VIZSLA SILVER closes $300 million convertible notes offering

Vizsla Silver Corp. (NYSE: VZLA) (TSX: VZLA) completed its offering of $300 million in 5.00% convertible senior unsecured notes due 2031. The offering includes the full exercise of initial purchasers' option for an additional $50 million of notes.

The company received approximately $286 million in net proceeds after deducting commissions and expenses. Cantor Fitzgerald & Co. served as sole book-running manager for the offering.

The notes carry a 5.00% annual cash interest rate, payable semi-annually beginning July 15, 2026. The initial conversion rate is 171.3062 common shares per $1,000 principal amount of notes, equivalent to a conversion price of approximately $5.84 per share, representing a 25% premium to the closing price on the NYSE American at the time of pricing on November 19, 2025.

Vizsla Silver entered into cash-settled call transactions with a strike price of $5.84 per share and a cap price of $10.5075. The company paid approximately $47 million for these capped call transactions.

The company can settle conversions in shares, cash, or a combination at its election. Vizsla Silver has redemption rights under certain circumstances, and note holders can require repurchase upon certain events. The notes mature on January 15, 2031.

Vizsla Silver plans to use proceeds to support exploration and development of the Panuco project in Sinaloa, Mexico, potential future acquisitions, and general corporate purposes.

"The Notes' coupon reduces our previously expected debt service obligations during the expected construction and commissioning phase of the Panuco project," said President and CEO Michael Konnert in the announcement.

The notes were offered only to qualified institutional buyers under Rule 144A and were not registered under the Securities Act of 1933.

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