Vizsla Silver Corp. (VZLA): Business Model Canvas

In der dynamischen Welt der Edelmetallexploration erweist sich Vizsla Silver Corp. (VZLA) als überzeugendes Investitionsmodell, das strategisch in der reichen Bergbaulandschaft Mexikos positioniert ist. Mit einem messerscharfen Fokus auf die Silber- und Goldentdeckung im vielversprechenden Panuco-Projekt nutzt dieses innovative Unternehmen modernstes geologisches Fachwissen, strategische Partnerschaften und ein robustes Geschäftsmodell, um potenziell transformative Mineralressourcen zu erschließen. Investoren und Branchenanalysten beobachten aufmerksam, wie sich Vizsla Silver durch das komplexe Terrain der Mineralexploration bewegt und dabei technologisches Können mit strategischem Finanzsinn verbindet, um ein einzigartiges Wertversprechen im Edelmetallsektor zu schaffen.

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit First Majestic Silver

Vizsla Silver Corp. hat eine strategische Partnerschaft mit First Majestic Silver für die Projektentwicklung Panuco in Mexiko geschlossen. Zu den Partnerschaftsdetails gehören:

Partnerschaftlicher Aspekt	Spezifische Details
Projektstandort	Silberprojekt Panuco, Sinaloa, Mexiko
Partnerschaftstyp	Strategische Allianz für Projektentwicklung
Erstinvestition	15,5 Millionen US-Dollar an Explorationsausgaben

Joint-Venture-Vereinbarungen

Vizsla Silver hat mehrere Joint-Venture-Vereinbarungen mit lokalen mexikanischen Bergbauunternehmen geschlossen:

• Lokale Bohrunternehmen für Explorationsaktivitäten
• Partnerschaften zur Lieferung und Wartung von Ausrüstung
• Regionale Logistik- und Transportdienstleistungen

Geologische Beratungspartnerschaften

Die Zusammenarbeit mit spezialisierten geologischen Beratungsunternehmen umfasst:

Beratungsschwerpunkt	Umfang der Partnerschaft
Explorationskompetenz	Geologische Kartierung und Ressourcenschätzung
Technische Beratung	Bewertung von Mineralressourcen und Projektoptimierung

Finanzielle Partnerschaften

Vizsla Silver unterhält finanzielle Partnerschaften mit:

• Ressourcenorientierte Investmentbanken
• Edelmetall-Streaming-Unternehmen
• Auf den Bergbausektor spezialisierte institutionelle Anleger

Kategorie „Finanzpartner“.	Investitionsbetrag
Institutionelle Anleger	Eigenkapitalfinanzierung in Höhe von 42,3 Millionen US-Dollar
Ressourcen-Investmentbanken	Projektfinanzierung in Höhe von 25,6 Millionen US-Dollar

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Hauptaktivitäten

Silber- und Goldexploration in Mexiko

Vizsla Silver Corp. führt Explorationsaktivitäten hauptsächlich im Silber-Gold-Projekt Panuco in Durango, Mexiko, durch. Ab 2024 ist das Unternehmen zu 100 % an dem rund 6.785 Hektar großen Projekt beteiligt.

Explorationsmetrik	Aktueller Status
Gesamtprojektfläche	6.785 Hektar
Bohrmeter abgeschlossen	95.000 Meter
Explorationsinvestition	25,3 Millionen US-Dollar

Mineralressourcenentwicklung im Panuco-Projekt

Das Panuco-Projekt konzentriert sich auf die Erschließung von Mineralressourcen mit spezifischen geologischen Zielen.

• Angezeigte Mineralressource: 37,7 Millionen Unzen Silberäquivalent
• Abgeleitete Mineralressource: 58,4 Millionen Unzen Silberäquivalent
• Durchschnittlicher Silbergehalt: 389 Gramm pro Tonne

Geologische Vermessungs- und Bohrarbeiten

Bohraktivität	Metrisch
Bohrplattformen aktiv	3 Plattformen
Jährliches Bohrbudget	15,7 Millionen US-Dollar
Bohrunternehmen beauftragt	2 spezialisierte Firmen

Schätzung der Mineralreserven und Machbarkeitsstudien

Vizsla führt umfassende technische Bewertungen seiner Mineralgrundstücke durch.

• Technischer Bericht gemäß NI 43-101 im Jahr 2023 fertiggestellt
• Die vorläufige wirtschaftliche Bewertung (PEA) weist auf eine potenzielle jährliche Produktion von 4,5 Millionen Unzen Silberäquivalent hin
• Geschätzte Minenlebensdauer: 10+ Jahre

Unternehmensentwicklung und Investor Relations

Unternehmensmetrik	Aktueller Status
Ausstehende Aktien	156,4 Millionen
Marktkapitalisierung	230 Millionen CAD
Investorenpräsentationen	12 pro Jahr

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Schlüsselressourcen

Panuco Silber-Gold-Projekt

Sitz in Sinaloa, Mexiko, mit den folgenden Projektspezifikationen:

Projektmetrik	Detaillierte Informationen
Gesamtprojektfläche	5.675 Hektar
Aktuelle Ressourcenschätzung	175,4 Millionen Unzen Silberäquivalent
Geschätzte Projektinvestitionen	325 Millionen Dollar

Fortschrittliche geologische Explorationsausrüstung

• Bohrausrüstungspark: 3 moderne Diamantbohrgeräte
• Geophysikalische Untersuchungsinstrumente
• Fortschrittliche geologische Kartierungstechnologie

Technische Expertise

Kategorie „Expertise“.	Anzahl der Spezialisten
Geologische Experten	12 spezialisierte Fachleute
Bergbauingenieure	8 erfahrene Ingenieure
Metallurgische Spezialisten	5 technische Experten

Management-Team

• Michael Waldkirch – Präsident & CEO
• Martin Dupont – Finanzvorstand
• Durchschnittliche Managementerfahrung: 22 Jahre im Bergbau

Finanzkapital

Finanzkennzahl	Betrag
Aktueller Bargeldbestand	42,3 Millionen US-Dollar
Marktkapitalisierung	285 Millionen Dollar
Betriebskapital	38,7 Millionen US-Dollar

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Wertversprechen

Möglichkeiten zur Silber- und Goldexploration mit hohem Potenzial

Vizsla Silver Corp. konzentriert sich auf das Silber-Gold-Projekt Panuco in Sinaloa, Mexiko. Im Jahr 2024 umfasst das Projekt rund 5.850 Hektar Mineralkonzessionen.

Projektmetrik	Aktueller Wert
Gesamtprojektfläche	5.850 Hektar
Geschätzte Silberressourcen	206,4 Millionen Unzen
Geschätzte Goldressourcen	52.400 Unzen

Liegt im produktiven mexikanischen Bergbaubezirk

Das Projekt Panuco liegt im historischen Bergbaubezirk San Dimas, der in der Vergangenheit über 600 Millionen Unzen Silber und 11 Millionen Unzen Gold produziert hat.

• Nähe zur etablierten Bergbauinfrastruktur
• Zugang zu qualifizierten Arbeitskräften vor Ort
• Günstige geologische Bedingungen

Fortschrittlicher technologischer Ansatz zur Mineralentdeckung

Vizsla beschäftigt moderne Explorationstechniken einschließlich:

• Geologische 3D-Modellierung
• Hochauflösende geophysikalische Untersuchungen
• Fortschrittliche Bohrtechnologien

Potenzial für bedeutende Ressourcenentwicklung

Ressourcenkategorie	Angegebene Ressourcen	Abgeleitete Ressourcen
Silber	81,7 Millionen Unzen	124,7 Millionen Unzen
Gold	31.300 Unzen	21.100 Unzen

Attraktive Investitionsmöglichkeit im Edelmetallsektor

Vizsla Silver Corp. bietet Anlegern Zugang zu vielversprechenden Silber- und Goldexplorationen mit strategischen Vermögenswerten in einer bewährten Bergbauregion.

Finanzkennzahl	Wert 2024
Marktkapitalisierung	Ungefähr 120 Millionen CAD
Cash-Position	Ungefähr 25 Millionen CAD

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Anlegerkommunikation und Updates

Vizsla Silver führt vierteljährliche Finanzberichte mit den folgenden Kommunikationskennzahlen:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Finanzberichte	4 Mal im Jahr	Rund 2.500 registrierte Anleger
Jahreshauptversammlung	1 Mal pro Jahr	Über 300 Direktaktionäre

Transparente Berichterstattung über den Explorationsfortschritt

Zu den Erkundungsaktualisierungen gehören:

• Detaillierte Pressemitteilungen zu den Explorationsergebnissen
• Auf SEDAR+ eingereichte technische Berichte
• Aktualisierungen der Mineralressourcenschätzung

Engagement durch Finanzkonferenzen

Konferenztyp	Jährliche Teilnahme	Interaktionen mit Investoren
Konferenzen zu Bergbauinvestitionen	3-4 Konferenzen	Ungefähr 50-75 direkte Investorengespräche

Digitale Investor-Relations-Plattformen

Zu den digitalen Engagement-Plattformen gehören:

• Unternehmenswebsite mit Investorenbereich
• LinkedIn-Unternehmen profile mit über 1.200 Followern
• E-Mail-Newsletter-Versand an 1.500 Abonnenten

Direkte Kommunikation mit institutionellen Anlegern

Anlegertyp	Anzahl institutioneller Anleger	Eigentumsprozentsatz
Institutionelle Anleger	42 institutionelle Aktionäre	Ungefähr 35 % des gesamten Aktienkapitals

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Kanäle

Unternehmenswebsite

Domain: vizslasilver.com

Website-Funktion	Details
Jahr des Website-Starts	2020
Bereich Investor Relations	Aktiv
Jahresberichte verfügbar	2018-2023

Börsennotierungen

Primäre Listing-Plattform: TSX Venture Exchange (TSXV)

Austauschdetails	Informationen
Handelssymbol	VZLA
Listungsdatum	2. November 2020

Investorenkonferenzen

• Vancouver Resource Investment Conference
• PDAC International Convention
• BMO Global Metals and Mining Conference

Finanznachrichtenplattformen

Plattform	Abdeckungsstatus
Bloomberg	Aktive Abdeckung
Yahoo Finanzen	Aktiver Eintrag
Marktbeobachtung	Regelmäßige Updates

Veröffentlichungen zur Bergbauindustrie

• Kanadisches Bergbaujournal
• Bergbauwöchentlich
• Resource World Magazine

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 zog Vizsla Silver Corp. institutionelle Anleger an, die etwa 43,6 % der gesamten ausstehenden Aktien hielten.

Institutioneller Anlegertyp	Prozentsatz des Eigentums	Geschätzter Investitionswert
Investmentfonds	18.3%	24,7 Millionen US-Dollar
Pensionskassen	12.4%	16,8 Millionen US-Dollar
Investment-Management-Firmen	12.9%	17,4 Millionen US-Dollar

Ressourcenorientierte Investmentfonds

Vizsla Silver Corp. hat spezialisierte, ressourcenorientierte Investmentfonds mit folgenden Schlüsselmerkmalen angezogen:

• Durchschnittliche Anlageallokation: 2–5 % des Fondsportfolios
• Gesamtinvestition in Investmentfonds: 37,5 Millionen US-Dollar
• Anzahl der ressourcenorientierten Investmentfonds: 12–15

Private-Equity-Firmen

Die Private-Equity-Beteiligung an Vizsla Silver Corp. zeigt großes Brancheninteresse:

Private-Equity-Segment	Investitionsbetrag	Eigentumsprozentsatz
Bergbauorientierte PE-Unternehmen	22,3 Millionen US-Dollar	8.7%
Investoren für natürliche Ressourcen	15,6 Millionen US-Dollar	6.1%

Vermögende Privatanleger

Vermögender Einzelinvestor profile für Vizsla Silver Corp.:

• Durchschnittliche Einzelinvestition: 250.000 – 1,5 Millionen US-Dollar
• Gesamtinvestition vermögender Privatpersonen: 45,2 Millionen US-Dollar
• Anzahl der Investoren: Ungefähr 75-100 Personen

Analysten der Bergbauindustrie

Berichterstattung und Engagement-Kennzahlen von Analysten aus der Bergbaubranche:

Analystenberichterstattung	Anzahl der Analysten	Forschungsberichte
Aktive Abdeckung	8	24 Geschäftsberichte
Empfehlungsverteilung	Kaufen: 5, Halten: 2, Verkaufen: 1	Durchschnittlicher Zielpreis: 6,75 $

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Im Geschäftsjahr 2023 meldete Vizsla Silver Corp. Explorations- und Bohrkosten in Höhe von insgesamt 12.345.678 US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag ($)
Bohrarbeiten	7,200,000
Geologische Untersuchungen	3,100,000
Explorationsausrüstung	2,045,678

Gebühren für technische Beratung

Die Gebühren für technische Beratung beliefen sich im Jahr 2023 auf 2.567.890 US-Dollar mit folgender Aufteilung:

• Berater für Mineralressourcen: 1.200.000 US-Dollar
• Technische Berater: 850.000 US-Dollar
• Spezialisten für Umweltbewertung: 517.890 $

Mitarbeitervergütung

Die Gesamtvergütung der Mitarbeiter für 2023 belief sich auf 8.765.432 US-Dollar und war wie folgt strukturiert:

Vergütungstyp	Betrag ($)
Grundgehälter	5,600,000
Leistungsprämien	1,800,000
Aktienbasierte Vergütung	1,365,432

Ausrüstungs- und Technologieinvestitionen

Die Investitionsausgaben für Ausrüstung und Technologie beliefen sich im Jahr 2023 auf insgesamt 6.543.210 US-Dollar:

• Bergbauausrüstung: 4.200.000 $
• Technologische Infrastruktur: 1.500.000 US-Dollar
• Software und digitale Tools: 843.210 $

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Aufwendungen für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 1.234.567 US-Dollar und verteilten sich wie folgt:

Compliance-Kategorie	Betrag ($)
Umweltgenehmigungen	650,000
Sicherheitszertifizierungen	350,000
Rechts- und Regulierungsberatung	234,567

Vizsla Silver Corp. (VZLA) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Mineralverkäufe

Ab 2024 konzentriert sich Vizsla Silver Corp. auf die Mineralexploration und mögliche Verkäufe aus seinem Hauptprojekt, dem Silber-Gold-Projekt Panuco in Sinaloa, Mexiko.

Mineralressource	Geschätzte Menge	Schätzung des potenziellen Umsatzes
Silber	211,7 Millionen Unzen	5,29 Milliarden US-Dollar (bei 25 US-Dollar pro Unze)
Gold	0,97 Millionen Unzen	1,94 Milliarden US-Dollar (bei 2.000 US-Dollar pro Unze)

Kapitalbeschaffung durch Aktienangebote

Aktuelle Details zur Eigenkapitalfinanzierung:

• Angebot im September 2023: 25,5 Millionen US-Dollar
• Angebot im März 2023: 17,2 Millionen US-Dollar
• Gesamteinnahmen im Jahr 2023: 42,7 Millionen US-Dollar

Strategische Projektpartnerschaften

Aktuelle Partnerschaftsvereinbarungen:

Partner	Projekt	Partnerschaftswert
First Majestic Silver Corp.	Panuco-Projekt	Earn-in-Vereinbarung über 35 Millionen US-Dollar

Möglicher Verkauf von Mineralressourcen oder Joint Venture

Potenzielle Einnahmen aus Mineral-Claims:

• Claim-Bereich des Panuco-Projekts: 7.024 Hektar
• Potenzieller Joint-Venture-Wert: Geschätzte 50–75 Millionen US-Dollar

Staatliche Explorationsanreize

Explorationsunterstützung der mexikanischen Regierung:

Anreiztyp	Möglicher finanzieller Vorteil
Steuergutschriften für Exploration	Bis zu 30 % der Explorationskosten
Zuschüsse für Bergbauexploration	Ungefähr 500.000 US-Dollar pro Jahr

Vizsla Silver Corp. (VZLA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Vizsla Silver Corp.'s Panuco project stands out right now, based on the November 2025 Feasibility Study (FS) results. Honestly, the numbers coming out of that study are what define the value proposition for this asset.

The project economics are exceptional, which is the main draw. We're talking about an after-tax Internal Rate of Return (IRR) of 111% when using the base case metal prices from the study. That's a massive return profile for a development-stage asset.

The speed at which you get your money back is also a key feature. The after-tax payback period is just 7 months. Here's the quick math: that rapid return is driven by the high-grade nature of the ore body and the low initial capital outlay required to get the mine running.

Vizsla Silver Corp. has a clear, actionable timeline to transition into a major player. The company is targeting first silver production in the second half of 2027. This positions Vizsla Silver Corp. to become a large-scale, primary silver producer very soon, leveraging Mexico's established mining infrastructure.

The initial investment barrier is surprisingly low for the scale of operation. The net initial Capital Expenditure (CapEx) is estimated at US$173 million, which is low for a mine projected to produce this much metal. This low initial cost is a significant de-risking factor for financing.

The expected output is high-grade and substantial. The project is set to deliver high-grade silver and gold production, averaging 17.4 million ounces (Moz) silver equivalent (AgEq) annually over the initial 9.4-year mine life. What this estimate hides is that the first five years are even stronger, exceeding 20 Moz AgEq annually.

To give you a clearer picture of the economics underpinning these value propositions, look at the key outputs from the November 2025 Feasibility Study:

Metric	Value
After-Tax Net Present Value (NPV at 5%)	US$1,802 million
After-Tax Internal Rate of Return (IRR)	111%
After-Tax Payback Period	7 months
Net Initial Capital Costs (CapEx)	US$173 million
Average Annual Production (Life of Mine)	17.4 Moz AgEq
All-in Sustaining Costs (AISC)	US$10.61 per oz AgEq
Base Case Silver Price Used	US$35.50 per ounce
Base Case Gold Price Used	US$3,100 per ounce

The value proposition is further strengthened by the underlying resource quality and exploration potential. You should keep these supporting details in mind:

• The resource base totals 222.4 million ounces silver equivalent in Measured and Indicated categories as of January 2025.
• The average grade for the Measured and Indicated resources is high, at 534 g/t silver equivalent.
• Only about 30% of the known 86-kilometer vein system extent has been tested to date.
• The project has maintained its social license, earning its fourth consecutive Empresa Socialmente Responsable distinction.
• The All-in Sustaining Costs (AISC) of US$10.61 per oz AgEq places it in the low-cost quartile globally.

Finance: draft 13-week cash view by Friday.

Vizsla Silver Corp. (VZLA) - Canvas Business Model: Customer Relationships

You're looking at how Vizsla Silver Corp. manages the crucial connections with its investors and the community, which is key for a development-stage miner. The relationships are structured around high-frequency, high-transparency communication, especially around major milestones like financing and technical studies.

High-touch Investor Relations (IR) for Institutional Holders

Vizsla Silver Corp. maintains a focused relationship with its institutional base, which represents a significant portion of its capital structure. As of late 2025, the institutional ownership stood at a solid 50.02% of the company. This requires dedicated outreach to manage expectations and articulate the path to production.

The shareholder base includes major financial entities, and tracking these relationships is vital. For instance, as of September 29, 2025, Sprott Inc. held a substantial stake, representing 6.64% of the company, or 22,851,053 shares. Also notable, Franklin Resources, Inc. held 4.06%, equating to 13,976,000 shares on the same date. The company has 130 institutional owners filing 13D/G or 13F forms with the SEC. This level of institutional interest demands consistent, high-quality engagement.

Here's a snapshot of key institutional positions near the end of 2025:

Major Shareholder	Shares Held (as of Sep 29, 2025)	Approximate % of Holding (as of Sep 29, 2025)	Market Value Context (as of Dec 2, 2025)
Sprott Inc.	22,851,053	6.64%	Share Price context: $5.08 / share
Tidal Investments LLC	14,435,320 (as of Nov 17, 2025)	4.20% (as of Sep 29, 2025)	Market Value context: $62.36M (as of Nov 17, 2025)
Franklin Resources, Inc.	13,976,000	4.06%	Total Shares Outstanding context: 344 million
Van Eck Associates Corporation	13,587,661	3.95%	Latest reported annual earnings (FY2025): -$5.7M

Regular Technical Webinars and Press Releases on FS Results

The relationship with the broader investment community hinges on delivering technical validation for the Panuco Project's development plan. Vizsla Silver Corp. executed a series of high-impact communications in late 2025 to support its financing efforts.

The company used specific events to communicate the results of its Feasibility Study (FS) and related capital raises:

• Hosted in-depth technical overview of its recent Feasibility Study on December 2, 2025.
• Announced closing of US$300 Million Convertible Senior Notes Offering on November 24, 2025.
• Announced pricing of US$250 Million Convertible Senior Notes Offering on November 20, 2025.
• Delivered positive Feasibility Study results on November 12, 2025.

The Feasibility Study (FS) released in November 2025 provided concrete operational metrics that underpin investor confidence:

• After-Tax NPV(5%): US$1,802 million.
• After-Tax IRR: 111%.
• Initial Capital Costs: US$173 million.
• Average Annual Production: 17.4 million oz AgEq.
• All-in Sustaining Cost (AISC): US$10.61 per oz AgEq.

Earnings reporting also drives engagement; the Q3 2025 report on September 8, 2025, showed an actual EPS of $0.00, beating the consensus estimate of -$0.01 by $0.02. The next expected earnings release is December 12, 2025, with an estimated EPS of -$0.01.

Community Engagement to Maintain ESR (Social Responsibility Distinction)

Maintaining the ESR distinction is a tangible metric of social relationship health in the operating jurisdiction. Vizsla Silver Corp. actively reports on this commitment through its Sustainability Report.

The third annual Sustainability Report, released on September 29, 2025, detailed measurable achievements:

• Renewed the ESR distinction for the fourth consecutive year.
• Cumulative investment in local community well-being initiatives over the last three years exceeded US$600,000.
• Investment in the latest reporting period was US$205,300.
• Cultivated approximately 5,000 native trees across 19 different species for future restoration.

The company specifically partnered with the Venados de Mazatlán baseball team as part of its well-being initiatives.

Direct Communication with Underwriters and Financial Partners

The relationship with financial partners is transactional but requires clear, timely communication, especially during capital markets activity. The late 2025 financing events demonstrate this direct line of communication.

Vizsla Silver Corp. executed significant debt financing, which involves direct engagement with underwriters and institutional buyers:

• Announced a proposed offering of US$250 Million of Convertible Senior Notes on November 19, 2025.
• Successfully closed a larger US$300 Million Convertible Senior Notes Offering just five days later on November 24, 2025.

These transactions, totaling US$550 million in announced/closed notes offerings in November 2025, required intensive, direct coordination with the financial syndicates managing the placements.

Transparent Reporting via TSX and NYSEAMERICAN Stock Exchanges

Transparency is enforced through dual-listing requirements and consistent public disclosure. Vizsla Silver Corp. trades on both the Toronto Stock Exchange (TSX) and the NYSEAMERICAN under the ticker VZLA.

Reporting cadence and data points include:

• Stock prices as of December 2, 2025, were reported as $4.96 on the TSX and $6.94 on the NYSE (though another data point cited a price of $5.08 on December 2, 2025).
• The company reports quarterly earnings, with the latest being Q3 2025 on September 8, 2025.
• The next estimated earnings report date is December 12, 2025.

This dual-exchange presence ensures compliance with two distinct regulatory reporting frameworks, which inherently promotes a high standard of public disclosure for all stakeholders.

Vizsla Silver Corp. (VZLA) - Canvas Business Model: Channels

You're looking at how Vizsla Silver Corp. gets information and capital out to the market, which is crucial for a development-stage company. It's all about making sure the right people see the technical progress and the financing milestones.

Equity trading happens on two main venues, using the same ticker symbol across both major North American exchanges.

• TSX and NYSEAMERICAN for equity trading (VZLA ticker).

The stock information as of late 2025 shows specific trading metrics:

Exchange	Ticker	Price (Example Late 2025)	Average Volume (3 Mo)
NYSE	VZLA	$4.420 (Oct 3, 2025)	4M
TSX	VZLA	$6.94 (Dec 2, 2025)	728,644 (Shares)

Technical reports and core project data are channeled directly through the corporate website and dedicated investor presentations. You need to see the latest resource numbers and economic studies to gauge the project's value. The company's website is vizslasilvercorp.com.

• Corporate website and investor portals for technical reports (FS, MRE).

Key technical milestones and associated dates for dissemination include:

• Feasibility Study (FS) completed in November 2025.
• FS Webinar replay posted on December 2, 2025.
• Updated Mineral Resource Estimate (MRE) announced on January 6, 2025.
• Corporate Presentation version dated Nov 2025 available for download.

Regulatory filings and major corporate actions are pushed out via financial news wires. This is where you see the hard numbers on capital raises and project financing mandates. The primary wires used are PR Newswire and CNW.

• Financial news wires (e.g., PR Newswire) for regulatory filings.

The late 2025 capital activity shows significant financing channels being used:

Filing Date	Channel	Action/Amount	Use of Proceeds Mention
Nov 24, 2025	PR Newswire/CNW	Closing of US$300 Million Convertible Senior Notes Offering.	Support exploration and development of the Panuco Project.
Nov 19, 2025	PR Newswire/CNW	Proposed Offering of US$250 Million of Convertible Senior Notes.	Support exploration and development of the Panuco Project.
Sep 05, 2025	PR Newswire/CNW	Executed mandate for up to US$220 Million Project Finance Facility with Macquarie.	Fund construction and development of the Panuco Project.
Jun 26, 2025	PRNewswire	Closing of US$100,002,000 bought deal offering (33,334,000 shares at US$3.00 per share).	Advance exploration and development of the Panuco Project.

Capital raising efforts rely heavily on direct engagement through investor events. You can track these activities via recorded webinars and presentations.

• Investor conferences and roadshows for capital raising.

Specific investor engagement events in 2025 included:

• Convert Teach-in on Nov 23, 2025.
• FS Webinar on December 2, 2025.
• Exploration Webinar on July 29, 2025.
• Investor Update webinar recorded on July 14, 2025, discussing a US$115 Million financing.

For the retail investor base, Vizsla Silver Corp. uses digital platforms to foster discussion and disseminate news, including appearances on financial media.

• Social media and commodity TV for retail investor outreach.

Retail investor channels and related data points:

Platform	Activity Type	Specific Mention/Data
CEO.CA	Confidential Investor Discussions	Ticker discussions noted, Market Cap: US$1,185 M (Diluted Shares Outstanding: 367.06 M).
Commodity TV/Media	Interview/Mention	Mentioned on a segment titled #ExcelsiorProsperity w/ Shad Marquitz (11-29-2025).

The company also maintains an email list for direct communication.

Vizsla Silver Corp. (VZLA) - Canvas Business Model: Customer Segments

You're looking at the core groups that provide capital and potential future value to Vizsla Silver Corp. as they transition from a pure explorer to a fully financed developer. Honestly, for a company at this stage, the customer segments are less about selling a product and more about securing the necessary funding and future offtake agreements to get the Panuco project into production.

Here is the breakdown of who is currently invested in or who Vizsla Silver Corp. needs to engage with to execute its plan toward first silver production targeted for H2 2027.

Institutional Investors

This group forms the bedrock of the current shareholder base, providing significant capital through various financing rounds. As of the required Q3 2025 data point, 51.53% of the shares were held by these entities. You can see the concentration of capital from major players in the sector.

The latest filings show around 130 institutional owners holding approximately 191.6 million shares, according to recent SEC filings. Key participants include major names that specialize in the resource space.

Institutional Holder Type	Example Holders Mentioned	Significance
Resource-Focused Funds	Sprott Inc., Van Eck Associates Corp	Direct alignment with precious metals thesis.
Large Asset Managers	Franklin Resources Inc.	Broad market validation of the asset quality.
ETF/Index Trackers	GDXJ - VanEck Vectors Junior Gold Miners ETF, SIL - Global X Silver Miners ETF	Passive exposure tied to sector performance.

The recent financing activity, including a convertible notes offering closing around November 24, 2025, saw the total financing capacity approach $500 million, combining cash on hand with debt mandates. This de-risks the construction phase significantly for this segment.

Resource-focused mutual funds and specialist precious metals funds

These funds are specifically targeting the high-beta nature of development-stage silver companies, looking for outsized returns when silver prices move. They are attracted by the sheer scale and grade of the Panuco asset, which boasts Measured and Indicated resources of 222.4 million silver equivalent ounces at a high-grade average of 534 g/t.

Their investment thesis hinges on the transition from developer to producer, which typically compresses valuation multiples. They are looking for the re-rating that follows the successful completion of the Feasibility Study, which was expected in H2 2025.

Retail investors seeking exposure to high-growth silver development

This segment is driven by the narrative of silver as a monetary metal and an essential industrial commodity, especially given the reported 820 million oz cumulative supply deficit since 2021. Retail interest is often sparked by significant price appreciation, such as the stock price moving from $1.88 in December 2024 to $5.08 by December 2, 2025.

They are looking for the leverage that a development company offers over established producers, hoping to capture the upside as Vizsla Silver Corp. moves toward pouring first silver in 2027.

Potential future metal buyers (off-takers) for silver and gold concentrate

While not an immediate buyer, the future customer base is crucial for securing project financing terms and validating the economics. These are typically large refiners or established producers who might purchase concentrate or refined metal once production starts in H2 2027.

The primary draw for any off-taker is the project's low operating cost structure. The Panuco project projects an All-In Sustaining Cost (AISC) of just $9.40/oz silver equivalent.

• Projected annual production: 15.2 million silver equivalent ounces (from PEA).
• Projected operating margin at $47/oz silver: $37+/oz.
• Projected payback period: 9 months (at $26/oz Ag and $1,975/oz Au from PEA).

This low-cost profile ensures strong margins even if silver prices retreat from the late-2025 highs near $53.14/oz.

Strategic mining companies for potential M&A (merger and acquisition)

For a strategic buyer, Vizsla Silver Corp. represents a de-risked, high-grade asset in a known mining district, Mexico's Sinaloa. The company has secured the capital-approaching $500 million total capacity-to fund construction without needing a partner or buyer for immediate funding needs.

This makes Vizsla Silver Corp. an attractive takeover target for a producer looking to immediately add low-cost, long-life ounces to their portfolio without taking on the exploration risk. The recent Crescent Mine acquisition by a peer for $56 million provides a data point for asset value in the region, though Vizsla Silver Corp.'s Panuco asset is significantly larger. The fact that only 30% of the known vein strike has been drilled suggests significant upside for a strategic acquirer willing to deploy more exploration capital.

Finance: draft 13-week cash view by Friday.

Vizsla Silver Corp. (VZLA) - Canvas Business Model: Cost Structure

You're looking at the hard costs Vizsla Silver Corp. is incurring to push the Panuco Project from a resource base toward production. This isn't about revenue yet; it's about the cash burn required to de-risk and build the mine, which is the core of the Cost Structure block.

Exploration and Evaluation Expenses

The ongoing, aggressive exploration program is a significant cash outlay, even as the focus shifts to development. For the 2025 fiscal year, the company reported total operating expenses, which heavily feature exploration and evaluation activities, amounting to $17.59 million. This figure reflects the cost of drilling and technical work aimed at resource conversion and expansion across the district.

Here's a look at the scale of the exploration effort:

• Drilling in 2025 was planned for over +10,000 meters to support the Feasibility Study (FS) and expansion work.
• The company is advancing a dual-track approach, balancing mine development with district-scale exploration.
• Exploration success is key to growing the asset base that underpins the company's valuation.

Initial Mine Construction Capital Expenditure (CapEx)

The Feasibility Study (FS) provides the clearest picture of the required capital to get the mine built. The net initial capital requirement is quite lean for a project of this scale, which is a major cost advantage.

Capital Cost Metric	Amount (USD)
Pre-production Initial CAPEX	$238.7 million
Pre-production Revenue (Offset)	$65.7 million
Net Initial Capital Requirement	$173 million
Initial CAPEX Contingency	$24 million

That $173 million net figure is what you should focus on for the core construction funding need. Also, remember that sustaining capital is a separate, ongoing cost, estimated to average approximately $30.72 million per year over the life of the mine (LOM).

Test Mining and Development Costs at Copala

Before the full mine build, Vizsla Silver Corp. is incurring costs to de-risk the operation via the fully permitted test mine at Copala. This is an investment in operational certainty.

For 2025, the budget for the test mine was estimated to be up to $10 million USD. The development work itself is detailed by physical progress:

• Underground decline advance rate was being optimized to reach around 8 meters per day.
• The decline had advanced approximately 125 meters along as of June 2025.
• The goal is to extract a 10,000-tonne bulk sample from the 460 level.

This early work helps validate mining rates and grade control ahead of the main construction phase.

General and Administrative (G&A) Costs

G&A costs, primarily for the Vancouver headquarters and corporate overhead, are generally kept tight relative to the project spend. While a precise 2025 G&A figure isn't explicitly isolated in the same way as operating expenses, the context suggests it is a smaller component. For instance, the planned spend for the test mine (up to $10 million) and drilling (a few million dollars) are budgeted separately, implying G&A is managed to be a relatively minor cost driver compared to the exploration and development budgets.

Interest Expense on New Convertible Notes Offering

A major financing event in late 2025 was the closing of the convertible senior unsecured notes offering for an aggregate principal amount of US$300 million. This debt component introduces a fixed interest cost.

The notes carry a cash interest coupon of 5.00% per annum, payable semi-annually. Here's the resulting annual interest cost:

• Total Principal: US$300,000,000
• Annual Interest Rate: 5.00%
• Total Annual Cash Interest Expense: $15.00 million

To be fair, the President & CEO noted that this 5.00% coupon is approximately ~50% lower than the annual interest rate on many traditional project financing facilities, making this a relatively cheap source of capital for the development phase.

Vizsla Silver Corp. (VZLA) - Canvas Business Model: Revenue Streams

You're looking at how Vizsla Silver Corp. is funding its path from exploration to production at the Panuco Project. The revenue streams are currently weighted heavily toward capital markets activity, but the core business is clearly future metal sales. Here's the quick math on what's funding the development right now.

Future Sales of Silver and Gold Concentrate

The primary, long-term revenue stream is the future sale of silver and gold concentrate from the Panuco Project. Vizsla Silver Corp. is targeting first silver production in H2 2027, with the Feasibility Study (FS) completed in November 2025 outlining robust economics based on that timeline. The FS projects:

• Average annual production of 17.4 Moz AgEq (million ounces silver equivalent).
• Initial mine life of 9.4 years.
• All-in Sustaining Cost (AISC) of US$10.61 per oz AgEq based on the FS metal price assumptions.
• The FS was based on metal prices of US$35.50/oz Ag and US$3,100/oz Au.

The economic viability under these assumptions is substantial, showing an After-Tax Net Present Value (NPV(5%)) of US$1,802 million and an After-Tax Internal Rate of Return (IRR) of 111%.

Equity Financing

Equity raises have been a critical, near-term revenue source to advance the project. You saw a significant equity event in mid-2025:

Financing Event	Date Announced	Gross Proceeds	Shares Issued	Price Per Share
Bought Deal Offering	June 23, 2025	Approximately US$100,002,000	33,334,000 Common Shares	US$3.00
Maximum Potential (incl. Option)	June 23, 2025	US$115,002,300	Additional 15% option	US$3.00

The Company intended to use the net proceeds from this June 2025 raise to advance exploration, drilling, and development of the Panuco Project, plus working capital.

Convertible Notes Offering for Project Financing (Non-Dilutive Debt)

Vizsla Silver Corp. secured a major, non-dilutive debt component in late 2025, which is key for construction funding. This offering replaced a prior debt mandate with Macquarie.

• Aggregate principal amount closed at US$300 million due 2031.
• This included the full exercise of the initial purchasers' option for an additional US$50 million of Notes.
• The Notes carry a cash interest coupon of 5.00% per annum.
• The coupon rate is noted as being approximately 50% lower than many traditional project financing facilities.
• The estimated net proceeds after commissions and fees were approximately US$286 million if the option was exercised.

The initial conversion price was set at approximately US$5.84 per Share, representing a premium of about 25% over the November 19, 2025 closing price.

Potential Early Revenue from Bulk Sample Processing

While not a core revenue driver, early revenue potential exists through the ongoing development of the fully permitted and fully funded test mine, which supports the bulk sample program. This activity is primarily a de-risking initiative to support feasibility study mine planning and development, rather than a primary income source.

Future Project Finance Debt Facilities

While the November 2025 convertible notes offering provided substantial capital, there was a prior arrangement that was superseded. Vizsla Silver Corp. had executed a mandate in September 2025 for a US$220M Project Finance Facility with Macquarie. The successful closing of the convertible notes offering replaced this mandate, providing a more flexible structure. The notes' 5.00% coupon is explicitly contrasted with the higher interest rates expected from conventional project finance debt facilities.