Vizsla Royalties (VROY ) investor relations material

Safety and recent events

• Acknowledged a recent tragic security incident affecting the team, reaffirming safety as the top priority.

Asset overview and investment thesis

• Holds a tier one silver/gold royalty on the Panuco project, considered one of the world's largest undeveloped silver resources.

• Investment thesis centers on project development upside, exploration potential, and favorable timing in the commodity cycle.

• Royalty exposure covers nearly 7,000 ha, with a 3.5% NSR on 95% of the mine plan and a 2% NSR on the remainder.

• Initial mine plan targets 20 million ounces per year for five years, then 17.5 million ounces, totaling 162 million ounces.

• Broader resource base exceeds 360 million ounces, with ongoing conversion of resources into the mine plan.

Project timeline and financial outlook

• Permitting expected by mid-year, with site work resuming in Q3 and first cash flows targeted for late 2027.

• Royalty companies are trading at higher multiples than miners, with recent M&A activity supporting re-rate potential.

• Comparable single-asset royalty companies have been acquired at an average multiple of 1.6x, while current trading is below 0.86x.

• Analyst consensus target is over CAD 5 per share.