Vizsla Silver Corp. (VZLA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploration des métaux précieux, Vizsla Silver Corp. (VZLA) apparaît comme un récit d'investissement convaincant, stratégiquement positionné dans le riche paysage minière du Mexique. Avec un accent accéléré sur les rasoirs sur la découverte de l'argent et de l'or dans le projet prometteur PANUCO, cette entreprise innovante tire parti de l'expertise géologique de pointe, des partenariats stratégiques et un modèle commercial robuste pour débloquer des ressources minérales potentiellement transformatrices. Les investisseurs et les analystes de l'industrie regardent attentivement que Vizsla Silver navigue sur le terrain complexe de l'exploration minérale, mélangeant les prouesses technologiques avec un sens financier stratégique pour créer une proposition de valeur unique dans le secteur des métaux précieux.

Vizsla Silver Corp. (VZLA) - Modèle commercial: partenariats clés

Alliance stratégique avec le premier argent majestueux

Vizsla Silver Corp. a établi un partenariat stratégique avec First Majestic Silver pour le développement du projet PANUCO au Mexique. Les détails du partenariat comprennent:

Aspect de partenariat	Détails spécifiques
Emplacement du projet	Panuco Silver Project, Sinaloa, Mexique
Type de partenariat	Alliance stratégique pour le développement de projets
Investissement initial	15,5 millions de dollars en dépenses d'exploration

Accords de coentreprise

Vizsla Silver a établi plusieurs accords de coentreprise avec des entrepreneurs miniers mexicains locaux:

• Entrepreneurs de forage locaux pour les activités d'exploration
• Partenariats d'approvisionnement et d'entretien de l'équipement
• Services de logistique et de transport régionaux

Partenariats de conseil géologique

La collaboration avec les sociétés de conseil géologique spécialisées comprend:

Focus de consultation	Portée du partenariat
Expertise en exploration	Cartographie géologique et estimation des ressources
Avis technique	Évaluation des ressources minérales et optimisation du projet

Partenariats financiers

Vizsla Silver maintient des partenariats financiers avec:

• Banques d'investissement axées sur les ressources
• Précious Compagnies de streaming métallique
• Investisseurs institutionnels spécialisés dans le secteur minier

Catégorie de partenaire financier	Montant d'investissement
Investisseurs institutionnels	42,3 millions de dollars de financement en actions
Banques d'investissement en ressources	25,6 millions de dollars de financement de projet

Vizsla Silver Corp. (VZLA) - Modèle d'entreprise: Activités clés

Exploration d'argent et d'or au Mexique

Vizsla Silver Corp. mène des activités d'exploration principalement dans le projet Panuco Silver-Gold situé à Durango, au Mexique. En 2024, la société détient un intérêt de 100% dans le projet couvrant environ 6 785 hectares.

Métrique d'exploration	État actuel
Zone totale du projet	6 785 hectares
Mètres de forage terminés	95 000 mètres
Investissement d'exploration	25,3 millions USD

Développement des ressources minérales au projet PANUCO

Le projet PANUCO se concentre sur le développement de ressources minérales avec des cibles géologiques spécifiques.

• Ressource minérale indiquée: 37,7 millions d'onces en argent équivalent
• Ressource minérale déduite: 58,4 millions d'onces en argent équivalent
• Grade d'argent moyen: 389 grammes par tonne

Opérations de recours et de forage géologiques

Activité de forage	Métrique
Plateaux de perceuse actifs	3 plateformes
Budget de forage annuel	15,7 millions USD
Forage des entrepreneurs engagés	2 entreprises spécialisées

Études d'estimation de la réserve minérale et de faisabilité

Vizsla effectue des évaluations techniques complètes de ses propriétés minérales.

• NI 43-101 Rapport technique terminé en 2023
• L'évaluation économique préliminaire (PEA) indique une production annuelle potentielle de 4,5 millions d'onces en argent équivalent
• La vie des mines estimées: 10+ ans

Développement des entreprises et relations avec les investisseurs

Métrique d'entreprise	État actuel
Actions en circulation	156,4 millions
Capitalisation boursière	230 millions de dollars CAO
Présentations des investisseurs	12 par an

Vizsla Silver Corp. (VZLA) - Modèle commercial: Ressources clés

Projet Panuco Silver-Gold

Situé à Sinaloa, au Mexique, avec les spécifications du projet suivantes:

Métrique du projet	Informations détaillées
Zone totale du projet	5 675 hectares
Estimation actuelle des ressources	175,4 millions d'onces en argent équivalent
Capex du projet estimé	325 millions de dollars

Équipement d'exploration géologique avancée

• Flotte d'équipement de forage: 3 plates-formes de forage en diamant modernes
• Instruments d'enquête géophysique
• Technologie de cartographie géologique avancée

Expertise technique

Catégorie d'expertise	Nombre de spécialistes
Experts géologiques	12 professionnels spécialisés
Ingénieurs minières	8 ingénieurs expérimentés
Spécialistes métallurgiques	5 experts techniques

Équipe de direction

• Michael Waldkirch - Président & PDG
• Martin Dupont - directeur financier
• Expérience de gestion moyenne: 22 ans dans l'industrie minière

Capital financier

Métrique financière	Montant
Position de trésorerie actuelle	42,3 millions de dollars
Capitalisation boursière	285 millions de dollars
Fonds de roulement	38,7 millions de dollars

Vizsla Silver Corp. (VZLA) - Modèle d'entreprise: propositions de valeur

Opportunités d'exploration en argent et en or de potentiel

Vizsla Silver Corp. se concentre sur le projet Panuco Silver-Gold situé à Sinaloa, au Mexique. En 2024, le projet englobe environ 5 850 hectares de concessions minérales.

Métrique du projet	Valeur actuelle
Zone totale du projet	5 850 hectares
Ressources d'argent estimées	206,4 millions d'onces
Ressources d'or estimées	52 400 onces

Situé dans un district minier mexicain prolifique

Le projet Panuco est situé dans le quartier historique de San Dimas Mining, qui a produit plus de 600 millions d'onces d'argent et 11 millions d'onces d'or historiquement.

• Proximité avec les infrastructures minières établies
• Accès à la main-d'œuvre locale qualifiée
• Conditions géologiques favorables

Approche technologique avancée de la découverte minérale

Vizsla utilise Techniques d'exploration modernes y compris:

• Modélisation géologique 3D
• Enquêtes géophysiques à haute résolution
• Technologies de forage avancées

Potentiel de développement des ressources significatifs

Catégorie de ressources	Ressources indiquées	Ressources déduites
Argent	81,7 millions d'onces	124,7 millions d'onces
Or	31 300 onces	21 100 onces

Opportunité d'investissement attrayante dans le secteur des métaux précieux

Vizsla Silver Corp. offre aux investisseurs une exposition à une exploration d'argent et d'or à haut potentiel avec des actifs stratégiques dans une région minière éprouvée.

Métrique financière	Valeur 2024
Capitalisation boursière	Environ 120 millions de dollars cadaires
Poste de trésorerie	Environ 25 millions de dollars CAD

Vizsla Silver Corp. (VZLA) - Modèle d'entreprise: relations avec les clients

Communications et mises à jour des investisseurs réguliers

Vizsla Silver maintient des rapports financiers trimestriels avec les mesures de communication suivantes:

Canal de communication	Fréquence	Atteindre
Rapports financiers trimestriels	4 fois par an	Environ 2 500 investisseurs enregistrés
Assemblée générale annuelle	1 fois par an	Plus de 300 actionnaires directs

Rapports transparents des progrès de l'exploration

Les mises à jour de l'exploration comprennent:

• Communiqués de presse détaillés sur les résultats de l'exploration
• Rapports techniques déposés sur Sedar +
• Mises à jour d'estimation des ressources minérales

Engagement par le biais de conférences financières

Type de conférence	Participation annuelle	Interactions des investisseurs
Conférences d'investissement minière	3-4 conférences	Environ 50 à 75 réunions d'investisseurs directs

Plateformes de relations avec les investisseurs numériques

Les plateformes d'engagement numérique comprennent:

• Site Web d'entreprise avec section d'investisseurs
• LinkedIn Corporate profile avec plus de 100 abonnés
• Envoyez un courriel à la distribution de newsletter à 1 500 abonnés

Communication directe avec les investisseurs institutionnels

Type d'investisseur	Nombre d'investisseurs institutionnels	Pourcentage de propriété
Investisseurs institutionnels	42 actionnaires institutionnels	Environ 35% du capital social total

Vizsla Silver Corp. (VZLA) - Modèle d'entreprise: canaux

Site Web de l'entreprise

Domaine: vizslasilver.com

Fonctionnalité de site Web	Détails
Année de lancement du site Web	2020
Section des relations avec les investisseurs	Actif
Rapports annuels disponibles	2018-2023

Listes de bourses

Plateforme d'inscription principale: TSX Venture Exchange (TSXV)

Échanger des détails	Information
Symbole de trading	Vzla
Date d'inscription	2 novembre 2020

Conférences d'investisseurs

• Conférence d'investissement sur les ressources de Vancouver
• Convention internationale PDAC
• BMO Global Metals and Mining Conference

Plateformes d'information financière

Plate-forme	Statut de couverture
Bloomberg	Couverture active
Yahoo Finance	Liste active
Surveillance du marché	Mises à jour régulières

Publications de l'industrie minière

• Journal minier canadien
• Miner chaque semaine
• Magazine Resource World

Vizsla Silver Corp. (VZLA) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Vizsla Silver Corp. a attiré des investisseurs institutionnels détenant environ 43,6% du total des actions en circulation.

Type d'investisseur institutionnel	Pourcentage de propriété	Valeur d'investissement estimée
Fonds communs de placement	18.3%	24,7 millions de dollars
Fonds de pension	12.4%	16,8 millions de dollars
Sociétés de gestion des investissements	12.9%	17,4 millions de dollars

Fonds communs de placement axés sur les ressources

Vizsla Silver Corp. a attiré des fonds communs de placement spécialisés axés sur les ressources avec des caractéristiques clés:

• Attribution moyenne des investissements: 2 à 5% du portefeuille de fonds
• Investissement total des fonds communs de placement: 37,5 millions de dollars
• Nombre de fonds communs de placement axés sur les ressources: 12-15

Sociétés de capital-investissement

La participation du capital-investissement dans Vizsla Silver Corp. démontre un intérêt significatif du secteur:

Segment de capital-investissement	Montant d'investissement	Pourcentage de propriété
Entreprises d'EP axées sur l'exploitation minière	22,3 millions de dollars	8.7%
Investisseurs de ressources naturelles	15,6 millions de dollars	6.1%

Investisseurs individuels à haute nette

Investisseur individuel élevé profile Pour Vizsla Silver Corp.:

• Investissement individuel moyen: 250 000 $ - 1,5 million de dollars
• Investissement individuel total à forte intensité: 45,2 millions de dollars
• Compte d'investisseurs: environ 75 à 100 personnes

Analystes de l'industrie minière

Couverture des analystes de l'industrie minière et métriques d'engagement:

Couverture des analystes	Nombre d'analystes	Rapports de recherche
Couverture active	8	24 rapports annuels
Distribution des recommandations	Acheter: 5, conserver: 2, vendre: 1	Prix ​​cible moyen: 6,75 $

Vizsla Silver Corp. (VZLA) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Au cours de l'exercice 2023, Vizsla Silver Corp. a déclaré des frais d'exploration et de forage totalisant 12 345 678 $. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant ($)
Opérations de forage	7,200,000
Enquêtes géologiques	3,100,000
Équipement d'exploration	2,045,678

Frais de consultation technique

Les frais de consultation technique pour 2023 s'élevaient à 2 567 890 $, avec l'allocation suivante:

• Consultants en ressources minérales: 1 200 000 $
• Consultants en ingénierie: 850 000 $
• Spécialistes de l'évaluation environnementale: 517 890 $

Compensation des employés

La rémunération totale des employés pour 2023 était de 8 765 432 $, structurée comme suit:

Type de compensation	Montant ($)
Salaires de base	5,600,000
Bonus de performance	1,800,000
Compensation en stock	1,365,432

Investissements d'équipement et de technologie

Les dépenses en capital pour l'équipement et la technologie en 2023 ont totalisé 6 543 210 $:

• Équipement d'exploitation: 4 200 000 $
• Infrastructure technologique: 1 500 000 $
• Outils logiciels et numériques: 843 210 $

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 1 234 567 $, distribuées comme suit:

Catégorie de conformité	Montant ($)
Permis environnementaux	650,000
Certifications de sécurité	350,000
Conseil juridique et réglementaire	234,567

Vizsla Silver Corp. (VZLA) - Modèle d'entreprise: Strots de revenus

Ventes minérales futures potentielles

En 2024, Vizsla Silver Corp. se concentre sur l'exploration minérale et les ventes potentielles de son projet principal, le projet Panuco Silver-Gold à Sinaloa, au Mexique.

Ressource minérale	Quantité estimée	Estimation potentielle des revenus
Argent	211,7 millions d'onces	5,29 milliards de dollars (à 25 $ / oz)
Or	0,97 million d'onces	1,94 milliard de dollars (à 2 000 $ / oz)

Capital levé par des offres d'actions

Détails récents de financement par actions:

• Offre de septembre 2023: 25,5 millions de dollars
• Offre de mars 2023: 17,2 millions de dollars
• Total levé en 2023: 42,7 millions de dollars

Partenariats de projet stratégique

Arrangements de partenariat actuels:

Partenaire	Projet	Valeur de partenariat
First Majestic Silver Corp.	Projet Panuco	Contrat de rapports de rapports de 35 millions de dollars

Vente potentielle des ressources minérales ou coentreprise

Revenus potentiels des revendications minérales:

• Zone de réclamation du projet PANUCO: 7 024 hectares
• Valeur potentielle de la coentreprise: 50 à 75 millions de dollars estimés

Incitations d'exploration du gouvernement

Support d'exploration du gouvernement mexicain:

Type d'incitation	Avantage financier potentiel
Crédits d'impôt d'exploration	Jusqu'à 30% des dépenses d'exploration
Subventions d'exploration minière	Environ 500 000 $ par an

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.