade | Average Grade | Average Grade | Contained Metal | Contained Metal | Contained Metal | Contained Metal | Contained Metal | Contained Metal |
| Classification | Tonnes | Ag | Au | Pb | Zn | AgEq | Au Eq | Ag | Au | Pb | Zn | <sup>1</sup>AgEq | <sup>2</sup>AuEq |
| Classification | (Mt) | (g/t) | (g/t) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (kt) | (kt) | (koz) | (koz) |
| Measured & Indicated | 12.96 | 307 | 2.49 | 0.27 | 0.85 | 534 | 6.58 | 127819 | 1036 | 34.9 | 110.2 | 222362 | 2739 |
| Inferred | 10.50 | 219 | 1.96 | 0.30 | 1.01 | 412 | 4.91 | 73621 | 660 | 31.2 | 106.2 | 138711 | 1654 |

---

<sup>1</sup>AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.

<sup>2</sup>AuEq = Au ppm + (((Ag ppm x Ag price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Au price/gram). Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.

------

---

| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**Panuco Project Indicated & Inferred Resource Summary by Vein (150 g/t AgEq cut-off) or (1.97 g/t AuEq cut-off)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Vein | Tonnes | Average Grade | Average Grade | Average Grade | Average Grade | Average Grade | Average Grade | Contained Metal | Contained Metal | Contained Metal | Contained Metal | Contained Metal | Contained Metal |
| Vein | Tonnes | Ag | Au | Pb | Zn | AgEq | Au Eq | Ag | Au | Pb | Zn | <sup>1</sup>AgEq | <sup>2</sup>AuEq |
| Vein | (Mt) | (g/t) | (g/t) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (kt) | (kt) | (koz) | (koz) |
| **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** | **Measured** |
| Copala | 1.88 | 442 | 3.09 | 0.08 | 0.15 | 684 | 8.92 | 26744 | 187 | 1.4 | 2.9 | 41418 | 540 |
| Napoleon | 0.36 | 161 | 2.34 | 0.51 | 1.41 | 404 | 4.55 | 1853 | 27 | 1.8 | 5.1 | 4638 | 52 |
| **Total Measured** | **2.24** | **397** | **2.97** | **0.15** | **0.35** | **640** | **8.22** | **28597** | **214** | **3.3** | **7.9** | **46056** | **592** |
| **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** |
| Copala | 4.29 | 402 | 2.50 | 0.09 | 0.17 | 600 | 7.80 | 55374 | 345 | 3.8 | 7.2 | 82781 | 1076 |
| Tajitos | 0.72 | 380 | 2.34 | 0.14 | 0.25 | 571 | 7.36 | 8833 | 55 | 1 | 1.8 | 13277 | 171 |
| Cristiano | 0.36 | 610 | 3.67 | 0.25 | 0.45 | 912 | 11.73 | 7102 | 43 | 0.9 | 1.6 | 10614 | 137 |
| **Copala Area Total** | **5.37** | **413** | **2.56** | **0.11** | **0.20** | **617** | **8.01** | **71309** | **443** | **5.7** | **10.6** | **106672** | **1384** |
| Napoleon | 3.78 | 150 | 2.25 | 0.52 | 1.78 | 399 | 4.32 | 18184 | 273 | 19.4 | 67.2 | 48404 | 525 |
| Napoleon HW | 0.99 | 217 | 2.09 | 0.47 | 1.64 | 448 | 5.04 | 6885 | 66 | 4.6 | 16.2 | 14206 | 160 |
| Luisa | 0.49 | 143 | 2.12 | 0.31 | 1.44 | 364 | 4.08 | 2238 | 33 | 1.5 | 7 | 5693 | 64 |
| Josephine | 0.06 | 230 | 2.54 | 0.38 | 1.09 | 473 | 5.64 | 452 | 5 | 0.2 | 0.7 | 928 | 11 |
| Cruz | 0.03 | 145 | 2.01 | 0.38 | 2.01 | 380 | 4.03 | 154 | 2 | 0.1 | 0.7 | 403 | 4 |
| **NP Area Total** | **5.34** | **163** | **2.21** | **0.49** | **1.72** | **405** | **4.44** | **27913** | **379** | **25.9** | **91.7** | **69634** | **763** |
| **Total Indicated** | **10.72** | **288** | **2.39** | **0.30** | **0.95** | **512** | **6.23** | **99222** | **822** | **31.6** | **102.3** | **176306** | **2147** |
| **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** |
| **Total M&I** | **12.96** | **307** | **2.49** | **0.27** | **0.85** | **534** | **6.58** | **127819** | **1036** | **34.9** | **110.2** | **222362** | **2739** |
| **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| Copala | 2.32 | 322 | 1.83 | 0.16 | 0.27 | 476 | 6.09 | 24014 | 137 | 3.7 | 6.2 | 35452 | 454 |
| Tajitos | 0.89 | 346 | 2.08 | 0.27 | 0.43 | 527 | 6.66 | 9936 | 60 | 2.4 | 3.9 | 15132 | 191 |
| Cristiano | 0.34 | 460 | 2.49 | 0.16 | 0.31 | 665 | 8.57 | 4959 | 27 | 0.5 | 1 | 7168 | 92 |
| **Copala Area Total** | **3.55** | **341** | **1.96** | **0.19** | **0.31** | **507** | **6.48** | **38909** | **224** | **6.7** | **11.1** | **57752** | **739** |
| Napoleon | 2.28 | 159 | 1.46 | 0.44 | 1.63 | 340 | 3.64 | 11637 | 107 | 10 | 37.1 | 24941 | 267 |
| Napoleon HW | 0.59 | 202 | 2.12 | 0.64 | 2.15 | 458 | 4.91 | 3800 | 40 | 3.7 | 12.6 | 8619 | 92 |
| Luisa | 2.83 | 132 | 2.24 | 0.28 | 1.24 | 355 | 4.05 | 12049 | 204 | 8.1 | 35.2 | 32307 | 369 |
| Josephine | 0.21 | 176 | 1.81 | 0.34 | 1.01 | 360 | 4.19 | 1180 | 12 | 0.7 | 2.1 | 2406 | 28 |
| Cruz | 0.35 | 171 | 3.58 | 0.30 | 1.64 | 510 | 5.92 | 1907 | 40 | 1 | 5.7 | 5676 | 66 |
| **NP Area Total** | **6.25** | **152** | **2.00** | **0.38** | **1.48** | **368** | **4.09** | **30573** | **403** | **23.5** | **92.6** | **73949** | **822** |
| \*San Antonio | 0.30 | 226 | 1.30 | 0.01 | 0.03 | 325 | 4.33 | 2038 | 12 | 0 | 0.1 | 2936 | 39 |
| \*Animas | 0.40 | 169 | 1.68 | 0.29 | 0.60 | 327 | 4.37 | 2101 | 21 | 1.1 | 2.3 | 4074 | 54 |
| **Total Inferred** | **10.50** | **219** | **1.96** | **0.30** | **1.01** | **412** | **4.91** | **73621** | **660** | **31.2** | **106.2** | **138711** | **1654** |

---

<sup>1</sup>AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.

<sup>2</sup>AuEq = Au ppm + (((Ag ppm x Ag price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Au price/gram). Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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**Panuco Project Indicated & Inferred Resource Sensitivity Table**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Classification | Tonnes | Average Grade | Average Grade | Average Grade | Average Grade | Average Grade | Average Grade | Contained Metal | Contained Metal | Contained Metal | Contained Metal | Contained Metal | Contained Metal |
| COG AgEq | Tonnes | Ag | Au | Pb | Zn | AgEq | AuEq | Ag | Au | Pb | Zn | <sup>1</sup>AgEq | <sup>2</sup>AuEq |
|  | (Mt) | (g/t) | (koz) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (kt) | (kt) | (koz) | (koz) |
| **Measured** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 300 | 1.61 | 505 | 3.70 | 0.15 | 0.33 | 803 | 10.37 | 26174 | 192 | 2.4 | 5.4 | 41645 | 538 |
| 250 | 1.80 | 468 | 3.48 | 0.15 | 0.35 | 749 | 9.67 | 27069 | 201 | 2.7 | 6.2 | 43259 | 559 |
| 200 | 1.99 | 435 | 3.24 | 0.15 | 0.35 | 698 | 8.99 | 27848 | 207 | 3 | 7 | 44665 | 575 |
| 150 | 2.24 | 397 | 2.97 | 0.15 | 0.35 | 640 | 8.22 | 28597 | 214 | 3.3 | 7.9 | 46056 | 592 |
| 120 | 2.40 | 376 | 2.83 | 0.14 | 0.35 | 606 | 7.80 | 28966 | 218 | 3.4 | 8.3 | 46731 | 601 |
| 100 | 2.52 | 361 | 2.71 | 0.14 | 0.34 | 583 | 7.48 | 29201 | 219 | 3.5 | 8.6 | 47151 | 605 |
| **Indicated** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 300 | 6.45 | 409 | 3.32 | 0.33 | 1.01 | 707 | 8.77 | 84819 | 689 | 21.2 | 65.3 | 146506 | 1818 |
| 250 | 7.59 | 368 | 3.00 | 0.32 | 1.01 | 642 | 7.90 | 89848 | 732 | 24.5 | 77 | 156602 | 1929 |
| 200 | 9.00 | 327 | 2.70 | 0.31 | 0.99 | 576 | 7.07 | 94704 | 781 | 27.8 | 89 | 166714 | 2044 |
| 150 | 10.72 | 288 | 2.39 | 0.30 | 0.95 | 512 | 6.23 | 99222 | 822 | 31.6 | 102.3 | 176306 | 2147 |
| 120 | 12.07 | 263 | 2.18 | 0.28 | 0.91 | 469 | 5.70 | 102055 | 846 | 33.6 | 110 | 182123 | 2210 |
| 100 | 13.13 | 246 | 2.04 | 0.27 | 0.88 | 440 | 5.33 | 103884 | 862 | 35 | 115.1 | 185927 | 2251 |
| **Inferred\*:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 300 | 4.98 | 336 | 2.94 | 0.39 | 1.25 | 615 | 7.43 | 53734 | 471 | 19.5 | 62.4 | 98509 | 1190 |
| 250 | 6.18 | 297 | 2.61 | 0.36 | 1.20 | 549 | 6.59 | 59000 | 519 | 22.5 | 74 | 109085 | 1309 |
| 200 | 7.70 | 259 | 2.30 | 0.34 | 1.14 | 485 | 5.78 | 64200 | 570 | 26 | 87.5 | 120017 | 1431 |
| 150 | 9.80 | 221 | 1.99 | 0.31 | 1.06 | 418 | 4.95 | 69482 | 627 | 30.1 | 103.7 | 131701 | 1561 |
| 120 | 11.26 | 200 | 1.80 | 0.29 | 1.02 | 381 | 4.49 | 72324 | 653 | 33.1 | 114.4 | 138018 | 1626 |
| 100 | 12.38 | 186 | 1.68 | 0.28 | 0.97 | 357 | 4.18 | 74139 | 667 | 35.1 | 120.5 | 141975 | 1665 |

---

<sup>1</sup>AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.

<sup>2</sup>AuEq = Au ppm + (((Ag ppm x Ag price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Au price/gram). Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.

\*Does not include Animas or San Antonio

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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**Metallurgical Studies**

The Company had preliminary metallurgical test work completed for the Napoleon ore body. A consulting company with experts in the field performed the studies using a third-party laboratory. Results for the Napoleon ore body were announced on February 17, 2023.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Process<br>Option** | **Stage** | **Mass<br>Recovery**<br>**(%)** | **Global Recovery (%)** | **Global Recovery (%)** | **Global Recovery (%)** | **Global Recovery (%)** | **Product Grade (% or g/t)** | **Product Grade (% or g/t)** | **Product Grade (% or g/t)** | **Product Grade (% or g/t)** |
| **Process<br>Option** | **Stage** | **Mass<br>Recovery**<br>**(%)** | **Ag** | **Au** | **Pb** | **Zn** | **Ag** | **Au** | **Pb** | **Zn** |
| Whole Ore<br>Leach | Direct Cyanidation<br>Leach | 100 | 87 | 93 |  |  |  |  |  |  |
| Bulk Sulfide<br>Flotation\* | Rougher Conc. | 17.0 | 93 | 90 | 94 | 94 | 666 | 16 | 6.8 | 5.8 |
| Bulk Sulfide<br>Flotation\* | 1 Stage Cleaner Conc | 7.1 | 89 | 88 | 87 | 90 | 1524 | 36 | 15.1 | 13.2 |
| Bulk Sulfide<br>Flotation\* | 2 Stage Cleaner Conc | 5.6 | 87 | 86 | 82 | 87 | 1888 | 45 | 18.1 | 16.2 |
| Sequential<br>Flotation\* | Lead Rougher Conc | 6.0 | 79 | 80 | 93 | 24 | 1804 | 40 | 18.3 | 4.4 |
| Sequential<br>Flotation\* | Zinc Rougher Conc | 6.2 | 9 | 8 | 3 | 72 | 194 | 4 | 0.5 | 12.8 |
| Sequential<br>Flotation\* |  |  |  |  |  |  |  |  |  |  |
| Sequential<br>Flotation\* | Lead Rougher Conc | 6.0 | 79 | 80 | 93 | 24 | 1804 | 40 | 18.3 | 4.4 |
| Sequential<br>Flotation\* | 1 Stage Cleaner Conc | 2.1 | 71 | 76 | 87 | 12 | 4656 | 110 | 49.1 | 6.3 |
| Sequential<br>Flotation\* | 2 Stage Cleaner Conc | 1.7 | 68 | 74 | 83 | 9 | 5550 | 134 | 58.4 | 5.7 |
| Sequential<br>Flotation\* |  |  |  |  |  |  |  |  |  |  |
| Sequential<br>Flotation\* | Zinc Rougher Conc | 6.2 | 9 | 8 | 3 | 72 | 194 | 4 | 0.5 | 12.8 |
| Sequential<br>Flotation\* | 1 Stage Cleaner Conc | 1.7 | 8 | 7 | 2 | 71 | 628 | 13 | 1.4 | 47.2 |
| Sequential<br>Flotation\* | 2 Stage Cleaner Conc | 1.4 | 7 | 7 | 1 | 71 | 692 | 15 | 1.2 | 56.2 |
| Gravity<br>Concentration | Knelson Concentrate | 3.6 | 29 | 40 | 28 | 12 | 1087 | 31 | 8.9 | 3.5 |
| Gravity<br>Concentration | Tabled Knelson Conc | 0.6 | 12 | 26 | 13 | 2 | 2670 | 122 | 24.8 | 2.9 |

---

*Summary of results from optimized test work for Napoleon ore body. \*Open circuit tests* 

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

Further preliminary metallurgical testing of the Tajitos ore body was conducted, and results were released in the company's Technical Report dated March 10, 2023, and posted on SEDAR+.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Composite** | **Flowsheet** | **Displayed<br>Values** | **Extraction -<br>percent** | **Extraction -<br>percent** | **Reagent Cons. -<br>kg/tonne feed** | **Reagent Cons. -<br>kg/tonne feed** |
|  **Composite** | **Flowsheet** | **(%)** | **Ag** | **Au** | **NaCN** | **Lime** |
| Diorite MC | Cyanidation of Flotation Concentrate and Tails | Combined CN Extractions | 90.3 | 89.7 | 1 | 1 |
| Diorite MC | Salable Concentrate/ Cyanidation on Tails | Combined Float/CN | 87.3\* | 89.4\* | 0.4-0.6\* | 0.8\* |
| Andesite MC | Cyanidation of Flotation Concentrate on Tails | Combined CN Extractions | 94.2 | 87.3 | 1 | 1.4 |
| Andesite MC | Salable Concentrate / Cyanidation on Tails | Combined Float/CN | 94.1\* | 89.8\* | 0.4-0.6\* | 0.8\* |
| Andesite Low MnOX MC | Cyanidation of Flotation Concentrate and Tails | Combined CN Extractions | 90.1 | 80.8 | 0.9 | 0.8 |

---

*Potential Flowsheet Comparison for Tajitos ore body*

*Note: \*Estimated Values, testing would be required to confirm*

Preliminary metallurgical testing of the Copala ore body was conducted, and results were released in a news release dated August 16, 2023, and posted on SEDAR+.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Process Option** | **Stage** | **Mass<br>Recovery** | **Recovery (%)** | **Recovery (%)** |
| **Process Option** | **Stage** | **(%)** | **Ag** | **Au** |
| Flotation Concentrate | Flotation + regrind +Cyanide Leach | 7.0 | 76.3 | 74.9 |
|  |  | 7.0 | 76.3 | 74.9 |
| Rougher Tails | Cyanide Leach | 93.0 | 14.2 | 18.8 |
| Flotation Plus Cyanide Leach | Total | 100 | 90.6 | 93.7 |

---

*Summary of results from optimized test work for Copala ore body*

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

*EXERCISE OF OPTION AGREEMENTS*

As of April 30, 2025, the Company fully owned the Panuco Property.

The mining concessions comprising of the Panuco Property include the Napoleon and Copala vein corridors, which have seen most of the Vizsla Silver's exploration.

On September 9, 2019, Canam entered into an option agreement with Silverstone Resources S.A. de C.V. ("Copala") whereby the Company can earn a 100% interest in certain concessions and assets by spending USD$1,423,000 in exploration by the second-anniversary date of the agreement and paying a cumulative of USD$20 million. Certain claims of Copala and a portion of Napoleon veins are subject to a 3.0% net smelter royalty ("NSR") which can be brought down to 1.5% for 10% of the purchase price of those mining concessions.

During the year ended April 30, 2025, the Company continued its exploration program at Panuco-Copala flagship project with a drill program. The exploration program has comprised prospecting and detailed mapping and systematic sampling of surface which led to diamond drilling. Drilling has been carried out at forty-three targets thus far with 385,321 metres of drilling carried out to date.

*LOCATION AND CONCESSIONS* 

The Panuco Silver Project is in the Panuco - Copala mining district in the municipality of Concordia in southern Sinaloa state along the western margin of the Sierra Madre Occidental physiographic province in western Mexico. The Panuco project area is accessed from Mazatlán via Federal Highway 15 to Villa Union and then on Highway 40 for a total of 56 kilometres. The project is centered at 23º19' North latitude and 105º54' West longitude.

The Project comprises 119 approved mining concessions covering a total area of 16,536.91 ha, and two applications for two mining concessions covering 1,321.15 ha. The mineral concessions are held 100% by Vizsla Silver. The company also held 4,103 hectares on four concessions located west of the Panuco Project and 16,962 hectares in the newly consolidated, past producing La Garra District.

*GEOLOGY*

The Panuco project is located along the western margin of the Sierra Madre Occidental ("SMO"), a high plateau and physiographic province that extends from the U.S.A. - Mexico border to the east-trending Trans Mexican Volcanic Belt. The SMO is an igneous province recording continental magmatic activity from the Late Cretaceous to the Miocene that has been separated into two episodes: the Lower Volcanic Complex (LVC) and the Upper Volcanic Series (UVS).

The stratigraphic column in the Project consists predominantly of intrusive, volcanic and volcaniclastic rocks of intermediate to felsic composition of the LVC that have been intruded by younger domes and dikes of rhyolite and basalt compositions of the UVS. An approximately 9 by 3-km pluton of diorite to quartz diorite composition and lavas and tuffs of andesite composition are the main host lithologies of the epithermal veins in the district. The rhyolites and dacites on top of the andesite (upper part of the LVS) host vein mineralization in minor proportion. Field work and interpretations conducted in the Project, suggest that the andesites of the LVC units are correlative with the Tarahumara formation of Sonora, and the ~77 to 69 Ma Socavon, Buelna and Portal members described in San Dimas. The rocks of the LVC in San Dimas are intruded by the Piaxtla batholith, dated at 49 to 44 Ma, whereas the age of epithermal mineralization has been constrained there between 41 and 37.8 (Enriquez et al, 2018 and Montoya et al, 2019). Argon geochronology on plagioclase separates from two diorite samples from Panuco resolved chronological ages of 71.69 ± 2.38 Ma and 85.93 ± 13.76 Ma, whereas argon dating of potassium feldspar from the Panuco granite resolved an age of 52.60 ± 0.21 Ma. The age reported here for the Panuco granite is older than that reported by Enriquez et al, 2018 and Montoya et al, 2019 for the Piaxtla batholith whereas the age of the diorite overlaps that of the Socavon, Buelna and Portal members in San Dimas.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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Additionally, the Jurassic - Early Cretaceous basement (Tahue terrane), comprised of metasediments (phyllites and sandstones) have been recognized through tectonic/erosional "windows" into the LVS and in some drill-holes. The basement rocks are unconformably overlain by the LVC andesites and felsic rocks of the Tarahumara Formation and intruded by the diorite-granodiorite and granite plutons centered in Panuco project. The granite intrusion around the Panuco town has a reported K/Ar age of 57 Ma (McDowell and Kayzer 1977) whereas a granodiorite porphyry in Malpica located 30 km southeast of the Project area was dated at 54.2 Ma by K/Ar (Henry, 1975). Recent dating of orthoclase at ActLabs, resolved a younger and more accurate age of 52.60 ± 0.21 Ma for the Panuco granite. Locally, the diorite intrusion has been observed to contain clasts of andesite and granite, implying a younger age for the diorite in the project area. Another intrusive phase of granodiorite to quartz-monzonite that may be coeval with the main diorite pluton, has been mapped in the footwall of the Animas-Refugio structure (Henry, 2003). Following deposition of the Tarahumara andesites, a quiescence period in volcanism, concomitant with uplift and erosion, favored formation of lakes and deposition of water-lain hyaloclastites and volcaniclastics composed of alternating rhyolite and andesite tuffs of Eocene age. These volcaniclastic unit is believed to be correlative with the Productive andesite member in San Dimas. The unit is hundreds of metres thick and has been intruded also by felsic stocks, plugs and dikes of the UVS.

*MINERALIZATION*

Mineralization on the property comprises several epithermal quartz veins. To date approximately 88 kilometres of these veins have been traced by Vizsla Silver and previous workers. Individual vein corridors are up to 3.7 kilometres long and range from decimeters to greater than 10 metres in width. Veins have narrow envelopes of silicification, local argillic alteration and are ussually marked by clay gouge when they are emplaced along reactivated faults. The broader alteration envelope comprises propylitic alteration bearing chlorite, pyrite and epidote.

The mineralization along the vein corridors comprises hydrothermal veins - breccias with grey silica in the matrix and white or grey quartz clasts. The grey colour is due to the presence of very fine-grained disseminated sulphides, presumed to be mainly acanthite, sphalerite and galena. Several hydrothermal breccias have been identified to date by Vizsla Silver's geologists: some breccias containing grey quartz tend to occur at lower levels associated with fault structures whereas breccias with barren white quartz tend to occur at higher elevations. Locally, mineralized zones bear banded textures consisting of alternating quartz with thin dark bands of sulfides (acanthite, sphalerite, galena, and pyrite). In the higher-grade zones fine-grained pyrite is disseminated in the quartz with rare fine-grained sphalerite and / or galena. Bladed quartz pseudomorphs after calcite have been noted at various locations within the fault zone and are indicative of boiling conditions. The mineralized zones are commonly crossed-cut by late-stage quartz veinlets consisting of white quartz and purple amethyst quartz. The amethyst is thought to be related to mixing of near surface waters as the hydrothermal system is collapsing, as has been noted at the nearby San Dimas district (Montoya-Lopera et al, 2019).

The main structural corridors are Copala - Colorada, Napoleon, Animas-Refugio, Cordon del Oro, and the newly identified Camelia - Florida corridor. Each structural corridor contains multiple prospects.

Adularia mineral separates, from each of Napoleon and Copala, resolved statistically identical ages of 25.81 ± 0.05 Ma and 25.72 ± 0.06 Ma, defining for the first time the timing for epithermal mineralization at Panuco. Previous field observations that rhyolite dikes of possible Oligocene age (intruding the LVS units) are crosscut by veins in southern Napoleon area agree with a young age of epithermal mineralization. The rhyolite-dacite dome in the Animas zone, adjacent to the El Muerto mine shows sericite alteration and silicification. The age of mineralization in San Dimas has been determined to be older, reporting adularia ages between 37.83 and 41.01 (Enriquez et al, 2018).

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

*EXPLORATION UPDATE*

Vizsla Silver uses a multi-phase method of exploration. The initial activity consists of prospecting with aid of a LiDAR survey, followed by geologic mapping and rock sampling to identify areas of interest. The next phase is detailed mapping and systematic rock sampling in selected areas. Mapping and sampling of mine workings are occasionally performed depending on ground conditions. A total of 5,108 surface samples and 789 underground channel samples plus 851 QA/QC controls have been analyzed since work by the company began. The prospects are then catalogued and prioritized for drilling based on an internal procedure that uses an internally developed ranking-matrix.

Since November 2019, over 43 prospects have been tested with 391,875 m drilled in 1,041 holes completed on HQ and NQ diameter. A total of 58,982 core samples plus 10,952 QA/QC controls have been analyzed to date.

Between May 2024 and April 2025, the company conducted infill and resource expansion drilling in Copala and exploration drilling activities in three selected district targets in the northeast. The infill and resource expansion drilling program in Copala consisted of 14,877 metres in 49 holes drilled between May 2024 and October 2024. The program successfully converted indicated resources into measured resources and expanded high grade mineralization outside the PEA mine plan. The exploration drilling campaign in the northeast started in October and consists of approximately 10,500 metres of diamond drilling distributed in 35 holes; 7,723 metres in 27 holes have been drilled as of April 2025. Two diamond drill rigs are active on the property, with the ability to scale up depending on exploration success. The exploration drilling program is designed to test five high priority targets with multiple vein structures: San Dimas-Camelia, Animas-Triunfo, Galeana, San Fernando-Nacaral, El Roble-Oregano-La Whicha, Jesusita-Palos Verdes. In January 2025 Vizsla retained the services of Geofisica TMC S.A. de C.V. to conduct a Primis HLEM ground survey over approximately 45 line-kilometres. As of April 30, 2025 TMC completed 17,925 metres of ground geophysics over Copala-Napoleon and Colorada north areas.

**Test mining update**

**Program Highlights**

* **Comprehensive Test Mining:** Focused on underground ramp development, lateral access, and ore extraction from the 460-level zone on the Copala structure.

* **Bulk Sampling:** Approximately 10,000 tonnes of high-grade material is planned to be mined as part of the development. This material will be stockpiled on site and may be used for future metallurgical testing.

* **Surface Infrastructure Development:** Includes construction of portal facilities, access roads, and laydown areas, supporting efficient test mining operations.

**Program Overview**

The test mining program at Panuco, is focused on key areas of underground development and surface infrastructure designed to support the ultimate extraction and processing of bulk mineralization from Copala. The underground scope includes approximately 1,071 meters of ramp and lateral development, with 169 meters dedicated to ore development. Mining methods include portal and ramp preparation as well as ore development tunnels, designed for safe and efficient bulk sampling.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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The Company commenced the Program on November 28, 2024, with the award of a bulk earthworks contract for the preparation of site roads, office and workshop locations, ore, waste and topsoil stockpile locations and the initial stripping of the box cut for the Copala portal. Bulk earthworks were concluded on January 2025 after completion of designated areas.

The underground mining contract was awarded on 5 December, and the contractor is currently mobilizing to site with the first personnel arriving on 9 December. UG development in Test Mine Decline started on March 15<sup>th</sup> after the conclusion of boxcut that included blasting and ground support. By the end of April 2025, a total development of 15 meters in the decline were completed.

Both the earthworks and mining contracts have been awarded to well established Mexican contractors including:

* **Earthworks Contract:** Awarded to Electro Construcciones Ontiveros, S.A De C.V ("Econsa"), an experienced local contractor with proven capabilities in large-scale projects. Vizsla has been working with Econsa for the last 2 years for the rehabilitation of the historic El Coco mill site located within the Project boundary.

* **Underground Mining Contract:** Awarded to Obras Mineras y Tiros del Centro S.A. de C.V. ("OMyTC") a highly experienced underground mining contractor with a strong track record in Mexico. OMyTC will oversee ramp development, ore extraction, and underground infrastructure, ensuring the program's operational success.

*GEOTECHNICAL & HIDROGEOLOGICAL INVESTIGATION*

As part of the Project Development activities for Panuco Project, Vizsla has started a Geotechnical & Hydrogeological investigation based on consulting experts' recommendation that includes an intensive drilling program, test pits, laboratory testwork and piezometers installation to support the preparation of the Feasibility Study. From December 2024 to April 2025, a total of 788 meters in 22 holes for geotechnical drilling, 495 meters in 4 holes for hydrogeological investigation with 8 Casagrande piezometers and 2 VWP (Vibrating Wire Piezometers) installed, and 22 Test Pits were concluded for surface infrastructure as TSF(Tailings Storage Facility), Process Plant & WRSF (Waste Rock Storage Facility). With regards UG Geotechnical investigation, a total of 1,683 meters in 5 holes of oriented drilling were drilled and logged.

**LA GARRA PROJECT - MEXICO**

*EXCERSICE OF OPTION AGREEMENTS*

The Company entered into a share purchase agreement (the "Acquisition Agreement") dated March 27, 2024, with Exploradora Minera La Hacienda S.A. de C.V. and Manuel de Jesus Hernandez Tovar (collectively, the "Sellers") pursuant to which the agreed to acquire (the "Acquisition") all the outstanding shares of Goanna Resources, S.A.P.I. de C.V., a private Mexican corporation, from the Sellers. The Target Company is the owner of the La Garra-Metates District. Pursuant to the Acquisition Agreement, the Company has agreed to make cash payments in an aggregate of US$3,075,000 in cash (collectively, the "Cash Payments") and issue an aggregate of 5,555,555 common shares in the capital of the Company (collectively, the "Consideration Shares") to the Sellers. On January 18, 2024, Vizsla Silver paid $100,000 in cash on signing of the non-binding LOI. The Cash Payments will be made, and the Consideration Shares will be issued over a period of 24 months from closing. The Company is responsible for the back taxes owing on the concessions.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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*LOCATION AND CONCESIONS*

The La Garra Project is located 108 kilometres northeast of the City of Mazatlan, in the Municipality of Mazatlan, Sinaloa, Mexico and approximately 32 km north-northwest of the Panuco Project and 32 km south-southwest of San Dimas in the Mazatlán municipality. The La Garra-Metates District comprises of 16 claims (15 titled mining concessions and one application) covering 16,962 Ha in the heart of the emerging silver-gold-rich Panuco - San Dimas corridor.

*GEOLOGY*

The La Garra Project lies along the western margin of the Sierra Madre Occidental ("SMO"), a high plateau and physiographic province that extends from the U.S.A. - Mexico border to the east-trending Trans Mexican Volcanic Belt. The SMO is an igneous province recording continental magmatic activity from the Late Cretaceous to the Miocene that has been separated into two episodes: the Lower Volcanic Complex (LVC) and the Upper Volcanic Series (UVS).

The stratigraphic column in the Project area consists predominantly volcanic and volcaniclastic rocks of intermediate to felsic composition of the LVC that have been intruded by undifferentiated stocks (granite - granodiorite composition) of the Sinaloa batholitic complex.

*MINERALIZATION*

The La Garra-Metates District area contains N-NNW-trending silver-gold-rich epithermal veins in a geological setting akin that of the Panuco Project and San Dimas. Epithermal veins dipping at steep and shallow angles to the east are hosted by andesites and felsic volcanic lavas and tuffs of intermediate composition. Two main vein systems are known to date: the N-S trending La Garra with ~2.6 km of known strike length and the NW trending Cerro Verde - Las Playas vein system with ~1.8 km of strike length.

*EXPLORATION UPDATE*

In December 2023, Vizsla Silver conducted a five-day site visit and collected 37 samples on vein outcrops and underground pillars on La Garra and Cerro Verde - Las Playas vein systems: fourteen rock-chip samples collected across veins ranging from 0.30 to 2.50 metres reported silver equivalent grades (AgEq) greater than 200 g/t (2.22 to 12.30 g/t Au and 22 to 1,156 g/t Ag). Base metals were detected in low concentrations <1.0% and deleterious elements such as Sb and As were detected also in low concentrations <110 ppm. All the primary samples and quality controls (standards, blanks, and duplicates) were analyzed at SGS Lab facility in Durango Mexico.

Because of its favourable location in the emerging Panuco - San Dimas silver-gold-rich corridor, its geologic setting, vein orientation and observed high grades, Vizsla Silver's geologists are confident that the La Garra-Metates District has good exploration potential for discovery of high-grade shoots along-strike and at depth on the La Garra and Cerro Verde - Las Playas vein systems. Historic mining occurred in the upper 200 metres from surface at most, whereas shoots in the region can have vertical extensions of up to ~550 metres. Additionally, because the area has seen little exploration and prospecting (La Garra and Cerro Verde - Las Playas occur in an area representing ~15% of the property), it is very likely that many other veins and prospects remain to be re-discovered through mapping. Vizsla Silver plans to take advantage of its experienced team in Mexico to fast-track permitting and exploration of the La Garra-Metates District.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**EL RICHARD AND SAN ENRIQUE PROSPECT - MEXICO**

*EXERCISE OF OPTION AGREEMENTS*

Vizsla Silver entered into an asset purchase agreement (the "Acquisition Agreement") dated March 5, 2024, with Inca Azteca Gold S.A.P.I. de C.V. (the "Seller") and the Company's wholly owned subsidiary, Minera Canam, S.A. de C.V. ("Minera Canam") pursuant to which the Company agreed to acquire, through Minera Canam, all of the Seller's right, title and interest in and to the mineral concessions (the "Acquisition").

Pursuant to the Acquisition Agreement, the Company has agreed to issue an aggregate of US$650,000 in common shares in the capital of the Company, at the exchange rate and market price applicable on the effective date (collectively, the "Consideration Shares") plus any applicable value added tax to the Seller. The Consideration Shares are subject to a four-month hold period pursuant to applicable Canadian securities laws and the Seller has agreed to voluntary resale restrictions, whereby 12.5% of the Consideration Shares will become free trading on the date that is four months and one day from the effective date and an additional 12.5% will become free trading every three months thereafter.

*LOCATION AND CONCESSIONS*

The San Enrique Prospect is partially adjacent to the southern boundary of the Panuco project. The prospect comprises two titled mining claims covering 10,667.0 Ha (El Richard with 3,688.6 Ha and San Enrique with 6,978.4 Ha) in the emerging silver-gold-rich Panuco - San Dimas corridor.

*GEOLOGY*

The San Enrique Prospect, like the Panuco project, is located along the western margin of the Sierra Madre Occidental ("SMO"), a high plateau and physiographic province that extends from the U.S.A. - Mexico border to the east-trending Trans Mexican Volcanic Belt. The SMO is an igneous province recording continental magmatic activity from the Late Cretaceous to the Miocene that has been separated into two episodes: the Lower Volcanic Complex (LVC) and the Upper Volcanic Series (UVS).

The main lithologies identified to date in San Enrique are rhyolite domes which produce strong magnetic anomalies in the north, and felsic flows and tuffs (rhyolites and dacites). Additionally, preliminary recognizance mapping in the northeast portion of San Enrique has revealed erosional windows into the LVC with presence of andesite tuffs and flows, quartz veining and breccia structures.

*MINERALIZATION*

The San Enrique Prospect contains several indicators that suggest it is a highly prospective area, namely: location (Panuco - San Dimas corridor), high-grade deposits immediately north (Copala and Panuco), structural controls (southeast extensions of the Copala fault and Cordon - Animas lineament), domes and an operating Santa Fe mine to the south along another NW regional fault.

*EXPLORATION UPDATE*

Existing LiDAR and mag survey from the San Enrique prospect show strong NW-trending lineaments, indicative of regional faults and fractures. Two of these lineaments are aligned and seem to be the SE extensions of the Copala fault and the Cordon del Oro - Animas vein structures in Panuco. Additionally, Vizsla Silver acquired a multispectral World View III satellite image covering the whole Panuco and San Enrique claims to speed up the target generation process. Furthermore, the Company intends to conduct regional recognizance-mapping and a stream-sediment geochemical survey at San Enrique soon.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**SANTA FE PROJECT - MEXICO**

*EXERCISE OF OPTION AGREEMENTS*

*LOCATION AND CONCESSIONS*

The Santa Fe Project is in the Sinaloa State and immediately south of and contiguous to San Enrique Project. The project consists of six contiguous titled mining concessions covering 12,229 hectares (including both producing and exploration concessions). The Santa Fe "producing" mine with a 350 tonnes per day flotation plant is located approximately 22 km southeast of Panuco Project and is accessed through the Rosario Sinaloa city, by driving 24 km NW from El Rosario to El Chele for about 1 to 1.5 hours depending on road conditions.

*GEOLOGY*

The Santa Fe Project, like the Panuco project, is located along the western margin of the Sierra Madre Occidental ("SMO"), a high plateau and physiographic province that extends from the U.S.A. - Mexico border to the east-trending Trans Mexican Volcanic Belt. The SMO is an igneous province recording continental magmatic activity from the Late Cretaceous to the Miocene that has been separated into two episodes: the Lower Volcanic Complex (LVC) and the Upper Volcanic Series (UVS).

The local geology consists of andesite flows and tuffs of the LVC that have been intruded by diorite and granodiorite stocks of the Sinaloa batholitic complex. The andesites of the LVC contain northwest trending epithermal veins and commonly show propylitic alteration with abundant epidote - chlorite in veins and patches at depth.

The main vein structures are the Santa Fe (Mother vein) and the San Jose veins, which form a "duplex structure" separated by offsets (or step overs) that are connected at the end and beginning of the main fault segments. This deformation style developed many subsidiary structures that show variable strike, bends and/or branches (i.e. La Ceiba). Step-overs or linking faults control the extensional or contractional deformation according to the sense of displacement, which produced faulting damage in the host rock and favored development of permeability (i.e. San Jose and Mother vein) and in consequence, high density of short veins.

*MINERALIZATION*

Gold and silver mineralization in Santa Fe occurs in northwest trending epithermal veins. The veins consist of quartz, calcite and in minor proportion adularia, and are hosted by andesite volcanics of the LVC. The veins dip northeast and show variable thickness from 0.4 m to over 2.5 m. Locally, the veins can reach up to 20 m wide where stockworks and hydrothermal breccias develop on the footwall side of the veins. Acanthite and electrum, hosted in quartz, are the main silver and gold mineral species, whereas galena, sphalerite and chalcopyrite occur in minor proportion particularly in the deeper zones of the veins.

*EXPLORATION UPDATE*

Six near-mine vein targets are recognized to date: Santa Fe, San Jose, San Jose North, Rosarito, Taonitas and Natalia. Diamond drilling by previous operators amounts to 20,501 metres drilled in 69 holes, most of them on Santa Fe (Mother vein). Vizsla Silver will start a near mine exploration campaign around the mine that will consist of detailed geologic mapping and interpretations of legacy drill holes and existing magnetics, radiometrics and induced polarization geophysics to define near mine drilling targets. The company plans to start exploration works in Santa Fe in Q3 2025.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

Regionally, existing magnetic and radiometric surveys show anomalies that indicate lateral continuity of mineralization. Potassium highs between the main veins suggest a large-scale structural setting and potential for additional mineralized structures. In addition, these anomalies could also indicate the vertical continuity "tapping" of the mineralizing fluids from a deeper metal source (intrusions). The Magnetic and Radiometric images define targets. These anomalies could be associated with strong hydrothermal alteration favored by the high density of linking veins, working as "discharge zone" or a breccia (pipe) produced by extensional deformation between the main structural segments. Long term exploration plans by Vizsla include acquisition of multispectral satellite imagery and regional prospecting and stream sediments geochemistry.

**6. Financial performance**

<u>Twelve months of 2024-2025</u>

Comprehensive loss during the year ended April 30, 2025, Vizsla recorded a comprehensive loss of $20,864,930 (2024: comprehensive loss of $3,486,349). Other comprehensive loss for the year ended April 30, 2025, included $13,013,933 of translation loss (2024: $12,462,040 translation gain) to translate the exploration and evaluation assets and VAT receivable from Mexican pesos to Canadian dollars due to the fluctuations of the Mexican pesos.

Excluding non-cash items such as stock-based compensation and depreciation, the comprehensive loss in 2025 was $10,947,133 compared to a net gain of $2,679,374 for 2024. This represents an increase of $13,626,507 in loss from the prior year, mainly due to $25,475,973 on translation loss which offset the $13,749,421 gain on the spinout of Vizsla Royalties.

<u>Three months of Q4, 2024 - Q4, 2025</u>

For the three months ended April 30, 2025, Vizsla reported a comprehensive gain of $9,445,357, compared to a gain of $6,090,490 in the same period in 2024. This included a foreign currency translation gain of $15,707,157 (2024: $9,367,682), reflecting the impact of Mexican peso fluctuations on the translation of exploration and evaluation assets to Canadian dollars.

Excluding non-cash items such as stock-based compensation and depreciation, adjusted comprehensive loss was $11,035,239 in 2025, up from $6,365,093 in 2024—an increase of $4,670,146, primarily driven by the $6,339,475 translation gain.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

The following table summarizes the 2025 and 2024 differences in the net loss and other comprehensive loss:

---

| | | | |
|:---|:---|:---|:---|
|  | **Q4vsQ4** | **Year** | **Note** |
| &nbsp;&nbsp;&nbsp;&nbsp;**General and administrative expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease office and administrative | 241622 | (147302) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease professional fees | (95650) | (1299428) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease marketing and communication | (865684) | (2374185) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease regulatory and transfer agent | (29045) | (241312) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease salaries and benefits | 253485 | (229075) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease share-based compensation | (1387725) | (3831717) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease depreciation | 72446 | 79643 |  |
|  | **(1810551)** | **(8043376)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other Income (expenses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) interest and finance income | 559982 | 1516558 | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease foreign exchange loss | (926066) | (479995) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease revaluation loss on investment in equity instruments | (553020) | 230810 | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) gain on debt settlement of Visla Royalties Corp. |  | 321862 | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) gain on spin out of Visla Royalties Corp. |  | 13749421 | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) gain in share of Visla Royalties Corp. | (599096) | 493423 | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease transaction costs | 277693 | 164696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) other income | 66450 | 143993 |  |
|  | **(1174057)** | **16140768** |  |
| **(Increase)/Decrease net loss for the year** | **(2984608)** | **8097392** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive (gain)/loss** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Items that will be reclassified subsequently** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in translation gain on foreign operations | 6339475 | (25475973) |  |
| &nbsp;&nbsp;&nbsp;**Increase in comprehensive gain / (Increase in comprehensive loss)** | **3354867** | **(17378581)** |  |

---

**1) General and administrative ("G&A") expenses** 

The G&A expense of $24,281,256 in 2025 was $8,043,376 higher than the $16,237,880 recorded in 2024, primarily due to higher share-based compensation, professional fees, and marketing and communication expenses resulting from an increased number of engagements and activities necessary to remain well-funded for the Company's exploration programs, organic growth and the construction of its Panuco project.

**2) Interest and finance income**

Interest and finance income was $3,149,518 in 2025, up $1,516,558 from $1,632,960 in 2024, primarily due to higher term deposit balances ($97,021,000 in 2025 vs. $30,000,000 in 2024), partially offset by lower interest rates. For the three months ended April 30, 2025, interest and finance income increased to $1,040,676 from $480,694 in 2024, driven by the same factors.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

**3) Foreign exchange losses**

The Company's functional currency of its parent entity is the Canadian Dollar ("CAD").

The Company recorded foreign exchange losses of $967,064 in 2025, up from $487,069 in 2024, primarily due to the depreciation of the Canadian dollar relative to the U.S. dollar and Mexican peso, which impacted CAD-denominated cash and cash equivalents. For the three months ended April 30, 2025, foreign exchange losses increased to $1,022,839 from $96,773 in 2024, reflecting the same currency impacts.

**4) Revaluation loss on investment in equity instruments**

In 2025, the Company recorded a fair value loss of $460,894 on its Prismo investment, compared to a loss of $691,704 in 2024, representing a $230,810 improvement. For the three months ended April 30, 2025, the Company recorded a fair value loss of $530,500, compared to a gain of $22,520 in 2024, reflecting a $553,020 increase in loss, driven by changes in the fair market value of the Prismo investment.

**5) Gain on spin out of Visla Royalties Corp.**

In 2025, the Company recognized a $13,749,421 gain from the spin-out of Vizsla Royalties (2024: $nil), a $321,862 gain on Vizsla Royalties' debt settlement (2024: $nil), a $1,396,134 share of loss from its associate, and a $1,889,557 deemed disposal gain related to Vizsla Royalties (2024: $nil). No amounts were recorded for the three months ended April 30, 2025, as these items were recognized in the first quarter of 2025 ended on July 31, 2024.

**7. Review of Annual and Quarterly Results**

The following table sets out selected annual financial information derived from the Company's Financial Statements for each of the three most recently completed financial years ("FY") of the Company.

---

| |
|:---|
| Total assets |
| Total current financial liabilities |
| Net loss for the year**)** |
| Basic and diluted loss per share**)** |

---

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

---

The following table sets out selected quarterly results over a period encompassing the most recently completed eight quarters. The most significant factors affecting results in the quarters presented were the Spin out of Vizsla Royalties Corp. and its focus on organic growth from the acquisitions of Goanna Resources, S.A.P.I. de C.V (La Garra claims) and El Richard - San Enrique claims.

In addition, the Company's net loss was impacted by foreign exchange gains and losses on foreign denominated cash and cash equivalents and VAT receivables.

During 2025, the Company completed various rounds of financing for net proceeds of a total of $108,115,830, which were invested in a term deposit that are cashable within one to three months.

---

| | |
|:---|:---|
|  | **Quarter ended** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FY2025 | **July 2024** |
|  | **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | **270839000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current financial liabilities | **1450003** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | **7924127** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per common share | **0.03** |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FY2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current financial liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per common share |

---

**8. Liquidity and Capital position**

**Liquidity**

The Company's cash and cash equivalents on April 30, 2025, were $132,616,939 compared to $37,548,304 on April 30, 2024. The Company had a working capital of $158,221,760 on April 30, 2025, compared to a $52,081,967 as at April 30, 2024.

During the year ended April 30, 2025, $6,990,576 was used in operating activities compared to $14,483,699 in 2024. During the same period $40,234,665 was used in investing activities compared to $4,920,787 generated, respectively, and $145,786,643 was generated from financing compared to $33,726,405, respectively.

The Company has $1,607,041 in long-term payable associated with the required payments in connection with the acquisition of Goanna Resources (La Garra claims).

**Capital position**

<u>Equity</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)** **Authorized***

Unlimited number of common shares with no par value.

------

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b)** **Issued and outstanding***

As at April 30, 2025, 298,374,460 (April 30, 2024: 232,642,035) common shares with no par value were issued and outstanding.

On September 19, 2024, the Company completed the bought deal public offering of 25,000,000 common shares of the Company at a price of $2.60 per share for aggregate gross proceeds of $65,000,000. In addition, the Company granted the underwriters an over-allotment option exercisable at the same price to purchase 3,750,000 which was exercised for gross proceeds of $9,750,000. In consideration for the services provided by the Underwriters in connection with the issue and sale of the Additional Shares, the Company paid to the Underwriters a cash commission equal to $487,500.

During the year ended April 30, 2025, the Company completed numerous At-the-Market Offerings ("ATM") for a total of 13,705,156 common shares of the Company at an average price of $2.98 (US$2.17) for gross proceeds of $40,843,047 (US$29,737,862).

Cash commissions to the underwriters of the transactions for a total of $7,477,245.

On May 8, 2024, the Company issued 448,137 common shares at $1.97 per share for a total value of $882,830 (US$650,000) in relation to the acquisition of El Richard - San Enrique claims.

During the year ended April 30, 2025, the Company issued 1,269,841 shares for a total value of $3,063,515 to the Sellers in relation to the acquisition of Goanna Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Warrants**

As of April 30, 2025, the Company has 233,533 warrants outstanding and exercisable (April 30, 2024: 15,437,163)

During the year ended April 30, 2025, 15,040,837 warrants were exercised at a weighted average exercise price of $1.90 for proceeds of $28,946,769. No new warrants were issued during the year ended April 30, 2025.

The weighted average market price on the warrant exercise date is $2.50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Options**

The Company has adopted a Stock Option Plan pursuant to which options may be granted to directors, officers, and consultants of the Company. Under the terms of the Plan, the Company can issue a maximum of 10% of the issued and outstanding common shares at the time of the grant, a maximum term of 10 years, and the exercise price of each option is determined by the directors but may not be less than the closing market price of the Common Shares on the day preceding the date of granting of the option less any available discount, in accordance with TSXV Policies. No option may be granted for a term longer than ten years. Options granted under the Plan including vesting and the term, are determined by, and at the discretion of, the Board of Directors.

On June 12, 2024, the Company granted 6,050,000 stock options at an exercise price of $2.24 directors, officers, employees and consultants of the Company. These options are exercisable for a period of five years and will vest over the next two years. No other options were granted, and 175,000 options were canceled, during the year ended April 30, 2025.

During the year ended April 30, 2025, 6,139,722 were exercised with weighted average exercise price of $1.44 for proceeds of $8,724,044, and 175,000 options were canceled. No other options were issued, canceled, or expired during the year ended April 30, 2025.

The weighted average market price on the options exercise date is $2.69.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Restricted shares units ("RSU")**

As of April 30, 2025, the Company has 1,360,868 RSUs outstanding (April 30, 2024: 1,044,073).

On June 12, 2025 the Company granted 775,000 RSUs to officers, employees, and consultants of the Company. These RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date can be settled with cash, shares, or combination at the Company's discretion.

The fair value of each RSU is $2.34 which is the value of a Vizsla common share on grant day. The total share-based compensation of the RSUs is valued at $1,813,500, which will be realized as the RSUs vest.

During the year ended April 30, 2025, a total of 378,732 RSUs were exercised and converted to common shares, 272,732 were vested at the price of $1.60 while 106,000 were vested at a price of $1.89, and 79,473 RSUs were cancelled. No other RSUs were issued, canceled, or expired during the

year ended April 30, 2025.

**9. Use of proceeds**

Net proceeds from the financing completed during the year end April 30, 2023 of $41,998,303 and during the year end April 30, 2024 of $32,271,861 were fully deployed to continue the drilling program to upgrade and expand resources to provide an updated mineral resource estimate and complete a preliminary economic assessment; complete additional mapping, sampling, geophysics, and drilling to find new bodies of mineralization, and undertake metallurgy, mine engineering studies, a review of mill optimization options, development of our test mine and complete an environment.

Net proceeds from the financing which comprised of bought deal public offering, over-allotment option and at-the-market offerings completed during 2025 of $108,115,830, and the warrants and options exercised of $37,670,813, are expected to be used to advance the exploration and development of the Panuco Project, exploration of the Santa Fe Project, potential future acquisitions, as well as for working capital and general corporate purposes as set out in the Prospectus Supplement.

The table below compares the approximate use of proceeds from the Company's financing and the actual amounts spent up to April 30, 2025.

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| | |
|:---|:---|
|  | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds** | **Warrants<br>and<br>options<br>exercised** |
|  | $ |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross proceeds | **37670813** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share issue costs | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net proceeds** | **37670813** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Spent to Date Allocation** |  |
| Exploration and evaluation assets including acquisitions | - |
| General and administrative expenses | - |
|  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | 37670813 |

---

The Company will continue to evaluate and acquire future growth opportunities including strengthening the land holding in the district. The Company also will continue with the resource/discovery-based drill program.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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**10. Off-Balance sheet arrangements**

As a policy, the Company does not enter off-balance sheet arrangements with special-purpose entities in the normal course of business, nor does it have any unconsolidated affiliates.

**11. Related party transactions**

During the years ended April 30, 2025, and 2024, the Company has the following related party transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has incurred $3,284,679 (April 30, 2024: $2,698,461) in salary, consulting fees, and management fees to the Company's officers and companies owned by the Company's officers as compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has incurred $418,000 (April 30, 2024: $338,047) in director fees to the Company's independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has paid $780,000 (April 30, 2024: $675,000) to a company with common directors and officers for rent expenses and administration expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has granted 4,850,000 (April 30, 2024: 3,165,000) stock options to officers and directors of the Company .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company has granted 360,000 (April 30, 2024: 318,000) RSUs to officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As of April 30, 2025, $394,027 was payable to officers of the Company (April 30, 2024: $673,600 and $475,000 was payable to officers and the former Chief Operating Officer of the Company, respectively).

These transactions are in the normal course of operations and have been valued in the 2025 Financial Statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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Below is a summary of cash compensation, stocked based compensation, and restricted shares units paid to officers and directors of the Company:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash compensation** | **2025** | 2024 |
|  | **$** | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO fees | **1035000** | 787500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO fees | **506739** | 399021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COO fees | **941667** | 779688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVP Business Development and Strategy fees | **441960** | 401672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP Exploration fees | **359313** | 330580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director fees | **418000** | 338047 |
|  | **3702679** | 3036508 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stock-based compensation** | **2025** | 2024 |
|  | **$** | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO fees | **1632536** | 1114241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO fees | **793155** | 469827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COO fees | **1272522** | 566168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVP Business Development and Strategy fees | **444021** | 421393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP Exploration fees | **419427** | 356477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director fees | **1688513** | 938832 |
|  | **6250174** | 3866938 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Restricted shares units** | **2025** | 2024 |
|  | **$** | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO fees | 180105 | 122626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO fees | 89971 | 35971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COO fees | 457552 | 26894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVP Business Development and Strategy fees | 94368 | 57692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP Exploration fees | 107768 | 85546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director fees | 39330 | 177633 |
|  | **969094** | 506362 |

---

**12. Proposed transactions** 

As of the date of this MD&A, the Company does not have any proposed transactions.

**13. Material Accounting Policies, Standards and Judgements**

The preparation of the 2025 Financial Statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amounts in the 2025 Financial Statements.

These accounting estimates represent management estimates and judgments that are uncertain, and any changes in these could materially impact the Company's financial statements. Management continuously reviews its estimates, judgments and assumptions using the most current information available. The significant judgments and estimates in the application of accounting policies are described in Note 4 of the 2025 Financial Statements, respectively.

Readers should also refer to Note 3 of the 2025 Financial Statements, for the Company's summary of material accounting policies.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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Changes in accounting policies including initial adoption

There has been no adoption or recognition of accounting policies other than that are disclosed in note 3 of the 2025 Financial Statements, and note 2 of the financial statements for the year ended April 30, 2024.

**14. Risks and Uncertainties**

The Company is subject to many risks that may affect future operations over which the Company has little control. These risks include, but are not limited to, intense competition in the resource industry, market conditions and the Company's ability to access new sources of capital, mineral property title, results from property exploration and development activities, and currency fluctuations. The ability of the Company to fund its future operations and commitments is dependent on its ability to generate revenue and to obtain additional financing. Risks of the Company's business include the following:

**Financial Instrument Risk**

The Company's activities expose it to a variety of financial risks, which include market risk, foreign currency risk, interest rate risk, price risk, credit risk and liquidity risk. The Company's risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's financial performance.

***1)** **Liquidity risk***

Liquidity risk is the risk that the Company will not meet its financial obligations as they become due. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2025, the Company had a cash and cash equivalents balance of $132,616,939 to settle liabilities of $6,392,341. All of the Company's financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms, except for the longterm portion of the Cash Consideration of the acquisition of Goanna Resources. Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

***2)** **Market risk***

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of commodity price risk and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. The Company is not exposed to significant market risk.

***3)** **Interest rate risk***

Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates. The average interest rate earned by the Company during the year ended April 30, 2025 on its cash and cash equivalents and short-term investments was 2.19% (2024 – 4.35%). A 1% increase or decrease in the interest earned from financial institutions on cash and cash equivalents and short-term investments would result in approximately a $1,445,000 change in the Company's net and comprehensive loss (April 30, 2024: $375,000).

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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***4)** **Foreign currency risk***

Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar, United States dollar, and Mexican Peso will affect the Company's operations and financial results. The Company and its subsidiaries are exposed to foreign currency risk to the extent that it has monetary assets and liabilities denominated in foreign currencies.

The Company measures the effect on total assets or total receipts of reasonably foreseen changes in interest rates and foreign exchange rates. The analysis is used to determine if these risks are material to the financial position of the Company. A 1% change in foreign exchange rate of CAD to MXN would increase/decrease the net and comprehensive loss for the year ended April 30, 2025, by approximately $201,000 (April 30, 2024: $212,000). A 1% change in foreign exchange rate of CAD to USD would increase/decrease the net and comprehensive loss for the year ended April 30, 2025, by approximately $305,000 (April 30, 2024: $17,000). Actual financial results for the coming year will vary since the balances of financial assets are expected to decline as funds are used for Company expenses.

***5)** **Price risk***

This risk relates to fluctuations in commodity and equity prices. The Company closely monitors commodity prices of precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in pricing may be significant.

***6)** **Credit risk***

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered with the Company. The Company is exposed to credit-related losses in the event of non-performance by the counterparties. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Cash and cash equivalents are held with reputable banks in Canada. The long-term credit rating of these banks, as determined by Standard and Poor's, was A+. As at April 30, 2025, the cash on deposit at these institutions was more than federally insured limits. However, management believes credit risk is low given the good credit ratings of the banks.

*Competition* 

Other exploration companies, including those with greater financial resources than the Company, could adopt or may have adopted the same business strategies and thereby compete directly with the Company, or may seek to acquire and develop mineral claims in areas targeted by the Company. While the risk of direct competition may be mitigated by the Company's experience and technical capabilities, there can be no assurance that competition will not increase or that the Company will be able to compete successfully.

*Resource Exploration and Development is a Speculative Business*

Resource exploration and development is a speculative business and involves a high degree of risk, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but from finding mineral deposits which, though present, are insufficient in size to return a profit from production. The marketability of natural resources that may be acquired or discovered by the Company will be affected by numerous factors beyond the control of the Company. These factors include market fluctuations, the proximity and capacity of natural resource markets, government regulations, including regulations relating to prices, taxes, royalties, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in the Company not receiving an adequate return on invested capital.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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Substantial expenditures are required to establish ore reserves through drilling and metallurgical and other testing techniques, determine metal content and metallurgical recovery processes to extract metal from the ore, and construct, renovate or expand mining and processing facilities. No assurance can be given that any level of recovery of ore reserves will be realized or that any identified mineral deposit, even it is established to contain an estimated resource, will ever qualify as a commercial mineable ore body which can be legally and economically exploited. The great majority of exploration projects do not result in the discovery of commercially mineable deposits of ore.

*Fluctuation of Metal Prices*

Even if commercial quantities of mineral deposits are discovered by the Company, there is no guarantee that a profitable market will exist for the sale of the metals produced. Factors beyond the control of the Company may affect the marketability of any substances discovered. The prices of gold, silver, copper, lead, zinc, moly, and other minerals have fluctuated widely in recent years and are affected by several factors beyond the Company's control, including international economic and political conditions, expectations of inflation, international currency exchange rates, interest rates, consumption patterns, and speculative activities and increased production due to improved exploration and production methods. Fluctuations in commodity prices will influence the willingness of investors to fund mining and exploration companies and the willingness of companies to participate in joint ventures with the Company and the level of their financial commitment. The supply of commodities is affected by various factors, including political events, economic conditions, and production costs in major producing regions. There can be no assurance that the price of any commodities will be such that any of the properties in which the Company has, or has the right to acquire, an interest may be mined at a profit.

*Increased Costs*

Management anticipates that costs at the Company's projects will frequently be subject to variation from one year to the next due to several factors, such as the results of ongoing exploration activities (positive or negative), changes in mineralization encountered, and revisions to exploration programs, if any, in response to the foregoing. Increases in the prices of such commodities or a scarcity of consultants or drilling contractors could render the costs of exploration programs to increase significantly over those budgeted. A material increase in costs for any significant exploration programs could have a significant effect on the Company's operating funds and ability to continue its planned exploration programs.

*Reclamation*

There is a risk that monies allotted for land reclamation may not be sufficient to cover all risks, due to changes in the nature of the waste rock or tailings and/or revisions to government regulations. Therefore, additional funds, or reclamation bonds or other forms of financial assurance may be required over the tenure of any mineral project of the Company to cover potential risks. These additional costs may have a material adverse effect on the Company's business, financial condition and results of operations.

*Mining Industry is Intensely Competitive*

The Company's business of the acquisition, exploration and development of mineral properties is intensely competitive. Increased competition could adversely affect the Company's ability to attract necessary capital funding or acquire suitable producing properties or prospects for mineral exploration in the future.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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*Permits and Licenses*

The operations of the Company will require licenses and permits from various governmental authorities. There can be no assurance that the Company will be able to obtain all necessary licenses and permits that may be required to carry out exploration, development and mining operations at its projects, on reasonable terms or at all. Delays or a failure to obtain such licenses and permits or a failure to comply with the terms of any such licenses and permits that the Company does obtain, could have a material adverse effect on the Company.

*Government Regulation*

Any exploration, development or mining operations carried on by the Company, will be subject to government legislation, policies and controls relating to prospecting, development, production, environmental protection, mining taxes and labour standards. In addition, the profitability of any mining prospect is affected by the market for precious and/or base metals which is influenced by many factors including changing production costs, the supply and demand for metals, the rate of inflation, the inventory of metal producing corporations, the political environment and changes in international investment patterns.

*Environmental Restrictions*

The activities of the Company are subject to environmental regulations promulgated by government agencies in different countries from time to time. Environmental legislation generally provides for restrictions and prohibitions on spills, releases or emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species and reclamation of lands disturbed by mining operations. Certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner which means stricter standards, and enforcement, fines and penalties for non-compliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has a potential to reduce the profitability of operations.

*Global Economy*

The volatility of global capital markets, including the general economic slowdown in the mining sector, over the past several years has generally made the raising of capital by equity or debt financing more difficult. The Company may be dependent upon capital markets to raise additional financing in the future. As such, the Company is subject to liquidity risks in meeting its operating expenditure requirements and future development cost requirements in instances where adequate cash positions are unable to be maintained or appropriate financing is unavailable. These factors may impact the ability to raise equity or obtain loans and other credit facilities in the future and on terms favourable to the Company and its management. If these levels of volatility persist or if there is a further economic slowdown, the Company's operations, the Company's ability to raise capital and the trading price of the Company's securities could be adversely impacted.

*Inflation and Inflationary Pressures*

The Company's operating costs could escalate and become uncompetitive due to supply chain disruptions, inflationary cost pressures, equipment limitations, escalating supply costs, commodity prices and additional government intervention through stimulus spending or additional regulations. The Company's inability to manage costs may impact, among other things, future development decisions, which could have a material adverse impact on the Company's financial performance.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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General inflationary pressures may affect labor and other costs, which could have a material adverse effect on the Company's financial condition, results of operations and the capital expenditures required to advance the Company's business plans. There can be no assurance that any governmental action taken to control inflationary or deflationary cycles will be effective or whether any governmental action may contribute to economic uncertainty. Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response thereto may have a material adverse effect on the Company's business, results of operations, cash flow, financial condition and the price of the Company's securities.

*Public Health Crises*

Public health crises can result in volatility and disruptions in the supply and demand for gold and other metals and minerals, global supply chains and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect commodity prices, interest rates, credit ratings, credit risk and inflation. The risks to the Company of such public health crises also include risks to employee health and safety, a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak, increased labour and fuel costs, regulatory changes, political or economic instabilities or civil unrest. Any of these could affect the Company's ability to advance exploration and development with such risks to include challenges in recruiting and retaining staff and personnel, restricted access for employees and contractors to the Panuco-Copala Property, equipment and materials not being delivered to site on schedule or at all, and further inefficiencies required to be put in place to health and safety resulting in less productivity.

*Enforcement of U.S. Judgments*

The Company is incorporated under the laws of British Columbia, Canada, and all the Company's directors and officers are not residents of the United States. Because certain of the Company's assets and the assets of these persons are located outside of the United States, it may be difficult for U.S. investors to effect service of process within the United States upon the Company or upon such persons who are not residents of the United States, or to realize in the United States upon judgments of U.S. courts predicated upon civil liabilities under U.S. securities laws. A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the U.S. court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. There is substantial doubt whether an original action could be brought successfully in Canada against any of such persons or the Company predicated solely upon such civil liabilities.

*U.S. Federal Income Tax Risks*

If the Company is treated as a passive foreign investment company (a "PFIC"), United States shareholders may be subject to adverse U.S. federal income tax consequences. A foreign corporation will generally be considered a PFIC for any taxable year in which (i) 75% or more of its gross income is "passive income" under the PFIC rules or (ii) 50% or more of the average quarterly value of its assets produce (or are held to produce) "passive income". The Company believes that it may have been classified as a PFIC for prior taxable years and may continue to be classified as a PFIC for the current taxable year, but the Company expects that it may cease being classified as a PFIC once it begins to generate revenues from operations. The Company's status as a PFIC in any taxable year, however, requires a factual determination that can only be made annually after the close of each taxable year. Therefore, there can be no assurance as to whether the Company will be classified as a PFIC for the current taxable year or for any future taxable year. If the Company is treated as a PFIC for any taxable year during which a U.S. person holds Common Shares, such U.S. person may be subject to material adverse tax consequences upon a sale, exchange or other disposition of such Common Shares, or upon the receipt of distributions in respect of such Common Shares, unless certain elections are made. Each prospective investor is strongly urged to consult its own tax advisors regarding the application of these rules, along with the availability and advisability of any elections, to such investor's particular circumstances.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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If a U.S. person is treated as owning (directly, indirectly or constructively) at least 10% of the value or voting power of the Common Shares, such person may be treated as a United States shareholder with respect to each controlled foreign corporation in the Company's group (if any). A United States shareholder of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata share of Subpart F income, global intangible low-taxed income and investments in U.S. property by controlled foreign corporations, whether the Company will make any distributions. An individual that is a United States shareholder with respect to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a corporation. A failure to comply with these reporting obligations may subject a United States shareholder to significant monetary penalties and may prevent the statute of limitations with respect to a United States shareholder's U.S. federal income tax return for the year for which reporting was due from starting. Furthermore, the Company cannot provide any assurances that it will have sufficient information to assist investors in determining whether the Company or any of its subsidiaries are treated as a controlled foreign corporation or whether such investor is treated as a United States shareholder with respect to any such controlled foreign corporations. The Company also cannot guarantee that it will be able to furnish to any United States shareholder information that may be necessary to comply with the reporting and tax payment obligations. Prospective U.S. investors should consult their own advisors regarding the potential application of these rules to an investment in the Common Shares.

*Macroeconomic Risks*

Political and economic instability (including the ongoing conflicts between Russia and Ukraine and in the Middle East), global or regional adverse conditions, such as pandemics or other disease outbreaks or natural disasters, currency exchange rates, trade tariff developments, transport availability and cost, including import-related taxes, transport security, inflation and other factors are beyond the Company's control. The macroeconomic environment remains challenging, and the Company's results of operations could be materially affected by such macroeconomic conditions.

*Foreign Countries and Political Risk*

The Company currently conducts mining operations in Mexico, and as such the Company's operations are exposed to various levels of political and economic risks by factors outside of the Company's control. These potential factors include but are not limited to: mining royalty and various tax increases or claims by governmental bodies, expropriation or nationalization, foreign exchange controls, trade disputes, high rates of inflation, extreme fluctuations in currency exchange rates, import and export regulations, cancellation or renegotiation of contracts, environmental and permitting regulations, illegal mining operations by third parties on the Company's properties, labour unrest and surface access issues. The Company currently has no political risk insurance coverage against these risks.

The Company is unable to determine the potential impact of these risks on its future financial position or results of operations. Changes, if any, in mining or investment policies or shifts in political attitude in Mexico may substantively affect the Company's exploration and development and production.

*Changes to Mining Laws and Regulation*

On May 8, 2023, the Mexican Government enacted a decree amending several provisions of the Mining Law, the Law on National Waters, the Law on Ecological Equilibrium and Environmental Protection and the General Law for the Prevention and Integral Management of Waste (the "Decree"), which became effective on May 9, 2023. The Decree amends the mining and water laws, including: (i) the duration of the mining concession titles, (ii) the process to obtain new mining concessions (through a public tender), (iii) imposing conditions on water use and availability for the mining concessions, (iv) the elimination of "free land and first applicant" scheme; (v) new social and environmental requirements in order to obtain and keep mining concessions, (vi) the authorization by the Ministry of Economy of any mining concession's transfer, (vii) new penalties and cancellation of mining concessions grounds due to non-compliance with the applicable laws, (viii) the automatic dismissal of any application for new concessions, and (ix) new financial instruments or collaterals that should be provided to guarantee the preventive, mitigation and compensation plans resulting from the social impact assessments, among other amendments.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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These amendments could have an impact on our current and future exploration activities and operations in Mexico. However, the likelihood and extent of such impact is yet to be determined. On June 7, 2023, the Senators of the opposition parties (PRI, PAN and PRD) filed a constitutional action against the Decree, which is pending to be decided by Plenary of the Supreme Court of Justice. Additionally, on June 17, 2023, the Company filed amparo lawsuits, challenging the constitutionality of the Decree. As of the date of this prospectus supplement, these amparos filed by the Company, along with numerous amparos in relation to the Decree that have been filed by other companies, are still pending before the District or Collegiate Courts. On July 15, 2024, the Supreme Court of Justice in Mexico suspended all ongoing amparo lawsuits against the Decree whilst the constitutional action is being considered by the Supreme Court. As of the date of this prospectus supplement, the Supreme Court has not yet rendered an official ruling on the constitutional action against the Decree that was brought by the opposition parties within the Mexican government.

In addition, on September 15, 2024, the Mexican Congress and a majority of state legislatures approved amendments to the Mexican Constitution to implement certain structural changes to the Mexican judiciary (the "Judiciary Reform"). The Judiciary Reform introduces significant changes to the Mexican judiciary, including (i) shifting from an appointment-based system, largely dependent on qualifications, to a system where judges are elected; and (ii) replacing the Federal Judicial Council with two new entities: the Judicial Administration Body and the Judicial Discipline Tribunal, which will oversee judicial careers, the Judiciary Branch's budgeting, and disciplinary actions for public officials. These proposed changes may have impacts on the Mexican court system and litigation in Mexico, the effects of which cannot be predicted at this time. In October 2024, opposition parties (PRI and PAN), along with certain judges and members of the Mexican Congress, filed constitutional actions with the Mexican Supreme Court of Justice against the Judiciary Reform. The Supreme Court of Justice has accepted the constitutional actions for its review.

The Company's mining, exploration and development projects, could be adversely affected by amendments to such laws and regulations, by future laws and regulations, by more stringent enforcement of current laws and regulations, by changes in applicable government policies affecting investment, mining and repatriation of financial assets, by changes in the independence and reliability of Mexican courts, by shifts in political attitudes and by exchange controls. The effect, if any, of these factors cannot be accurately predicted.

*Title Matters*

Although the Company has taken steps to verify the title to the mineral properties in which it has or has a right to acquire an interest in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee title (whether of the Company or of any underlying vendor(s) from whom the Company may be acquiring its interest). Title to mineral properties may be subject to unregistered prior agreements or transfers and may also be affected by undetected defects or the rights of indigenous peoples. The Company has investigated title to all its mineral properties and, to the best of its knowledge, title to all its properties for which titles have been issued are in good standing.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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*Exploration and Mining Risks*

Fires, power outages, labour disruptions, flooding, explosions, cave-ins, landslides and the inability to obtain suitable or adequate machinery, equipment or labour are other risks involved in the operation of mines and the conduct of exploration programs. Substantial expenditures are required to establish reserves through drilling, to develop metallurgical processes, to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that funds required for development can be obtained on a timely basis. The economics of developing mineral properties is affected by many factors including the cost of operations, variations of the grade of ore mined, fluctuations in the price of gold or other minerals produced, costs of processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. In addition, the grade of mineralization ultimately mined may differ from that indicated by drilling results and such differences could be material. Short term factors, such as the need for orderly development of ore bodies or the processing of new or different grades, may have an adverse effect on mining operations and on the results of operations. There can be no assurance that minerals recovered in small scale laboratory tests will be duplicated in large scale tests under on-site conditions or in production scale operations. Material changes in geological resources, grades, stripping ratios or recovery rates may affect the economic viability of projects.

*Regulatory Requirements*

The activities of the Company are subject to extensive regulations governing various matters, including environmental protection, management and use of toxic substances and explosives, management of natural resources, exploration, development of mines, production and post-closure reclamation, exports, price controls, taxation, regulations concerning business dealings with indigenous peoples, labour standards on occupational health and safety, including mine safety, and historic and cultural preservation. Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties, enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions, any of which could result in the Company incurring significant expenditures. The Company may also be required to compensate those suffering loss or damage by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or more stringent enforcement of current laws and regulations by governmental authorities, could cause additional expense, capital expenditures, restrictions on or suspension of the Company's operations and delays in the exploration and development of the Company's properties.

*No Assurance of Profitability*

The Company has no history of earnings and, due to the nature of its business there can be no assurance that the Company will ever be profitable. The Company has not paid dividends on its Common Shares since incorporation and does not anticipate doing so in the foreseeable future. The only present source of funds available to the Company is from the sale of its Common Shares or, possibly, from the sale or optioning of a portion of its interest in its mineral properties. Even if the results of exploration are encouraging, the Company may not have sufficient funds to conduct the further exploration that may be necessary to determine whether a commercially mineable deposit exists. While the Company may generate additional working capital through further equity offerings or through the sale or possible syndication of its properties, there can be no assurance that any such funds will be available on favorable terms, or at all. At present, it is impossible to determine what amounts of additional funds, if any, may be required. Failure to raise such additional capital could put the continued viability of the Company at risk.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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*Taxation in Multiple Jurisdictions*

In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. Income tax provisions and income tax filing positions require estimates and interpretations of income tax rules and regulations of the various jurisdictions in which the Company and its subsidiaries operate and judgments as to their interpretation and application to the specific situation. In assessing the probability of realizing income tax assets recognized, the Company makes estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, the Company gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. While management believes that the Company's provision for income tax is appropriate and in accordance with IFRS and applicable legislation and regulations, tax filing positions are subject to review and adjustment by taxation authorities who may challenge the Company's interpretation of the applicable tax legislation and regulations. Examination by applicable tax authorities is supported based on individual facts and circumstances of the relevant tax position examined considering all available evidence. Any review or adjustment may result in the Company or its subsidiaries incurring additional tax liabilities. Any such liabilities may have a material adverse effect on the Company's financial condition.

The introduction of new tax laws, tax reforms, regulations or rules, or changes to, or differing interpretation of, or application of, existing tax laws, regulations or rules in Canada or Mexico or any other countries in which the Company's subsidiaries may be located, or to which shipments of products are made, could result in an increase in the Company's taxes payable, or other governmental charges, interest and penalties, duties or impositions. No assurance can be given that new tax laws, tax reforms, regulations or rules will not be enacted or that existing tax laws, regulations or rules will not be changed, interpreted or applied in a manner which could result in the Company's profits being subject to additional taxation, interest and penalties, or which could otherwise have a material adverse effect on the Company.

*Violence and other Criminal Activities in Mexico*

Certain areas of Mexico, including the State of Sinaloa (in which the Panuco-Copala Property is located), have experienced outbreaks of localized violence, threats, thefts, kidnappings and extortion associated with drug cartels and other criminal organizations in various regions. On April 4, 2025, the Company announced that it had temporarily paused field work at the Panuco-Copala Property due to security conditions in the area. Any increase in the level of violence, or a concentration of violence in areas where the projects and properties of the Company are located, could have an adverse effect on the results and the financial condition of the Company.

*Uninsured or Uninsurable Risks*

Exploration, development and mining operations involve various hazards, including environmental hazards, industrial accidents, metallurgical and other processing problems, unusual or unexpected rock formations, structural cave-ins or slides, flooding, fires, metal losses and periodic interruptions due to inclement or hazardous weather conditions. These risks could result in damage to or destruction of mineral properties, facilities or other property, personal injury, environmental damage, delays in operations, increased cost of operations, monetary losses and possible legal liability. The Company may not be able to obtain insurance to cover these risks at economically feasible premiums or at all. The Company may elect not to insure where premium costs are disproportionate to the Company's perception of the relevant risks. The payment of such insurance premiums and of such liabilities would reduce the funds available for exploration and production activities.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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*Potential Conflicts of Interest*

The directors and officers of the Company may serve as directors and/or officers for other public and private companies, including companies in which the Company has invested in, and may devote a portion of their time to manage other business interests. This may result in certain conflicts of interest. To the extent that such other companies may participate in ventures in which the Company is also participating, and to the extent that such companies may receive funds from the Company, such directors and officers of the Company may have a conflict of interest in negotiating and reaching an agreement with respect to the extent of each company's participation. The Business Corporations Act

(British Columbia), which governs the Company, requires the directors and officers to act honestly, in good faith, and in the best interests of the Company and its shareholders. However, in conflict-of-interest situations, directors and officers of the Company may owe the same duty to another company and will need to balance the competing obligations and liabilities of their actions. There is no assurance that the needs of the Company will receive priority in all cases. From time to time, several companies may participate together in the acquisition, exploration and development of natural resource properties, thereby allowing these companies to: (i) participate in larger programs; (ii) acquire an interest in a greater number of programs; and (iii) reduce their financial exposure to any one program. A particular company may assign, at its cost, all or a portion of its interests in a particular program to another affiliated company due to the financial position of the Company making the assignment. In determining whether the Company will participate in a particular program and the interest therein to be acquired by it, it is expected that the directors and officers of the Company will primarily consider the degree of risk to which the Company may be exposed and its financial position at that time.

*Key Executives and Outside Consultants*

The Company is dependent upon the services of key executives, including the directors of the Company, and will be dependent on a small number of highly skilled and experienced executives and personnel if development plans progress at the Panuco-Copala Property. Due to the relatively small size of the Company, the loss of these persons or the inability of the Company to attract and retain additional highly skilled employees may adversely affect its business and future operations.

The Company has also relied upon outside consultants, geologists, engineers and others and intends to rely on these parties for their exploration and development expertise. Substantial expenditures are required to construct mines, to establish mineral resources and reserves estimates through drilling, to carry out environmental and social impact assessments, to develop metallurgical processes and to develop the development, exploration and plant infrastructure at any site. If such parties' work is deficient or negligent or is not completed in a timely manner, it could have a material adverse effect on the Company's business, financial condition and results of operations.

*Accounting Policies and Internal Controls*

The Company prepares its financial reports in accordance with International Financial Reporting Standards. In preparation of its financial reports, management may need to rely upon assumptions, make estimates or use their best judgment in determining the financial condition of the Company. Significant accounting policies are described in more detail in the Company's audited financial statements. To have a reasonable level of assurance that financial transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and reported, the Company has implemented and continues to analyze its internal control systems for financial reporting, as further explained in its audited financial statements. Although the Company believes its financial reporting and financial statements are prepared with reasonable safeguards to ensure reliability, the Company cannot provide absolute assurance in this regard.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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*Litigation*

Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Like most companies, the Company is subject to the threat of litigation and may be involved in disputes with other parties in the future which may result in litigation or other proceedings. The results of litigation or any other proceedings cannot be predicted with certainty. If the Company is unable to resolve these disputes favourably, it could have a material adverse effect on the Company's business, financial condition and results of operations.

*Anti-Corruption and Anti-Bribery Laws*

The Company's operations are governed by, and involve interactions with, many levels of government in numerous countries. The Company is required to comply with anti-corruption and anti-bribery laws, including the Corruption of Foreign Public Officials Act (Canada) and the Foreign Corrupt Practices Act (Canada) and similar laws in the other jurisdictions in which it operates or maintains a public listing. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. The Company's internal procedures and programs may not always be effective in ensuring that it, its employees, contractors or third-party agents will comply strictly with all such applicable laws. Annual training on the policy is provided to all supervisory employees. If the Company becomes subject to an enforcement action or is found to be in violation of such laws, this may have a material adverse effect on the Company's reputation, result in significant penalties, fines and/or sanctions, and/or have a material adverse effect on the Company's operations.

*Active Liquid Market for and Market Price of Common Shares*

Securities of mining companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance, underlying asset values or prospects of the companies involved. These factors include macroeconomic developments in North America and globally and market perceptions of the attractiveness of industries. There can be no assurance that continual fluctuations in the market price of the Common Shares will not occur.

It may be anticipated that any quoted market for the Common Shares will be subject to market trends generally, notwithstanding any potential success of or developments with respect to the Company. The value of the Common Shares may be affected by such volatility. The market price of the Common Shares is also likely to be significantly affected by short-term changes in commodity prices, other mineral prices, currency exchange fluctuations and the Company's financial condition and results of operations as reflected in the Company's continuous disclosure. Further, the market price for the Common Shares may increase or decrease in response to a number of events and factors, including the performance of competitors and other similar companies, public reaction to the Company's public announcements and public filings with securities regulatory authorities, recommendations by research analysts who track the Company's securities or other companies in the resource sector, changes in general economic and/or political conditions, the arrival or departure of key personnel, the factors listed under the heading "Forward-Looking Information" and acquisitions, strategic alliances or joint ventures involving the Company or its competitors.

As a result of any of these factors, the market price for the Common Shares at any given point in time may not accurately reflect the long-term value of the Company. Securities class-action litigation has often been brought against companies following periods of volatility in the market price of their securities. The Company could in the future be the target of similar litigation and such litigation could result in substantial costs and damages and divert management's attention and resources, all of which could have a material adverse effect on the business, results of operations and financial condition of the Company.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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*Future Sales of Common Shares by Existing Shareholders*

Sales of a large number of Common Shares in the public markets, or the potential for such sales, could decrease the trading price of the Common Shares and could impair the Company's ability to raise capital through future sales of Common Shares. The Company has previously completed financings or issued securities at prices which may be, from time to time, lower than the market price of the Common Shares. Accordingly, a significant number of the Company's shareholders at any given time may have an investment profit in the Common Shares that they may seek to liquidate.

*Dividend Policy*

No dividends on the Common Shares have been paid by the Company to date. The Company currently plans to retain all future earnings and other resources, if any, of the future operation and development of its business. Payment of any future dividends, if any, will be at the discretion of the Company's board of directors (the "Board") after considering many factors, including the Company's operating results, financial condition and current and anticipated cash needs.

The Company's management consider the risks disclosed to be the most significant to potential investors of the Company, but not all risks associated with an investment in securities of the Company. If any of these risks materialize into actual events or circumstances or other possible additional risks and uncertainties of which the directors are currently unaware or which they consider not to be material in relation to the Company's business, actually occur, the Company's assets, liabilities, financial condition, results of operations (including future results of operations), business and business prospects, are likely to be materially and adversely affected. In such circumstances, the price of the Company's securities could decline, and investors may lose all or part of their investment.

**15. Disclosure and Internal Control procedures**

Management is responsible for establishing and maintaining effective internal control over financial reporting and disclosure controls and procedures. The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of the Company's financial reporting for external purposes in accordance with IFRS.

The Company's internal control over financial reporting includes the following:

• Ensuring maintenance of records that accurately and fairly reflect the Company's transactions and dispositions of the assets of the Company.

• Providing reasonable assurance that transactions are appropriately recorded to facilitate the preparation of consolidated financial statements in accordance with IFRS.

• Ensuring that receipts and expenditures are made in accordance with authorizations of management and the Board of Directors; and

• Providing reasonable assurance that any unauthorized acquisition, use, or disposition of Company assets, which could have a material impact the Company's consolidated financial statements, is either prevented or promptly detected.

Disclosure controls and procedures are designed to provide reasonable assurance that other financial information disclosed publicly fairly presents in all material respects the financial condition, results of operations and cash flows of the Company for the periods presented in this MD&A and the company

2025 Financial Statements. The Company's disclosure controls and procedures include processes designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to management by others within those entities to allow timely decisions regarding required disclosure.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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Together, the internal control over financial reporting and disclosure controls and procedures frameworks provides internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change. The design of any system of controls and procedures is based in part upon

certain assumptions about the likelihood of future events. Therefore, even those systems determined effective can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

There were no changes in the Company's internal control over financial reporting and disclosure controls and procedures during the year ended April 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

The Company's management, at the direction of the CEO and CFO, assessed the effectiveness of the Company's internal control over financial reporting and disclosure controls and procedures as of April 30, 2025. Based on that evaluation, management concluded that the Company's internal control over financial reporting and disclosure controls and procedures was effective as at April 30, 2025. The effectiveness of the Company's internal control over financial reporting was based on the criteria established in Internal Control - Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations of the Treadway Commission.

**16. Additional disclosure for issuers without significant revenue**

The significant components of general and administrative expenditure are presented in the 2025 Financial Statements. Significant components of mineral property expenditures are included in the Results of Operations section.

<u>Outstanding Share Data</u> 

As of the MD&A date, the Company had 342,795,860 issued and outstanding common shares. In addition, the Company has 20,584,500 options outstanding that are expiring through May 1, 2030, 55,200 warrants outstanding that are expiring through February 28, 2026, 2,601,659 RSUs outstanding that are vesting through May 1, 2028, and 850,000 DSU outstanding. The DSUs vest immediately and are redeemable for one common share upon the holder's departure as an independent director. Details of issued share capital are included in Note 8 of the 2025 Financial Statements.

**17. Cautionary Note** 

**Forward-Looking Information**

This MD&A contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Such forward-looking Statements, estimates and projections contained herein, and the documents incorporated by reference herein, if any, constitute forward-looking statements regarding the Company, its operations, and projects, including, but not limited to, the Panuco-Copala Property (as defined herein). All statements that are not historical facts, involving without limitation, statements regarding future projections, plans and objectives, securing strategic partners and financing requirements and the ability to fund future mine development are forward-looking statements, or forward-looking information. Forward-looking information and statements involve risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such information or statements. Such risk factors and uncertainties include, but are in no way limited to, statements with respect to the effect and estimated timeline of the drilling and assay results of the Company, the estimation of mineral reserves and mineral resources, the timing and amount of estimated future exploration, costs of exploration, capital expenditures, success of exploration activities, permitting time lines and permitting, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, fluctuations in mineral prices, volatility in the global financial markets, increased inflation, and other risk factors, as discussed in the Company's filings with Canadian securities regulatory agencies including the documents incorporated by reference herein.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company's forward-looking statements are based on beliefs, expectations, and opinions of management on the date the statements are made. While the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be factors that cause actions, events, or results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company disclaims any obligation to update any forward-looking statements or information, other than as may be specifically required by applicable securities laws and regulations.

**Cautionary Note to U.S. Investors**

The MD&A was prepared to conform to National Instrument 51-102F1. 51-102F1 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the United States Securities and Exchange Commission (the "SEC") applicable to domestic United States reporting companies. Consequently, Mineral Resource and Reserve information included in this MD&A may not be comparable to similar information that would generally be disclosed by United States domestic reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with US standards.

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| | |
|:---|:---|
| ![](exhibit99-3x001.jpg) | **Management Discussion and Analysis** <br> For the year ended April 30, 2025<br>(All amounts are presented in CAD) |

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**Qualified Person**

All technical disclosure covering the Company's mineral properties was prepared under the supervision of Jesus Velador, Ph.D. QP MMSA, VP Exploration for the Company, and a "Qualified Person" within the meaning of NI 43-101.

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## Exhibit 99.4

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**EXHIBIT 99.4**

**CERTIFICATION**

I, Michael Konnert, Chief Executive Officer of Vizsla Silver Corp., certify that;

1. I have reviewed this Annual Report on Form 40-F of Vizsla Silver Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 17, 2025<br>By: <u>/s/ *"Michael Konnert"*</u><u> </u><br>Name: **Michael Konnert**<br>Title: **Chief Executive Officer**

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## Exhibit 99.5

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**EXHIBIT 99.5**

**CERTIFICATION**

I, Mahesh Liyanage, Chief Financial Officer of Vizsla Silver Corp., certify that;

1. I have reviewed this Annual Report on Form 40-F of Vizsla Silver Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 17, 2025<br>By: <u>/s/ *"Mahesh Liyanage"*</u><u> </u><br>Name: **Mahesh Liyanage**<br>Title: **Chief Financial Officer**

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## Exhibit 99.6

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**EXHIBIT 99.6**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**<br>**PURSUANT TO** <br>**18 U.S.C. SECTION 1350,** <br>**AS ADOPTED PURSUANT TO** <br>**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Michael Konnert, Chief Executive Officer of Vizsla Silver Corp. (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;a. the Annual Report on Form 40-F of the Company for the fiscal year ended April 30, 2025 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;b. the information contained in the Annual Report fairly presents in all material respects the financial condition and results of operations of the Company.

Date: July 17, 2025

By: <br><u>*/s/ "Michael Konnert"*</u><u> </u><br>Name: **Michael Konnert**<br>Title: **Chief Executive Officer** 

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## Exhibit 99.7

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**EXHIBIT 99.7** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**<br>**PURSUANT TO** <br>**18 U.S.C. SECTION 1350,** <br>**AS ADOPTED PURSUANT TO** <br>**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Mahesh Liyanage, Chief Financial Officer of Vizsla Silver Corp. (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;a. the Annual Report on Form 40-F of the Company for the fiscal year ended April 30, 2025 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;b. the information contained in the Annual Report fairly presents in all material respects the financial condition and results of operations of the Company.

Date: July 17, 2025

By: <br><u>*/s/ "Mahesh Liyanage"*</u><u> </u><br>Name: **Mahesh Liyanage**<br>Title: **Chief Financial Officer**

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## Exhibit 99.8

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![](exhibit99-8xu001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Annual Report on Form 40-F, of our auditor's report dated July 17, 2025 with respect to the consolidated financial statements of Vizsla Silver Corp. and its subsidiaries (the "Company") as at April 30, 2025 and 2024 and for each of the years in the two year period ended April 30, 2025, as filed with the United States Securities Exchange and Commission.

<u>*/s/ "MNP LLP"*</u><u> </u>

Chartered Professional Accountants

July 17, 2025

Vancouver, Canada

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## Exhibit 99.9

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**Exhibit 99.9**

**CONSENT OF EXPERT**

Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of Vizsla Silver Corp. for the fiscal year ended April 30, 2025, and any amendments thereto (the "40-F"), to be filed with the United States Securities and Exchange Commission (the "SEC"), and the Annual Information Form (the "AIF") and Management's Discussion and Analysis (the "MD&A") for the year then ended, which are filed as exhibits to and incorporated by reference in the 40-F, and the Registration Statement on Form F-10 (Registration No. 333-270533), and any amendments thereto, (the "F-10") of Vizsla Silver Corp. filed with the SEC (the "Registration Statement").

I hereby consent to the use of my name and references to, excerpts from, and summaries of the following report:

Technical Report titled "*Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico*" prepared for Vizsla Silver Corp., dated effective September 9, 2024.

in the 40-F, the AIF, the MD&A, and the Registration Statement.

<u>***/s/ "Allan Armitage"***</u><u> </u>

Allan Armitage, Ph.D, P.Geo.

And on behalf of SGS Geological Services

July 17, 2025

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## Exhibit 99.10

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**Exhibit 99.10**

**CONSENT OF EXPERT**

Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of Vizsla Silver Corp. for the fiscal year ended April 30, 2025, and any amendments thereto (the "40-F"), to be filed with the United States Securities and Exchange Commission (the "SEC"), and the Annual Information Form (the "AIF") and Management's Discussion and Analysis (the "MD&A") for the year then ended, which are filed as exhibits to and incorporated by reference in the 40-F, and the Registration Statement on Form F-10 (Registration No. 333-270533), and any amendments thereto, (the "F-10") of Vizsla Silver Corp. filed with the SEC (the "Registration Statement").

I hereby consent to the use of my name and references to, excerpts from, and summaries of the following report:

Technical Report titled "*Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico*" prepared for Vizsla Silver Corp., dated effective September 9, 2024.

in the 40-F, the AIF, the MD&A, and the Registration Statement.

<u>***/s/ "Ben Eggers"***</u><u> </u>

Ben Eggers, MAIG, P.Geo.

And on behalf of SGS Geological Services

July 17, 2025

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## Exhibit 99.11

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**Exhibit 99.11**

**CONSENT OF EXPERT**

Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of Vizsla Silver Corp. for the fiscal year ended April 30, 2025, and any amendments thereto (the "40-F"), to be filed with the United States Securities and Exchange Commission (the "SEC"), and the Annual Information Form (the "AIF") and Management's Discussion and Analysis (the "MD&A") for the year then ended, which are filed as exhibits to and incorporated by reference in the 40-F, and the Registration Statement on Form F-10 (Registration No. 333-270533), and any amendments thereto, (the "F-10") of Vizsla Silver Corp. filed with the SEC (the "Registration Statement").

I hereby consent to the use of my name and references to, excerpts from, and summaries of the following report:

Technical Report titled "*Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico*" prepared for Vizsla Silver Corp., dated effective September 9, 2024.

in the 40-F, the AIF, the MD&A, and the Registration Statement.

***<u>/s/ "Henri Gouin"</u>*** <br> Henri Gouin, P.Eng.<br>And on behalf of SGS Geological Services<br>July 17, 2025

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## Exhibit 99.12

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**Exhibit 99.12**

**CONSENT OF EXPERT**

Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of Vizsla Silver Corp. for the fiscal year ended April 30, 2025, and any amendments thereto (the "40-F"), to be filed with the United States Securities and Exchange Commission (the "SEC"), and the Annual Information Form (the "AIF") and Management's Discussion and Analysis (the "MD&A") for the year then ended, which are filed as exhibits to and incorporated by reference in the 40-F, and the Registration Statement on Form F-10 (Registration No. 333-270533), and any amendments thereto, (the "F-10") of Vizsla Silver Corp. filed with the SEC (the "Registration Statement").

I hereby consent to the use of my name and references to, excerpts from, and summaries of the following report:

Technical Report titled "*Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico*" prepared for Vizsla Silver Corp., dated effective September 9, 2024.

in the 40-F, the AIF, the MD&A, and the Registration Statement.

***<u>/s/ "James Millard"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>*** <br> James Millard, P.Geo<br>And on behalf of Ausenco Sustainability ULC<br>July 17, 2025

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## Exhibit 99.13

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**Exhibit 99.13**

**CONSENT OF EXPERT**

Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of Vizsla Silver Corp. for the fiscal year ended April 30, 2025, and any amendments thereto (the "40-F"), to be filed with the United States Securities and Exchange Commission (the "SEC"), and the Annual Information Form (the "AIF") and Management's Discussion and Analysis (the "MD&A") for the year then ended, which are filed as exhibits to and incorporated by reference in the 40-F, and the Registration Statement on Form F-10 (Registration No. 333-270533), and any amendments thereto, (the "F-10") of Vizsla Silver Corp. filed with the SEC (the "Registration Statement").

I hereby consent to the use of my name and references to, excerpts from, and summaries of the following report:

Technical Report titled "*Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico*" prepared for Vizsla Silver Corp., dated effective September 9, 2024.

in the 40-F, the AIF, the MD&A, and the Registration Statement.

***<u>/s/ "Jonathan Cooper"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>*** <br> Jonathan Cooper<br>And on behalf of Ausenco Sustainability ULC<br>July 17, 2025

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## Exhibit 99.14

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**Exhibit 99.14**

**CONSENT OF EXPERT**

Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of Vizsla Silver Corp. for the fiscal year ended April 30, 2025, and any amendments thereto (the "40-F"), to be filed with the United States Securities and Exchange Commission (the "SEC"), and the Annual Information Form (the "AIF") and Management's Discussion and Analysis (the "MD&A") for the year then ended, which are filed as exhibits to and incorporated by reference in the 40-F, and the Registration Statement on Form F-10 (Registration No. 333-270533), and any amendments thereto, (the "F-10") of Vizsla Silver Corp. filed with the SEC (the "Registration Statement").

I hereby consent to the use of my name and references to, excerpts from, and summaries of the following report:

Technical Report titled "*Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico*" prepared for Vizsla Silver Corp., dated effective September 9, 2024.

in the 40-F, the AIF, the MD&A, and the Registration Statement.

***<u>/s/ "Peter Mehrfert"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>*** <br> Peter Mehrfert, P.Eng.<br>And on behalf of Ausenco Engineering Canada ULC<br>July 17, 2025

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## Exhibit 99.15

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**Exhibit 99.15**

**CONSENT OF EXPERT**

Reference is made to the Annual Report on Form 40-F, and the documents incorporated by reference therein, of Vizsla Silver Corp. for the fiscal year ended April 30, 2025, and any amendments thereto (the "40-F"), to be filed with the United States Securities and Exchange Commission (the "SEC"), and the Annual Information Form (the "AIF") and Management's Discussion and Analysis (the "MD&A") for the year then ended, which are filed as exhibits to and incorporated by reference in the 40-F, and the Registration Statement on Form F-10 (Registration No. 333-270533), and any amendments thereto, (the "F-10") of Vizsla Silver Corp. filed with the SEC (the "Registration Statement").

I hereby consent to the use of my name and references to, excerpts from, and summaries of the following report:

Technical Report titled "*Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico*" prepared for Vizsla Silver Corp., dated effective September 9, 2024.

in the 40-F, the AIF, the MD&A, and the Registration Statement.

<u>***/s/ "Scott Elfen"***</u><u> </u>

Scott Elfen, P.E.

And on behalf of Ausenco Engineering Canada ULC

July 17, 2025

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