Vizsla Silver Corp

Vizsla Silver Corp (NYSE/TSX: VZLA) is an advanced-stage silver exploration and development company focused on its flagship Panuco silver-gold project in western Mexico. In just a few years, Vizsla has rapidly advanced Panuco from initial discovery to a sizable world-class resource and preliminary economic assessment (PEA), positioning it to potentially become one of the world's largest primary silver mines.

The Panuco project covers over 17,856 hectares in a historic mining district that had never been systematically explored using modern techniques until Vizsla consolidated the land package. The company has defined a high-grade silver-gold resource totalling over 361 million silver equivalent ounces (measured, indicated, and inferred), anchored by the Copala and Napoleon vein systems. On January 6, 2025, the Company announced an updated mineral resource estimate including an estimated in-situ combined measured and indicated mineral resource of 222.4 Moz AgEq and an in-situ inferred resource of 138.7 Moz AgEq.

Vizsla is well-funded with over US$92 million in cash and no debt as of early 2025. The company is led by an experienced management team and board with a track record of value creation in the mining sector. Vizsla aims to fast-track Panuco to production, with plans for a feasibility study in the second half of 2025 and first silver production in 2027.

Vizsla presents a compelling investment opportunity as an advanced silver developer with significant exploration upside in an emerging silver district. The Panuco project hosts one of the largest undeveloped high-grade silver resources globally, with potential to become a Top 5 global silver primary mine. The current resource of 361 million silver equivalent ounces has excellent expansion potential both along strike and at depth, as the updated mineral resource estimate represents less than 10% of the known vein strike in the district.

The 2024 Preliminary Economic Assessment (PEA) completed in July outlined robust project economics, with an after-tax NPV (5%) of US$1.1 billion and IRR of 86% at $26/oz silver and $1,975/oz gold. The project is expected to produce 15.2 million silver equivalent ounces annually over an initial 10.6-year mine life, with a modest initial capex of $224 million and a rapid 9-month payback period.

The consolidated land package provides district-scale potential to make additional discoveries and significantly grow resources, with less than 30% of known vein targets having been drill tested to date. Panuco is strategically located in mining-friendly jurisdiction with excellent access to infrastructure, situated along an emerging silver belt that hosts several world-class deposits.

Vizsla's strong financial position enables the company to advance Panuco through feasibility and maintain an aggressive exploration program. The company has demonstrated its ability to raise capital efficiently, having completed two oversubscribed financings in 2024 totalling C$95 million. As Vizsla de-risks and advances Panuco towards production, there is significant potential for a valuation re-rating to narrow the gap with producing silver companies.

Vizsla is led by a seasoned management team and board with complementary skillsets spanning exploration, development, finance, and capital markets. Michael Konnert serves as President, CEO and Director, bringing over 15 years of experience in mining and capital markets. He previously co-founded and sold CobaltOne Energy and serves as Executive Chairman of Vizsla Royalties.

Simon Cmrlec, the COO and Director, has over 30 years of experience in mine development and operations globally and formerly served as COO of Ausenco Engineering. Dr. Jesus Velador, VP Exploration, holds a PhD in epithermal deposits and brings over 20 years of experience, including roles at Fortuna Silver and First Majestic.

The company's Chairman, Craig Parry, is a co-founder of NexGen Energy and IsoEnergy, with over 20 years of experience in the resources sector. Eduardo Luna, a board member, is part of the Mexican Mining Hall of Fame and has held executive roles at Wheaton Precious Metals, Goldcorp, and other major mining companies.

This team's combined experience in epithermal systems, mine development, and capital markets positions Vizsla well to execute its strategy of advancing Panuco to production while continuing aggressive exploration.

Vizsla is pursuing a dual-track strategy to create shareholder value, balancing project development with continued district-scale exploration. The company's primary focus for 2025 is to advance the Panuco project towards production by methodically de-risking the project through several critical workstreams. A cornerstone of this approach is the Copala test mine development and bulk sample program, which commenced in late 2024 and represents one of the most valuable de-risking initiatives for the project. This program will support feasibility study mine planning and provide essential operational insights as Vizsla advances Panuco Project 1 toward construction.

In the first half of 2025, Vizsla will complete a fourth round of metallurgical testing while continuing to navigate the permitting process with Mexican authorities. These efforts will culminate in the delivery of a comprehensive Feasibility Study in the second half of 2025, representing a significant milestone in the company's journey toward becoming a producer. With these deliberate development steps, Vizsla maintains its target of achieving first silver production by 2027.

Concurrent with these development activities, Vizsla remains committed to exploring the vast potential of the Panuco district. The 2025 exploration program includes over 25,000 meters of discovery-based and resource expansion drilling, complemented by approximately 12,000 meters of geotechnical drilling to support the Feasibility Study. The company will also conduct a ground Horizontal-Loop EM survey covering approximately 45 line-kilometres across six selected target areas, providing valuable data to refine exploration targeting.

Resource extension work will focus on several promising areas, particularly the Copala structure, which remains open along strike to the north and down dip to the south. At the Napoleon area, teams will focus on resource expansion drilling along the hanging wall-4 vein (HW4) down-dip and along a 400m gap in the La Luisa vein. In the northeast part of the district, exploration drilling will target the Camelia-San Dimas, Galeana, and San Fernando-Nacaral areas, with additional high-priority targets including El Molino and the convergence zone of the main Napoleon vein with the La Colorada vein to be tested later in the year.

This integrated approach allows Vizsla to progress Panuco towards near-term production while maintaining significant optionality through exploration. The company's experienced management team and robust financial position enable it to pursue both tracks simultaneously, maximizing the potential for value creation across multiple fronts. With less than 10% of the known vein strike in the district represented in the current resource estimate, Vizsla's dual-track strategy offers substantial growth potential beyond the already impressive economics outlined in the 2024 PEA.

Vizsla is well-capitalized to execute its growth strategy, with key financial highlights including:

• Cash position of over US$92 million as of early 2025
• No debt
• Successful capital raises in 2024 totalling C$95 million (C$34.5M at C$1.50/share in February, and C$65M at C$2.60/share in September)
• Share price appreciation of 45% in 2024, from C$1.73 to C$2.51
• Addition to the GDXJ index in October 2024, providing enhanced liquidity
• Graduation to the TSX in November 2024

The 2024 PEA for Panuco outlined robust project economics, including:

• After-tax NPV (5%) of US$1.1 billion and IRR of 86% at $26/oz silver and $1,975/oz gold
• Initial capex of US$224 million
• Average annual production of 15.2 million silver equivalent ounces over a 10.6-year mine life
• All-in sustaining costs of US$9.40/oz silver equivalent
• 9-month payback period

The company also completed a successful spinout of Vizsla Royalties, creating an additional C$62M of value for Vizsla Silver shareholders in the first 3 weeks of trading.

Vizsla Silver represents an attractive investment opportunity in the silver sector, offering exposure to a world-class asset with both near-term development potential and significant exploration upside. The company's Panuco project stands out for its high grades, scale, and robust economics in a tier-one jurisdiction.

The January 2025 resource update demonstrated significant growth with a 43% increase in combined measured and indicated mineral resources to 222.4 Moz AgEq and the establishment of the company's first measured resource estimate, containing 46 Moz AgEq at an average grade of 640 g/t AgEq. This resource forms a solid foundation for the upcoming feasibility study.

Key investment highlights include:

• One of the largest undeveloped high-grade silver resources globally
• Strong project economics with potential to be a Top 5 global silver primary mine
• Vast exploration potential across a district-scale land package
• Well-funded with an experienced management team
• Clear path to production with potential for a significant re-rating

Vizsla's 2025 outlook is focused on advancing the Panuco project through key de-risking milestones including the test mine development, metallurgical studies, permitting, and completion of a feasibility study, while simultaneously exploring high-priority targets across the district.

For investors seeking exposure to silver through a well-funded developer with both near-term catalysts and long-term growth potential, Vizsla Silver warrants serious consideration as a core holding in the precious metals space.