Summary of Vizsla Royalties Update / Briefing Company Overview - **Company**: Vizsla Royalties (OTCPK:VROY.F) - **Industry**: Silver and Gold Mining - **Key Project**: Panuco Mine in Mexico Core Points and Arguments 1. **Feasibility Study Results**: The recently published feasibility study positions Panuco as a tier-one asset with a post-tax NPV of $1.8 billion and a post-tax IRR of 111% on an initial capital cost of $238.7 million, indicating strong project economics [22][51][24] 2. **Production Goals**: The company aims to become a 50 million-ounce producer over the next decade, primarily driven by the Panuco mine [3] 3. **Bond Issuance**: Vizsla closed a $300 million bond issuance, the largest in the silver industry, providing sufficient capital to advance the Panuco project with a 5% coupon and a five-year maturity [5][6][12] 4. **Operational Flexibility**: The bond structure allows for cash, stock, or a combination settlement, providing flexibility without diluting equity, which is crucial for shareholder value [6][10][11] 5. **Cost Efficiency**: The all-in sustaining cost is projected at $10.61 per ounce, with operating costs at $85.11 per ton milled, reflecting the asset's quality and proximity to infrastructure [24][46] 6. **Production Timeline**: The company expects to receive necessary permits by mid-2026, allowing construction to proceed in the second half of 2026, with first silver production targeted by the end of 2027 [15][16][14] 7. **Community Engagement**: Vizsla has invested $8.6 million in local infrastructure projects and maintains a workforce composed of 70% local community members [20][19] 8. **Exploration Potential**: Less than 70% of the property is mapped, with only 28% of known veins explored, indicating significant upside potential for future resource expansion [17][65] Additional Important Content 1. **Management Team**: The leadership team includes experienced professionals with extensive backgrounds in mining and project delivery, enhancing confidence in project execution [4][3] 2. **Environmental Considerations**: The company has submitted an environmental impact assessment and secured long-term operating agreements with local communities, emphasizing sustainability [19][20] 3. **Infrastructure Advantages**: The Panuco project benefits from excellent site access, including proximity to a deep-water port and established power lines, which will facilitate operations [18][19] 4. **Future Growth Opportunities**: The company is exploring additional properties within its land package, with ongoing drilling programs aimed at expanding resources and reserves [62][63][64] This summary encapsulates the key insights from the Vizsla Royalties update, highlighting the company's strategic direction, financial health, and growth potential within the silver mining industry.

Financial Data and Key Metrics Changes - For the three-month period ended September 30, 2025, the company reported a net loss of $723,000, a significant improvement from a net loss of $1,638,000 in the same period of 2024, primarily due to the recognition of other income from a tax recovery of $1,257,000 [6][8] - For the nine-month period ended September 30, 2025, the company reported a net loss of $5,787,000 compared to a net income of $12,922,000 in the same period of 2024, largely due to two significant gains recognized in 2024 [7][8] - The company maintained a strong cash position with $13.7 million on hand at September 30, 2025, down from $16.9 million at the end of 2024 [8][9] Business Line Data and Key Metrics Changes - The completion of a new feasibility study for the Mount Todd Gold Project was a significant milestone, indicating a shift to a 15,000 ton per day operation with lower initial capital costs of $425 million [4][10] - The feasibility study projected stable gold production over a 30-year mine life, with a net present value of $1.1 billion at a gold price of $2,500 per ounce and $2.2 billion at $3,300 per ounce [11][13] Market Data and Key Metrics Changes - The company noted that the current gold price environment, with prices reaching $4,150 per ounce, significantly enhances project economics compared to the feasibility study's conservative price of $2,500 per ounce [24][27] - The Mount Todd Gold Project is positioned as one of the most attractive development-stage projects in the gold sector, benefiting from strong project economics and favorable jurisdiction [14][15] Company Strategy and Development Direction - The company is committed to developing the Mount Todd project in compliance with high mining and ESG standards, with ongoing modifications to existing permits to align with the new operational strategy [12][15] - The management is exploring various strategic options for advancing Mount Todd, including potential joint ventures or standalone development [27][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the intrinsic value of the Mount Todd project, projecting approximately $300 million in annual free cash flow at conservative gold prices [13][50] - The company believes it is in a favorable market to advance the Mount Todd project, with expectations of continued strength in gold prices positively influencing share performance [14][51] Other Important Information - The company achieved four years without a lost time accident at the Mount Todd site, emphasizing its commitment to safety and environmental stewardship [5][12] - The management highlighted the potential for significant shareholder value creation, suggesting that current share prices are undervalued relative to the project's projected net asset value [14][50] Q&A Session Summary Question: Insights on the project's benefits from current metal pricing - Management acknowledged that at a gold price of $4,150, project economics are substantially better than those discussed in the feasibility study, leading to increased interest from potential partners [24][27] Question: Reaction from the Jawoyn Association regarding the feasibility study - Management reported that the Jawoyn Association remains supportive of the Mount Todd project and is hopeful for timely development, benefiting economically from the project's success [30][31] Question: Number of confidentiality agreements signed post-feasibility study - Management confirmed that several new confidentiality agreements have been signed, indicating growing interest in the project, but did not disclose specific numbers [36][38] Question: Trade-offs between developing the project independently versus with a partner - Management discussed the significant trade-offs, noting that a joint venture could reduce dilution but would require giving up part of the project, while standalone development preserves full ownership but may involve higher financing costs [39][42]

Financial Data and Key Metrics Changes - The company reported a net loss of $2,708,000 for Q1 2025, compared to a net loss of $1,073,000 for Q1 2024, indicating an increase in loss primarily due to the absence of a gain from equipment sales and increased Mt Todd expenses [9][10][12] - Cash on hand at the end of Q1 2025 was $15,000,000, down from $16,900,000 at the end of 2024, with no debt reported [12] Business Line Data and Key Metrics Changes - Total feasibility and other Mt Todd site costs in Q1 2025 were $1,688,000, with only $150,000 capitalized as development costs, resulting in a net expense of $1,538,000, which was $786,000 higher than Q1 2024 [11][12] Market Data and Key Metrics Changes - The Australian gold price is at record highs around $5,000 per ounce, positively impacting the company's profitability as most costs are in Australian dollars [25][26] Company Strategy and Development Direction - The company is focused on completing the Mt Todd feasibility study by mid-2025, targeting a 60% reduction in capital costs to approximately $400,000,000, with anticipated gold production of 150,000 to 200,000 ounces per year [14][15][18] - The feasibility study aims to create a more financeable project with a smaller initial investment, which could attract a broader range of potential partners [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the current gold cycle and the potential for increased investor interest in the Mt Todd project due to the reduced initial capital costs [18][39] - The feasibility study is on schedule and on budget, with results expected to be announced in July 2025 [39][40] Other Important Information - The company achieved zero lost time accidents, maintaining a strong focus on safety and environmental stewardship [17] - Management emphasized the importance of compliance with ESG standards and proactive engagement with stakeholders [19][40] Q&A Session Summary Question: Increased interest in Vista and Mt Todd - Management noted that renewed interest in gold equities is driven by rising gold prices, with strong institutional interest in the Mt Todd project due to efforts to decrease initial capital costs [23][24] Question: Impact of Australian gold price on profitability - Management confirmed that the high Australian gold price positively affects profitability, as most costs are in Australian dollars, making the project more attractive [25][26] Question: Share price valuation concerns - Management acknowledged the disconnect between share price and resource value, attributing it to the high initial capital costs of previous project evaluations, and emphasized the benefits of the new feasibility study at a smaller scale [32][33][34]

Financial Data and Key Metrics Changes - Vista reported a net income of $11,200,000 for the year ended 12/31/2024, compared to a net loss of $6,600,000 for 2023, indicating a significant turnaround in financial performance [11] - The financial results for 2024 included a non-recurring gain of $16,900,000 from the Wheaton royalty transaction and an additional gain of $800,000 from the sale of used mill equipment [12] - The company ended the year with $16,900,000 in cash and no debt, positioning itself strongly for future projects [14] Business Line Data and Key Metrics Changes - The exploration-related costs increased to $3,500,000 in 2024 from $3,200,000 in 2023, primarily due to several technical studies conducted before the feasibility study [13] - The drilling program in 2024 involved 34 diamond core holes totaling 6,776 meters, with every hole intercepting mineralization, indicating positive exploration results [20] Market Data and Key Metrics Changes - The updated economics for the Mt. Todd project reflected improved project economics due to significant increases in gold prices since the previous feasibility study [24] - The new feasibility study targets a 60% reduction in capital costs, with an estimated capital of $400,000,000 for the project [15] Company Strategy and Development Direction - The company aims to position Mt. Todd as one of the most attractive, ready-to-build gold projects globally, focusing on reducing initial capital costs while maintaining competitive operating costs [27][30] - Vista's strategy includes advancing the Mt. Todd project with discipline to maximize shareholder value and minimize risks [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for 2025, highlighting the feasibility study as a potential catalyst for unlocking project value [43] - The company remains committed to health, safety, and ESG initiatives, with a focus on stakeholder engagement and environmental stewardship [19][25] Other Important Information - Vista published its inaugural ESG report in 2024, emphasizing its commitment to environmental and social governance [9][26] - The company has earned the trust of local stakeholders, ensuring a strong social license for the Mt. Todd project [30] Q&A Session Summary Question: Can Vista borrow the entire amount of CapEx or is a partner needed? - Management clarified that no developer can borrow 100% of the capital needed for a project, and a balance of debt and equity is necessary, typically around 50-60% equity [38][39] Question: Why is bringing in a partner a better strategy than mining independently? - The advantage of a partner is that they can provide value to Vista Gold as part of the earn-in, potentially covering most of Vista's CapEx contribution, thus minimizing shareholder dilution [40][41]