Vizsla Silver (VZLA) Corporate presentation summary

Strategic vision and growth 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 50 million ounces AgEq by 2035.

• Fully financed with $429M in cash and $28M in equity holdings, following a $300M convertible notes offering with a 5% coupon and a 5-year maturity, supporting project development and expansion.

• Quadrupled land package since 2024, building a multigeneration pipeline of assets along a frontier silver belt, with less than 70% of the property mapped and only 28% of known vein targets explored.

• Secured 100% ownership of all production and exploration concessions, with ongoing regional reconnaissance and drill target refinement across multiple properties.

Project development and operational milestones

• Feasibility study completed, construction decision targeted for H2 2026, and first silver production expected in H2 2027.

• Test mine commenced in Q4 2024, delivering metallurgical, geophysical, and geotechnical data while stockpiling high-grade ore to de-risk startup.

• Permitting process well advanced, with MIA submitted in February 2025 and approval targeted for H2 2026.

• Mine development timelines for Copala and Napoleon outlined, with phased expansion and resource conversion drilling to increase reserves.

Financial and economic highlights

• Feasibility study highlights a post-tax NPV (5%) of $1,802M, IRR of 111%, and a 7-month payback period, with an initial capital cost of $239M and sustaining capital of $287M.

• Average annual AgEq production of 20.1Moz (years 1-5), LOM average of 17.4Moz, and all-in sustaining cost (AISC) of $10.61/oz AgEq.

• Robust cash flow profile, with NPV/initial CAPEX ratio of 7.5x, and strong sensitivity to metal prices.

• Operating costs total $1,129M, with unit OpEx of $85.11/t milled and cash costs of $6.76/oz AgEq.