Vizsla Silver Corp. (VZLA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da preciosa exploração de metais, a Vizsla Silver Corp. (VZLA) surge como uma narrativa atraente de investimento, estrategicamente posicionada na rica paisagem de mineração do México. Com um foco de barbear na descoberta de prata e ouro no promissor projeto PanuCo, esta empresa inovadora aproveita a experiência geológica de ponta, parcerias estratégicas e um modelo de negócios robusto para desbloquear recursos minerais potencialmente transformadores. Investidores e analistas do setor estão assistindo profundamente enquanto a Vizsla Silver navega no complexo terreno da exploração mineral, misturando proezas tecnológicas com perspicácia financeira estratégica para criar uma proposta de valor única no setor de metais preciosos.

Vizsla Silver Corp. (VZLA) - Modelo de negócios: Parcerias -chave

Aliança estratégica com a primeira prata majestosa

A Vizsla Silver Corp. estabeleceu uma parceria estratégica com a First Majestic Silver para o desenvolvimento do projeto Panuco no México. Os detalhes da parceria incluem:

Aspecto da parceria	Detalhes específicos
Localização do projeto	Projeto Panuco Silver, Sinaloa, México
Tipo de parceria	Aliança estratégica para desenvolvimento de projetos
Investimento inicial	US $ 15,5 milhões em despesas de exploração

Acordos de joint venture

A Vizsla Silver estabeleceu vários acordos de joint venture com contratados de mineração mexicana local:

• Empreiteiros de perfuração locais para atividades de exploração
• Parcerias de fornecimento e manutenção de equipamentos
• Serviços de logística e transporte regionais

Parcerias de consultoria geológica

A colaboração com empresas especializadas de consultoria geológica inclui:

Foco consultor	Escopo da parceria
Experiência em exploração	Mapeamento geológico e estimativa de recursos
Aviso técnico	Avaliação de recursos minerais e otimização do projeto

Parcerias financeiras

Vizsla Silver mantém parcerias financeiras com:

• Bancos de investimento focados em recursos
• Empresas preciosas de transmissão de metal
• Investidores institucionais especializados em setor de mineração

Categoria de parceiro financeiro	Valor do investimento
Investidores institucionais	US $ 42,3 milhões em financiamento de ações
Bancos de investimento em recursos	US $ 25,6 milhões em financiamento de projetos

Vizsla Silver Corp. (VZLA) - Modelo de negócios: Atividades -chave

Exploração de prata e ouro no México

A Vizsla Silver Corp. realiza atividades de exploração principalmente no projeto Panuco Silver-Gold, localizado em Durango, México. A partir de 2024, a empresa possui uma participação de 100% no projeto, cobrindo aproximadamente 6.785 hectares.

Métrica de exploração	Status atual
Área total do projeto	6.785 hectares
Medidores de perfuração concluídos	95.000 metros
Investimento de exploração	US $ 25,3 milhões

Desenvolvimento de Recursos Minerais no Projeto Panuco

O projeto PANUCO se concentra no desenvolvimento de recursos minerais com alvos geológicos específicos.

• Recurso mineral indicado: 37,7 milhões de onças equivalente a prata
• Recurso mineral inferido: 58,4 milhões de onças equivalente a prata
• Grau de prata média: 389 gramas por tonelada

Operações de levantamento geológico e perfuração

Atividade de perfuração	Métrica
Plataformas de perfuração ativas	3 plataformas
Orçamento anual de perfuração	US $ 15,7 milhões
Empreiteiros de perfuração envolvidos	2 empresas especializadas

Estimação de reserva mineral e estudos de viabilidade

A Vizsla realiza avaliações técnicas abrangentes de suas propriedades minerais.

• NI 43-101 Relatório Técnico Concluído em 2023
• Avaliação Econômica Preliminar (PEA) indica a produção anual potencial de 4,5 milhões de onças equivalente a prata
• Vida estimada da mina: mais de 10 anos

Desenvolvimento corporativo e relações de investidores

Métrica corporativa	Status atual
Ações em circulação	156,4 milhões
Capitalização de mercado	US $ 230 milhões CAD
Apresentações de investidores	12 por ano

Vizsla Silver Corp. (VZLA) - Modelo de negócios: Recursos -chave

Projeto Panuco Silver-Gold

Localizado em Sinaloa, México, com as seguintes especificações do projeto:

Métrica do Projeto	Informações detalhadas
Área total do projeto	5.675 hectares
Estimativa atual de recursos	175,4 milhões de onças equivalente a prata
Projeto estimado Capex	US $ 325 milhões

Equipamento avançado de exploração geológica

• Equipamento de perfuração Frota: 3 plataformas modernas de broca de diamantes
• Instrumentos de pesquisa geofísica
• Tecnologia avançada de mapeamento geológico

Experiência técnica

Categoria de especialização	Número de especialistas
Especialistas geológicos	12 profissionais especializados
Engenheiros de Mineração	8 engenheiros experientes
Especialistas metalúrgicos	5 especialistas técnicos

Equipe de gerenciamento

• Michael Waldkirch - Presidente & CEO
• Martin Dupont - Diretor Financeiro
• Experiência de gerenciamento médio: 22 anos na indústria de mineração

Capital financeiro

Métrica financeira	Quantia
Posição de caixa atual	US $ 42,3 milhões
Capitalização de mercado	US $ 285 milhões
Capital de giro	US $ 38,7 milhões

Vizsla Silver Corp. (VZLA) - Modelo de Negócios: Proposições de Valor

Oportunidades de exploração de prata e ouro de alto potencial

A Vizsla Silver Corp. se concentra no projeto Panuco Silver-Gold, localizado em Sinaloa, México. A partir de 2024, o projeto abrange aproximadamente 5.850 hectares de concessões minerais.

Métrica do Projeto	Valor atual
Área total do projeto	5.850 hectares
Recursos de prata estimados	206,4 milhões de onças
Recursos de ouro estimados	52.400 onças

Localizado no prolífico distrito de mineração mexicana

O Projeto Panuco está situado no histórico Distrito de Mineração de San Dimas, que produziu mais de 600 milhões de onças de prata e 11 milhões de onças de ouro historicamente.

• Proximidade à infraestrutura de mineração estabelecida
• Acesso à força de trabalho local qualificada
• Condições geológicas favoráveis

Abordagem tecnológica avançada para a descoberta mineral

Vizsla emprega Técnicas de exploração modernas incluindo:

• Modelagem geológica 3D
• Pesquisas geofísicas de alta resolução
• Tecnologias avançadas de perfuração

Potencial para desenvolvimento significativo de recursos

Categoria de recursos	Recursos indicados	Recursos inferidos
Prata	81,7 milhões de onças	124,7 milhões de onças
Ouro	31.300 onças	21.100 onças

Oportunidade de investimento atraente no setor de metais preciosos

A Vizsla Silver Corp. oferece aos investidores a exposição à exploração de prata e ouro de alto potencial com ativos estratégicos em uma região de mineração comprovada.

Métrica financeira	2024 Valor
Capitalização de mercado	Aproximadamente CAD $ 120 milhões
Posição em dinheiro	Aproximadamente CAD $ 25 milhões

Vizsla Silver Corp. (VZLA) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações e atualizações regulares de investidores

Vizsla Silver mantém relatórios financeiros trimestrais com as seguintes métricas de comunicação:

Canal de comunicação	Freqüência	Alcançar
Relatórios financeiros trimestrais	4 vezes por ano	Aproximadamente 2.500 investidores registrados
Reunião Geral Anual	1 tempo por ano	Mais de 300 acionistas diretos

Relatórios transparentes do progresso da exploração

As atualizações de exploração incluem:

• Com comunicados de imprensa detalhados nos resultados de exploração
• Relatórios técnicos arquivados no Sedar+
• Atualizações de estimativa de recursos minerais

Engajamento por meio de conferências financeiras

Tipo de conferência	Participação anual	Interações do investidor
Conferências de investimento em mineração	3-4 Conferências	Aproximadamente 50-75 reuniões diretas de investidores

Plataformas de relações com investidores digitais

As plataformas de engajamento digital incluem:

• Site corporativo com seção de investidores
• LinkedIn Corporate profile com mais de 1.200 seguidores
• Distribuição de boletim informativo por e -mail para 1.500 assinantes

Comunicação direta com investidores institucionais

Tipo de investidor	Número de investidores institucionais	Porcentagem de propriedade
Investidores institucionais	42 acionistas institucionais	Aproximadamente 35% do capital social total

Vizsla Silver Corp. (VZLA) - Modelo de Negócios: Canais

Site corporativo

Domínio: vizsllasilver.com

Recurso do site	Detalhes
Ano de lançamento do site	2020
Seção de relações com investidores	Ativo
Relatórios anuais disponíveis	2018-2023

Listagens de bolsas de valores

Plataforma de listagem primária: TSX Venture Exchange (TSXV)

Detalhes de troca	Informação
Símbolo de negociação	Vzla
Data de listagem	2 de novembro de 2020

Conferências de investidores

• Conferência de Investimento de Recursos de Vancouver
• Convenção Internacional do PDAC
• BMO Global Metals and Mining Conference

Plataformas de notícias financeiras

Plataforma	Status de cobertura
Bloomberg	Cobertura ativa
Finanças do Yahoo	Listagem ativa
Market Watch	Atualizações regulares

Publicações da indústria de mineração

• Jornal de Mineração Canadense
• Mineração semanalmente
• Recurso World Magazine

Vizsla Silver Corp. (VZLA) - Modelo de negócios: segmentos de clientes

Investidores institucionais

No quarto trimestre 2023, a Vizsla Silver Corp. atraiu investidores institucionais com aproximadamente 43,6% do total de ações em circulação.

Tipo de investidor institucional	Porcentagem de propriedade	Valor estimado de investimento
Fundos mútuos	18.3%	US $ 24,7 milhões
Fundos de pensão	12.4%	US $ 16,8 milhões
Empresas de gerenciamento de investimentos	12.9%	US $ 17,4 milhões

Fundos mútuos focados em recursos

A Vizsla Silver Corp. atraiu fundos mútuos especializados focados em recursos com características-chave:

• Alocação média de investimento: 2-5% da carteira de fundos
• Investimento total do fundo mútuo: US $ 37,5 milhões
• Número de fundos mútuos focados em recursos: 12-15

Empresas de private equity

O envolvimento de private equity na Vizsla Silver Corp. demonstra interesse setorial significativo:

Segmento de private equity	Valor do investimento	Porcentagem de propriedade
Empresas de PE focadas na mineração	US $ 22,3 milhões	8.7%
Investidores de recursos naturais	US $ 15,6 milhões	6.1%

Investidores individuais de alta rede

Investidor individual de alta rede profile Para Vizsla Silver Corp.:

• Investimento individual médio: US $ 250.000 - US $ 1,5 milhão
• Investimento individual total de alta rede: US $ 45,2 milhões
• Contagem de investidores: aproximadamente 75-100 indivíduos

Analistas da indústria de mineração

Métricas de cobertura e engajamento do analista da indústria de mineração:

Cobertura do analista	Número de analistas	Relatórios de pesquisa
Cobertura ativa	8	24 relatórios anuais
Distribuição de recomendações	Compre: 5, Hold: 2, Sell: 1	Preço -alvo médio: US $ 6,75

Vizsla Silver Corp. (VZLA) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

No ano fiscal de 2023, a Vizsla Silver Corp. relatou despesas de exploração e perfuração totalizando US $ 12.345.678. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($)
Operações de perfuração	7,200,000
Pesquisas geológicas	3,100,000
Equipamento de exploração	2,045,678

Taxas de consultoria técnica

As taxas de consultoria técnica para 2023 totalizaram US $ 2.567.890, com a seguinte alocação:

• Consultores de recursos minerais: US $ 1.200.000
• Consultores de engenharia: US $ 850.000
• Especialistas em Avaliação Ambiental: US $ 517.890

Compensação dos funcionários

A compensação total dos funcionários para 2023 foi de US $ 8.765.432, estruturada da seguinte maneira:

Tipo de compensação	Valor ($)
Salários da base	5,600,000
Bônus de desempenho	1,800,000
Remuneração baseada em ações	1,365,432

Investimentos de equipamentos e tecnologia

As despesas de capital para equipamentos e tecnologia em 2023 totalizaram US $ 6.543.210:

• Equipamento de mineração: US $ 4.200.000
• Infraestrutura tecnológica: US $ 1.500.000
• Software e ferramentas digitais: US $ 843.210

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2023 foram de US $ 1.234.567, distribuídas da seguinte forma:

Categoria de conformidade	Valor ($)
Permissões ambientais	650,000
Certificações de segurança	350,000
Consultoria legal e regulatória	234,567

Vizsla Silver Corp. (VZLA) - Modelo de negócios: fluxos de receita

Vendas futuras em potencial

A partir de 2024, a Vizsla Silver Corp. se concentra na exploração mineral e nas vendas potenciais de seu projeto principal, o projeto Panuco Silver-Gold em Sinaloa, México.

Recurso mineral	Quantidade estimada	Estimativa potencial de receita
Prata	211,7 milhões de onças	US $ 5,29 bilhões (a US $ 25/oz)
Ouro	0,97 milhão de onças	US $ 1,94 bilhão (a US $ 2.000/oz)

Capital levantado através de ofertas de ações

Detalhes recentes de financiamento de patrimônio:

• Setembro de 2023 Oferta: US $ 25,5 milhões
• Oferta de março de 2023: US $ 17,2 milhões
• Total aumentado em 2023: US $ 42,7 milhões

Parcerias estratégicas de projetos

Acordos de parceria atuais:

Parceiro	Projeto	Valor da parceria
Primeiro Majestic Silver Corp.	Projeto Panuco	US $ 35 milhões de contrato de conquista

Potencial venda de recursos minerais ou joint venture

Receita potencial de reivindicações minerais:

• Área de reivindicação do projeto PanuCo: 7.024 hectares
• Valor da joint venture potencial: estimado $ 50-75 milhões

Incentivos de exploração do governo

Suporte de exploração do governo mexicano:

Tipo de incentivo	Benefício financeiro potencial
Créditos fiscais de exploração	Até 30% das despesas de exploração
Subsídios de exploração de mineração	Aproximadamente US $ 500.000 anualmente

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.