Vizsla Silver (US:VZLA)2025-12-11 23:55Financial Performance - Net loss for the six months ended October 31, 2025, was CAD 5.17 million, a decrease from a net income of CAD 2.54 million for the same period in 2024[3] - The company reported a comprehensive income of CAD 16.71 million for the six months ended October 31, 2025, compared to a comprehensive loss of CAD 29.10 million in the same period of 2024[4] - The company experienced a foreign exchange gain of CAD 5.09 million for the six months ended October 31, 2025, compared to a loss of CAD 0.60 million in 2024[3] Assets and Liabilities - Total assets increased to CAD 621.85 million as of October 31, 2025, up from CAD 414.94 million as of April 30, 2025, representing a 49.9% growth[2] - Total current liabilities increased to CAD 9.00 million as of October 31, 2025, from CAD 4.79 million as of April 30, 2025, indicating an 88.5% rise[2] - Non-current assets in Mexico increased to $304,569,352 as of October 31, 2025, from $244,029,642 on April 30, 2025, representing a growth of approximately 24.8%[78] Cash and Cash Equivalents - Cash and cash equivalents rose to CAD 194.48 million, compared to CAD 132.62 million at the end of April 2025, marking a 46.7% increase[4] - As of October 31, 2025, the company had cash and cash equivalents of $194,479,320 to settle liabilities of $9,004,197, indicating strong liquidity[67] - The average interest rate earned on cash and cash equivalents was 1.70% for the six months ended October 31, 2025, compared to 0.93% in 2024[72] Share Capital and Equity - Share capital increased to CAD 593.01 million as of October 31, 2025, from CAD 421.29 million as of April 30, 2025, reflecting a 40.7% increase[2] - The weighted average number of common shares increased to 329,822,475 for the six months ended October 31, 2025, compared to 247,111,144 for the same period in 2024[3] - The Company issued 345,846,079 common shares as of October 31, 2025, an increase from 298,374,460 shares as of April 30, 2025[41] Expenses - Exploration and evaluation expenses for the six months ended October 31, 2025, totaled CAD 24,131, while general and administrative expenses increased to CAD 11.43 million from CAD 3.95 million in 2024[3] - The Company has incurred $2,354,773 in compensation to officers and directors during the six months ended October 31, 2025[38] - The company has incurred $896,497 in salary, consulting fees, and management fees to its officers during the six months ended October 31, 2025[43] Investments and Acquisitions - The company completed the acquisition of Goanna Resources for total cash payments of $4,134,621 (US$3,075,000) and 5,555,555 common shares[25] - The acquisition of the Santa Fe Project involved issuing 2,746,780 common shares valued at $10,816,100, to be fulfilled over 36 months[31] - The investment in Vizsla Royalties Corp. increased to $11,896,290 as of October 31, 2025, reflecting a share of loss of $2,547,301 and a deemed disposal gain of $7,038,994[21] Stock Options and Compensation - The Company has granted 2,450,000 stock options to officers and directors as of October 31, 2025[43] - The company recorded a fair value of $5,554,452 as share-based compensation for the six-month period ended October 31, 2025, compared to $5,519,054 for the same period in 2024[57] - The total number of RSUs outstanding increased from 1,360,868 to 2,671,792 during the six months ended October 31, 2025, with share-based compensation recognized for RSUs amounting to $1,760,611[58] Financing Activities - The company closed a $300 million offering of 5.00% convertible senior unsecured notes due 2031, with net proceeds of approximately $286 million after fees[82][83] - The initial conversion price of the notes is approximately $5.84 per share, representing a 25% premium to the closing price at the time of pricing[84] - The company executed a mandate for a senior secured project finance facility of up to $220 million for the Panuco silver-gold project in Mexico, but later terminated the engagement[81] Regulatory and Compliance - The company’s financial statements were prepared in accordance with IAS 34 and IFRS Accounting Standards[8] - The company did not adopt any new IFRS Accounting Standards effective for accounting periods beginning on or after May 1, 2025[11]