Vizsla Silver (VZLA) Registration Filing summary

Company overview and business model

• Operates as a mineral exploration company focused on silver and gold, with its primary asset being the 100% owned Panuco Project in Sinaloa, Mexico, held through a wholly-owned subsidiary.

• Recent developments include acquisitions of adjacent claims, a corporate spin-off, and an updated mineral resource estimate for the Panuco Project.

• The company is committed to ESG practices, as highlighted in its annual Sustainability Report.

Financial performance and metrics

• As of April 30, 2024, and January 31, 2025, the company reported negative cash flow from operating activities and has not generated revenue from mining operations.

• The company anticipates continued negative cash flow until commercial production is achieved at the Panuco Project.

• Combined measured and indicated mineral resources at Panuco are estimated at 12.96 Mt grading 307 g/t silver and 2.49 g/t gold (222.4 Moz AgEq at 534 g/t AgEq).

• Post-tax NPV (5%) for the Panuco Project is US$1,137M with an IRR of 85.7% and a payback period of 0.8 years.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for general working capital, exploration and development of the Panuco Project, potential acquisitions, and to finance future growth opportunities.

• Management has broad discretion in the application of proceeds, which may be reallocated based on business needs.

• No current plans to use proceeds for specific acquisitions or debt repayment.