Vizsla Silver Corp

Description

Vizsla Silver Corp is a Canadian silver-gold developer advancing the 100%-owned Panuco district in Sinaloa, Mexico. The investment case combines a high-grade, low-cost Feasibility Study, substantial liquidity, existing test-mine development, detailed engineering and major-equipment procurement with a large resource base and district-scale exploration upside.

The November 2025 Feasibility Study outlines approximately 17.4 Moz AgEq of average annual payable production over 9.4 years, US$10.61/oz AgEq AISC and US$238.7M gross initial capex. First silver is targeted for H2 2027, subject to environmental approval, a formal construction decision and successful execution.

Panuco's principal planned underground mines are Copala and Napoleon. Copala also provides access to Cristiano and Tajitos, while Napoleon accesses La Luisa. At 31 July 2026, Vizsla reported US$406.5M cash plus US$4.4M short-term investments against US$282.2M carrying value of cash-settled convertible-note liabilities.

List of Projects:

Project 1: Panuco Mine Project, Sinaloa, Mexico — Silver, Gold
100%-owned flagship district. Feasibility Study reserves total 12.81 Mt at approximately 249 g/t Ag and 2.01 g/t Au, equivalent to about 416 g/t AgEq. Copala and Napoleon are planned to feed a 3,300 tpd plant, expanding to 4,000 tpd around operating Year 4.

Project 2: Panuco Growth Targets, Sinaloa, Mexico — Silver, Gold
Includes Cristiano, Tajitos, La Luisa, Animas and other district veins. These provide resource conversion, mine-life extension and new-discovery optionality. Approximately 60,000 m of drilling was budgeted for 2026.

Project 3: San Enrique, Sinaloa, Mexico — Silver, Gold
Approximately 10,670 ha south of and adjacent to Panuco, including El Richard. Early-stage mapping and target generation are underway.

Project 4: Santa Fe, Sinaloa, Mexico — Silver, Gold
Approximately 12,230 ha, around 22 km southeast of Panuco. Includes a 350 tpd operating flotation plant, with reconnaissance drilling, mapping and sampling underway.

Project 5: La Garra-Metates, Sinaloa, Mexico — Silver, Gold
Approximately 16,960 ha north-northwest of Panuco containing past-producing epithermal veins. LiDAR and early mapping/prospecting have been completed.

Project 6: Peñoles Claims, Sinaloa, Mexico — Silver, Gold
Ten claims totaling approximately 2,378 ha acquired from Fresnillo. LiDAR, mapping and surface sampling precede future drill targeting.

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