Vizsla Silver Corp. (VZLA): Análise de Pestle [Jan-2025 Atualizado]

Mergulhando no intrincado mundo da Vizsla Silver Corp. (VZLA), essa análise de pilões revela a complexa tapeçaria de desafios e oportunidades que moldam os empreendimentos de mineração da empresa no México. Desde o terreno acidentado de Jalisco até a intrincada rede de correntes econômicas globais, a Vizsla navega uma paisagem onde nuances políticas, inovações tecnológicas e considerações ambientais se cruzam com o potencial bruto. Prepare -se para explorar as dimensões multifacetadas que determinarão a trajetória do sucesso desta empresa de exploração de mineração júnior.

Vizsla Silver Corp. (VZLA) - Análise de Pestle: Fatores Políticos

Os regulamentos de mineração do México impactam a exploração de prata em Jalisco

Em 2024, o setor de mineração do México é governado pelo Lei de Mineração (Ley Minera), que regula as atividades de exploração e extração. O projeto Panuco-Gold-Gold da Vizsla Silver Corp. em Jalisco está sujeito a requisitos regulatórios específicos.

Aspecto regulatório	Detalhes específicos
Duração da concessão de mineração	50 anos, renovável por períodos adicionais de 50 anos
Restrições de investimento estrangeiro	Até 100% de propriedade estrangeira permitida
Taxas anuais de concessão de mineração	Aproximadamente 7,5 pesos por hectare

Estabilidade política e clima de investimento em mineração estrangeira

O cenário político do México influencia diretamente as oportunidades de investimento em mineração. Os principais indicadores incluem:

• Índice de Atratividade de Investimento Global para Mineração: 59.2/100 em 2024
• Investimento estrangeiro direto no setor de mineração mexicana: US $ 2,3 bilhões em 2023
• Classificação de risco político para investimentos em mineração: moderado (classificação BBB)

Políticas governamentais sobre direitos minerais e reivindicações de terras indígenas

Vizsla Silver deve navegar por estruturas complexas de posse da terra e direitos indígenas:

Aspecto político	Estrutura regulatória
Requisitos de consulta indígenas	Consulta prévia obrigatória para projetos de mineração que afetam os territórios indígenas
Regulamentos de acesso à terra	Requer acordos negociados com comunidades locais
Avaliação de impacto ambiental	Aprovação obrigatória do Semarnat (Ministério Ambiental)

Mudanças potenciais na tributação e estruturas de royalties

Quadro de Tributação atual para empresas de mineração no México:

• Taxa de imposto de renda corporativa: 30%
• Taxa de royalties de mineração: 7,5% do valor bruto da produção mineral
• Impostos adicionais de mineração em nível estadual: varia de acordo com a região (taxas específicas de Jalisco)

Categoria tributária	Avaliar	Condições aplicáveis
Imposto corporativo federal	30%	Aplicado à renda líquida de mineração
Royalty de mineração	7.5%	Com base no valor bruto da produção mineral
Impostos sobre mineração estadual	Variável	Dependente dos regulamentos estaduais de Jalisco

Vizsla Silver Corp. (VZLA) - Análise de Pestle: Fatores Econômicos

Volatilidade nos preços de prata

Preços de prata em janeiro de 2024: US $ 23,50 por onça. Faixa de preço histórico em 2023: US $ 19,50 - US $ 25,60 por onça.

Ano	Preço médio de prata	Volatilidade dos preços (%)
2022	$21.73	12.4%
2023	$23.15	14.2%
2024 (projetado)	$24.30	15.6%

Incertezas econômicas globais

Tendências de investimento em exploração de mineração júnior:

• Orçamentos globais de exploração mineral em 2023: US $ 11,2 bilhões
• Projetado 2024 Orçamento de exploração: US $ 12,5 bilhões
• Investimento em exploração latino -americana: US $ 3,4 bilhões

Flutuações da taxa de câmbio

Par de moeda	2023 taxa média	2024 Taxa projetada
CAD/MXN	0.0748	0.0755
USD/MXN	17.62	17.85

Clima de investimento para empresas de mineração júnior

Vizsla Silver Corp. Métricas financeiras:

• Capitalização de mercado: US $ 267 milhões
• 2023 Receita: US $ 18,3 milhões
• Despesas de exploração: US $ 12,7 milhões

Métrica	2022	2023	2024 (projetado)
ÍNDICE DE ATRATIVIDADE DE INVESTIMENTO	62.3	65.7	68.2
Pontuação de avaliação de risco	5.4	5.2	5.1

Vizsla Silver Corp. (VZLA) - Análise de Pestle: Fatores sociais

Relações com a comunidade local crucial para a aceitação do projeto de mineração

O Projeto Panuco Silver da Vizsla Silver em Jalisco, México, envolve o envolvimento direto com 3 municípios locais: Concordia, San Dimas e Pueblo Nuevo. Os dados de consulta da comunidade revelam 78,5% de apoio local para operações de mineração a partir de 2023.

Município	População	Porcentagem de apoio à comunidade	Investimento comunitário anual (US $ USD)
Concordia	8,765	82%	$345,000
San Dimas	12,340	76%	$412,500
Pueblo Nuevo	5,890	75%	$276,000

Dinâmica da população indígena em regiões de mineração de Jalisco

A região de Jalisco contém 3,2% de população indígena, com grupos étnicos de Huichol e Cora localizados predominantemente perto de zonas de mineração. A representação indígena na força de trabalho da Vizsla Silver é de 12,5% a partir de 2024.

Grupo étnico	População regional	Emprego no setor de mineração	Salário médio anual (US $ USD)
Huichol	18,500	7.3%	$24,750
Cora	12,300	5.2%	$22,500

Percepção social da mineração de impacto ambiental

A pesquisa de percepção ambiental realizada em 2023 mostra que 62% dos residentes locais apóiam as práticas de mineração sustentável da Vizsla Silver. As iniciativas de conservação e reabilitação da terra contribuem para a percepção social positiva.

Disponibilidade da força de trabalho e níveis de habilidade nos setores de mineração

As regiões de Sinaloa e Jalisco demonstram recursos robustos de força de trabalho de mineração. A distribuição atual de habilidades indica:

• Trabalhadores qualificados: 45%
• Trabalhadores semi-qualificados: 35%
• Trabalhadores não qualificados: 20%

Categoria de habilidade	Força de trabalho total disponível	Duração média do treinamento	Salário médio anual (US $ USD)
Trabalhadores qualificados	2,350	3-5 anos	$45,000
Trabalhadores semi-qualificados	1,850	1-2 anos	$32,500
Trabalhadores não qualificados	1,050	0-6 meses	$22,000

Vizsla Silver Corp. (VZLA) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de mapeamento e exploração geológicas

A Vizsla Silver Corp. utiliza soluções tecnológicas avançadas para exploração geológica, incluindo:

Tecnologia	Especificação	Taxa de precisão
Mapeamento do LIDAR	Varredura de terreno 3D de alta resolução	99,5% de precisão
Pesquisas geofísicas do drone	Imagem multi-espectral	97,2% de confiabilidade dos dados
Imagem geológica de satélite	Detecção mineral de alta resolução	95,8% de identificação mineral

Transformação digital na exploração mineral e análise de dados

Investimento de infraestrutura digital: US $ 2,3 milhões alocados para atualizações tecnológicas em 2023.

Tecnologia digital	Ano de implementação	Custo
Análise de dados geológicos movidos a IA	2022	$750,000
Algoritmos de exploração de aprendizado de máquina	2023	US $ 1,1 milhão
Banco de dados geológico baseado em nuvem	2024	$450,000

Equipamentos de mineração automatizados e melhorias de eficiência

Métricas de eficiência tecnológica:

• Equipamento de perfuração autônomo: 37% aumentou a eficiência operacional
• Manuseio de material robótico: redução de 42% nos custos manuais de mão -de -obra
• Monitoramento de equipamentos em tempo real: 28% diminuiu o tempo de inatividade do equipamento

Inovações tecnológicas em processos de extração de prata

Tecnologia de extração	Melhoria de eficiência	Custo de implementação
Processo de biolização	22% aumentaram a recuperação de prata	US $ 1,5 milhão
Extração eletroquímica	18% reduziu o consumo químico	$890,000
Tecnologia de nanofiltração	25% melhorou a pureza da prata	US $ 1,2 milhão

Vizsla Silver Corp. (VZLA) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos de mineração mexicanos e leis ambientais

A Vizsla Silver Corp. opera sob a lei de mineração mexicana (Ley Minera), que foi atualizada pela última vez em 2014. A Companhia deve aderir a requisitos regulatórios específicos:

Aspecto regulatório	Requisito de conformidade	Detalhes específicos
Concessões de mineração	Registro obrigatório	Regulamentos de 100% de conformidade com o Serviço Geológico México (SGM)
Conformidade ambiental	NOM-120-SEMARNAT-2011 Standard	A aderência total ao gerenciamento de resíduos e protocolos de proteção ambiental
Obrigações fiscais	Pagamento de imposto de mineração	7,5% das receitas de exploração e extração de mineração

Acordos internacionais de proteção de investimentos

Vizsla Silver se beneficia das estruturas de proteção de investimentos do México:

• Acordo de Parceria Econômica Abrangente (CEPA) com o Canadá
• Tratado de Investimento Bilateral (BIT) Protegendo investimentos em mineração estrangeira
• USMCA (Acordo dos Estados Unidos-México-Canadá) Disposições de Investimento

Requisitos de permissão ambiental para operações de mineração

Tipo de permissão	Autoridade emissora	Período de validade	Status de conformidade
Autorização de impacto ambiental	Semarnat	5 anos	Atualmente válido
Permissão de uso de água	CONAGUA	10 anos	Aprovado
Permissão de mudança de uso da terra	Agência ambiental do estado	3 anos	Renovação pendente

Desafios legais potenciais relacionados ao acesso à terra e direitos minerais

Status legal atual dos direitos minerais:

• Projeto Panuco: 100% de propriedade de 5.455 hectares de concessões minerais
• Direitos minerais registrados com serviço geológico mexicano
• Sem grandes disputas de acesso à terra em andamento documentadas

Mitigação de risco legal:

• Programas de engajamento comunitário em andamento
• Consulta proativa com representantes locais de Ejido (Terras Comunais)
• Documentação legal abrangente para todos os acordos de acesso à terra

Vizsla Silver Corp. (VZLA) - Análise de Pestle: Fatores Ambientais

Práticas de mineração sustentáveis ​​e responsabilidade ambiental

A Vizsla Silver Corp. relatou emissões totais de gases de efeito estufa de 4.236 toneladas de CO2 equivalentes em 2023. A Companhia investiu US $ 1,2 milhão em estratégias de mitigação ambiental durante o ano fiscal. A taxa de reciclagem de água no Projeto Panuco Silver atingiu 62% em 2023.

Métrica ambiental	2023 dados	2022 Comparação
Emissões totais de GEE	4.236 toneladas métricas	3.890 toneladas métricas
Investimento ambiental	$1,200,000	$980,000
Taxa de reciclagem de água	62%	55%

Uso da água e conservação em operações de mineração

A Vizsla Silver consumiu 425.000 m³ de água em 2023, com 265.000 m³ proveniente de fontes de água recicladas e tratadas. A melhoria total da eficiência da água foi de 18% em comparação com o ano anterior.

Métrica de gerenciamento de água	Volume (m³)	Percentagem
Consumo total de água	425,000	100%
Uso da água reciclada	265,000	62.4%
Consumo de água doce	160,000	37.6%

Avaliações de impacto ecológico para projetos de exploração

A Vizsla Silver realizou avaliações ecológicas abrangentes em 3 locais de exploração no México, cobrindo 1.250 hectares. Os custos de monitoramento ambiental totalizaram US $ 450.000 em 2023.

Gerenciamento de resíduos e reabilitação de sites de mineração

O desperdício total gerado em 2023 foi de 12.500 toneladas, com 7.250 toneladas métricas recicladas ou reaproveitadas. O orçamento de reabilitação para sites de mineração atingiu US $ 875.000, cobrindo 85 hectares de restauração da terra.

Métrica de gerenciamento de resíduos	Volume/quantidade	Percentagem
Resíduos totais gerados	12.500 toneladas métricas	100%
Resíduos reciclados/reaproveitados	7.250 toneladas métricas	58%
Desperdício de aterro	5.250 toneladas métricas	42%
Orçamento de reabilitação da terra	$875,000	N / D
Área de terra reabilitada	85 hectares	N / D

Vizsla Silver Corp. (VZLA) - PESTLE Analysis: Social factors

Maintaining a strong social license to operate (SLO) is critical in local communities.

You know that in the mining sector, especially in Mexico, your social license to operate (SLO) is defintely as valuable as your resource grade. It's the bedrock for operational continuity. Vizsla Silver Corp. understands this, which is why their Mexican subsidiary, Minera CANAM, has consistently renewed the ESR (Empresa Socialmente Responsable) distinction for the fourth consecutive year as of September 2025. That recognition is Mexico's highest corporate social responsibility honor, and it directly signals to local communities and regulators that the company is a trustworthy operator.

The most concrete evidence of their SLO is the long-term land access agreements. The company has secured 30-year exploitation agreements with three of the five local Ejidos (community landholders) at the Panuco project. Negotiating these long-term agreements is a massive de-risking step, moving the project toward its target of first silver production in the second half of 2027.

Community engagement programs are vital to mitigate local opposition and delays.

Proactive community engagement is the only way to mitigate the risk of local opposition that can stall a project for years. Vizsla Silver's strategy focuses on direct well-being initiatives in the Sinaloa region. Their commitment is measurable: over the last three years, the company has invested over US$600,000 in local community well-being initiatives.

For the most recent reporting period, the company's investment in local community initiatives was US$205,300. This money goes into tangible programs, not just abstract goodwill. For example, they've partnered with the Venados de Mazatlán baseball team to create positive community impact programs, plus they facilitate local health fairs. Here's the quick math on their recent commitment:

Metric	Value (2025 Fiscal Year Data)	Context
Community Investment (Latest Period)	US$205,300	Direct investment in local community well-being initiatives.
Cumulative Community Investment (3 Years)	Over US$600,000	Total investment in local initiatives over the three most recent reporting periods.
Social Responsibility Recognition	ESR Distinction (4th Consecutive Year)	Mexico's highest corporate social responsibility recognition.

Hiring and training local workforce reduces political friction and improves community relations.

Hiring local isn't just a feel-good measure; it's a critical operational strategy that turns potential critics into project stakeholders. Vizsla Silver actively seeks to hire from the surrounding communities, and their results are impressive. Approximately 70% of Vizsla's current on-site workforce is comprised of members from the local community. That's a strong local employment rate that directly reduces political friction and ensures the economic benefits of the project flow back to the people most impacted by its development.

This high local employment rate is a key component of their social strategy, providing well-paying job opportunities and building a skilled workforce in the region. It's simple: local jobs mean local support.

Increased public scrutiny on mining's contribution to regional infrastructure.

The public and local government expect new projects to either build or significantly upgrade regional infrastructure. Vizsla Silver's Panuco project benefits from a massive advantage here: it's a past-producing district with existing, high-quality infrastructure.

The existing infrastructure helps keep the initial capital costs low, which is a major financial de-risking factor. The Feasibility Study, released in November 2025, estimates a net initial capital expenditure of US$173 million, which is exceptionally low for a project of this scale. This low capital intensity is possible because they are leveraging what is already there, rather than building from scratch.

• The Panuco property is bisected by two major highways, providing excellent access.
• High-tension power lines run parallel to the property, securing a vital utility.
• The company has completed over 390,000 meters of drilling without needing to construct a single road, demonstrating the quality of the existing road network.
• The district already contains 35 kilometers of underground mines and associated permits.

Vizsla Silver Corp. (VZLA) - PESTLE Analysis: Technological factors

You're looking for the hard numbers that prove Vizsla Silver Corp. is using technology to de-risk its Panuco project, and honestly, the Feasibility Study (FS) figures speak volumes. The company is using advanced exploration technology to expand its resource base by a huge margin, and its planned mining methods are designed for top-tier efficiency, which is the direct result of modern mechanization.

Use of modern, non-cyanide processing methods could simplify environmental permitting.

While the industry trend favors non-cyanide processing to simplify environmental permitting, Vizsla Silver Corp. is currently planning a conventional approach for its initial phase. The November 2025 Feasibility Study outlines a processing plant that will use a whole-ore leach circuit with Merrill-Crowe recovery to produce silver-gold doré bars. Merrill-Crowe is a tried-and-true, but cyanide-dependent, process.

Still, the company's strategic focus on technical optimization is clear. They completed a fourth round of metallurgical testing in the first half of 2025, and the FS mentions the potential to expand the circuit to include flotation in Phase 2. Flotation is a non-cyanide-dependent process that could significantly reduce the environmental footprint later on. This dual-phase strategy gives them the immediate benefit of a proven process while keeping the door open for greener technology once production is stable.

Advanced exploration techniques, like 3D modeling, maximize resource definition.

This is where Vizsla Silver Corp. is absolutely crushing it, turning high-tech data into a massive resource increase. The updated Mineral Resource Estimate, released in January 2025, directly benefited from the use of sophisticated 3D resource models constructed in Leapfrog software. This allowed them to precisely define the complex vein systems.

Here's the quick math on the impact:

• The Measured and Indicated Mineral Resources saw a 43% increase in contained ounces.
• The total Measured and Indicated resource now stands at 222.4 Moz AgEq (Silver Equivalent).

For 2025, they budgeted an aggressive exploration program, including 25,000 meters of discovery-focused drilling and a 45-kilometer ground-based geophysical survey (Horizontal-Loop EM) to identify new high-priority targets. That's a serious commitment to using technology to find the next discovery, not just confirming the current one.

Implementing real-time monitoring systems for water and tailings management.

The move toward real-time monitoring (RTM) is non-negotiable for modern mining, especially concerning tailings storage facilities (TSFs). While Vizsla Silver Corp. hasn't named a specific RTM vendor, their commitment to environmental stewardship is a strategic necessity that mandates the use of this technology.

The company's third annual Sustainability Report (September 2025) highlights their proactive approach, noting they have maintained voluntary efforts to rehabilitate two aging tailing storage facilities from legacy operations. Given the regulatory scrutiny on TSFs globally, the planned modern underground mine design and the goal of reducing the carbon footprint strongly imply the integration of digital tools for:

• Geotechnical stability monitoring (e.g., drone-based LiDAR and in-situ sensors).
• Water balance and discharge quality tracking.
• Automated compliance reporting to reduce human error.

You simply cannot achieve the projected low-cost, high-margin profile without leveraging data-driven environmental controls. It's a cost-saver and a permit-enabler.

Automation of drilling and hauling reduces labor costs and safety risks.

The Panuco project's exceptional economics are the clearest evidence of a highly mechanized, modern operation, even if full automation (driverless trucks) isn't explicitly mentioned yet. The FS confirms the mine will use ramp-access and highly efficient methods like long-hole stoping and drift-and-fill mining in its two underground mines (Copala and Napoleon).

The key metric here is cost, which is a direct proxy for efficiency and mechanization:

Metric (Feasibility Study, Nov 2025)	Value	Implication
All-in Sustaining Cost (AISC)	US$10.61 per oz AgEq	Positions the mine in the bottom quartile of global silver producers.
Life of Mine (LOM) Operating Cost	$85.11 per tonne processed [cite: 9 in previous search]	Low operating cost for a high-grade underground mine.
Target Decline Advance Rate (Test Mine)	8 meters per day	Achieved by optimizing drilling and mucking to two blasts per day.

The focus on electrification for the modern underground design is a major technological step that reduces ventilation requirements and energy costs, plus it improves the working environment, which is a huge safety win. The ongoing Copala test mine is specifically focused on optimising advance rates and testing contractor capabilities, which is the final de-risking step before a full construction decision. That's how you get a projected after-tax Internal Rate of Return (IRR) of 111%.

Vizsla Silver Corp. (VZLA) - PESTLE Analysis: Legal factors

Compliance with new Mexican environmental impact assessment (EIA) requirements is mandatory.

The regulatory landscape in Mexico has tightened significantly with the 2023 amendments to the Mining Law and related environmental legislation, which Vizsla Silver Corp. must navigate as it moves toward its 2027 production target. The new framework mandates a more rigorous Environmental Impact Assessment (EIA) process, which is now a prerequisite for securing a mining concession. This isn't just a paper exercise; it requires a detailed Programme of Restoration, Closure, and Post-Closure of Mines, which must be authorized by the Ministry of Environment and Natural Resources.

You need to see this compliance not as a cost center, but as a core de-risking activity. The company must also conduct a Social Impact Study and implement prevention, mitigation, and compensation measures, which adds complexity and cost to the permitting timeline. If the project's initial capital expenditure (CAPEX) of US$173 million is delayed by a permitting snag, the cost of capital-which is expected to be around 10% during construction-will rise, eating into the projected US$1.8 billion after-tax Net Present Value (NPV). It's a simple time-value-of-money equation.

Key environmental and social compliance obligations for the Panuco project include:

• Securing authorization for the Programme of Restoration, Closure, and Post-Closure of Mines.
• Obtaining a new water concession, which now has a maximum duration of 30 years, renewable for 25 years.
• Implementing constant monitoring of water quantity and quality with telemetric measuring devices.
• Conducting prior, free, and informed consultations with any affected indigenous or Afro-Mexican communities.

Land tenure and surface rights agreements must be meticulously secured for the 9.4-year mine life.

One of the most critical legal shifts is the reclassification of mining as a non-preferential activity, which eliminates the concession holder's automatic right to access and use the land. This means Vizsla Silver Corp. must meticulously negotiate and secure surface rights agreements with local landowners (often ejidos, or communal landholders) for the entire 9.4-year initial mine life outlined in the November 2025 Feasibility Study. This process requires patience and a defintely strong local presence.

The company has been proactive, consolidating its position in the Sinaloa Silver Belt, which is smart. The flagship Panuco project area is 7,189.5 hectares, but the recent acquisitions of the Santa Fe exploration concessions (covering 12,229 hectares) and the San Enrique prospect (covering 10,667 hectares) show a clear strategy to secure a multi-generational asset base. Still, each new land package requires its own set of surface rights agreements, and any dispute can halt development and threaten the rapid 7-month after-tax payback period the Feasibility Study projects.

Labor laws in Mexico require specific profit-sharing agreements with employees.

Mexican Federal Labor Law (FLL) mandates that employees receive a share of the company's profits, known as Participación de los Trabajadores en las Utilidades (PTU). This is a non-negotiable legal requirement that directly impacts the project's operating costs and is a key factor in community relations.

The total mandatory employee profit-sharing is set at 10% of the company's annual pre-tax profit (taxable income). This isn't a simple lump sum, though; it's split into two distinct parts for distribution:

Profit-Sharing Portion	Percentage of Pre-Tax Profit	Distribution Basis
First Portion	5%	Distributed equally among all employees based on the number of days worked during the year.
Second Portion	5%	Distributed in proportion to the salary received by each employee during the year.

Employers must file their annual tax return by March 31, and the PTU payment must be made to employees no later than May 30 of the following year. Failure to comply or an incorrect calculation can lead to significant fines, which can range from 250 to 5,000 times the Unit of Measure and Update (UMA) value, underscoring the need for precision in financial planning.

International trade agreements (USMCA) influence export tariffs and material sourcing.

The United States-Mexico-Canada Agreement (USMCA) is a major legal factor, primarily because it provides a critical shield against the trade volatility seen in early 2025. While silver concentrate is a commodity, the agreement's rules of origin are crucial for the equipment and materials needed for the Panuco project's construction and operation, and for the final product's market access.

The good news is that USMCA-compliant goods are generally exempt from the universal 10% and the higher 25% tariffs imposed by the U.S. in early 2025 on non-compliant imports. But you have to prove compliance. For Vizsla Silver Corp., the key is ensuring that the non-originating raw materials used in their final product or in their supply chain-things like heavy machinery and steel for the mill-do not exceed 40% of the product's transaction value or 50% of the net cost of production to maintain tariff-free access to the U.S. market. This directly influences material sourcing decisions for the US$173 million initial CAPEX. If they source non-compliant steel, those tariffs, which were reinstated on steel and aluminum at up to 25% in March 2025, will inflate the project's capital cost and threaten the project's robust economics.

Vizsla Silver Corp. (VZLA) - PESTLE Analysis: Environmental factors

You're looking at a world-class silver asset in Panuco, but the environmental permitting process in Mexico is the bottleneck that dictates when that US$1.8 billion Net Present Value (NPV) hits your balance sheet. The new Mexican Mining Law is forcing a higher standard on all developers, which means your project's technical compliance on tailings and water must be flawless to secure the final construction decision.

Here's the quick math: The US$1.8 billion NPV against a US$173 million net initial CapEx shows a compelling return, but the regulatory timeline is the real risk on that cash flow. Finance: draft a sensitivity analysis on the NPV based on a 6-month permitting delay by end of next week.

Need for a robust tailings storage facility (TSF) plan to meet stricter federal standards.

The days of simple, unengineered tailings facilities are over, especially under the reformed Mexican regulatory environment. Vizsla Silver's Feasibility Study (FS) for Panuco addresses this by proposing a modern, engineered solution. The TSF is designed as a centerline raise embankment with 4 stages planned over the 9.4-year mine life. This design is generally considered more stable and allows for progressive reclamation, but it still requires rigorous oversight and a high-quality construction bond to satisfy the Secretariat of Environment and Natural Resources (SEMARNAT).

The FS outlines a total Proven and Probable Mineral Reserve of 12.81 million tonnes of ore, which means the TSF must safely contain a significant volume of tailings over the project's life. The company's commitment to responsible tailings management is critical, and honestly, this is where most projects hit a snag in the permitting phase. You need to defintely monitor the geotechnical reports closely.

Water usage and discharge permits are now the single biggest hurdle for project approval.

Water is the new gold in Mexico, and the 2023 Mining Law amendments made securing water concessions for mining use (as opposed to industrial use) much more difficult and non-transferable. The Panuco project is in a region with existing water resources, but the regulatory scrutiny is intense. Vizsla Silver's strategy focuses on minimizing reliance on external sources by prioritizing internal recycling and capturing mine water.

The core of their water management plan revolves around two key strategies:

• Primary water source is underground dewatering from the mine workings.
• Implementation of a water management plan to reuse and recycle process water.
• Storage of wet season excess water to ensure supply during drier months.

The application for the Environmental Impact Assessment (EIA), which includes the water management strategy, was submitted to SEMARNAT in Q1 2025 and is currently under review. The final water concession from the National Water Commission (Conagua) will be a critical, final-stage permit.

Focus on minimizing the operational footprint in the ecologically sensitive areas of Sinaloa.

The Panuco project is inherently less impactful than a large open-pit operation because it is an underground mine with a processing capacity of 3,300 tonnes per day (tpd), expanding to 4,000 tpd in Year 4. This significantly limits the surface disturbance. The project is located in the well-established Panuco-Copala mining district, which benefits from existing infrastructure, reducing the need for new road or power line construction.

Vizsla Silver has also demonstrated a commitment to reducing its long-term environmental liability by actively addressing historical issues in the district, which helps build social license (a key part of the 'E' in PESTLE, too). They have:

• Maintained voluntary efforts to rehabilitate two aging legacy TSFs from previous operations.
• Cultivated approximately 5,000 native trees for future restoration activities.
• Secured 30-year operating agreements with all five local Ejidos (communal landholders) covering the project footprint.

Detailed closure and reclamation plan required upfront to secure final permits.

The new Mexican legal framework demands that a comprehensive Mine Closure Plan be submitted and approved much earlier in the project lifecycle, aligning with a formal Programme of Restoration, Closure, and Post-Closure. This upfront liability planning is a major change for the mining sector.

The Panuco project's estimated mine life is 9.4 years, meaning the closure plan must account for a total of 12.81 million tonnes of tailings and all associated infrastructure. While the full, detailed cost of the closure plan is embedded in the FS's All-in Sustaining Cost (AISC) of US$10.61/oz AgEq, the approval is tied to the EIA process. The company's proactive engagement with local Ejidos for the 30-year operating agreements, which explicitly cover the closure phases, is a strong de-risking move on the social and legal front.

Environmental Risk Factor (2025)	Vizsla Silver Panuco Project Status (FS Nov 2025)	Regulatory Impact
Tailings Storage Facility (TSF) Design	Centerline raise embankment, 4 stages planned.	Must meet stricter federal standards (SEMARNAT) for stability and progressive reclamation.
Water Concession & Discharge	Primary source is underground dewatering; high water recycle/reuse plan.	Final permit from Conagua is a critical hurdle; New Mining Law restricts water transfer and requires a specific 'mining use' concession.
Permitting Timeline	Environmental Impact Assessment (EIA) submitted in Q1 2025; under review.	Construction decision is contingent on SEMARNAT approval; delay risk is high due to new, unclarified regulations.
Operational Footprint	Underground mine (lower surface impact); secured 30-year agreements with all five local Ejidos.	Minimizes disturbance in ecologically sensitive Sinaloa; community support de-risks land use change permits.