Vizsla Silver (VZLA) Corporate Presentation summary

Strategic vision and project overview

• Aims to become the world's largest single-asset primary silver producer through the Panuco district in Mexico, targeting first silver production in H2 2027.

• Quadrupled land package since 2024, now over 40,000 ha, with only 30% of known vein targets explored.

• Fully permitted, fully funded test mine commenced in Q4 2024 to de-risk initial production.

• Feasibility study planned for H2 2025, followed by a construction decision.

• Secured 100% ownership of all production and exploration concessions in the district.

Financial position and project economics

• Over $200M in cash and in-the-money options, with a $220M debt facility mandate executed for project financing.

• Initial capital requirement of $224M, with a total financing capacity of $450M.

• July 2024 PEA shows post-tax NPV (5%) of $1,137M, IRR of 86%, and a 9-month payback at $26/oz silver and $1,975/oz gold.

• Average annual production of 15.2Moz AgEq over an 11-year mine life, with AISC of $9.4/oz AgEq.

• Trades at a significant discount to silver producers on a P/NAV basis, with a market cap of $1.41B as of Nov 2025.

Resource growth and exploration upside

• Achieved first measured resource estimation in Jan 2025, with 222.4Moz AgEq M&I and 138.7Moz AgEq inferred.

• 43% increase in M&I AgEq ounces and 4.5% increase in average M&I AgEq grade.

• Less than 67% of the property mapped and only 30% of known vein targets drill tested.

• Recent discoveries include high-grade intercepts at Animas and ongoing expansion at Copala and La Luisa.

• District-wide geophysics and mapping support further resource expansion.