Slides
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1 1 Panuco TSX.V: VROY Best in Class Silver Royalty Corporate Presentation July 2025
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2 2 TSX.V: VROY Cautionary Notes Forward-Looking Statements This presentation contains “forward looking statements” regarding the Company within the meaning of applicable securities legislation, including statements as to future events, results and plans. Forward-looking statements are sometimes but not always identified by such words as “targeted”, “can”, “will”, “anticipates”, “projects”, “expects”, “intends”, “likely”, “plans”, “should”, “could” or “may” or grammatical variations thereof. These include, without limitation, statements with respect to: possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the strategic plans, timing, costs and expectations for the Company’s future exploration and development activities on the Panuco property; information with respect to high grade areas and size of veins projected from underground sampling results and drilling results; the accessibility of future mining at the Panuco property; the timing of results from the Company’s ongoing exploration and drilling activities; the timing of maiden resource estimates; the value of the Company; funds available to the Company; viability of the Panuco property; and information with respect to drilling results. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company’s properties is reliable; the Company’s operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore and develop the Company’s properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company’s current corporate activities will proceed as expected; general business and economic conditions will not change in a material adverse manner; budgeted costs and expenditures are and will continue to be accurate; and the effects of by COVID-19 on the operations of the Company will remain consistent with the Company’s expectations. Actual results and developments may differ materially from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: public health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities, accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this presentation; and other risk factors set out in the Company’s public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences or benefits to, or effect on, the Company. The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future. To the extent any forward-looking statement in this presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses. The Company’s financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or compiled by the Company’s accountants or auditors. The Company’s financial projections represent management’s estimates as of the dates indicated thereon
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3 3 The Opportunity PROJECT DEVELOPMENT The Panuco Project represents the world’s largest undeveloped high-grade silver primary resource, which following the 2024 PEA is advancing towards FS in H2 2025, ultimately targeting first silver in H2 2027 TIMING Scarcity of tier 1 silver primary assets in a rising commodity price environment highlights the Panuco Project as a standout in the industry. Furthermore, recent precedent transactions in the royalty space support significant re-rate potential beyond production/exploration upside EXPLORATION UPSIDE To date, Vizsla Silver has drill tested less than 30% of its known targets. The recent discovery at Animas points to new potential centers of mineralization outboard of the 2024 PEA area Tier 1 Silver-Gold Royalty on the Panuco Project Benefits of The Royalty Model Stable P/NAV Premium Due to the above benefits, royalty companies exhibit higher P/NAV premiums with less variation across time compared to the underlying asset, offering consistent leverage to rising metal prices Insulation From Operating Costs Royalty cashflows are independent of operating costs, resulting in consistent margins through low metal price environments Organic Growth Royalty companies experience organic growth through the development of the underlying assets at no cost to the royalty company
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4 4 TSX.V: VROY Current With Buyback With Additional 1.5% NSR Commodity Price and Mine Life Extension Optionality Increased Exposure to Tier 1 Asset Source: FactSet, Refinitiv and Company Disclosure. Increasing Exposure to a Tier 1 Silver Asset Increased Optionality to the Most Prospective Concessions of the Panuco Project Consolidates the Panuco District Royalties Same VROY, Just Bigger - Growing the Portfolio with the Acquisition of Familiar Asset Strategic Rationale Illustrative NPV Growth Pre Acquisition
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5 5 TSX.V: VROY Source: See technical report dated September 9, 2024 authored by Ausenco Engineering Canada ULC and prepared for Vizsla Silver Principal Assets PANUCO SILVER-GOLD DISTRICT Less than 30% of known targets at Panuco have been drill tested 2.0% NSR on production from Rio Panuco concessions (dark green) 3.5% NSR on production from Silverstone concessions (light green) Covering 100% of Copala ROFR of royalties on property acquisitions made by Vizsla Silver within 24 months of spinout Net Smelter Return (NSR) Royalty Covers Entire Panuco District Rio Panuco Silverstone
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6 6 TSX.V: VROY THE PANUCO SILVER-GOLD PROJECT 1) Source: First Majestic Annual Production Reports, and Cap IQ 2) See Slide Titled “Corporate Snapshot” in the appendix DISTRICT SCALE & 100% OWNED • Vizsla Silver’s flagship Panuco silver-gold project is a past-producing district that has never been systematically explored on a consolidated basis • Tripled land package in 2024, now over 30k ha LOCATION • Pancuo is situated in an underexplored area of the emerging Western Mexico Silver Belt, 80km from San Dimas (1Bn+ Oz AgEq in production(1) + reserves) EXISTING INFRASTRUCTURE • Past producing district that benefits from access to HV power, water, roads, and proximity to Mazatlán. To date, Vizsla has completed over 375,000 metres of diamond drilling without constructing a single road ADVANCING TO PRODUCTION • Upgrading resources to higher confidence categories • Fully permitted, fully funded test mine commenced Q4 2024 to de-risk initial production • Targeting first silver in H2 2027 CORPORATE STRENGTH • Vizsla Silver is well funded with ~US$200M+ in cash, no debt, and an industry leading team & board SIGNIFICANT EXPLORATION UPSIDE • Less than 30% of known vein targets have been drill tested. • Ongoing drilling includes 10k metres at the underexplored Central and East Panuco areas in the hunt for Project #2
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7 7 TSX.V: VROY M&I Inferred M&I Inferred M&I Inferred 2022 2023 2024 Silver Gold Base Metals Significant Growth in Resources to Date 1) See technical report dated March 1, 2022 authored by T. Manula & Associates Consulting and prepared for Vizsla Silver. 2) See technical report dated September 1, 2023 authored by SGS Geological Services and prepared for Vizsla Silver. 3) See technical report dated September 9, 2024 authored by SGS Geological Services and prepared for Vizsla Silver. 222 Moz AgEq 156 Moz AgEq 61 Moz AgEq Ag M&I 155% Increase in M&I Resources 43% Increase in M&I Resources, 4.5% increase in grade Significant exploration upside with only 30% of known vein targets explored Panuco Project Resource Growth (Moz AgEq) 1 2 3
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8 8 TSX.V: VROY Panuco Achieves First Measured Resource Estimation In 2025 Updated MRE 1) Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc. 2) Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,425/t lead and $2,976/t zinc. • 11% increase in Global Contained Ounces • 43% increase in M&I AgEq ounces from 155.8 to 222.4 Moz • 4.5% increase in avg M&I AgEq grade from 511 to 534 g/t • 30% of Indicated resource converted to Measured • 18% of Inferred resources converted to Indicated Upgraded Resource Highlights Resource Class M&I Inferred Indicated Inferred M&I Inferred Tonnes (MT) 13.0 10.5 9.5 12.2 3.5 -1.7 Au g/t 2.49 1.96 2.41 1.93 0.08 0.03 Ag g/t 307 219 289 239 18 -20 Pb % 0.27 0.30 0.27 0.29 0.00 0.01 Zn % 0.85 1.01 0.84 1.03 0.01 -0.02 AgEq (g/t) 534 412 511 433 23 -21 AuEq (g/t) 6.6 4.9 6.8 5.8 -0.2 -0.9 Au (koz) 1,036 660 736 758 300 -98 Ag (koz) 127,819 73,621 88,192 93,653 39,627 -20,032 Pb (kt) 34.9 31.2 56.0 35.4 -21.0 -4.0 Zn (kt) 110.2 106.2 79.9 125.3 30.0 -19.0 AgEq (koz) 222,362 138,711 155,841 169,647 66,521 -30,936 AuEq (koz) 2,739 1,654 2,076 2,261 663 -607 Updated MRE Previous MRE Variance
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9 9 TSX.V: VROY 2024 Panuco PEA Production Profile 1) Source: Cap IQ and Company Reports. If Panuco were in production today, it would rank within the top 5 silver primary producers in the peer group. Peer group constitutes operating silver primary mines (2023 Ag production > 50% total AgEq production) in Mexico. Silver equivalent is calculated using the following metals prices: Ag US$26/Oz, Au US1,975/oz, Zn US$2,646/t, Pb US$2,09 4/t, Cu US$8,818/t 2) Unit Operating Costs represent US$/t processed 3) Initial CAPEX includes contingency High-Grades From Copala & Cristiano Early in the Mine Life Drive PEA Project Economics $0 $5 $10 $15 $20 $25 0Moz 5Moz 10Moz 15Moz 20Moz 25Moz Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Copala & Cristiano Tajitos Napoleon & Luisa Stockpile AISC (US$/Oz AgEq) 20.2Moz Avg Annual Production Years 1-2 (AgEq) 162.1Moz LOM Total Production (AgEq) 15.2Moz LOM Avg Annual Production (AgEq) AVG ANNUAL PRODUCTION UNIT OPERATING COSTS 15.2Moz AgEq/y Operating Cost(2): US$76.4/t Avg Annual Ag - 8.8Moz Avg Annual Au - 76Koz Operating Cash Costs US$6.88/Oz AgEq Throughput – 3,300 4,000 tpd Mine Life – 11 years AISC: US$9.4/Oz AgEq CAPITAL REQUIREMENTS BASE CASE ECONOMICS Initial Capital(3) US$224M Silver Price: US$ 26/Oz Gold Price: US$1,975/Oz LOM Sustaining Capital US$230M Post-Tax NPV(5%) : US$1,137M Post-Tax IRR: 85.7% Contingency: US$46M Payback: 0.8 years
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10 10 TSX.V: VROY Silverstone 3.5%NSR Rio Panuco 2%NSR Site Layout
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11 11 TSX.V: VROY Significant Exploration Upside 1) Vizsla Silver has announced that it has mapped and sampled approximately 93 km of cumulative vein strike. RESOURCE EXPANSION • Copala & La Luisa remain open along strike to the north and down dip to the south • Napoleon (HW4) to the east, as well as three potential feeder veins located along the main Napoleon structure at depth To date, less than 30% of the known vein targets at Panuco have been drill tested(1) PEA COVERS A SMALL PORTION OF THE PANUCO DISTRICT Resource Expansion Proximal Targets District Scale Targets DISTRICT SCALE • High-grade (897 g/t AgEq over 5.85m) discovery ~6km northeast of Copala resource area reported March 31, 2025 PROXIMAL • La Luisa North • San Jack – San Peter • Esmeralda-Tecolote • Colorada-Napoleon
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12 12 TSX.V: VROY DEVELOPMENT TIMELINE Advancing Panuco Towards Construction Decision Targeting First Silver In The Second Half Of 2027 Q1 Q1 Q1 Q1Q2 Q2 Q2 Q2Q3 Q3 Q3 Q3Q4 Q4 Q4 Q4 2024 20262025 2027 Conversion Drilling PEA Commence Test Mine Resource Update Permitting Feasability Study Construction First Silver
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13 13 ABOUT VIZSLA ROYALTIES Chartered Professional Accountant with 15+ years of experience. Former Director of Finance Operations with Ma’aden Gold & Base Metals, held senior finance positions at Teck Resources, New Gold, and Copper Mountain Mining Current President, CEO and Director of Vizsla Silver. Co-Founder and Managing Partner of Inventa Capital with 10+ years-experience in mining and capital markets. Former CEO and co- founder of Cobalt One Energy Current SVP Business Development and Strategy of Vizsla Silver. Mining professional with 10+ years of experience. Previously with Canaccord Genuity and Hecla Mining MICHAEL KONNERT Executive Chairman MICHAEL PETTINGELL CEO GRANT TANAKA CFO SIMON CMRLEC Director KEITH BODNARCHUK Director KARLENE COLLIER Director Current COO and Director of Vizsla Silver. Senior Engineer with +30 years-experience building mines around the world. Former COO of Ausenco Professional Geologist with 15+ years of experience in exploration/mining and capital markets. Current President, CEO, Director of Cosa Resources. Former head of strategy and corporate development for IsoEnergy, Project Geologist at Denison Mines Mining professional with 15+ years of experience in capital markets and M&A. Current VP Operations of Inventa Capital. Scaled the first publicly listed cryptocurrency company in Canada with a market capitalization of over $1.7B Vizsla Royalties Corp. is a precious metals focused royalty company. The Company’s principal asset is a Net Smelter Royalty on Vizsla Silver Corp.’s flagship Panuco Project located in Mexico
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14 14 TSX.V: VROY Vizsla Royalties – Capital Structure Capital Structure (as of June 22, 2025) Shares Outstanding 69,534,855 Options 2,712,458 Warrants 0 Fully Diluted 69,247,313 30% 44% 9% 17% Vizsla Silver Insiders Institutional & HNW Retail Company Statistics (as of June 22, 2025) Market Capitalization (C$M) $148M 52 Week Trading Range (C$) $1.25 - $2.50 Avg Daily Volume (3-months) 104,000 Analyst Coverage Canaccord – Carey MacRury (C$) $3.50/s Raymond James – Craig Stanley (C$) $2.50/s Historical Trading Price (as of June 22, 2025) 0.75 0.95 1.15 1.35 1.55 1.75 1.95 2.15 2.35 0k 100k 200k 300k 400k 500k 600k 700k 800k Dec-2024 Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 Jun-2025
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15 15 C$71M C$316M C$355M C$386M C$1,140M C$3,258M C$5,768M C$5,764M C$16,007M C$43,835M C$50,498M -$2,000 $18,000 $38,000 $58,000 VROY EMX Royalties Gold Royalty Corp Metalla Royalty Altius Minerals Sandstorm Gold Triple Flag Osisko Gold royalties Royal Gold Franco-Nevada Wheaton Precious 173% Increase Avg. Potential Acquirer P/NAV of 1.82x Avg. Take-Out Candidate P/NAV of 0.67x Prime Acquisition Target 1) Analyst Consensus is based on the NAV/s average derived from Raymond James, Canaccord, H.C.W, Ventum, Scotia, National, and CIBC. Major royalty companies consistently trade at over 2x NAV, and Panuco’s high-grade and near-term development timeline position it to command a premium relative to lower-grade, early-stage assets Consensus(1) P/NAV Market Capitalization (C$M) $0.00 0.74x 0.57x 0.65x 0.70x 1.05x 1.32x 1.60x 1.73x 2.13x 2.34x 2.55x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x
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16 16 TSX.V: VROY 1) Acquisition P/VAN based on Cormark NAV/S of C$1.12/s as of February 20th, 2025.. Triple Flag Acquires Orogen Royalties: Adding Ounces and Derisking C$0.00 C$0.20 C$0.40 C$0.60 C$0.80 C$1.00 C$1.20 C$1.40 C$1.60 C$1.80 C$2.00 Feb-2022 Aug-2022 Feb-2023 Aug-2023 Feb-2024 Aug-2024 Feb-2025 Maiden Resource Inferred: 3.4Moz Au @ 0.87 g/t Resource Update Inferred: 0.8Moz Au @ 0.7 g/t M&I: 3.4Moz Au at 0.87 Resource Update Inferred: 9.86Moz Au @ 0.96 g/t M&I: 3.4Moz Au at 0.87 Resource Update Inferred: 12.9Moz Au @ 1.06 g/t M&I: 3.4Moz Au at 0.87 1.80x Acquisition P/NAV(1) Pre-PEA Development Stage 330% Total Return(2) 35% Annualized Return C$421M at C$2.00/s 1% NSR on Silicon Project C$171.5M Cash & C$171.5M in shares (C$343M)
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17 17 TSX.V: VROYRoyal Gold Acquires Great Bear Royalties: Quality Assets Get Timely Liquidity 1) Acquisition P/VAN based GBRR’s Analyst consensus NAV/s from Cormark NAV/S at C$4.25/s, Canaccord Genuity NAV/S at C$4.44/s, and Research Capital NAV/S at C$4.44/s, all as of February 20 th, 2025. C$3.00 C$4.00 C$5.00 C$6.00 C$7.00 C$8.00 Apr-2021 Jul-2021 Oct-2021 Jan-2022 Apr-2022 Jul-2022 1.40x Acquisition P/NAV Pre-Resource Development Stage 91% Total Return 51% Annualized Return C$200M at C$6.65/s 2% NSR on Dixie Project All Cash
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18 18 TSX.V: VROY Tier-1 Single Asset Royalty Valuation 1) Based on analyst consensus estimates. 2) Pro forma acquisition. 3) See Vizsla Silver Technical Report dated September 9, 2024 and announced January 6, 2025. 4) As of June 22, 2025. Figures for Orogen and Great Bear are as at the transaction announcement date for each respective transaction. Source: Company Disclosure, FactSet. P/NAV1 Royalty Single Asset Tier 1 Asset Asset Scale (AuEq.) Total Return from Listing / IPO Established Mining Jurisdiction Preliminary Economic Assessment Exploration Upside Trusted Operator 100% Precious Metals 0.74x 3.5% NSR2 (Silverstone) & 2.0% NSR (Rio Panuco) Panuco 4.4 Moz3 +65%4 Mexico PEA Vizsla Silver 1.33x 3.0% NSR Expanded Silicon 16.3 Moz +292% USA MRE Stage AngloGold 1.59x 2.0% NSR Dixie +500kozpa +166% Canada Pre-Resource Kinross Recent M&A valuations suggest significant premium for Tier 1, single-asset royalties
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19 19 TSX.V: VROY Silver Maintains Strong Fundamentals and Upside Potential Relative to Gold 1) Market data as of May 22, 2025 2) Silver Institute World Silver Survey 2025 Source: FactSet. Potential for a catch-up trade: Gold has meaningfully outperformed silver over the past two years and 6 months, whereas historically the two precious metals have been closely correlated Clear demand catalyst: Industrial demand for silver is increasing, driven by 142% increase in demand from photovoltaics from 2016-2024, while mine production decreased 9%2 Supply / demand gap: primary production of silver has decreased since 2016, even as total demand has increased by ~17%2 Increasing silver supply deficit 0 300 600 900 1,200 1,500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Total Supply / Demand (Moz Ag) Demand Supply 64 52 14 10 45 (79) (250) (201) (149) (118) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Gold vs Silver1 (Last 2 Years) Silver Market Perspectives Silver Industrial Demand2 (Moz) Silver Market Balance2 (Moz) May-23 Nov-23 May-24 Nov-24 May-25 Silver Gold (Indexed) 67% 39%
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20 20 TSX.V: VROY Divergence of Long-Term Consensus vs Spot Pricing 1) Market data as of May 22, 2025 Source: FactSet. $1,500 $2,000 $2,500 $3,000 $3,500 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Gold LT Consensus PEA $3,300 $2,364 $1,975 $20.00 $25.00 $30.00 $35.00 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Silver LT Consensus PEA $33.16 $28.48 $26.00 40% difference 16% difference Gold Price and Long-Term Analyst Consensus1 (US$/oz) Silver Price and Long-Term Analyst Consensus1 (US$/oz)
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21 21 TSX.V: VROY WHY VIZSLA ROYALTIES? Scarcity of scalable tier 1 silver primary assets highlights the Panuco Project as a standout in the industry. Furthermore, recent precedent transactions in the royalty space support significant re-rate potential beyond production/exploration upside TREMENDOUS UPSIDE POTENTIAL With an updated, higher-grade, MRE supporting the pending project FS, and less than 30% of the district’s known exploration targets having been drill tested, there is significant production/exploration upside potential at Panuco TIMING PANUCO IS A STANDOUT The Panuco Project represents the world’s largest undeveloped high-grade silver primary resource, which following the 2024 PEA is advancing towards production, targeting first silver in H2 2027 The right project, at the right time, led by the right people
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22 Head Office 1723-595 Burrard Street Vancouver, BC Canada, V6E 3V7 info@vizslaroyalties.com +1 (604) 364-2215 VizslaRoyalties.com TSX.V: VROY