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Vizsla Silver (VZLA) investor relations material
Vizsla Silver Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary24 Nov, 2025
Financing and Capital Structure
Closed a CAD 300 million unsecured bond, the largest in the silver industry, with a 5% coupon and five-year maturity, providing 2x initial Capex in financial capacity and significant flexibility for project execution.
Cap call mechanism limits dilution up to CAD 10.51/share, with minimal dilution even at much higher share prices, and allows settlement in cash, stock, or a combination at the company's election.
Financing replaces a previously announced Macquarie facility, removing restrictive covenants and enabling faster project advancement and unrestricted use of funds for exploration and acquisitions.
The structure is accretive, raising capital at a premium to NAV, and is designed to protect shareholders from dilution.
The cost of capital is over 100 basis points lower than the best project finance alternative, with the 5% coupon largely offset by interest on cash holdings.
Feasibility Study and Project Economics
Feasibility study shows a post-tax NPV of CAD 1.8 billion and a post-tax IRR of 111% on an initial Capex of CAD 238.7 million, with an NPV/Capex ratio of 7.5x and a 7-month payback period.
Average annual production of 20.1 million oz silver equivalent (years 1–5), 17.4 million oz over a 9.4-year mine life, ranking among the top three global primary silver mines.
All-in sustaining cost is CAD 10.61/oz AgEq, with robust margins and low operating costs due to high-grade deposits and proximity to infrastructure.
Project remains robust even with a 50% drop in metal prices, maintaining a post-tax NPV of CAD 461 million and IRR of 42.4%.
Initial Capex increased only 7% from the PEA, with over 90% of direct Capex based on quotations, and benchmarks well against industry peers.
Mineral Reserves and Resources
Proven and Probable Mineral Reserves total 12.81 Mt at 249 g/t Ag and 2.01 g/t Au, or 416 g/t AgEq.
Copala and Napoleon deposits form the basis of the mine plan, with Copala averaging 318 g/t Ag and 2.05 g/t Au, and Napoleon 139 g/t Ag and 1.95 g/t Au.
Measured and Indicated Resources for Copala and Napoleon total 12.96 Mt at 2.46 g/t Au and 210 g/t Ag.
Mineral Reserve estimate uses conservative metal prices ($28.50/oz Ag, $2,300/oz Au) compared to the financial model.
Upside from higher metal prices for reserves
Funding strategy for Year 4 mill expansion
Plan to convert inferred resources to reserves
Explain bond's equity dilution protection
Key outstanding permits for construction
Near-to-medium-term exploration plans
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Next Vizsla Silver earnings date
Q2 202616 Dec, 2025
Next Vizsla Silver earnings date
Q2 202616 Dec, 2025
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Frequently asked questions
Vizsla Silver Corp is a mineral exploration company focused on the discovery and development of precious metal properties, with an emphasis on silver and gold. The company conducts exploration activities including geological mapping, sampling, and drilling to evaluate mineral potential. Its primary projects are located in Mexico, targeting epithermal vein systems within historically productive mining districts. Vizsla Silver Corp aims to advance its assets through systematic exploration and technical assessments. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX Venture Exchange.
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