Vizsla Silver (VZLA) Status Update summary

Financing and Capital Structure

• Closed a CAD 300 million unsecured bond, the largest in the silver industry, with a 5% coupon and five-year maturity, providing 2x initial Capex in financial capacity and significant flexibility for project execution.

• Cap call mechanism limits dilution up to CAD 10.51/share, with minimal dilution even at much higher share prices, and allows settlement in cash, stock, or a combination at the company's election.

• Financing replaces a previously announced Macquarie facility, removing restrictive covenants and enabling faster project advancement and unrestricted use of funds for exploration and acquisitions.

• The structure is accretive, raising capital at a premium to NAV, and is designed to protect shareholders from dilution.

• The cost of capital is over 100 basis points lower than the best project finance alternative, with the 5% coupon largely offset by interest on cash holdings.

Feasibility Study and Project Economics

• Feasibility study shows a post-tax NPV of CAD 1.8 billion and a post-tax IRR of 111% on an initial Capex of CAD 238.7 million, with an NPV/Capex ratio of 7.5x and a 7-month payback period.

• Average annual production of 20.1 million oz silver equivalent (years 1–5), 17.4 million oz over a 9.4-year mine life, ranking among the top three global primary silver mines.

• All-in sustaining cost is CAD 10.61/oz AgEq, with robust margins and low operating costs due to high-grade deposits and proximity to infrastructure.

• Project remains robust even with a 50% drop in metal prices, maintaining a post-tax NPV of CAD 461 million and IRR of 42.4%.

• Initial Capex increased only 7% from the PEA, with over 90% of direct Capex based on quotations, and benchmarks well against industry peers.

Mineral Reserves and Resources

• Proven and Probable Mineral Reserves total 12.81 Mt at 249 g/t Ag and 2.01 g/t Au, or 416 g/t AgEq.

• Copala and Napoleon deposits form the basis of the mine plan, with Copala averaging 318 g/t Ag and 2.05 g/t Au, and Napoleon 139 g/t Ag and 1.95 g/t Au.

• Measured and Indicated Resources for Copala and Napoleon total 12.96 Mt at 2.46 g/t Au and 210 g/t Ag.

• Mineral Reserve estimate uses conservative metal prices ($28.50/oz Ag, $2,300/oz Au) compared to the financial model.