Summary of Vizsla Silver's Feasibility Study and Convertible Notes Offering Company Overview - **Company**: Vizsla Silver - **Industry**: Silver and Gold Mining - **Project**: Panuco Mine in Mexico Key Points from the Feasibility Study - **Feasibility Study Significance**: The study positions Panuco as a tier-one asset of global significance, with plans to become a leading silver and gold producer globally [2][3] - **Production Goals**: Internal goal to reach 50 million ounces of production in the next 10 years, primarily from the Panuco mine [3] - **Financial Metrics**: - Post-tax NPV of $1.8 billion - Post-tax IRR of 111% - Initial capital cost of $238.7 million - NPV to CapEx ratio of 7.5 times [22][49] - **Production Estimates**: - Average payable silver equivalent production of 20.1 million ounces over the first five years - Life of mine production of 17.4 million ounces per annum [22][24] - **Cost Structure**: - All-in sustaining cost of $10.61 per ounce - Operating cost of $85.11 per ton milled [24][46] Financing Details - **Bond Issuance**: Closing of a $300 million bond issuance, the largest in the silver industry, fully financing the Panuco project [5][12] - **Financial Flexibility**: The bond can be settled in cash, stock, or a combination, allowing for flexibility without diluting equity [6][10] - **Comparison to Previous Financing**: The bond replaces a previously announced Macquarie facility, providing lower cost of capital and fewer restrictions [9][10] Project Development and Timeline - **Permit Timeline**: Expecting permits by mid-2026, with construction planned for the second half of 2026 [15][19] - **Test Mine Development**: Ongoing test mine operations to de-risk the project and prepare for production [16][56] - **Infrastructure and Community Engagement**: Strong local community ties with 70% of the workforce sourced locally and significant investments in community projects [20][19] Exploration and Growth Potential - **Land Package Expansion**: The land package has quadrupled since 2024, with less than 70% mapped and only 28% of known veins explored [17][65] - **Future Exploration Plans**: Continued exploration in the wider property, including the Lagara project and Santa Fe, with systematic exploration planned [66][63] Conclusion - **Investment Opportunity**: Vizsla Silver presents a compelling investment opportunity with robust financial metrics, a strong production profile, and significant growth potential in the silver mining sector [14][16]

Core Viewpoint - Vizsla Silver Corp. has announced the pricing of its offering of convertible senior unsecured notes amounting to US$250 million, expected to close around November 24, 2025, with an option for an additional US$50 million [1][3]. Summary by Sections Offering Details - The offering consists of convertible senior unsecured notes due in 2031, with a cash interest rate of 5.00% per annum, and an initial conversion rate of 171.3062 shares per US$1,000 principal amount, equating to a conversion price of approximately US$5.84 per share, representing a 25% premium over the last reported share price of US$4.67 [2][3]. Use of Proceeds - The estimated net proceeds from the offering are approximately US$239.4 million, or US$285.9 million if the option for additional notes is fully exercised. The proceeds will be used for exploration and development of the Panuco Project, potential acquisitions, and general corporate purposes, including a purchase price for capped call transactions of about US$39.6 million [3][6]. Capped Call Transactions - The company has entered into cash-settled capped call transactions to mitigate potential economic dilution from the conversion of the notes. The cap price for these transactions is set at US$10.5075 per share, a 125% premium over the last reported share price [4][5]. Market Impact - The capped call transactions may lead to various derivative transactions that could influence the market price of the shares or notes, potentially affecting the conversion process and the value received by noteholders [6][8]. Regulatory Compliance - The offering is subject to customary closing conditions, including necessary approvals from the Toronto Stock Exchange and NYSE American. The notes and shares will not be registered under the U.S. Securities Act and will only be offered to qualified institutional buyers [9][10]. Company Overview - Vizsla Silver is a Canadian mineral exploration and development company focused on the Panuco silver-gold project in Sinaloa, Mexico, aiming to position itself as a leading silver company through a dual-track development approach [13].

Accessibility StatementSkip Navigation NYSE: VZLA TSX: VZLA VANCOUVER, BC, Nov. 19, 2025 /PRNewswire/ - Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA) (Frankfurt: 0G3)Â ("Vizsla Silver" or the "Company")Â announces its intention to offer convertible senior unsecured notes due 2031 (the "Notes") in an aggregate principal amount of US$250 million (the "Offering"). The Company expects to grant the initial purchasers of the Notes an option for a period of 13 days, beginning on, and including the date on which the ...

Core Insights - Vizsla Silver Corp. announced positive results from its independent Feasibility Study on the Panuco silver-gold project, indicating strong economic viability with an after-tax NPV of US$1.802 billion and an IRR of 111% [1][3][10] Feasibility Study Highlights - The Feasibility Study, completed by Ausenco Engineering, supports the development of Panuco as a high-margin underground precious metals mine with low initial capital requirements and rapid payback [2][3] - Initial capital expenditures (CAPEX) are estimated at US$238.7 million, with a net initial cost of US$173 million after accounting for pre-production revenues and costs [10][30] - Average annual production is projected at 17.4 million ounces of silver equivalent (AgEq) at an all-in sustaining cost (AISC) of US$10.61 per ounce [1][10] Production and Economic Metrics - The project is expected to produce more than 20 million AgEq ounces annually over the first five years, with an average of 17.4 million ounces over the life of the project [3][10] - The life of mine (LOM) average annual payable production is estimated at 17,383 koz AgEq, with cash costs of US$8.56 per ounce payable AgEq [10][11] - The Feasibility Study assumes metal prices of US$35.50 per ounce for silver and US$3,100 per ounce for gold [13][10] Mining and Processing Overview - The Panuco project consists of two contiguous underground mines, the Copala Mine and the Napoleon Mine, with a processing throughput capacity of 3,300 tonnes per day for the first three years, expanding to 4,000 tonnes per day in year four [6][7] - The processing plant design includes a three-stage crushing-grinding circuit and a leach and Merrill Crowe circuit to produce silver-gold doré bars [53][50] Mineral Reserves and Resources - The Proven and Probable Mineral Reserve for the Panuco project is estimated at 12.81 million tonnes at an average grade of 249 g/t Ag and 2.01 g/t Au [19][10] - The Feasibility Study is based on the updated NI 43-101 Mineral Resource Estimate, effective November 4, 2025 [8][19] Project Development and Future Plans - The company is advancing permitting and project financing initiatives, targeting a construction decision upon receipt of required approvals [2][3] - A webcast to discuss the Feasibility Study will be hosted on November 24, 2025 [4]

Summary of Vizsla Silver Conference Call Company Overview - **Company**: Vizsla Silver (NYSEAM: VZLA) - **Project**: Panuco project in Mexico - **Listing**: Dual listed on NYSE American and TSX - **Daily Trading Volume**: Approximately 3.6 million shares on NYSE and 1 million shares on TSX [3] Core Points and Arguments - **Vision**: Aim to become the world's largest single asset silver primary producer through the development of the Panuco project, targeting first silver production by 2027 [4][11] - **Management Team**: - CEO Mike Connort has a background in billion-dollar mining businesses [5] - VP Exploration Jesus Velador has extensive experience in major discoveries in Mexico [7] - Lead Independent Director Eduardo Luna has a notable history in the mining sector [8] - **Geological Comparison**: Panuco is geologically similar to the San Dimas mine, which has produced over 900 million ounces of silver [10] Financial Position - **Cash Reserves**: Over USD 200 million in cash, with a recent debt facility mandate awarded for USD 220 million [11][17] - **Capital Expenditure**: Initial capital outlay for the project is estimated at USD 224 million, including a contingency of USD 46 million [17] - **Projected Cash Flow**: Anticipated free cash flow of over USD 250 million annually in the initial years [26] Project Development - **Feasibility Study**: Expected to be published by the end of the year, with a focus on converting inferred mineralization into higher confidence categories [19][21] - **Resource Base**: Current global resource base is 365 million ounces of silver equivalent, with a 43% increase in measured and indicated classification [22][25] - **Production Profile**: Initial production of over 20 million ounces per annum for the first two years, decreasing to 15 million ounces over an eleven-year mine life [27] Exploration and Growth Potential - **Land Holdings**: Quadrupled land holdings in the area over the last two years, with significant exploration upside [12] - **Drilling Targets**: 170+ drill-ready targets identified, with only 28% drilled so far [12] - **Recent Discoveries**: Notable discovery at Animas with a true width of six meters grading 900 grams per tonne [35] Infrastructure and Operations - **Location**: Project located about an hour from Mazatlan, with access to high-tension power lines directly over the proposed mill site [14][15] - **Test Mine**: Fully permitted and funded test mine is currently operational, allowing for early development and stockpiling of ore [32][33] Additional Insights - **Social License**: Secured thirty-year operating agreements with local land-owning groups, ensuring community support [13][14] - **Market Conditions**: Commodity price assumptions for the PEA were USD 26 for silver and USD 19.75 for gold, with current prices having doubled since then [26] This summary encapsulates the key points discussed during the Vizsla Silver conference call, highlighting the company's strategic vision, financial health, project development, and exploration potential.

Forward Looking Statement This presentation contains "forward looking statements" regarding the Company within the meaning of applicable securities legislation, including statements as to future events, results and plans. Forward-looking statements are sometimes but not always identified by such words as "targeted", "can", "will", "anticipates", "projects", "expects", "intends", "likely", "plans", "should", "could" or "may" or grammatical variations thereof. These include, without limitation, statements wit ...

Core Insights - Vizsla Royalties Corp. congratulates Vizsla Silver Corp. on the publication of its third annual sustainability report, which emphasizes the company's commitment to environmental stewardship, social responsibility, and governance in Mexico [1][2] Environmental Stewardship - The sustainability report highlights efforts to rehabilitate two aging tailing storage facilities and the cultivation of approximately 5,000 native trees across 19 different species for future restoration activities [7] - The company has strengthened its environmental, social, and governance (ESG) reporting framework and updated its ESG goals [7] Social Responsibility - Vizsla Silver has partnered with the Venados de Mazatlán baseball team to create positive community impacts through well-being initiatives [7] - The company invested US$205,300 in community well-being, bringing the cumulative total investment to over US$600,000 [7] Governance - The report was prepared in accordance with the IFRS Foundation International Sustainability Standards Board (ISSB) SASB Metals and Mining Standard, providing stakeholders with a comprehensive understanding of the company's sustainability journey [2] - The company has initiated the process of updating its Social Impact Assessment [7] Company Overview - Vizsla Royalties Corp. is focused on precious metals and holds a Net Smelter Return Royalty on Vizsla Silver Corp.'s flagship Panuco Project in Mexico, which is advancing towards production [4] - 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 NPV5% of US$1.1 billion, an 86% IRR, and a 9-month payback at US$26 per ounce of silver and US$1,975 per ounce of gold [4]

Core Viewpoint - Vizsla Silver Corp. held its annual general and special meeting on October 2, 2025, where shareholders approved all motions, including the re-election of directors and the appointment of a new auditor [1][3]. Shareholder Meeting Results - A total of 181,024,637 shares were voted, representing 52.63% of the Company's issued and outstanding shares [1]. - All directors were re-elected with significant support, including: - Craig Parry: 90.16% approval - Michael Konnert: 99.68% approval - Simon Cmrlec: 94.97% approval - Harry Pokrandt: 97.62% approval - David Cobbold: 92.83% approval - Eduardo Luna: 99.83% approval - Sukhjit Gill: 99.13% approval [2]. Auditor Change - The Company changed its auditor from MNP LLP to Deloitte LLP effective October 3, 2025, to support growth and regulatory requirements [3]. - The former auditor's reports for the last two fiscal years did not contain any modifications or reservations [3]. Company Overview - Vizsla Silver is focused on its flagship Panuco silver-gold project in Sinaloa, Mexico, with a Preliminary Economic Study indicating: - 15.2 million ounces of silver equivalent annual production over a 10.6-year mine life - After-tax NPV5% of US$1.1 billion - 86% IRR and a 9-month payback at US$26/oz silver and US$1,975/oz gold [5]. - The Company aims to position itself as a leading silver company through a dual-track development approach, advancing mine development while continuing district-scale exploration [5].

Core Viewpoint - Vizsla Silver Corp. has released its third annual Sustainability Report, emphasizing its commitment to sustainable growth and detailing key initiatives in community engagement and environmental impact [1][2]. Environmental Initiatives - The company has maintained efforts to rehabilitate two aging tailing storage facilities and cultivated approximately 5,000 native trees from 19 different species for future restoration activities [6]. - The report aligns with the IFRS Foundation International Sustainability Standards Board (ISSB) SASB Metals and Mining Standard, providing stakeholders with insights into the company's sustainability journey [3]. Social Responsibility - Over the past three years, Vizsla Silver has invested over US$600,000 in local community well-being initiatives, including partnerships with the Venados de Mazatlán baseball team and health fairs [2][6]. - The company has renewed its ESR (Social Responsibility Distinction) for the fourth consecutive year, highlighting its commitment to social responsibility [2]. Governance - The report strengthens the company's environmental, social, and governance (ESG) reporting framework and updates ESG goals [6]. - The company is in the process of updating its Social Impact Assessment to enhance its governance practices [6]. Panuco Project Overview - The Panuco silver-gold project is a high-grade discovery in southern Sinaloa, Mexico, covering 7,189.5 hectares with significant vein extent and existing infrastructure [4]. - An updated mineral resource estimate for Panuco includes a combined measured and indicated resource of 222.4 million ounces of silver equivalent (AgEq) and an inferred resource of 138.7 million ounces AgEq [5][7]. Economic Potential - A Preliminary Economic Study for Panuco indicates an annual production of 15.2 million ounces AgEq over an initial mine life of 10.6 years, with an after-tax NPV5% of US$1.1 billion and an 86% IRR [7].

Core Insights - Vizsla Silver Corp. (NYSE:VZLA) is recognized as one of the 10 Best Debt Free Small Cap Stocks to buy now [1] - BMO Capital has raised its price target for Vizsla Silver Corp. from $5.00 to $6.00 while maintaining an 'Outperform' rating [2] - The company's stock has experienced a significant year-to-date gain of 147.02% [3] Financial Developments - Vizsla Silver Corp. has executed a mandate letter for a senior project finance facility of up to $220 million to support the development of its flagship Panuco project [3] - The company expects to fund development costs and aims to complete the feasibility study for the Panuco project by the end of 2025, supported by approximately $200 million in cash following a June equity raise [4] Business Focus - Vizsla Silver Corp. is engaged in the acquisition, exploration, and development of mineral resource properties in Canada and Mexico [4]