Vizsla Silver (VZLA) Registration Filing summary

Company overview and business model

• Focuses on mineral exploration, holding a 100% interest in the Panuco Silver-Gold Project in Sinaloa, Mexico, through a wholly-owned subsidiary.

• Recent developments include acquisitions of adjacent claims, a corporate spin-off, and updated mineral resource estimates.

• The Panuco Project is an advanced-stage exploration project with significant drilling and resource expansion ongoing.

Financial performance and metrics

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

• Anticipates continued negative cash flow until commercial production is achieved at Panuco.

• Combined measured and indicated mineral resources: 12.96 Mt grading 307 g/t Ag, 2.49 g/t Au, 0.27% Pb, 0.85% Zn (222.4 Moz AgEq at 534 g/t AgEq).

• Inferred resources: 10.5 Mt grading 219 g/t Ag, 1.96 g/t Au, 0.30% Pb, 1.01% Zn (138.7 Moz AgEq at 412 g/t AgEq).

• Preliminary Economic Assessment (PEA) shows post-tax NPV (5%) of US$1,137M, IRR of 85.7%, and payback period of 0.8 years.

Use of proceeds and capital allocation

• Net proceeds from securities sales intended for general working capital, exploration and development of Panuco, potential acquisitions, and debt repayment.

• Management has broad discretion in fund allocation; actual use may vary based on business needs and results.

• May allocate proceeds to cover negative operating cash flow until profitable production is achieved.