Industry Overview - The Zacks Mining - Silver industry is experiencing promising prospects due to rising silver prices, with global industrial demand projected at approximately 1.15 billion ounces, while supply is expected to be lower, indicating a fifth consecutive year of deficit [1][4] - The industry comprises companies engaged in the exploration, development, and production of silver, with only 20% of silver coming from mining activities where silver is the primary revenue source [3] Demand and Supply Dynamics - Total silver demand is expected to dip by 1% to 1.148 billion ounces in 2025, with industrial use projected at around 677.4 million ounces, accounting for roughly 59% of total demand, driven by the solar energy industry and rising usage in electrical applications [4][5] - Silver prices increased by approximately 22% in 2024 and 33.7% in 2025, supported by economic uncertainties and solid demand amid tight supply [5] Cost Management and Operational Efficiency - Industry players are facing rising production costs, particularly in energy, wages, and materials, leading to a focus on improving sales volumes and cost-effectiveness through technological innovations [6] - Companies are investing in R&D to enhance operational efficiency and sustain growth while managing costs [6] Stock Performance and Valuation - The Mining-Silver Industry has outperformed the Basic Material sector and the Zacks S&P 500 composite over the past year, with a collective gain of 42% compared to the sector's 2.4% rise [10] - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 11.79X, lower than the S&P 500's 17.66X and the Basic Material sector's 12.73X [12] Company Highlights - **Pan American Silver (PAAS)**: Reported record cash flow of $233 million and a 291% year-over-year increase in earnings per share, with a projected output of 20-21 million ounces of silver in 2025 [16][17] - **Vizsla Silver (VZLA)**: Advancing its flagship Panuco silver-gold project, targeting first production in the second half of 2027, with a recent 43% increase in estimated mineral resources [22][23] - **Avino Silver Mines (ASM)**: Produced 645,602 silver equivalent ounces in Q2 2025, up 5% year-over-year, and remains on track to achieve a production range of 2.5 - 2.8 million silver equivalent ounces in 2025 [25][26] - **Hecla Mining (HL)**: Reported record revenues of $304 million and a 10% increase in silver production, with a projected silver equivalent output of 35.5 - 39.0 million ounces for 2025 [29][30]

Summary of Visasilva's Conference Call Company Overview - **Company**: Visasilva - **Industry**: Silver Mining - **Location**: Panuco District, Sinaloa, Mexico Key Points and Arguments Exploration and Development Plans - Visasilva aims to become a world-class silver producer leveraging its high-grade, high-margin assets in the Panuco District [5][6][66] - The company has quadrupled its land package over the last 18 months, indicating significant growth potential [8] - A feasibility study is expected to be completed by the end of 2025, with the first silver production targeted for 2027 [66][68] Financial Position - Visasilva is well-funded with over $200 million in cash and $25 million in marketable securities, positioning it strongly for upcoming projects [9][10][71] - The company emphasizes its financial security as a means to protect against downside risks while pursuing growth [71] Exploration Results - The company has completed nearly 400,000 meters of drilling since late 2019, with a low discovery cost of $0.41 per ounce [15][11] - Recent drilling has led to significant discoveries, including a notable intercept of 5.8 meters with 653 grams of silver and over 4 grams of gold [20] Geophysical Surveys - Visasilva has conducted ground electromagnetic surveys (HLEM) to identify mineralization targets, with a focus on both in-phase and out-of-phase anomalies [39][41] - The surveys have shown promising results, particularly in the Napoleon area, indicating potential for further exploration [42][46] Market Position and Industry Context - The company highlights Mexico as a premier destination for silver mining, with several recent acquisitions in the sector indicating strong market interest [6][7] - Visasilva believes it can achieve a billion ounces of silver equivalent at the Panuco District, with additional potential from new acquisitions [65] New Acquisitions - The recent acquisition of the Santa Fe project adds to Visasilva's portfolio, which now includes over 40 hectares in the San Dimas Panuco corridor [54] - Santa Fe has legacy data from over 20,000 meters of drilling, providing a solid foundation for future exploration [56] Future Exploration Strategy - The company plans to focus all 25,000 meters of proposed drilling this year on exploration rather than resource extension, indicating a strong commitment to discovery [78] - Visasilva is also working on a GIS database and 3D modeling to enhance its exploration efforts [58] Conclusion - Visasilva is positioned for significant growth in the silver mining sector, with a robust exploration strategy, strong financial backing, and a clear timeline for production [66][75] - The company is optimistic about its potential to unlock substantial value in the Panuco District and surrounding areas, with multiple catalysts expected in the near future [75][76]

Core Viewpoint - Vizsla Silver Corp. has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of earnings estimate revisions, which have a strong correlation with near-term stock price movements [4][6]. - For Vizsla Silver Corp., the Zacks Consensus Estimate has increased by 33.3% over the past three months, reflecting a positive change in earnings outlook [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Vizsla Silver Corp. to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Vizsla Silver Corp. has successfully completed a bought deal public offering of 33,334,000 common shares at a price of US$3.00 per share, raising gross proceeds of US$100,002,000 to fund various projects and corporate purposes [1][3]. Group 1: Offering Details - The offering was led by Canaccord Genuity and included a syndicate of underwriters such as CIBC Capital Markets and BMO Capital Markets [1]. - An over-allotment option has been granted to the underwriters to purchase up to an additional 5,000,100 common shares at the offering price within 30 days of the closing date [1]. - The offering was conducted under a final prospectus supplement dated June 23, 2025, and is subject to final approval from the Toronto Stock Exchange [2]. Group 2: Use of Proceeds - The net proceeds from the offering are intended to advance the exploration and development of the Panuco Project, explore the Santa Fe Project, pursue potential future acquisitions, and cover working capital and general corporate purposes [3]. Group 3: Company Overview - Vizsla Silver is a Canadian mineral exploration and development company focused on the Panuco silver-gold project in Sinaloa, Mexico, which is 100% owned by the company [6]. - A Preliminary Economic Study for the Panuco project indicates an annual production of 15.2 million ounces of silver equivalent over a mine life of 10.6 years, with an after-tax NPV of US$1.1 billion and an IRR of 86% [6].

Core Viewpoint - Vizsla Royalties Corp. congratulates Vizsla Silver Corp. on its US$100 million bought deal financing, which is crucial for advancing the Panuco Project towards production and cash flow [1][2]. Financing Details - The financing will provide the necessary capital to advance the Panuco Project through final feasibility and into development, positioning Vizsla Silver for initial production [2]. - Vizsla Royalties, as the sole royalty holder on the Panuco Project, views this financing as a significant milestone that strengthens Vizsla Silver's balance sheet and enhances its ability to execute key de-risking activities [2][3]. Project Development - Vizsla Silver is focused on developing a fully permitted and fully funded test mine, with the Feasibility Study expected to be completed in the second half of 2025 [3]. - The CEO of Vizsla Royalties stated that the financing validates the strength of the Panuco Project and supports continued momentum toward production [3]. Marketing Agreement - Vizsla Royalties has entered into a digital marketing services agreement with Machai Capital Inc. for a comprehensive digital media marketing campaign, with a total compensation of C$303,000 for a 3-month term [4][5]. - The campaign will include branding, content creation, data optimization, and various digital marketing strategies [5][6]. Company Overview - Vizsla Royalties Corp. is a precious metals-focused royalty company, primarily holding a Net Smelter Return Royalty on Vizsla Silver's Panuco Project in Mexico [7]. - The Panuco Project is highlighted for its potential with an estimated annual production of 15.2 million ounces of silver equivalent over an initial mine life of 10.6 years, an after-tax NPV5% of US$1.1 billion, and an 86% IRR [7].

Core Viewpoint - Vizsla Silver Corp. has announced a bought deal offering of 33,334,000 common shares at a price of US$3.00 per share, aiming for gross proceeds of approximately US$100 million to advance its Panuco Project and for general corporate purposes [1][3]. Group 1: Offering Details - The Underwriters have an Over-Allotment Option to purchase an additional 15% of the Offering within 30 days, potentially increasing total gross proceeds to US$115 million if fully exercised [2]. - The Offering is expected to close around June 26, 2025, pending necessary regulatory approvals [2]. Group 2: Use of Proceeds - The net proceeds from the Offering will be utilized for exploration, drilling, and development of the Panuco Project, along with working capital and general corporate purposes [3]. Group 3: Company Overview - Vizsla Silver is a Canadian mineral exploration and development company focused on the Panuco silver-gold project in Sinaloa, Mexico, which has a Preliminary Economic Study indicating significant production potential and strong financial metrics [7]. - The project is expected to yield 15.2 million ounces of silver equivalent annually over a mine life of 10.6 years, with an after-tax NPV of US$1.1 billion and an IRR of 86% [7].

Company Overview - Vizsla Silver Corp. (VZLA) currently has a Momentum Style Score of B, indicating a positive outlook based on momentum investing principles [3] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [4] Performance Metrics - Over the past week, VZLA shares increased by 0.58%, matching the performance of the Zacks Mining - Silver industry [6] - In a longer time frame, VZLA's monthly price change is 24.63%, outperforming the industry's 20.16% [6] - VZLA shares have surged by 43.64% over the past quarter and 92.61% over the last year, significantly exceeding the S&P 500's gains of 5.72% and 10.37% respectively [7] Trading Volume - The average 20-day trading volume for VZLA is 2,578,300 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for VZLA has increased, while none have decreased, leading to a consensus estimate improvement from -$0.02 to -$0.01 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions, indicating a positive trend in earnings expectations [10] Conclusion - Considering the positive momentum indicators and earnings outlook, VZLA is positioned as a strong candidate for investors seeking short-term gains [12]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell even higher, with the expectation that established trends will continue [1] Company Overview: Vizsla Silver Corp. (VZLA) - VZLA currently holds a Momentum Style Score of B, indicating potential as a solid momentum pick [3] - The company has a Zacks Rank of 2 (Buy), which is associated with strong historical performance [4] Performance Metrics - Over the past week, VZLA shares increased by 3.58%, outperforming the Zacks Mining - Silver industry, which rose by 0.91% [6] - In a longer timeframe, VZLA's monthly price change is 37.02%, significantly higher than the industry's 14.41% [6] - VZLA shares have surged by 57.07% over the past quarter and 93.98% over the last year, while the S&P 500 only increased by 2.37% and 14.4%, respectively [7] Trading Volume - The average 20-day trading volume for VZLA is 3,465,032 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for VZLA has increased, while none have decreased, leading to a consensus estimate improvement from -$0.02 to -$0.01 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions during the same period [10] Conclusion - Considering the performance metrics and earnings outlook, VZLA is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a noteworthy candidate for near-term investment [12]

Company Overview - Vizsla Silver Corp. is a Canadian mineral exploration and development company headquartered in Vancouver, BC, focused on its flagship 100%-owned Panuco silver-gold project in Sinaloa, Mexico [3] - The company aims to become the world's leading silver company by implementing a dual track development approach at Panuco, advancing mine development while continuing district scale exploration through low-cost means [3] Financial Highlights - A Preliminary Economic Study for Panuco completed in July 2024 indicates an annual production of 15.2 million ounces of silver equivalent (AgEq) over an initial mine life of 10.6 years [3] - The study highlights an after-tax Net Present Value (NPV) at 5% of US$1.1 billion, an Internal Rate of Return (IRR) of 86%, and a payback period of 9 months at silver prices of US$26 per ounce and gold prices of US$1,975 per ounce [3] Stock Options and Incentives - The company has granted 4,050,000 stock options at an exercise price of $2.90, along with 1,450,000 restricted share units (RSUs) and 850,000 deferred share units (DSUs) to directors, officers, employees, and consultants [1] - The stock options are exercisable for five years and will vest over the next two years, while the RSUs will vest in three equal annual installments starting from the first anniversary of the grant date [1] - The DSUs vest immediately and will be exchanged for one common share of the company when the Optionee ceases to hold their position as an independent director [1][2]

Core Viewpoint - Vizsla Silver Corp. has updated its at-the-market equity program to offer and sell up to US$200 million of common shares to the public, aimed at strengthening its balance sheet and advancing the Panuco Project [1][2]. Group 1: Equity Program Details - The updated ATM Program allows the company to sell common shares through designated agents on various stock exchanges, including the Toronto Stock Exchange and NYSE American [2][3]. - The sales will be conducted at the market price prevailing at the time of each sale, providing flexibility to the company [2]. - The program will remain effective until either all shares are sold or the base shelf prospectus ceases to be effective [5]. Group 2: Use of Proceeds - The net proceeds from the ATM Program will be utilized for ongoing work programs to advance the Panuco Project, as well as for working capital and general corporate purposes [4]. Group 3: Company Background - Vizsla Silver is a Canadian mineral exploration and development company focused on the Panuco silver-gold project in Sinaloa, Mexico, which is 100% owned by the company [10]. - A Preliminary Economic Study for the Panuco Project indicates an annual production of 15.2 million ounces of silver equivalent over an initial mine life of 10.6 years, with an after-tax NPV of US$1.1 billion and an IRR of 86% [11].