Vizsla Silver (VZLA) Q4 2026 earnings summary

Executive summary

• Completed a feasibility study for the Panuco silver-gold project, confirming robust economics and a 9.4-year mine life with rapid payback and high margins.

• Advanced project development with key contracts awarded for engineering, procurement, and construction management, and secured major equipment supply agreements.

• Raised significant capital through a $300M convertible note offering and public equity financings, ending the year with $427M in cash and equivalents.

• Expanded property portfolio with acquisitions of Santa Fe, La Garra, and Fresnillo claims, strengthening the asset base in the Panuco-San Dimas corridor.

• Maintained strong ESG focus, releasing a third annual sustainability report and earning social responsibility distinctions in Mexico.

Financial highlights

• Reported a comprehensive loss of $14.2M for FY2026, an improvement from a $16.1M loss in FY2025, despite $27.2M in finance costs related to convertible notes.

• Total assets increased to $731.5M (from $300.4M in FY2025), driven by financing activities and asset acquisitions.

• Cash and cash equivalents rose to $427.3M (from $96M), with working capital of $416.6M at year-end.

• Convertible notes and derivative liabilities recognized at $237.4M and $49.5M, respectively.

• Net proceeds from financings in FY2026 totaled $117.5M, primarily used for project development and acquisitions.

Outlook and guidance

• Targeting a construction decision for Panuco upon receipt of final permits, with detailed engineering and contractor selection underway.

• Planned 58,000m of diamond drilling at Panuco and 9,000m at Santa Fe in 2026.

• Ongoing optimization work, bulk sampling, and updated resource modeling to support project execution.