Vizsla Silver : Financial Statements for the period ended October 31, 2021

(Formerly Vizsla Resources Corp.)

Condensed Consolidated Interim Financial Statements

(Expressed in Canadian Dollars - unaudited) For the six months ended October 31, 2021

VIZSLA SILVER CORP.

(formerly Vizsla Resources Corp.)

Condensed Consolidated Interim Statements of Financial Position Expressed in Canadian dollars - unaudited

As at	Note	October 31, 2021	April 30, 2021
		$	$
ASSETS
Current assets
Cash and cash equivalents		49,874,662	19,398,272
Tax receivables		7,203,001	1,344,511
Other receivables		408,727	6,846
Prepaid expenses		1,010,457	116,136
Total current assets		58,496,847	20,865,765
Property, plant and equipment	4	163,170	101,337
Exploration and evaluation assets	5	88,005,868	18,508,268
Total assets		146,665,885	39,475,370
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	7	957,260	1,290,721
Total liabilities		957,260	1,290,721
SHAREHOLDERS' EQUITY
Share capital	6	156,833,743	45,962,344
Reserves	6	19,039,811	8,148,730
Share to be issued	6	199,556	308,594
Accoumulated other Comprehensive loss		(559,347)	5,476
Deficit	2	(29,805,138)	(16,240,495)
Total shareholders' equity		145,708,625	38,184,649
Total liabilities and shareholders' equity		146,665,885	39,475,370
Note 1 - Nature of operations and going concern
Note 8 - Subsequent events
They are signed on the Company's behalf by:
"Michael Konnert"		"Craig Parry"
Director, CEO		Director, Chairman

The accompanying notes are an integral part of these condensed consolidated interim financial statements

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VIZSLA SILVER CORP.

(formerly Vizsla Resources Corp.)

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss Expressed in Canadian dollars - unaudited

			Three Months		Three Months		Six Months		Six Months
			Ended		Ended		Ended		Ended
	Note		October 31, 2021		October 31, 2020		October 31, 2021		October 31, 2020
General and administrative expenses
Amortization	4	$	11,825	$	812	$	27,424	$	4,174
Consulting fees			63,017		246,369		148,740		406,713
Directors fees	7		90,000		33,750		180,000		67,500
Exploration investigation			(96,813)		28,743		(6,687)		28,743
Foreign exchange (gain)/loss			(123,594)		(146,177)		(140,795)		120,059
Management fees	7		293,507		161,667		381,007		161,667
Marketing			1,215,942		637,450		1,816,226		1,128,256
Office and miscellaneous	7		461,999		136,403		785,946		208,117
Professional fees			(48,688)		149,667		201,789		206,644
Share based compensation	6e		3,832,373		2,989,387		7,296,417		3,957,487
Transaction costs	2		1,122,356		-		1,122,356		-
Transfer agent and filing			41,539		45,397		166,929		55,365
Travel and promotion			132,724		36,281		182,754		36,281
			6,996,187		4,319,749		12,162,106		6,381,006
Other Income
Interest income			(40,182)		-		(91,261)		-
Net loss		$	(6,956,005)		(4,319,749)		(12,070,845)		(6,381,006)
Other Comprehensive (Gain) Loss
Items that will be reclassified subsequently to gain
Translation gain on foreign operations			(525,102)		-		(564,823)		-
Net loss and comprehensive loss		$	(7,481,107)	$	(4,319,749)	$	(12,635,668)	$	(6,381,006)
Basic and diluted loss per share		$	(0.05)	$	(0.05)	$	(0.09)	$	(0.08)
Weighted average number of common shares
Basic and diluted			140,166,189		90,233,519		128,494,841		75,251,631

The accompanying notes are an integral part of these condensed consolidated interim financial statements

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VIZSLA SILVER CORP.

(formerly Vizsla Resources Corp.)

Condensed Consolidated Interim Statements of Cash Flows Expressed in Canadian dollars - unaudited

	Six months	Six months
	ended	ended
	October 31, 2021	October 31, 2020
	$	$
Operating activities
Net loss for the period	(12,070,845)	(6,381,006)
Items not affecting cash:
Amortization	27,424	4,174
Foreign exchange loss	30,678	-
Share-based compensation	7,296,417	3,957,487
Changes in non-cash working capital items:
Accounts payable and accrued liabilities	(249,724)	5,503
Due to/from related parties	(83,737)	35,403
Taxes receivable	(5,858,490)	(542,521)
Other receivable	(401,881)	-
Prepaid expenses	(894,321)	(695,433)
Net cash flows used in operating activities	(12,204,479)	(3,616,393)
Investing activities
Purchase of exploration and evaluation assets	(17,764,259)	-
Exploration and evaluation expenditures	(9,651,958)	(3,626,521)
Purchase of equipment	(89,257)	(19,273)
Net cash flows used in investing activities	(27,505,474)	(3,645,794)
Financing activities
Cash proceeds of common shares issued net of issuance costs	68,857,632	34,071,868
Issuance of common shares - option exercise	449,020	-
Issuance of common shares - warrants exercise	1,386,911	-
Subscriptions receivable	57,603	-
Net cash flows provided by financing activities	70,751,166	34,071,868
Effect of foreign exchange	(564,823)	-
Increase in cash and cash equivalents	31,041,213	26,809,681
Cash and cash equivalents, beginning of period	19,398,272	2,583,910
Cash and cash equivalents, end of period	49,874,662	29,393,591

The accompanying notes are an integral part of these condensed consolidated interim financial statements

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VIZSLA SILVER CORP.

(formerly Vizsla Resources Corp.)

Condensed Consolidated Statements of Changes in Equity

Expressed in Canadian dollars, except for number of shares - unaudited

	Common shares
					Other
	Number	Amount	Reserves	Share to be issued	comprehensive	Deficit	Total
					income (loss)
		$	$	$	$	$	$
Balance, April 30, 2020	58,895,348	12,202,496	2,126,899	308,594	-	(5,141,223)	9,496,766
Shares issued pursuant to private placement and prospectus	27,035,500	35,072,785	-	-	-	-	35,072,785
Shares issued pursuant to exercise of warrants and options	5,164,870	1,512,248	-	-	-	-	1,512,248
Share issuance costs - cash	-	(2,513,165)	-	-	-	-	(2,513,165)
Share issuance costs - finders warrants	-	(1,360,087)	1,360,087	-	-	-	-
Stock based compensation	-	-	3,957,487	-	-	-	3,957,487
Net loss for the period	-	-	-	-	-	(6,381,006)	(6,381,006)
Balance, October 31, 2020	91,095,718	44,914,277	7,444,473	308,594	-	(11,522,229)	41,145,115
Shares issued pursuant to exercise of warrants and options	2,944,518	1,023,402	-	-	-	-	1,023,402
Shares issued for services	28,508	41,468	-	-	-	-	41,468
Share issuance costs - cash	-	(16,803)	-	-	-	-	(16,803)
Stock based compensation	-	-	704,257	-	-	-	704,257
Net loss and comprehensive loss for the period	-	-	-	-	5,476	(4,718,266)	(4,712,790)
Balance, April 30, 2021	94,068,744	45,962,344	8,148,730	308,594	5,476	(16,240,495)	38,184,649
Shares issued pursuant to private placement and prospectus	29,290,000	71,152,150	2,072,850	-	-	-	73,225,000
Shares issued for property	17,940,574	43,772,500	-	-	-	-	43,772,500
Shares issued pursuant to exercise of warrants and options	6,602,028	1,835,931	-	-	-	-	1,835,931
Subscription receivable	-	-	-	57,603	-	-	57,603
Share issuance costs - cash	-	(4,367,368)	-	-	-	-	(4,367,368)
Share issuance costs - finders warrants	-	(1,521,814)	1,521,814	-	-	-	-
Stock based compensation	-	-	7,296,417	-	-	-	7,296,417
Contingent consideration adjustment	-	-	-	(166,641)	-	-	(166,641)
Transfer of exploration and evaluation assets pursuant to spin-out	-	-	-	-	-	(1,493,798)	(1,493,798)
Net loss and other comprehensive loss for the period	-	-	-	-	(564,823)	(12,070,845)	(12,635,668)
Balance, October 31, 2021	147,901,346	156,833,743	19,039,811	199,556	(559,347)	(29,805,138)	145,708,625

The accompanying notes are an integral part of these condensed consolidated interim financial statements

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