VZLA’s Landmark Year: Resource Growth, Strong Financing, and Aggressive Plans Set Panuco on Fast Track

2025 Saw Major Resource Expansion and Industry-Leading Economics

Vizsla Silver (NYSE: VZLA; TSX: VZLA) closed out 2025 as a standout period for its flagship Panuco project in Sinaloa, Mexico. The company reported a 43% increase in measured and indicated resources at a ~5% higher grade, underpinning a new Feasibility Study published in November. Key project metrics include an average 20.1 million ounces of annual silver equivalent production over the first five years and 17.4 million ounces annually over the initial 9.4-year mine life. The after-tax NPV at a 5% discount rate is now capped at $1.8 billion, with a striking 111% internal rate of return (IRR) and a 7-month payback period under conservative price assumptions ($35.50/oz Ag, $3,100/oz Au).

Panuco’s Financing Secures Growth and Construction Momentum

Financially, Vizsla achieved several milestones that underpin its next growth phase. The company ended 2025 with over $450 million in cash—nearly twice its initial capital expenditure needs, ensuring full funding for development. The $300 million project financing facility announced in November, structured as cash-settled capped call convertible notes, represents the largest of its kind for a Canadian silver developer. Added to this is a $160 million equity raise, further strengthening the balance sheet and positioning Vizsla confidently as construction ramps up.

Operational Progress and Exploration Delivering High-Grade Discoveries

Significant operational milestones support the robust outlook. The test mine advanced over 700 meters down, now at the 460 level, and completed two of three planned underground drill bays. Total drilling for 2025 surpassed 21,000 meters, focused both on supporting the Feasibility Study and targeting new mineralization. The most notable discovery is at the Animas target, with a high-grade intercept of 897 grams per tonne silver equivalent over 5.85 meters. This world-class interval sets the stage for a broader 60,000-meter, district-wide drilling campaign in 2026, underlining Vizsla’s dual focus on both development and exploration.

Growth Outlook for 2026: Aggressive Drilling, Expansion, and De-Risking

Looking ahead, Vizsla aims to build on its fully funded status with an aggressive, multi-pronged approach:

• Carry out 60,000 meters of drilling, including expansion around Copala, Christiano, Tajitos, and first-pass drilling at newly acquired Santa Fe and La Garra claims.
• Advance detailed engineering, contractor selection, and mine/process infrastructure ahead of a construction decision in the second half of 2026, after anticipated MIA permit receipt.
• Continue test mining and commence a 10,000-tonne bulk sample program to optimize metallurgy and mine design.
• Expand district-scale exploration with updated airborne EM and MAG surveys, initial LiDAR mapping, and new geological sampling campaigns across the Peoles and La Garra claims.

Shareholder Value and Community Engagement on the Rise

Vizsla’s 2025 performance positively impacted both market perception and community engagement. The company’s share price climbed 220% from $1.71 to $5.47, and average daily trading volume swelled by 217% to 6.8 million. In parallel, community and social responsibility efforts continued, with the fourth annual Sustainability Report published and multiple community programs servicing 2,000 individuals.

Panuco Positioned for Silver Production by 2027

Fully funded, with fresh high-grade discoveries and an aggressive plan to test and expand resources, Vizsla Silver is primed for a transformative 2026. Assuming permitting stays on track, the company aims for initial silver production in the second half of 2027, further strengthening its profile as a leading silver development story with an industry-leading project.

For investors and sector watchers, the next 12–24 months at Panuco could reveal whether this highly leveraged, fully funded play can become one of the sector’s most attractive new silver producers.

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