16 Sept 2024capital raising announcement● Neutral
Put a US$100 million at-the-market facility in place with Canaccord, CIBC, National Bank and BMO, allowing shares to be sold into the market as needed. Capacity, not cash raised.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2024resource reserve update● Neutral
Filed the technical report behind July's economic assessment, effective 24 July 2024, prepared by Ausenco with Entech and SGS.
28 Aug 2024drilling progress report● Neutral
With the mine plan defined in the west of the district, the company set out a 10,000-metre program to hunt for a second deposit in the central and eastern areas, having drilled over 350,000 metres at Panuco since the Napoleon discovery.
28 Aug 2024drilling result▲ GoodMajor
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.
24 July 2024resource reserve update▲ GoodMajor
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.
9 July 2024drilling result▲ Good
Six infill holes returned 2,398 g/t silver-equivalent over 7.00 metres true width in CS-24-366, with new high grade on the Copala 3 hangingwall splay - more rock than the resource model currently carries in the first production area.
26 June 2024drilling result▲ GoodMajor
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.
20 June 2024security holder rights change● NeutralMajor
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.
20 June 2024security holder rights change▲ Good
The British Columbia court approved the spinout; closing set for 24 June. Shareholders receive one new Vizsla Silver share plus one third of a Vizsla Royalties share and one third of a warrant for each share held.
12 June 2024drilling result▲ GoodMajor
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.
11 June 2024security holder rights change● Neutral
Set out the spinout timetable: shareholder vote 17 June, court approval to follow, record date around 21 June and closing about 24 June, with each share carrying one third of a Vizsla Royalties share and one third of a warrant.
5 June 2024security holder rights change▲ Good
Both ISS and Glass Lewis told shareholders to vote for the royalty spinout ahead of the 17 June meeting.
22 May 2024drilling result▲ Good
Sixteen holes on Napoleon returned 2,561 g/t silver-equivalent over 2.40 metres true width in NP-24-431 and 696 g/t over 6.50m in NAP-2023-004, as part of a 30,000-metre program aimed at converting inferred resources to higher confidence categories rather than finding new ground.
8 May 2024drilling result● Neutral
Six holes at La Luisa returned 788 g/t silver-equivalent over 1.30 metres true width in NP-24-430 and 1,038 g/t over 0.75m in NP-24-433, with one very narrow 7,307 g/t interval. Continuity is holding but the widths are a fraction of Copala's.
6 May 2024asset acquisition disposition▲ Good
Issued 448,137 shares to Inca Azteca Gold to settle the San Enrique purchase - roughly C$0.7 million of paper for 10,667 hectares, a token price relative to the C$34.5 million raised three months earlier.
16 Apr 2024asset acquisition disposition▲ Good
Agreed to buy the El Richard-San Enrique claims, 10,667 hectares immediately south of Panuco on the same corridor - almost 50% more ground than Panuco itself, already covered by LiDAR and partly by airborne magnetics.
28 Mar 2024security holder rights change● Neutral
Executed the arrangement agreement splitting the business in two, with the royalty spinout needing approval by two-thirds of votes cast at a shareholder meeting yet to be scheduled.
28 Mar 2024business combination▲ GoodMajor
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.
20 Mar 2024drilling result▲ Good
Twenty-seven infill and expansion holes confirmed continuity through Copala and pushed it about 100 metres further down dip to the southeast, on 703 g/t silver-equivalent over 6.00 metres true width in CS-24-342 and 332 g/t over 13.60m in COP-2023-001.
4 Mar 2024capital raising announcement● NeutralMajor
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.
What it means for a shareholder
23.0m new shares at C$1.50 to raise about C$34.5m. That's 10.0% dilution: every existing holder's slice gets 10.0% smaller. If you held C$1,000 of shares (667 at the issue price), your slice goes from 0.000321% to 0.000289% of the company. To keep it you'd need 74 more shares - about C$111 at the issue price.
Create a free account to see this worked out for your own holding.
13 Feb 2024drilling result● Neutral
Seven shallow holes extended La Luisa southeast but at modest tenor - the best was 498 g/t silver-equivalent over 1.30 metres true width in NP-23-425, with most intervals between 264 and 652 g/t. La Luisa keeps growing in size rather than in grade.
12 Feb 2024security holder rights change● Neutral
Set the terms of the royalty spinout: one third of a Vizsla Royalties share and one third of a warrant for each Vizsla Silver share held on the record date, with an arrangement agreement to follow within 45 days.
17 Jan 2024security holder rights change● NeutralMajor
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.
8 Jan 2024resource reserve update▲ GoodMajor
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.
19 Dec 2023drilling progress report● Neutral
Year in review: the January 2023 resource update, a year of drilling that doubled Copala's strike length, and two new discoveries at La Luisa and El Molino. Another resource update was promised for early 2024.
14 Dec 2023drilling result▲ Good
Fifteen shallow holes confirmed La Luisa continues north, taking its potential strike to 1,670 metres. Grades were thin and gold-driven - 650 g/t silver-equivalent over 3.25 metres true width in NP-23-419 at only 58 g/t silver but 7.74 g/t gold - a different animal from the silver-rich Copala rock.
27 Nov 2023drilling result▲ Good
Twenty-two holes pushed Copala about 100 metres southeast and found new splays between Copala and Cristiano, on 1,722 g/t silver-equivalent over 2.80 metres true width in CS-23-304 and 724 g/t over 3.10m in CS-23-300.
24 Oct 2023drilling result▲ Good
Five holes found another new structure, El Molino, 250 metres west of Copala and between the Napoleon and Copala resource areas, close to surface: 2,066 g/t silver-equivalent over 1.65 metres true width in NP-23-359 and 1,110 g/t over 1.70m in NP-23-407.
11 Sept 2023drilling result▲ GoodMajor
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).
23 Aug 2023drilling result▲ Good
Eleven holes at the south end of Napoleon returned 646 g/t silver-equivalent over 10.00 metres true width in NP-23-388 and 1,568 g/t over 1.90m in NP-23-391, with sub-intervals carrying 26.7% zinc.