Vizsla Silver Charges Ahead with High-Grade Growth & Development in Mexico

• Vizsla Silver’s updated resource estimate boasts 222.4 Moz AgEq in measured and indicated resources, a 43% increase from 2024, with first-ever measured resources now defined at Copala.
• The July 2024 PEA outlined a project with US$1.1B after-tax NPV (5%), 86% IRR, and a 9-month payback, highlighting world-class potential.
• With a fully permitted and funded test mine underway and a Feasibility Study due in H2 2025, Vizsla is targeting first silver in 2027.
• Backed by US$92M in cash and no debt, and projected AISC of just US$9.40/oz AgEq, Vizsla is positioned as a top-tier low-cost developer.
• Vizsla has secured 30-year agreements with all local Ejidos, earned ESR certification for the third year, and invested in local infrastructure and health initiatives.

Vizsla Silver Corp. (NYSE/TSX: VZLA) is solidifying its position as one of the most exciting silver developers globally. The Canadian company, focused on its 100%-owned Panuco silver-gold project in Sinaloa, Mexico, has advanced from initial discovery to early-stage development in just four years—a pace few in the industry can match.

In early January, Vizsla announced a major milestone: its first-ever measured mineral resource estimate. This update reflected a 43% increase in measured and indicated (M&I) resources to 222.4 million ounces of silver equivalent (AgEq), along with 138.7 million ounces of inferred resources. This was supported by new drilling and detailed geological modeling.

“We are pleased to announce the fourth significant resource update for the high-grade Panuco silver gold district,” said Michael Konnert, President and CEO. “This update comes just four years after the initial discovery was made at Napoleon and represents only a snapshot in time as every vein included in the global project resource remains open for further expansion.”​

The Panuco district, once a fragmented land package of past-producing assets, has now been systematically explored and consolidated under Vizsla’s leadership. The latest mineral resource estimate includes 46 Moz AgEq in the measured category—most of it in Copala—graded at an impressive 640 g/t AgEq.

“We are particularly excited to announce our first Measured Resource Estimate, containing 46 Moz at an average grade of 640 g/t AgEq,” said Konnert. “Reducing the space between drill holes at Copala to 25 metres has resulted in a significantly higher-grade profile in the upper levels of the resource and PEA mine plan.”​

PEA Signals Strong Economics & Fast Track to Production

In July 2024, the company released its first Preliminary Economic Assessment (PEA), underscoring Vizsla’s transition from explorer to developer. The PEA outlined an after-tax NPV (5%) of US$1.1 billion, an IRR of 86%, and a 9-month payback, based on conservative silver and gold price assumptions.

“The July PEA showcased industry leading economics based on conservative assumptions and a resource base that has since been materially upgraded and expanded,” said Konnert in a January 2025 corporate update. “We now have 43% more ounces in the measured and indicated category and higher grades, relative to the previous resource. This bodes well for a potentially expanded mine plan in the pending feasibility study we plan to publish in the second half of 2025.”​

These results position Vizsla’s Panuco project among the most economically attractive silver projects globally, with an average annual production of 15.2 million ounces AgEq over an initial 10.6-year mine life and all-in sustaining costs (AISC) of just US$9.40/oz AgEq.

Fully Funded, Fully Permitted, & Community Focused

Vizsla is not only making geological strides—it is also delivering on the critical task of de-risking development. In Q4 2024, the company broke ground on its fully permitted and fully funded Copala test mine, which will provide a 10,000-tonne bulk sample and key data for its upcoming Feasibility Study.

With over US$92 million in cash and no debt, Vizsla has the financial strength to pursue aggressive development and exploration in parallel. In 2025 alone, the company plans over 37,000 metres of drilling, focused on expanding known resources and testing new high-priority targets in the under-explored eastern and central parts of the district.

“With over US$92 million in cash and no debt, we remain well funded to deliver on our operational goals with a long-term view of first silver in 2027,” said Konnert. “We look forward to another safe and exciting year for Vizsla Silver and thank everyone for their hard work and continued support.”​

Meanwhile, Vizsla continues to strengthen relationships with local stakeholders. Through its Mexican subsidiary, Minera CANAM, the company has secured 30-year operating agreements with all five local Ejidos, supported seven infrastructure projects, and earned Mexico’s Socially Responsible Company Distinction (ESR) for the third consecutive year.

Looking Ahead: One of the Sector’s Best Positioned Developers

With a high-grade, growing resource base, robust economics, and a clear path to production, Vizsla Silver has earned its place among the industry’s most closely watched silver developers.

As Konnert noted in Vizsla’s year-end summary:

“2024 was a transformative year for Vizsla Silver… Vizsla Silver went from early-stage exploration to early-stage development.”​

With a Feasibility Study on the horizon and first silver targeted for 2027, Vizsla Silver is poised to redefine the future of primary silver production.

Positioning for Growth

Vizsla Silver offers a rare combination of high-grade resources, robust economics, and near-term production potential in one of the world’s most mining-friendly jurisdictions. With measured and indicated resources exceeding 222 million AgEq ounces, an after-tax NPV of US$1.1 billion, and a fully funded pathway to first silver in 2027, the company stands out as a top-tier silver development opportunity.

Backed by a strong balance sheet, a seasoned technical team, and long-term community partnerships, Vizsla is steadily advancing toward feasibility and production while maintaining district-scale exploration upside. As the company continues to execute on its development milestones, it remains a noteworthy name within the global silver development space.