A Transformative Year for Vizsla Silver: 2024 in Review

About Vizsla Silver

Vizsla Silver Corp. (TSX: VZLA) is a Canadian-based mining company focused on advancing its flagship Panuco silver-gold project in Sinaloa, Mexico. The Panuco project is a district-scale asset comprising high-grade silver and gold mineralization, strategically located in one of the world’s most prolific silver-producing regions. Vizsla’s approach combines aggressive exploration, resource expansion, and a commitment to sustainability, making it a standout among silver developers globally.

Operational Advancements: Building the Foundation for Growth

Vizsla Silver's flagship asset, the Panuco project, remained the cornerstone of its operational focus throughout 2024. The company advanced the project significantly through the following initiatives:

• Updated Mineral Resource Estimate:
  In January 2024, Vizsla released an updated resource estimate for Panuco, featuring 155.8 million ounces (Moz) of indicated silver equivalent (AgEq) and 169.6 Moz of inferred AgEq, underscoring the district’s scale and high-grade potential.
• Preliminary Economic Assessment (PEA):
  A July 2024 PEA highlighted an impressive after-tax net present value (NPV) of $1.1 billion and an internal rate of return (IRR) of 86%, based on annual production of 15.2 Moz AgEq over a mine life exceeding 10 years. These figures underscore the economic viability of Panuco as a leading silver development project.
• Test Mining and Bulk Sample Program:
  In December, Vizsla began a fully funded test mining program to extract a 25,000-tonne bulk sample from the Copala and Napoleon structures. This program is critical in refining mining parameters and preparing for future production.
• Exploration Activities:
  Vizsla conducted over 65,000 meters of diamond drilling in 2024, aimed at expanding and upgrading resources. Notably, the Copala structure demonstrated excellent continuity and high grades, providing confidence in the potential for further resource growth.

Corporate Milestones: Strengthening the Foundation

Vizsla Silver’s corporate achievements in 2024 highlighted its growth trajectory and commitment to responsible mining practices. Key milestones included:

• Graduation to the TSX: On November 7, 2024, the company’s shares began trading on the TSX under the symbol “VZLA,” marking a significant step in enhancing its visibility and credibility among investors.
• Equity Financing: Vizsla closed a $65 million bought deal financing in September, providing ample capital to fund exploration and development activities.
• Sustainability Leadership: The publication of its inaugural ESG Sustainability Report and the third consecutive year of receiving the Socially Responsible Company Distinction for its Mexican subsidiary, Minera CANAM, underscored Vizsla’s commitment to sustainable practices.
• Acquisition of La Garra-Metates District: In October 2024, Vizsla Silver completed the acquisition of the La Garra-Metates district, effectively doubling its land holdings and unlocking significant exploration potential in a highly prospective region.
• Leadership Enhancements: The company strengthened its team by appointing Eduardo Luna, a member of the Mexican Mining Hall of Fame, to its Board of Directors. Several internal promotions further bolstered its operational and strategic capabilities.

Financial & Economic Metrics: Strong Fundamentals

Vizsla Silver released a Preliminary Economic Assessment (PEA) for the Panuco project in July 2024, outlining robust economic metrics:

• Annual production of 15.2 Moz AgEq
• After-tax net present value (NPV): $1.1 billion
• Internal rate of return (IRR): 86%

These figures highlight the project’s profitability and significant upside potential, positioning Vizsla as a leading player among silver developers.

Comparative Analysis: Standing Out Among Peers

Vizsla Silver’s 2024 performance places it among the upper echelon of silver developers, particularly those operating in Mexico. Key comparisons include:

• ‍Peers in Mexico: Compared to companies like MAG Silver (TSX: MAG) and Endeavour Silver (TSX: EDR), Vizsla’s Panuco project demonstrates competitive resource size and grade. While MAG Silver’s Juanicipio project is more advanced, Panuco’s high-grade silver potential positions it as a strong contender in the Mexican silver mining space.‍‍
• ‍Market Capitalization Peers: Among companies with a similar market cap (approximately CAD 720 million), Vizsla’s progress in exploration, resource expansion, and project de-risking sets it apart. Developers like Bear Creek Mining (TSXV: BCM) and SilverCrest Metals (TSX: SIL) may have comparable market valuations, but Vizsla’s operational momentum and corporate milestones give it a competitive edge.

Outlook for 2025: Scaling New Heights

Looking ahead, Vizsla Silver is well-positioned to continue advancing the Panuco project toward production. Key priorities for 2025 include:

• Delivering an updated Mineral Resource Estimate in January.
• Completing a Preliminary Economic Assessment in the first half of the year.
• Conducting another 65,000 meters of drilling to support resource expansion and discovery.
• Advancing the test mining program to inform development decisions.

Conclusion

‍Vizsla Silver’s 2024 performance solidified its standing as a leader among silver developers, particularly in Mexico. The company has successfully balanced exploration, development, and sustainability while achieving corporate milestones that enhance its market profile. Compared to its peers, Vizsla’s Panuco project is poised to deliver significant value, making it a compelling story in the silver mining sector. With a strong foundation and ambitious plans for 2025, Vizsla Silver is well-positioned to capitalize on its achievements and drive shareholder value.