Vizsla Silver Delivers Positive Feasibility Study for the Panuco Project

The Feasibility Study, completed by Ausenco Engineering Canada ULC (“Ausenco”), supported by Mining Plus Canada Consulting Ltd. (“Mining Plus”) and SGS Canada Inc. (“SGS”), provides a robust case for developing the Panuco silver-gold project as a high-margin, underground precious metals mine with low initial capital requirements and rapid payback. The Company is advancing permitting and project financing initiatives, targeting a construction decision upon receipt of required approvals.

"The strength of the Feasibility Study reflects the technical excellence and commitment of the Vizsla Silver team and all of our consultants,” stated Simon Cmrlec, COO of Vizsla Silver. “The engineering and procurement for the project was significantly advanced during the Feasibility Study, which coupled with the actual performance of the ongoing test mine provides confidence in the results of the study. Project CAPEX and OPEX remain in line with the PEA, and the study demonstrates the project will produce more than 20 million silver equivalent ounces annually over the first five years, averaging 17.4 million ounces over the life of the project, significantly exceeding the production profile outlined in the PEA."

“We are very pleased to deliver a robust Feasibility Study on the Panuco project, outlining a high-margin, low CAPEX, silver focused precious metals operation”, stated Michael Konnert, President and CEO of Vizsla Silver. “The study builds upon the strong economics outlined in the Panuco PEA, published in the summer of 2024, indicating that Panuco can become the next large-scale silver-primary producer in Mexico. Applying the updated, higher-grade resource estimate published in January 2025, production output in the Feasibility Study has increased significantly in the early years of the mine life relative to the PEA. This, combined with improved commodity price assumptions, demonstrates a base case after tax NPV (5%) of US$1.8 billion, an IRR of 111%, and a seven-month payback period at US$35.50 per ounce silver and US$3,100 per ounce gold. We expect to continue advancing both our underground and surface exploration proximal to the ongoing test mine to further grow the scale and quality of the deposit. Vizsla Silver would like to thank all its employees, community members and consultants/contractors including Ausenco, Mining Plus, SGS, SACH and PWC for their continued hard work in supporting our project. This very important milestone represents a key inflection point for the Company, the Panuco asset and all of our stakeholders as we advance towards production targeted for the second half of 2027.”  

Further information is attached.