FORM 51-102F3
MATERIAL CHANGE REPORT

Item 1Name and Address of Company

Vizsla Silver Corp.
Suite 1723, 595 Burrard Street
Vancouver, British Columbia, V7X 1J1
(the "Company" or "Vizsla Silver")

Item 2Date of Material Change

September 19, 2024

Item 3News Release

The news releases were disseminated on September 19, 2024 through Cision and filed on SEDAR+.

Item 4Summary of Material Change

On September 19, 2024, the Company announced that it has completed its previously announced 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").

Item 5Full Description of Material Change

5.1Full Description of Material Change

The Company announces that it has completed its previously announced 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 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 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$3,228,000.10.

The Common Shares were offered pursuant to a final prospectus supplement of the Company dated September 16, 2024 (the "Prospectus Supplement") to the short form base shelf prospectus of the Company dated March 31, 2023 (the "Base Shelf Prospectus"), in all of the provinces and territories of Canada, except Quebec, and in the United States pursuant to a prospectus supplement dated September 16, 2024 (the "US Prospectus Supplement") filed as part of an effective registration statement on Form F-10 filed under the Canada/U.S. multi-jurisdictional disclosure system. The Offering remains subject to the final approval of the TSX Venture Exchange ("TSX-V").

2

The net proceeds of the Offering are expected to be used to advance the exploration, drilling and development of the Company's Panuco Project, as well as for working capital and general corporate purposes as set out in the Prospectus Supplement. 

5.2Disclosure for Restructuring Transactions

Not applicable.

Item 6Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

Item 7Omitted Information

Not applicable.

Item 8Executive Officer

For further information, contact:

Michael Konnert
Chief Executive Officer
Telephone: (604) 364-2215

Item 9Date of Report

September 27, 2024