Vizsla Silver (VZLA) Q2 2026 earnings summary

Executive summary

• Focused on mineral exploration and development, primarily in Canada and Mexico, with significant activity in the Panuco-Copala and Santa Fe projects.

• Uplisted to the TSX in November 2024 and maintains a single operating segment.

Financial highlights

• Cash and cash equivalents increased to $194.5M as of October 31, 2025, from $132.6M at April 30, 2025.

• Net loss for the six months ended October 31, 2025, was $5.2M, compared to net income of $2.5M for the same period in 2024.

• Total assets rose to $621.8M from $414.9M at April 30, 2025.

• Shareholders’ equity increased to $612.8M from $408.6M at April 30, 2025.

• Significant increase in exploration and evaluation assets to $293.9M from $241.5M at April 30, 2025.

Outlook and guidance

• Proceeds from a US$300M convertible senior notes offering will support exploration, development, and potential acquisitions.

• Net proceeds from the notes offering are intended for the Panuco project and general corporate purposes.