# Vizsla Royalties Corp (TSXV:vroy)

> Vizsla Royalties Corp.

## About

Vizsla Royalties Corp. is a precious metal–focused royalty company with its flagship asset being a Net Smelter Royalty on Vizsla Silver Corp.’s flagship Panuco Project in Mexico. The Panuco Project represents the world’s largest undeveloped high-grade silver primary resource, which following the 2025 Feasibility Study, highlights Panuco as a potentially significant low-cost producer, ultimately targeting first silver in H2 2027. The scarcity of tier 1 silver primary assets in a rising commodity price environment highlights the Panuco Project as a standout in the industry.

## Key facts

- **Shares outstanding:** 67,292,327
- **Fully diluted shares:** 79,003,545
- **Warrants:** 0
- **Options:** 6,388,435
- **Mineral resource:** Panuco Achieves First Measured Resource Estimation, In 2025 Updated MRE

**Upgraded Resource Highlights**
- 11% increase in Global Contained Ounces
- 43% increase in M&I AgEq ounces from 155.8 to 222.4 Moz
- 4.5% increase in avg M&I AgEq grade from 511 to 534 g/t
- 30% of Indicated resource converted to Measured
- 18% of Inferred resources converted to Indicated

[Mineral Resource Estimate Effective September 9, 2024](https://wp-vizslaroyalties-2025.s3.ca-central-1.amazonaws.com/media/2025/10/Panuco-2025-43101-Technical-Report-including-update-MRE-for-Vizsla-Silver-25-02-20.pdf) [Download](https://wp-vizslaroyalties-2025.s3.ca-central-1.amazonaws.com/media/2025/10/Panuco-2025-43101-Technical-Report-including-update-MRE-for-Vizsla-Silver-25-02-20.pdf)

The Technical Report has an effective date of September 9, 2024 and was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo., and Henri Gouin, P.Eng. of SGS Geological Services and Peter Mehrfert, P.Eng., James Millard, P.Geo., Scott Elfen, P.E., and Jonathan Cooper, P.Eng. of Ausenco Engineering Canada ULC.
- **Projects:** ["Panuco Project\n\n## Overview\n\nVizsla Royalties holds a Net Smelter Royalty (NSR) on Vizsla Silver Corp.’s flagship Panuco Project in Mexico. The Panuco Project represents the world’s largest undeveloped high-grade silver primary resource.\n\n**The NSR Royalty Covers the Entire Panuco District**\n- 3.5% NSR on production from Silverstone concessions (light green) Covering 100% of Copala\n- 2.0% NSR on production from Rio Panuco concessions (dark green)\n- ROFR (right of first refusal) of royalties on property acquisitions made by Vizsla Silver within 24 months of spinout\n\n### Key Project Highlights\n\n**District Scale & 100% Owned**\n- The Panuco silver-gold project is a past-producing district that has never been systematically explored on a consolidated basis\n\n**Location**\n- Situated in an underexplored area of the emerging Western Mexico Silver Belt, 80km from San Dimas\n\n**Existing Infrastructure**\n- Past producing district that benefits from access to HV power, water, roads, and proximity to Mazatlán. To date, Vizsla Silver has completed over 395,000 metres of diamond drilling without constructing a single road\n\n**Advancing To Production**\n- Upgrading resources to higher confidence categories\n- Fully permitted, fully funded test mine commenced Q4 2024 to de-risk initial production\n- Targeting first silver in H2 2027\n\n**Significant Exploration Upside**\n- Less than 30% of known vein targets have been drill tested\n- Ongoing drilling includes 10k metres at the under-explored Central and East Panuco areas in the hunt for Project #2\n\n**Corporate Strength**\n- Vizsla Silver is well funded with $445M+ in cash, and an industry leading team and board\n\n- [Panuco Project](https://vizslaroyalties.com/royalities/panuco-project/)\n  - [Overview](https://vizslaroyalties.com/royalities/panuco-project/overview/)\n  - [Maps & Figures](https://vizslaroyalties.com/royalities/panuco-project/maps-figures/)\n  - [Photo Gallery](https://vizslaroyalties.com/royalities/panuco-project/photo-gallery/)\n  - [Feasibility Study](https://vizslaroyalties.com/royalities/panuco-project/feasability-study/)\n  - [Mineral Resource Estimate](https://vizslaroyalties.com/royalities/panuco-project/mineral-resource-estimate/)\n  - [Preliminary Economic Assessment](https://vizslaroyalties.com/royalities/panuco-project/preliminary-economic-assessment/)"]
- **Leadership:** Michael Konnert (Executive Chairman, Mining entrepreneur with expertise in deal-making, financing, and corporate development. Founder and CEO of Vizsla Silver Corp., co-founder of Inventa Capital.), Michael Pettingell (Chief Executive Officer, Geologist with over 10 years of experience in mining and capital markets. Previously worked in equity research at Canaccord Genuity and for Hecla Mining.), Grant Tanaka (Chief Financial Officer, Over 15 years of financial leadership experience in the mining industry. Former Director of Finance Operations at Ma’aden Gold & Base Metals.), Simon Cmrlec (Director, Senior engineer with over 30 years of experience. Former Chief Operating Officer of Ausenco, involved in building mining projects globally.), Karlene Collier (Director, Leader with over 15 years in capital markets and M&A. Expert in overseeing operations in multiple countries and scaling companies in the natural resource sector.), Keith Bodnarchuk (Director, Professional Geologist with a master's in business administration. Over 15 years in exploration/mining and capital markets, previously led strategy for IsoEnergy.), Matt Degaro (Independent Director, Over 20 years in mining investment banking, advising on corporate strategy and M&A. Former Managing Director at CIBC with an MBA from INSEAD.)

_Verified data last updated: 2026-05-15_

## Recent filings

- 2026-05-14 — press_release — [VROY_2026-05-14_06-32-13.pdf](https://chat.orbiton.app/vroy/preview/50491?documentId=50491)
- 2026-03-26 — financials — [VROY_2026-03-26_16-38-43_filing-3967428.pdf](https://chat.orbiton.app/vroy/preview/23371?documentId=23371)
- 2026-03-26 — financials — [VROY_2026-03-26_16-38-43.pdf](https://chat.orbiton.app/vroy/preview/23369?documentId=23369)
- 2026-03-26 — mda — [VROY_2026-03-26_16-36-18.pdf](https://chat.orbiton.app/vroy/preview/22434?documentId=22434)
- 2026-03-26 — financials — [VROY_2026-03-26_16-31-43.pdf](https://chat.orbiton.app/vroy/preview/22433?documentId=22433)
- 2026-01-29 — press_release — [Vizsla Silver Provides an Update on MediaReported Security Incident at the Panuco Project](https://chat.orbiton.app/vroy/preview/15716?documentId=15716)
- 2025-12-23 — mda — [VROY_2025-12-23_00-36-03.pdf](https://chat.orbiton.app/vroy/preview/15028?documentId=15028)
- 2025-12-23 — financials — [VROY_2025-12-23_00-35-54.pdf](https://chat.orbiton.app/vroy/preview/15029?documentId=15029)

## Investor FAQ

### [Latest News?](https://chat.orbiton.app/vroy/faq/latest-news)

Not disclosed in available filings.

### [Catalysts](https://chat.orbiton.app/vroy/faq/catalysts)

Key catalysts for Vizsla Royalties include the completion of the 2025 Feasibility Study for the Panuco Project, which is expected to highlight its potential as a significant low-cost silver producer. Additionally, the target for first silver production in H2 2027 and ongoing drilling in under-explored areas may provide further upside.

## Live AI chat

- https://chat.orbiton.app/vroy/chat
- Investor website: https://vizslaroyalties.com/