Vizsla Silver Corp.

Awarded FLSmidth the equipment supply agreement covering eight major packages across crushing, grinding, thickening, counter-current decantation, Merrill Crowe and refining - specified for the 3,300 tonne-per-day first phase and the planned 4,000 tonne-per-day expansion. Formal notice to proceed, which starts manufacturing, is still to come.

contract award

Awarded the engineering, procurement and construction management contract to M3 Engineering and a mine design contract to Mining Plus. Both will work off site while the company works out long-term security arrangements for Panuco, four months after ten colleagues were taken from the site.

contract award

Five of the colleagues taken from the Concordia site in February 2026 remained unaccounted for at this date, with others confirmed dead. The company reaffirmed its safety and governance practices while supporting the families; it gave no restart date for site work.

drilling progress report

Posted a webinar on the feasibility study and confirmed that the convertible notes replace the Macquarie project finance mandate announced in September. The company swapped a secured bank facility for unsecured converts within three months of signing the mandate.

material agreement termination

Priced US$250 million of convertible senior unsecured notes due 2031 at a 5.00% cash coupon, converting at about US$5.84 a share - a 25% premium to the US$4.67 close the day before - with an option for a further US$50 million and part of the proceeds spent on capped calls to blunt the dilution. Unsecured, and issued eight days after the feasibility study.

debt financing

The feasibility study came in ahead of last year's economic assessment: US$173 million to build against US$224 million, after-tax net present value of US$1.8 billion at a 5% discount against US$1,137 million, a 111% return and a seven-month payback, on more than 20 million ounces silver-equivalent a year for the first five years and 17.4 million over the life of mine. Costs are broadly in line with the earlier study - the improvement comes from more production in the early years and higher assumed metal prices, US$35.50 silver and US$3,100 gold. Production is targeted for the second half of 2027.

resource reserve update

Signed a mandate letter with Macquarie as lead arranger and sole underwriter for a senior secured project finance facility of up to US$220 million, with an initial US$25 million available for early development. A mandate is not committed money: it depends on definitive credit documents and conditions, and Macquarie would keep 70% and syndicate the rest.

material agreement

Raised US$100.0 million gross, selling 33,334,000 shares at US$3.00 - the first offering priced in US dollars in this record, against C$2.60 nine months earlier.

capital raising announcement

The Copala portal is advancing to plan with ventilation and ground support installed, and will become the main access for the mine itself if a construction decision follows. Test mining resumed after the security pause of early April.

drilling progress report

Agreed to acquire the Santa Fe project 22km southeast of Panuco - 12,229 hectares including a permitted, operating 350 tonne-per-day flotation mill that processed 370,366 tonnes at 203 g/t silver and 2.17 g/t gold between 2020 and 2024. The production concessions come by option, earned over five years with US$4.0 million of exploration spending and US$1.5 million of cash payments. The producing mine and known veins are only about 12% of the property.

asset acquisition disposition

Paused all field work at Panuco because of security conditions in the area, putting test-mine development, geotechnical drilling and exploration contractors on standby. Engineering for the feasibility study continues off site and the company does not expect a material budget effect.

drilling progress report

A single hole six kilometres northeast of Copala, on the Animas vein below old workings, returned 897 g/t silver-equivalent over 5.85 metres true width including 2,256 g/t over 1.13m - the first real hit from the hunt for a second deposit in the east of the district.

drilling result

Restarted limited work at Panuco eleven days after a landslide on an exploration drill pad killed a contractor's employee and critically injured another. The accident site remains shut, with a site-by-site inspection and full re-induction before each area restarts.

drilling progress report

Third annual resource update, and the first with a measured category: 46.1 million ounces silver-equivalent measured at 640 g/t, plus 176.3 million indicated, taking measured and indicated up 43% to 222.4 million ounces. Inferred fell 18% to 138.7 million ounces, largely because it converted upward. The estimate still covers under 10% of the district's known vein strike.

resource reserve update

Started a fully funded and permitted test mine and bulk sample at Copala, to check the geotechnical model, reconcile the resource model against actual mined grades and tonnes, and give the team operating experience. This is the point at which the company stops only drilling and starts moving rock.

drilling progress report

Closed the La Garra-Metates acquisition announced in March, for US$3,075,000 cash and 5,555,555 shares at a deemed US$1.26, both paid out over time. The sellers are at arm's length.

business combination

Raised C$65 million gross, selling 25,000,000 shares at C$2.60 - a 73% higher price than the C$1.50 paid in February, the re-rating coming between the January resource update and July's economic assessment.

capital raising announcement

Twenty-two infill holes in the part of Copala earmarked for the first two years of mining returned 6,270 g/t silver-equivalent over 6.25 metres true width in CS-24-381A and 1,212 g/t over 14.20m in CS-24-375. This is grade control ahead of a mine, not exploration.

drilling result

The first economic study of Panuco: US$224 million to build, after-tax net present value of US$1,137 million at a 5% discount, an 85.7% return, and average production of 15.2 million ounces silver-equivalent a year at US$9.40 an ounce all-in sustaining cost. Two and a half years after the maiden resource, the ounces now have a number attached to them.

resource reserve update

Five infill holes at Copala produced the highest-grade intercept the company has reported at Panuco: 9,920 g/t silver and 663 g/t gold over 0.64 metres true width, inside 8,817 g/t silver-equivalent over 4.20 metres in CS-24-356, with visible gold in core.

drilling result

The spinout took effect on 24 June 2024. The old Vizsla Silver shares were delisted on 21 June and new ones began trading under a new CUSIP, with the Panuco royalty now sitting in a separately owned company.

security holder rights change

Twelve infill holes near surface at Copala returned 1,017 g/t silver and 8.19 g/t gold (1,503 g/t silver-equivalent) over 13.00 metres true width in CS-24-354 and 1,363 g/t over 8.70m in CS-24-344 - thick, high-grade rock in the part of the deposit closest to surface.

drilling result

Agreed to buy the past-producing La Garra-Metates district under a share purchase agreement - 16,962 hectares, more than twice the area of Panuco, in the same silver-gold corridor running to San Dimas. The ground has centuries of small-scale production but has never been drilled, and reconnaissance found two vein systems 2.6km and 1.8km long.

business combination

Raised C$34.5 million gross, selling 23,000,000 shares at C$1.50 with the over-allotment taken in full. The same gross amount as the November 2022 deal, at a slightly higher price and this time with no warrant attached - but still below the C$1.65 paid in February 2023, despite the resource having roughly tripled since the maiden estimate.

capital raising announcement

Announced plans to hand shareholders a separate listed company, Vizsla Royalties, holding a 2.0% net smelter royalty over most of Panuco and 0.5% over the concessions already carrying a third-party 3.0% royalty. Shareholders keep their Vizsla Silver shares and receive royalty shares on top; the cost is that Panuco itself now carries a royalty payable to outsiders once it produces.

security holder rights change

Second annual resource update: indicated up 48.7% from 104.8 to 155.8 million ounces silver-equivalent and inferred up 48.7% from 114.1 to 169.6 million, with indicated grade up 17% to 511 g/t. La Luisa, discovered fourteen months earlier, enters the estimate for the first time. Total resource ounces have grown roughly three-fold since the March 2022 maiden estimate.

resource reserve update

Thirteen holes expanded La Luisa about 350 metres south and confirmed shallow mineralisation 500 metres to the north, on 764 g/t silver-equivalent over 11.20 metres true width in NP-23-395 including 0.64m at 10,485 g/t (102 g/t gold).

drilling result

Metallurgical tests on Copala samples recovered 91% of the silver and 94% of the gold, comparable to earlier results from Napoleon and Tajitos using similar grinding with either flotation or leaching. Recovery is the step between an ounce in the ground and an ounce sold, and Copala is the largest structure in the district.

well test result

Seven holes pushed La Luisa about 150 metres down dip from the October 2022 discovery hole, on 4,227 g/t silver-equivalent over 2.30 metres true width in NP-22-332, including 0.47m at 18,950 g/t (11,502 g/t silver and 120.5 g/t gold).

drilling result

Fourteen infill holes in the south-central part of Copala returned 1,548 g/t silver-equivalent over 15.00 metres true width in CS-22-246 and 787 g/t over 20.60m in CS-22-248 - thick, continuous grade in the part of the deposit that would be mined first.

drilling result

Raised C$45.0 million in a private placement of 27,286,050 shares at C$1.65, agents led by PI Financial taking a 6% cash commission plus 1,637,163 compensation options. Priced 14% above the November 2022 unit deal and, this time, without a warrant attached.

capital raising announcement

Ten months of drilling roughly doubled the resource: indicated up 71% from 61.1 to 104.8 million ounces silver-equivalent and inferred up 150% from 45.6 to 114.1 million ounces, with indicated grade up 14% to 437 g/t and inferred up 42% to 491 g/t. Copala alone accounts for 51.1 million indicated ounces, a 701% increase, which is what the 2022 drilling was aimed at.

resource reserve update

Nineteen holes at Copala and Cristiano returned 2,640 g/t silver-equivalent over 5.30 metres true width in CS-22-205 and a broad 561 g/t over 15.50m in CS-22-210, with the deposit still open to the north and southeast.

drilling result

Raised C$34.5 million gross, selling 23,805,000 units at C$1.45 with the over-allotment taken in full. Each unit carried half a warrant exercisable at C$2.00 to November 2024, so a further C$23.8 million could follow if the shares clear that price.

capital raising announcement

Nine holes pushed Copala roughly 100 metres north of the March 2022 resource boundary, on 2,093 g/t silver-equivalent over 10.20 metres true width in CS-22-193, including a 0.38m sample at 23,058 g/t silver and 205 g/t gold.

drilling result

Twenty-six holes stretched Copala's high-grade footprint to 900 metres by 400 metres, on 1,011 g/t silver-equivalent over 12.52 metres true width in CS-22-191 and 826 g/t over 14.46m in CS-22-173, with one 1.26m sample at 12,690 g/t (11,053 g/t silver).

drilling result

Twenty-four holes on Copala alone took the high-grade footprint to 600 metres along strike by 400 metres down dip, on 1,030 g/t silver-equivalent over 20.45 metres true width in CS-22-169, with a 0.85m sample at 9,880 g/t and a further 900 g/t over 14.50m in CS-22-155.

drilling result

Eighteen holes extended Napoleon south: 2,098 g/t silver-equivalent over 4.30 metres true width in NP-22-258, including 1.11m at 7,213 g/t (3,850 g/t silver and 40.6 g/t gold), plus a broader 677 g/t over 7.00m in NP-22-271.

drilling result

Ten holes into a vein splay at the north end of Tajitos, in the footwall of the low-angle Copala vein, returned 3,513 g/t silver-equivalent over 2.65 metres true width (2,461 g/t silver, 13.16 g/t gold) in CS-22-161 and 3,286 g/t over 1.70m in CS-22-154.

drilling result

Filed the technical report behind Panuco's first mineral resource estimate, effective 1 March 2022, prepared by Tim Maunula with process work by Ausenco. The maiden estimate was 61.1 million ounces silver-equivalent indicated at 383 g/t and 45.6 million ounces inferred at 345 g/t.

resource reserve update

Fifty-three holes along the Napoleon corridor stretched the vein to 2,500 metres of strike and more than 500 metres below surface, on 1,803 g/t silver-equivalent over 4.00 metres true width in NP-21-210 and a wider 484 g/t over 9.42m in NP-21-260. Napoleon, Napoleon Hangingwall and Josephine all carry grade.

drilling result

Seven holes into the newly found Copala vein, east of the Tajitos resource, returned 1,559 g/t silver and 7.29 g/t gold (2,142 g/t silver-equivalent) over 7.81 metres true width in CS-21-116, with a 2.60m sub-interval at 3,775 g/t AgEq. Copala goes on to become the core of the project.

drilling result