Vizsla Silver (VZLA) Q1 2026 earnings summary

Executive summary

• Transitioned from exploration to development at the Panuco project, advancing test mining and infrastructure, and acquired the Santa Fe Project with permitted production facilities.

• Completed significant equity financings, raising over $160M in Q1 2025, and secured a mandate for a US$220M project finance facility for Panuco construction.

• Reported a comprehensive gain of $12.1M for Q1 2025, reversing a prior year loss, driven by foreign currency gains and a gain on the Vizsla Royalties spin-out.

Financial highlights

• Total assets increased to $608.9M as of July 31, 2025, up from $414.9M at April 30, 2025.

• Cash and cash equivalents rose to $284.6M, with working capital of $307.5M at quarter-end.

• Net income for Q1 2025 was $1.68M, compared to $7.92M in Q1 2024; comprehensive gain of $12.1M versus a loss of $10.7M year-over-year.

• Adjusted comprehensive gain (excluding non-cash items) was $11.0M, up from a $21.0M loss in Q1 2024.

• General and administrative expenses increased to $10.2M, mainly due to higher share-based compensation and expanded staffing.

Outlook and guidance

• Proceeds from recent financings will fund continued exploration, development, and construction at Panuco and Santa Fe, as well as potential acquisitions.

• The US$220M project finance facility is expected to support Panuco's construction, subject to feasibility, permitting, and definitive agreements.

• Ongoing drilling and exploration at Panuco, Santa Fe, and La Garra, with plans to expand resources and advance feasibility studies.