Vizsla Silver (VZLA) investor relations material

Strategic vision and objectives

• Aims to become the world's leading primary silver producer through consolidation, exploration, and development of the Panuco district in Mexico, targeting annual production of 50Moz AgEq by 2035.

• Dual-track strategy advances mine development and district-scale exploration, with first silver production targeted for H2 2027.

• Significant land package growth and ongoing resource expansion, with less than 70% of the property mapped and only 28% of known vein targets explored.

Financial strength and capital structure

• Fully financed following a $300M convertible notes offering, with total financing capacity of $457M and a $429M cash position.

• Convertible notes feature a 5% annual coupon, 5-year maturity, and a capped call structure hedging conversion price up to $10.51 per share.

• Holds equity positions in Vizsla Royalties and other mining companies, enhancing financial flexibility.

Project development and feasibility

• Feasibility study completed in November 2025, showing a post-tax NPV (5%) of $1,802M, 111% IRR, and a 7-month payback period.

• Initial capital cost of $238.7M, sustaining capital of $287M, and an average LOM AISC of $10.61/oz AgEq.

• Mine life of 9.4 years with average annual production of 20.1Moz AgEq in years 1-5.