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]

Core Viewpoint - Vizsla Silver Corp. has appointed Mr. Eduardo Luna as Lead Director of the Board, recognizing his extensive experience in the mining industry and his contributions to the company's progress towards becoming a leading silver producer [2][4]. Company Leadership - Mr. Eduardo Luna, an independent director since November 15, 2023, has been appointed as Lead Director, bringing four decades of experience in the mining sector [2][3]. - Luna has previously held significant roles in companies such as Goldcorp and Wheaton River, and has been instrumental in developing major mines in Mexico, including the San Dimas Mine [2][3]. Incentive Compensation - The company has granted 1,550,000 performance-based restricted share units (PRSUs) to officers, employees, and consultants, which will vest over three years following the announcement of the Feasibility Study for the Panuco Project [4]. Panuco Project Overview - The Panuco silver-gold project is located in southern Sinaloa, Mexico, covering 7,189.5 hectares with over 86 kilometers of vein extent and existing infrastructure [5]. - The project contains intermediate to low sulfidation epithermal silver and gold deposits, primarily associated with volcanic activity [6]. Mineral Resource Estimate - As of January 6, 2025, the Panuco Project has an estimated in-situ combined measured and indicated mineral resource of 222.4 million ounces of silver equivalent (AgEq) and an inferred resource of 138.7 million ounces AgEq [7]. Economic Highlights - A Preliminary Economic Study completed in July 2024 indicates an annual production of 15.2 million ounces AgEq over an initial mine life of 10.6 years, with an after-tax NPV at 5% of US$1.1 billion, an IRR of 86%, and a payback period of 9 months at silver and gold prices of US$26/oz and US$1,975/oz respectively [7].

Core Insights - Vizsla Silver Corp. has secured a senior secured project finance facility of up to US$220 million with Macquarie Bank Limited to fund the Panuco silver-gold project in Sinaloa, Mexico [1][2] - The initial drawdown of US$25 million will provide immediate financing for early development and construction preparation [2] - The Panuco project is an emerging high-grade silver-gold discovery located near Mazatlán, Mexico [3] Financial Details - The financing arrangement includes an initial US$25 million early-drawdown tranche to support early development and working capital [2] - The total debt facility is expected to fully finance the Panuco Project through to the first silver production [2] Project Context - The Panuco silver-gold project is characterized as a high-grade discovery, indicating significant potential for valuable mineral extraction [3]

Summary of Vizsla Silver Conference Call Company Overview - **Company**: Vizsla Silver (NYSEAM: VZLA) - **Industry**: Silver mining and exploration - **Location**: Panuco District, Sinaloa, Mexico - **Vision**: To become the world's largest single-asset silver primary producer by pouring first silver in 2027 [1] Core Points and Arguments - **Valuation Gap**: Vizsla Silver aims to close the valuation gap between developers and producers, with current trading at about half of its net asset value (NAV) of approximately $2 billion [2][19] - **M&A Activity**: Recent peer mergers and acquisitions at premium valuations indicate significant re-rating potential for Vizsla as it approaches production [2] - **Production Metrics**: The company has an average life of mine production of 9 million ounces of silver, totaling 50 million ounces over the life of the mine (LOM), with an 11-year mine life as per the Preliminary Economic Assessment (PEA) [2] - **Financial Position**: Vizsla has secured a $220 million debt facility and has $200 million in cash, providing a total financing capacity of approximately $450 million against a CapEx of $224 million [4] - **Resource Estimates**: The company reports 220 million ounces of silver equivalent in measured and indicated resources at an equivalent grade of 534 grams [7][8] Development Timeline - **Current Stage**: The company is in the permitting and feasibility stage, with construction planned to start in 2026 and first silver expected by the end of 2027 [3][4] - **Feasibility Study**: A feasibility study is expected to be completed this year, which will provide detailed economic assessments [4][11] Infrastructure and Location - **Location Advantages**: The Panuco District is well-positioned with existing infrastructure, including high voltage power, water, and roads, facilitating expedited production [5][6] - **Historical Context**: The project is situated in a historically mined area, which simplifies the permitting process [14] Economic Metrics - **NPV and IRR**: The PEA indicated a $1.5 billion NPV and a triple-digit IRR, with a payback period of nine months based on long-term metal prices [9][10] - **Cost Structure**: The all-in sustaining cost (ASIC) is projected to be below $10 in the initial years, enhancing economic viability [10][11] Exploration Potential - **Land Expansion**: Since early 2019, Vizsla has quadrupled its land package, adding over 40,000 hectares in the underexplored Western Mexico Silver Belt [5][15] - **New Discoveries**: The company has made new discoveries, such as the Animus discovery, and plans to expand drilling in high-priority targets [16][18] Key Catalysts - **Bulk Sample Test Mine**: The ongoing bulk sample test mine at Copala is expected to de-risk the startup of the mine and is a significant catalyst for the company [18] - **Exploration Upside**: Vizsla emphasizes its immense exploration upside, with ongoing low-cost exploration efforts that could lead to significant discoveries [19] Conclusion - **Investment Thesis**: Vizsla Silver is positioned as an advanced developer with a strong financial foundation, a fast track to production, and significant exploration potential, making it an attractive investment opportunity [19]

Mineral Resources and Projects - The Company reported a mineral resource estimate for the Panuco project, with 12.96 million tonnes in the Measured & Indicated category, containing 127,819 koz of silver and 1,036 koz of gold[18]. - The inferred resources total 10.50 million tonnes, with an average grade of 219 g/t silver and 1.96 g/t gold, containing 73,621 koz of silver and 660 koz of gold[18]. - The average grades for the Measured & Indicated resources are 307 g/t silver and 2.49 g/t gold, with an AgEq of 534 g/t[18]. - Panuco Project indicated and inferred resource totals 12.96 million tonnes with an average grade of 307 g/t AgEq, containing 222,362 koz of AgEq[21]. - The total measured and indicated resources include 10.72 million tonnes at 288 g/t AgEq, yielding 176,306 koz of AgEq[22]. - Inferred resources amount to 10.50 million tonnes with an average grade of 219 g/t AgEq, containing 138,711 koz of AgEq[22]. - The average grade for the Copala vein is 442 g/t Ag and 3.09 g/t Au, with contained metal of 41,418 koz AgEq[21]. - The average grade for the Napoleon vein is 161 g/t Ag and 2.34 g/t Au, with contained metal of 4,638 koz AgEq[21]. - The total measured resources for the Copala area are 5.37 million tonnes at 413 g/t AgEq, containing 106,672 koz of AgEq[21]. - The average grade for the inferred resources in the Copala area is 341 g/t Ag and 1.96% Pb, with contained metal of 57,752 koz AgEq[22]. - The company has a total of 12.38 million tonnes of inferred resources at a cut-off grade of 100 g/t AgEq[22]. - The exploration program at the Panuco-Copala project has involved 396,310 meters of drilling across 1,052 holes, with 59,483 core samples analyzed to date[45]. - The Panuco project comprises 119 approved mining concessions covering a total area of 16,536.91 hectares, with additional applications for 1,321.15 hectares[35]. - The company has traced approximately 88 kilometers of epithermal quartz veins on the property, with individual vein corridors reaching up to 3.7 kilometers in length[39]. - The main structural corridors identified include Copala-Colorada, Napoleon, Animas-Refugio, Cordon del Oro, and the newly identified Camelia-Florida corridor[41]. - The age of epithermal mineralization at Panuco has been defined as approximately 25.81 ± 0.05 Ma based on adularia mineral separates[42]. - The Santa Fe Project has seen 20,501 metres drilled in 69 holes, with ongoing near-mine exploration campaigns planned[73]. - The La Garra-Metates District is located in a promising silver-gold-rich corridor, with significant exploration potential due to limited previous exploration[63]. Financial Performance - For the three months ended July 31, 2025, Vizsla reported a comprehensive gain of $12,075,873, a significant improvement from a loss of $10,701,829 in the same period in 2024, driven by a foreign currency translation gain of $10,392,120[75]. - Adjusted comprehensive gain, excluding non-cash items, was $11,047,210 for the three months ended July 31, 2025, up from a comprehensive loss of $21,042,940 for the same period in 2024, marking an increase of $32,090,150[76]. - General and Administrative (G&A) expenses for the three months ended July 31, 2025, amounted to $10,194,184, which is $3,733,702 higher than the $6,460,482 recorded in the same period in 2024[77]. - Interest and finance income increased to $2,347,370 for the three months ended July 31, 2025, up by $2,006,200 from $341,170 in the same period in 2024, primarily due to higher term deposit balances of $271,458,860[78]. - The foreign exchange gain for the three months ended July 31, 2025, was $3,209,967, an increase of $3,262,437 compared to a loss of $52,470 in the same period in 2024[79]. - The company completed various rounds of financing for net proceeds totaling $160,670,999 during the three months ended July 31, 2025[85]. - As of July 31, 2025, total assets were $608,919,285, a significant increase from $270,839,000 in July 2024[86]. - Cash and cash equivalents on July 31, 2025, were $284,556,098, compared to $132,616,939 on April 30, 2025, indicating improved liquidity[87]. - The company issued 343,090,860 common shares as of July 31, 2025, an increase from 298,374,460 shares on April 30, 2025[90]. - The company recognized a $7,373,500 deemed disposal gain related to the spin-out of Vizsla Royalties Corp. during the three months ended July 31, 2025[80]. - The Company recognized share-based compensation of $579,807 for the three months ended July 31, 2025, compared to $nil for the same period in 2024[104]. - Net proceeds from financing during the three months ended July 31, 2025, amounted to $148,651,244, contributing to a total of $264,244,319 for the year[111]. - The Company has spent $63,437,997 on exploration and evaluation assets, and $20,713,956 on general and administrative expenses from net proceeds[113]. - As of July 31, 2025, the Company had cash and cash equivalents of $284,556,098 to settle liabilities of $7,737,515, indicating strong liquidity[125]. Risks and Challenges - The Company requires licenses and permits from governmental authorities, and delays or failures in obtaining these could have a material adverse effect on its operations[138]. - The Company is subject to government regulations that can affect profitability, including mining taxes and environmental protection laws[139]. - The volatility of global capital markets has made raising capital more difficult, exposing the Company to liquidity risks[142]. - Inflationary pressures could escalate operating costs, impacting the Company's financial performance and future development decisions[144]. - The Mexican Government enacted a decree amending several provisions of the Mining Law, which could impact the Company's exploration activities[153]. - The Company's operations in Mexico are exposed to various political and economic risks, including potential changes in mining laws and regulations[151]. - The Company is subject to extensive regulations, and failure to comply may result in significant expenditures or operational curtailments[159]. - The Company has temporarily paused field work at the Panuco-Copala Property due to security conditions in the area[163]. - The Company faces risks associated with uninsured or uninsurable hazards in its mining operations[164]. - The Company may incur substantial costs related to litigation, which could adversely affect its financial condition[169]. - The Company may face additional tax liabilities due to assessments by taxation authorities in various jurisdictions[161][162]. Corporate Governance and Management - The Company has implemented internal controls over financial reporting but cannot provide absolute assurance of their effectiveness[179][180]. - The management will continue to assess the effectiveness of internal control over financial reporting and may make modifications if required[182]. - The Company relies on key executives and outside consultants for exploration and development expertise, which is critical for its operations[166][167]. - The Company has no history of earnings and does not anticipate paying dividends in the foreseeable future[160]. - The Company has not paid dividends on its Common Shares to date and plans to retain future earnings for business development[175]. - The market price of the Common Shares is subject to significant volatility influenced by various external factors[171][172]. - The MD&A contains forward-looking statements regarding future projections, plans, and objectives, which involve risks and uncertainties[186]. - The forward-looking statements are based on management's beliefs and expectations as of the date made, and actual results may differ materially[188]. - The MD&A was prepared to conform to National Instrument 51-102F1, which may differ from SEC requirements applicable to U.S. companies[189]. - All technical disclosures regarding the Company's mineral properties were supervised by a Qualified Person, ensuring compliance with NI 43-101 standards[190]. - The Company has not disclosed specific new products or technologies in the provided documents[183]. - There is no mention of market expansion or acquisition strategies in the disclosed content[183]. - The Company disclaims any obligation to update forward-looking statements except as required by applicable securities laws[188].

Core Viewpoint - Vizsla Silver Corp. has secured a mandate letter with Macquarie Bank for a senior secured project finance facility of up to US$220 million to fund the Panuco silver-gold project in Sinaloa, Mexico [1][4]. Financing Details - The facility will be arranged by a syndicate of banks, with Macquarie holding a 70% interest and managing the remaining 30% [2]. - An initial US$25 million early-drawdown tranche may be accessed for early development and working capital, with the remaining funds contingent on customary conditions [3]. - The expected interest cost for the facility is approximately 10% during construction and below 10% post-completion, with a margin of 5.75% and 5.25% respectively [3]. Project Development - The Panuco project is a high-grade silver-gold discovery covering 7,189.5 hectares, with significant existing infrastructure [8]. - The project has an estimated in-situ combined measured and indicated mineral resource of 222.4 million ounces of silver equivalent (AgEq) and an inferred resource of 138.7 million ounces AgEq [10]. - A Preliminary Economic Study indicates an annual production of 15.2 million ounces AgEq over an initial mine life of 10.6 years, with an after-tax NPV of US$1.1 billion and an 86% IRR [11]. Strategic Partnerships - The partnership with Macquarie is seen as a significant step towards de-risking the Panuco project and facilitating its transition into production [4]. - The selection of Macquarie was based on competitive terms and alignment with the project's development timeline [4]. Operational Progress - The Morgan test mine is providing evidence of the technical capabilities and operational discipline of the Vizsla team, validating key assumptions for the feasibility study [5]. - The company is on schedule with key de-risking milestones, positioning itself for a seamless transition into construction [4].