Core Insights - Vizsla Silver Corp. has filed a technical report titled "Panuco Project – NI 43-101 Technical Report and Feasibility Study" with an effective date of November 4, 2025, completed by Ausenco Engineering Canada ULC and supported by Mining Plus Canada Consulting Ltd. and SGS Canada Inc. [1][3] - The Feasibility Study (FS) indicates an annual production of 17.4 million ounces of silver equivalent (AgEq) over an initial mine life of 9.4 years, with an after-tax Net Present Value (NPV) of US$1.8 billion, an Internal Rate of Return (IRR) of 111%, and a payback period of 7 months at silver and gold prices of US$35.50/oz and US$3,100/oz respectively [3][10] Company Overview - Vizsla Silver is a Canadian mineral exploration and development company based in Vancouver, BC, focusing on its flagship 100%-owned Panuco silver-gold project located in Sinaloa, Mexico [3] - The company aims to position itself as a leading silver company by implementing a dual track development approach at Panuco, which includes advancing mine development while continuing district-scale exploration through cost-effective methods [3]

We recently published 10 Small Caps With Big Double-Digit Gains. Vizsla Silver Corp. (NYSEAmerican:VZLA) is one of the top performers of last week. Vizsla climbed by 25.81 percent week-on-week, as investors took path from the higher prices of precious metals, with sentiment bolstered by renewed optimism for an interest rate cut. The stock rallied alongside its silver mining counterparts after silver prices soared on Friday, alongside other precious metals, ahead of the Federal Reserve’s last market commi ...

Core Viewpoint - Mercado Minerals Ltd. has successfully closed a non-brokered private placement financing, raising gross proceeds of C$5,598,000 through the issuance of 27,990,000 units at a price of C$0.20 per unit, with participation from Vizsla Silver Corp [1][2]. Group 1: Financing Details - The Offering consisted of 27,990,000 units, each unit comprising one common share and one half of a common share purchase warrant, with warrants exercisable at C$0.35 until November 28, 2028 [1][2]. - Finder's fees amounted to C$218,400 in cash, along with the issuance of 1,074,500 finder's warrants, also exercisable at C$0.35 until November 28, 2028 [3]. Group 2: Use of Proceeds - Proceeds from the Offering will be allocated towards exploration of the recently acquired properties Copalito and Zamora, acquisition costs, new project generation, investor relations programs, and general corporate working capital [4]. Group 3: Company Overview - Mercado Minerals Ltd. is engaged in acquiring and exploring mineral properties in the Americas, with a focus on the exploration and evaluation of the Porter Property in British Columbia [5].

Core Insights - Noble Mineral Exploration Inc. has signed a drill contract for 1000 meters in two holes located in Carnegie Township, Ontario, to further define geology and mineralization following previous drilling in 2022 [1][2] - An additional 1000 meters of drilling is scheduled for early 2026 in Southwest Carnegie Township due to swampy conditions [2] - The technical content of the release has been reviewed by an independent Qualified Person, ensuring compliance with National Instrument 43-101 standards [2] Company Overview - Noble Mineral Exploration Inc. is a Canadian junior exploration company with holdings in various nickel and gold exploration properties, including a 20% interest in East Timmins Nickel Inc. and the Holdsworth gold exploration property [3] - The company holds mineral and exploration rights over approximately 70,000 hectares in Northern Ontario and 24,000 hectares in Quebec, with plans for option and joint venture exploration programs [3] - Specific projects include Project 81 in the Timmins-Cochrane area, which has diversified drill-ready targets for gold, nickel-cobalt, and base metals [4] Project Details - Project 81 encompasses around 18,000 hectares in Northern Ontario, with additional holdings in Thomas Township and a 20% interest in 38,700 hectares in the Timmins area [4] - Other properties include the Nagagami Carbonatite Complex, the Boulder Project, and various properties in Quebec focused on nickel, copper, PGM, uranium, and rare earth elements [4]

Core Viewpoint - Vizsla Silver Corp. has successfully closed an offering of 5.00% convertible senior unsecured notes due 2031, raising an aggregate principal amount of US$300 million, which includes an additional US$50 million from initial purchasers exercising their option [1][2]. Summary of the Offering - The offering consists of 5.00% convertible senior unsecured notes with a total principal amount of US$300 million, aimed at supporting the development of the Panuco project and other corporate purposes [1][14]. - The net proceeds from the offering are approximately US$286 million after deducting commissions and fees, providing the company with a strong financial position for exploration and development activities [6][14]. - The notes feature a cash interest coupon of 5.00% per annum, payable semi-annually, with the first payment scheduled for July 15, 2026 [6][14]. Financial Flexibility - The structure of the notes is unsecured and covenant-light, allowing the company greater financial flexibility in managing cash flows from the Panuco project [2][6]. - The annual coupon rate of 5.00% is approximately 50% lower than traditional project financing rates, reducing expected debt service obligations during the construction phase [3][6]. - The company retains the ability to settle conversions of the notes in cash, shares, or a combination, which helps mitigate shareholder dilution [14]. Strategic Growth Opportunities - The offering allows Vizsla Silver to pursue strategic growth opportunities while maintaining flexibility in the use of project cash flows for share buybacks, dividends, or acquisitions [6][14]. - The capped call transactions associated with the offering are designed to compensate for potential economic dilution upon conversion of the notes, further enhancing the company's capital-raising capabilities [2][14]. Project Development - With cash holdings approximately double the capital requirement for the Panuco project, the company is well-positioned to advance both project development and district-scale exploration [6][11]. - The initial conversion rate for the notes is set at 171.3062 common shares per US$1,000 principal amount, translating to an initial conversion price of about US$5.84 per share, which is a 25% premium to the closing price at the time of pricing [6][14].

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].

Core Viewpoint - Vizsla Silver Corp. plans to offer convertible senior unsecured notes totaling US$250 million, with an option for an additional US$50 million, to fund exploration and development of the Panuco Project and for general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of convertible senior unsecured notes due January 15, 2031, with an interest rate payable semi-annually starting July 15, 2026 [3]. - The notes can be converted into common shares, cash, or a combination of both at the company's discretion, with specific conversion conditions prior to October 15, 2030 [3][4]. - The interest rate and initial conversion rate will be determined based on market conditions at the time of pricing [4]. Group 2: Use of Proceeds - Net proceeds from the offering will support the exploration and development of the Panuco Project, potential acquisitions, and general corporate purposes [2][7]. - A portion of the proceeds will be allocated to purchase capped call transactions to mitigate economic dilution upon conversion of the notes [5][7]. Group 3: Capped Call Transactions - The company plans to enter into cash-settled capped call transactions to cover the number of shares underlying the notes, which will help offset potential dilution [5][6]. - The capped call counterparties may engage in derivative transactions that could influence the market price of the shares or notes [6][8]. Group 4: Regulatory and Compliance - The offering is subject to necessary approvals from the Toronto Stock Exchange and NYSE American, with no assurance on the completion terms [9]. - The notes and shares will not be registered under the U.S. Securities Act and will only be offered to qualified institutional buyers [10].

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.