Vizsla Royalties (VROY ) investor relations material

Financing and Capital Structure

• Closed a $300 million unsecured bond with a 5% coupon and five-year maturity, fully financing the Panuco project with $450 million in cash and $40 million in equity investments.

• Cap call bond structure allows settlement in cash, stock, or a combination, minimizing dilution up to a $10.51/share conversion price.

• Financing replaces a previously announced Macquarie facility, providing greater flexibility, no restrictive covenants, and immediate access to funds.

• The bond structure is non-dilutive up to a 125% premium to the reference share price, equivalent to raising capital at a premium to NAV.

• The 5% coupon is offset by interest on cash holdings, and the structure enables rapid project advancement upon permit receipt.

Feasibility Study Results and Project Economics

• Feasibility study confirms Panuco as a tier-one asset with a post-tax NPV of $1.8 billion and IRR of 111% on $238.7 million initial CapEx.

• Average annual production is projected at 17.4 million to 20.1 million AgEq ounces over a 9.4-year mine life, with higher output in the first five years.

• All-in sustaining cost is $10.61/oz AgEq, with LOM cash costs of $8.56/oz AgEq and a robust NPV/CapEx ratio of 7.5x.

• Project remains robust even with a 50% decrease in metal prices, maintaining a post-tax NPV of $461 million and IRR of 42.4%.

• Production rate starts at 3,300 tpd, expanding to 4,000 tpd in year four.

Royalty and Shareholder Impact

• 3.5% NSR royalty covers 100% of Copala, the highest-grade ore zone, benefiting early mine economics.

• Approximately 560,000 AgEq ounces annually are attributable to the royalty portfolio.

• Silver-focused royalties remain scarce, enhancing the asset's sector appeal.

• Management and insiders are actively buying shares, viewing recent trading as a buying opportunity.