Vizsla Silver (VZLA) investor relations material

Strategic vision and production goals

• Aims to pour first silver in 2027 and become the world's largest single-asset silver primary producer through the Panuco District in Mexico.

• Seeks to close the valuation gap between developers and producers, targeting a re-rating as production nears.

• Not pursuing a sale; focused on building a multi-asset silver mid-tier company.

• Panuco project features high grades, 100% ownership, and significant exploration upside.

• Projected 11-year mine life with average annual production of 9 million ounces silver equivalent.

Financial position and project funding

• Secured a $220 million debt facility, complementing $200 million in cash and $30 million in equity, totaling $450 million in financing capacity.

• CapEx requirement is $224 million, indicating strong financial flexibility.

• Maintains a fully funded, permitted 5x5 test mine to de-risk initial production.

• Industry-leading NPV to CapEx ratio of five times, with rapid payback expected under current metal prices.

• Trades at about half of net asset value, with potential for significant re-rating as milestones are achieved.

Project development and timeline

• Currently in permitting and feasibility stage, with feasibility study due this year.

• Construction planned for 2026, targeting first silver pour by end of 2027.

• Bulk sample test mine underway, with ore stockpiling and de-risking of startup in progress.

• Mining permits expected within statutory timeframes, leveraging previously disturbed land for easier approval.

• Project features compact footprint, robust infrastructure, and proximity to major highways and power.