Vizsla Silver (VZLA) Q4 2025 earnings summary

Executive summary

• Achieved significant exploration milestones at the Panuco project, including a new high-grade discovery and a 43% increase in measured and indicated mineral resources year-over-year, with the first measured resource estimate reported.

• Completed the spin-out of Vizsla Royalties Corp., resulting in a $13.7M gain and a shift to equity accounting for the associate.

• Raised over $108M in equity financing during the year, with additional $136M raised post-year-end, strengthening liquidity for ongoing exploration and development.

• Acquired the La Garra-Metates district, El Richard-San Enrique claims, and Santa Fe Project, expanding the land package and adding a producing mine.

Financial highlights

• Total assets increased to $414.9M as of April 30, 2025, up from $272.8M the previous year.

• Cash and cash equivalents rose to $132.6M from $37.5M year-over-year.

• Comprehensive loss for the year was $20.9M, compared to a $3.5M loss in 2024, mainly due to a $13M translation loss and higher G&A expenses.

• Net loss for the year was $7.9M, a significant improvement from the $15.9M loss in 2024, driven by the gain on the Vizsla Royalties spin-out.

• Share-based compensation and G&A expenses increased to $24.3M from $16.2M year-over-year.

Outlook and guidance

• Focus remains on advancing the Panuco Project, including feasibility study updates, permitting, and continued exploration.

• Plans to accelerate exploration at newly acquired properties and evaluate further growth opportunities in the district.