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Vizsla Silver

TSX:VZLALive AI agent

Vizsla Silver is a Canadian development company advancing Panuco, its 100%-owned silver-gold project in Sinaloa, Mexico.

Investor website: https://vizslasilvercorp.com/

About

Vizsla Silver is a Canadian development company advancing Panuco, its 100%-owned silver-gold project in Sinaloa, Mexico. The November 2025 Feasibility Study outlines 17.4 Moz AgEq annual production over an initial 9.4-year mine life, an after-tax NPV (5%) of US$1.8B, a 111% IRR, and a 7-month payback at US$35.50/oz silver and US$3,100/oz gold. Vizsla Silver is concurrently advancing mine development and district-scale exploration with the objective of becoming a leading primary silver producer.

Verified company data

Cash position
$100M+
Shares outstanding
343.9 M
Fully diluted shares
367.06 M
Mineral resource
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\nOverview\n\nDistrict Scale & 100% Owned\n\n- Applying modern exploration techniques to a newly consolidated land package that has never been systematically explored\n- Quadrupled land package since January 2024, now over 30k ha\n\nLocation, Location, Location\n\n- Situated in an underexplored area of the emerging Western Mexico Silver Belt\n- 80km from San Dimas (1Bn+ Oz AgEq in production(1) + reserves)\n\nExisting Infrastructure\n\n- Past producing district that benefits from access to HV power, water, roads, and proximal to Mazatlán\n- To date, Vizsla has completed over 375,000 metres of diamond drilling without constructing a single road\n\nWorld’s Largest Undeveloped High-Grade Silver Primary Resource Advancing to Production\n\n- Upgrading resources to higher confidence categories\n- Completed conversion drilling and test mine commenced in Q4 2024 to de-risk initial production\n- Targeting first silver in H2 2027\n\nCorporate Strength\n\n- Vizsla is well funded with $94M+ in cash plus ITM options(2) & warrants, no debt, and industry leading team & board\n\nFeasibility Study\n\nOn November 12, 2025 the Company announced the Feasibility Study on the Project.\n\nThe 2025 Panuco Feasibility Study considers two contiguous underground mines, the Copala Mine and the Napoleon Mine, with on-site treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit to produce silver-gold doré bars. The mines will be contractor-operated, utilizing ramp-access and a combination of long-hole stoping and drift-and-fill mining methods.\n\nThe processing throughput capacity of 3,300 tonnes per day for the first 3 years, expanding to 4,000 tonnes per day in year 4, results in an initial mine life of 9.4 years. The Feasibility Study leverages the Panuco district’s existing infrastructure in a well-established mining jurisdiction, including all-weather access roads, high-voltage power, and an abundance of water and skilled labour.\n\nThe Feasibility Study is derived using the Company’s updated NI 43-101 Mineral Resource Estimate (dated February 20, 2025). The effective date of the Feasibility Study is November 4th, 2025.\n\nNI 43-101 Technical Report and Feasibility Study\n\n[Panuco Project NI 43-101 Technical Report and Feasibility Study](https://wp-vizslasilvercorp-2024.s3.ca-central-1.amazonaws.com/media/2025/12/2025-12-02-panuco-trfs.pdf) [Download](https://wp-vizslasilvercorp-2024.s3.ca-central-1.amazonaws.com/media/2025/12/2025-12-02-panuco-trfs.pdf)\n\nPreliminary Economic Assessment\n\nOn July 24, 2024 the Company announced a Preliminary Economic Assessment on the Project:\n\n**After-Tax NPV (5%) of US$1,137 million, After-Tax IRR of 85.7%, Initial Capex of US$224 million, Average Annual Production of 15.2 million oz AgEq at AISC of US$9.40 per oz AgEq.**\n\nThe PEA considers two contiguous underground mines, the Copala Mine and the Napoleon Mine, with onsite treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit to produce silver-gold doré bars. The mines will be contractor-operated utilizing ramp-access and a combination of long-hole stoping and drift-and-fill mining methods.\n\nThe processing throughput capacity of 3,300 tonnes per day for the first three years, expanding to 4,000 tonnes per day in year four, results in an initial mine life of 10.6 years. The PEA leverages Panuco’s existing infrastructure, including all-weather access roads, permits, power and its proximity to the Concordia Municipality with its skilled labour pool. The PEA is derived using the Company’s mineral resource estimate published on September 01, 2023. The effective date of the PEA is July 24, 2024, and a technical report will be filed on the Company’s website and SEDAR+ within 45 days of the news release."]
Leadership
Michael A. Konnert (President, Chief Executive Officer, Mining entrepreneur with expertise in deal-making, financing, and corporate development. Founder of Vizsla Silver Corp. and Inventa Capital.), Mahesh Liyanage (Chief Financial Officer, Chartered Professional Accountant with over 20 years of experience in public company reporting and regulatory compliance.), Simon Cmrlec (Chief Operating Officer & Director, Senior engineer with over 30 years of experience in mining projects globally.), Michael Pettingell (SVP, Business Development and Strategy, Geologist with over 10 years of experience in mining and capital markets.), Luis Lázaro (President, Mexico, 30 years of leadership experience in multinational companies and entrepreneurial ventures in Mexico.), Dave D’Antonio (Senior Vice President of Technical Services, Over 18 years of international mining experience in technical services.), Guillermo Hernandez (Vice President of Exploration, 20 years of experience in mineral exploration and resource estimation.), Angel Diego Gómez Olmos (Vice President of Government Relations, Lawyer with over a decade of experience in mining law and regulatory affairs.), Susy Horna (Corporate Secretary, Experienced in legal aspects of mining and corporate governance.), Craig Parry (Independent Director / Chairman, Founder and executive with extensive experience in mining and resource projects.), Harry Pokrandt (Independent Director, Capital Markets Executive with over 30 years of experience in mining and technology.), David Cobbold (Independent Director, Veteran investment banker with 25 years of experience in financial services.), Eduardo Luna (Independent Director, Over 40 years in the precious metals mining industry with senior executive roles.), Suki Gill (Independent Director, Chartered Professional Accountant with 23 years of experience in audit and assurance services.)

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