Vizsla Silver's Management Changes Signal Shift from Drill Story to Development Story

• Vizsla Silver appointed Angel Diego Gómez Olmos as Vice President of Government Relations and Susy Horna as Corporate Secretary in May 2026, signalling organisational preparation for development-stage execution.
• Gómez Olmos previously served as General Director of FIFOMI and held senior roles at the Secretaría de Economía, providing direct access to Mexico's federal permitting agencies as Vizsla advances toward construction.
• Horna brings Mexican silver company experience from First Majestic Silver Corp., having previously served as Corporate Secretary of Gatos Silver, Inc., before its acquisition by First Majestic, reflecting jurisdictional specialisation required to manage convertible debt governance and construction contracting.
• Vizsla submitted its environmental impact statement in February 2025, with approval targeted for mid 2026 to enable a construction decision and first silver production in the second half of 2027.
• The company holds US$505 million financing capacity against US$239 million initial capital requirements, with the November 2025 Feasibility Study (FS) outlining a 111% internal rate of return (IRR) and US$1.8 billion net present value at 5% discount rate (NPV5%).

Project Overview

Vizsla Silver Corp. (NYSE: VZLA | TSX: VZLA | FRA: 0G3) announced two management appointments in May 2026: Susy Horna as Corporate Secretary on May 12 and Angel Diego Gómez Olmos as Vice President of Government Relations on May 14. The Vice President of Government Relations position, based in Mexico City, was created to lead federal regulatory engagement and permitting strategy for the Panuco silver and gold project in Sinaloa, Mexico. These changes arrive as Vizsla targets a construction decision in mid 2026 and first silver production in the second half of 2027, following completion of a November 2025 Feasibility Study (FS) that outlined a 111% after-tax internal rate of return (IRR), a US$1.8 billion after-tax net present value at 5% discount rate (NPV5%), and 17.4 million ounces silver equivalent average annual production over 9.4 years.

The significance lies less in the individuals and more in what these appointments reveal about Vizsla Silver's progression from discovery-focused explorer toward development-stage mining company. The hiring pattern suggests preparation for a program dependent on regulatory approval, community consultation, and multi-agency coordination, a transition that typically coincides with a shift from geological uncertainty to permitting and execution risk.

When Government Relations Becomes a Full-Time Function

Mining companies at the exploration stage rarely employ full-time government relations executives. The addition of a senior government relations officer based in the project country signals that regulatory engagement has become continuous and strategic, requiring daily interaction with government agencies.

According to Vizsla, Gómez Olmos will lead engagement with the Secretaría de Economía, which administers Mexico's Mining Law, and the Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT), which oversees environmental permitting. His mandate centres on advancing the permitting process for Panuco.

President and Chief Executive Officer of Vizsla Silver, Michael Konnert, framed the appointment around regulatory execution:

"Diego's expertise, relationships and background make him one of the most qualified people in Mexico for this role. He has spent years running the very agencies we are working with and the relationships he has built across Mexico's federal ministries, along with his deep, practical knowledge of how these processes work from the inside, are exactly what Vizsla Silver needs as we advance Panuco through the permitting stage toward production."

This identifies two functions distinguishing government relations from consulting: institutional relationships through prior government service, and operational knowledge from inside the permitting agencies. These attributes matter when approval timelines determine whether a company can maintain its development schedule and meet financing commitments.

What Former Government Officials Signal About Permitting Strategy

Gómez Olmos served as General Director of FIFOMI, Mexico's government institution providing financing to the mining sector, and as Acting General Director of Mines and Director of Operations and Tracking of the Mining Sector at the Secretaría de Economía. Mining companies hire former government officials when they need access to decision-making frameworks, inter-agency coordination understanding, and credibility with regulators who grant discretionary approvals across Mexico's multi-agency regulatory landscape.

According to company disclosures, Vizsla submitted the Manifestación de Impacto Ambiental (MIA) in February 2025, with approval targeted for mid 2026. The company indicates all other permits are well advanced and that a construction decision is planned immediately following receipt of key permits, making permit approvals the critical path item determining when the company can mobilise contractors.

The establishment of a dedicated, senior-level government relations function based in Mexico City suggests Vizsla expects the permitting process to require continuous engagement with federal agencies as the project advances toward construction.

Corporate Governance Infrastructure & Development-Stage Complexity

The May 12, 2026, appointment of Susy Horna as Corporate Secretary replaced Jen Hanson. Horna brings experience supporting Mexican silver companies, having served as Manager, Corporate Records and Governance for First Majestic Silver Corp. and as Corporate Secretary of Gatos Silver, Inc. before its acquisition by First Majestic.

Development-stage companies issue convertible debt, renegotiate royalty agreements, amend equity incentive plans, and file continuous disclosure reflecting changing capital requirements and operational risks. Vizsla closed a US$300 million convertible notes offering in November 2025. The offering included a 5-year capped call structure hedging the conversion price at US$10.51 per share, a 125% premium over the initial US$5.84 conversion price. Managing obligations tied to this financing requires expertise in capital markets compliance and bondholder relations.

Horna's Mexican silver company experience reflects jurisdictional specialisation increasingly common among development-stage companies operating in Latin America.

How Organisational Structure Follows Project Maturityf

Mining companies structure organisations around risks determining project advancement, shifting from geologists and investor relations professionals during exploration to engineers, environmental consultants, and construction managers during development. This transition occurs after FS completion, when uncertainties shift from resource definition to permitting timelines, community relations, contractor performance, and cost overruns.

Vizsla's timeline shows FS completion in the fourth quarter of 2025, construction scheduled for 2026 following permit receipt, and first silver targeted for the second half of 2027. The May 2026 appointments align with this timeline: a Vice President of Government Relations coordinates permit sequencing with federal agencies, while a Corporate Secretary manages governance infrastructure for convertible debt financing and construction contracting.

Mexico's Multi-Agency Regulatory Framework

Mexico's regulatory framework involves multiple federal agencies. The Secretaría de Economía issues mining concessions, SEMARNAT grants environmental permits and enforces water use and waste management regulations, and local governments approve land use changes. Mining companies must also conduct stakeholder consultations with ejido communities, Mexico's communal land ownership system.

Vizsla Silver secured 30-year operating agreements with all 5 local ejidos and invested US$8.6 million in eight infrastructure projects benefiting 4 local communities. The company conducted 7 health fairs connecting over 1,200 people with medical professionals. Vizsla was awarded recognition as a Socially Responsible Company (Empresa Socialmente Responsable, or ESR) 4 times, a certification that can influence how agencies prioritise permit applications.

Panuco's Financing Position & Execution Risk

The Panuco project reached the feasibility stage in November 2025, with a study outlining initial capital costs of US$238.7 million, sustaining capital of US$287 million, and all-in sustaining costs (AISC) of US$10.61 per ounce silver equivalent. The study assumed silver and gold prices of US$35.50 per ounce and US$3,100 per ounce, projecting a 7-month payback period.

Vizsla holds US$445 million in cash, including approximately US$240 million net proceeds from convertible notes and US$60 million in equity holdings. The company's approximately US$505 million total financing capacity exceeds the US$239 million initial capital requirement.

The financing structure eliminates capital-raising risk but increases the importance of execution risk, specifically that permitting delays or construction slippage could increase holding costs. Companies in this position prioritise management hires that reduce schedule risk.

What to Watch Next

Receipt of the environmental permit from SEMARNAT by mid 2026 is the targeted milestone enabling the construction decision, with first silver production targeted for the second half of 2027. The May 2026 appointments signal Vizsla Silver is structuring its organisation to execute a development program dependent on federal permitting, community consultation, and multi-agency coordination. Whether these hires translate into schedule adherence and cost control will depend on permitting outcomes over the next 12 months and the company's ability to mobilise contractors once permits are received.

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