Slides
Page 1
NYSE:VZLA TSX:VZLA June 2025Corporate Presentation PANUCO – SILVER & GOLD DISTRICT Developing a World Class Silver Asset in Mexico
Page 2
2 Forward Looking Statement 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: the exploration, development and production of the Panuco property; publication of a feasibility study; timelines for a construction decision and first silver production; exploration upside; expected cash flows; drilling programs; metallurgical optimization plans; strategic plans; exploration and development objectives; potential production at the Panuco property including related costs; district upside potential; re-rating potential; and key potential catalysts. 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; and budgeted costs and expenditures are and will continue to be accurate. 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.
Page 3
3 Vizsla’s Vision – First Silver 2027 The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Vizsla’s vision is to become the World’s Largest Single Asset Silver Primary Producer through exploration and development of the Panuco district in Mexico
Page 4
4 Leadership – The Most Important Asset Michael Konnert CEO, Director Founder & Managing Partner of Inventa Capital , raising over $800M since 2017. Founder of Vizsla Silver. Co-founded & sold CobaltOne Energy. 15+ years experience in corporate strategy, team leadership, and mining capital markets Simon Cmrlec COO, Director Former COO of Ausenco. 30+ years industry experience supporting development of mines around the world, including Silvercrest’s Las Chispas mine Jesus Velador VP Exploration Doctorate in epithermal deposits. Former Geologist for Fortuna Silver, and Director of Exploration for First Majestic. 25+ years experience Eduardo Luna Director Mexican mining hall of fame member, Director of Coeur Mining, fomer President of the Mexican Mining Chamber and Silver Institute, Former Director at Wheaton Precious Metals, Senior Executive at Peñoles, Goldcorp, Luismin, Alamos Gold, and Primero Craig Parry Chairman Initial Co-founder & advisor of Inventa Capital, and Director of Skeena Resources. Founding Director of NexGen, former CEO/founder of Iso Energy. 25+ years-experience Significant Discoveries & Shareholder Returns Driven By The Vizsla Silver Team
Page 5
5 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
Page 6
6 Tier-1 Silver Development with Tremendous Growth Potential 1. See Slide Titled “Corporate Snapshot” in the appendix 2. To date Vizsla has mapped and sampled approximately 88.5 km of cumulative vein strike at Panuco. 3. Infrastructure improvements include investments in public buildings, clean water for residents, and support for agricultural infrastructure. 4. Minera Canam (Vizsla Silver’s Mexican subsidiary), was awarded the Empresa Socialmente Resposable (ESR). Advancing Development Exploration Upside Responsible Growth Fast Track to Production Feasibility Study in H2 2025, followed by construction decision with first silver expected for H2 2027 Well-Funded US$94M+ cash + ITM options, zero debt, to carry beyond delivery of Feasibility Study De-Risking Completed conversion drilling, and test mine commenced Q4 2024 Investing Locally Seven infrastructure projects(3) & $300k invested to benefit four communities, and $6M for land rehabilitation projects Community First Through collaboration, secured 30-year operating agreements with all five local Ejidos Leader in ESG and Sustainability Three-time national recognition of sustainability efforts, awarded as a Socially Responsible Company (ESR)(4) Growing Land Package Quadrupled land package since 2024, building a multi-generation pipeline of assets along a frontier silver belt Significant Upside Less than 67% of the property is mapped, and only 30% of the known vein targets have been explored(2) District Wide Geophysics EM surveys on select district-wide targets to support structural controls and locating new sulfide mineralization
Page 7
7 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 • Applying modern exploration techniques to a newly consolidated land package that has never been systematically explored • Quadrupled land package since January 2024, now over 40k ha Existing Infrastructure • Past producing district that benefits from access to HV power, water, roads, and proximal 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 Location, Location, Location • Situated in an underexplored area of the emerging Western Mexico Silver Belt • 80km from San Dimas (1Bn+ Oz AgEq in production(1) + reserves) Corporate Strength • Vizsla is well funded with US$94M+ in cash plus ITM options (2), no debt, and industry leading team & board N
Page 8
8 Unrivalled Infrastructure Site Access • Highway 40 from Mazatlàn to Concordia and into Panuco property (~1hr drive) • Toll highway 40D (Mazatlàn to Durango) Power & Water • Federal 400kv and 240kv power lines crosscuts Panuco property • Seasonal rain collection and underground water are sufficient for current operations Local Services • Local mining suppliers and service providers • Availability of labor for mining and industrial operations Highway HV Power International Infrastructure • Deepwater port located in Mazatlàn • Mazatlàn international airport located 56km SW of Panuco Project N
Page 9
9 Panuco Achieves First Measured Resource Estimation 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 $2,976/t zinc. • 11% increase in Global Contained Ounces • 43% increase in M&I AgEq ounces from 155.8 to 222.4 Moz • 4.5% increase in avg M&I AgEq grade from 511 to 534 g/t • 30% of Indicated resource converted to Measured • 18% of Inferred resources converted to Indicated Upgraded Resource Highlights Resource Class M&I Inferred Indicated Inferred M&I Inferred Tonnes (MT) 13.0 10.5 9.5 12.2 3.5 -1.7 Au g/t 2.49 1.96 2.41 1.93 0.08 0.03 Ag g/t 307 219 289 239 18 -20 Pb % 0.27 0.30 0.27 0.29 0.00 0.01 Zn % 0.85 1.01 0.84 1.03 0.01 -0.02 AgEq (g/t) 534 412 511 433 23 -21 AuEq (g/t) 6.6 4.9 6.8 5.8 -0.2 -0.9 Au (koz) 1,036 660 736 758 300 -98 Ag (koz) 127,819 73,621 88,192 93,653 39,627 -20,032 Pb (kt) 34.9 31.2 56.0 35.4 -21.0 -4.0 Zn (kt) 110.2 106.2 79.9 125.3 30.0 -19.0 AgEq (koz) 222,362 138,711 155,841 169,647 66,521 -30,936 AuEq (koz) 2,739 1,654 2,076 2,261 663 -607 Updated MRE Previous MRE Variance 1 2
Page 10
Ag (US$/Oz) 21 24 26 29 31 Au (US$/Oz) 1,580 1,775 1,975 2,200 2,370 NPV(5%) 747 969 1,137 1,362 1,528 IRR 63% 76% 86% 98% 107% 10 July 2024 PEA Highlights The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. PEA Post-Tax EconomicsPEA Outlines Upfront Cashflows Allowing for Rapid Payback Sensitivities to Silver & Gold -US$150M -US$50M US$50M US$150M US$250M US$350M Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Post-Tax FCF Pre-Tax FCF $1,137MNPV(5%) 86%IRR 9 MonthsPayback 5.1xNPV/Capex +20%Base Case-10% +10%-20%
Page 11
11 Project 1: PEA Based on MRE Effective Sept 2023 1. AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram) with price assumptions $24.00/oz Ag, $1800/oz Au, $2,425/t Pb and $2,976/t Zn. All numbers are rounded. 2. Initial CapEx includes 20% contingency and AgEq grades include base metals and are undiluted. 3. PEA based on January 2024 mineral resource. 4. AISC consist of total cash costs plus sustaining capital. 3,300 tpd Initial mill throughput ramping up to 4,000tpd in year four $224M(2) Initial CapEx (US$) $230M Sust. CapEx (US$) 10.6 years Initial mine life $76.4 Unit OpEx (US$/t processed) $9.40 AISC(4) (US$/Oz AgEq) Resource(3) Tonnes (Mt) AgEq(1) (g/t) AgEq(1) (Moz) Inferred 12.2 433 170 Indicated 9.5 511 156 Whole Ore Leach (Initial) To produce doré Long Hole (85%) Drift & Fill (15%) Mining method Conventional Mining, Conventional Processing Cautionary Note: The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Page 12
Site Layout 12
Page 13
$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) 13 2024 PEA Production Profile 1. Unit Operating Costs represent US$/t processed. Initial CAPEX includes contingency 2. Operating cash costs consist of mining costs, processing costs, TSF costs, and site -level G&A. Total cash costs consist of operating cash costs plus royalties and offsite charges. AISC consist of total cash costs plus sustaining capital High-Grades From Copala & Cristiano Early in the Mine Life Drive PEA Project Economics 20.2Moz Avg Annual Production Years 1-2 (AgEq) 162.1Moz LOM Total Production (AgEq) Avg Annual Production 15.2Moz AgEq/y Avg Annual Ag - 8.8Moz Avg Annual Au - 76Koz Throughput – 3,300 ➔ 4,000 tpd Mine Life – 11 years Unit Operating Costs Operating Cost(1): US$76.4/t Operating Cash Costs(3) US$6.88/Oz AgEq AISC: US$9.4/Oz AgEq Capital Requirements Initial Capital(1) US$224M LOM Sustaining Capital US$230M Contingency: US$46M Base Case Economics Silver Price: US$ 26/Oz Gold Price: US$1,975/Oz Post-Tax NPV(5%) : US$1,137M Post-Tax IRR: 85.7% Payback: 9 Months 15.2Moz LOM Avg Annual Production (AgEq)
Page 14
14 Key Areas For Enhancement Completed Infill at Copala & Exploration of Open Resources • Continued exploration and infill drilling for conversion of Inferred Resources to Measured and Indicated categories to support reserve base upon feasibility study H2 2025 Further Optimization Of Tailings And Water Management Infrastructure • Surface geotechnical site investigations, laboratory testing, physical waste characterization, and water balance modelling Optimized Mine Design & Scheduling • Trade-off studies related to mining dimensions, dilution and fleet selection • Mine scheduling investigations allowing for the further optimization of blending scenarios Optimized Metallurgy • Supplementary metallurgical optimizations including deposit-wide variability testing and host rock characterization
Page 15
15 Copala (South) Tajitos Copala (North)Copala (Main) Cristiano Looking South-West From Above 15 De-risking and Expansion at Copala • Completed +10,000 metre infill program focused on high-grade zones within the first two years of production • Completed +5,000 metre infill and expansion program outside MSO
Page 16
16 Fully Permitted Test Mine – 10k tonne Copala Ore Sample Ore Development • 169 meters • 70 vertical meters below surface • 4.5m W x 5m H • 10K tonne Bulk Sample Waste Development • 902 meters • 5.5m W x 5.5m H Confirm Geotechnical Spatial Orientation Extend Metallurgical Testing Specifications
Page 17
17 Dual Track Strategic Plan 1. The Company is targeting completion of the Feasibility Study in the second half of 2025 and intends to make a production deci sion only following the release of a positive Feasibility Study. • Ongoing discovery drilling • Multispectral satellite imagery & Terraspec • Accretive property acquisitions • Ongoing mapping & sampling • District-wide EM & MAG studies • Implementation of Multispectral Satellite & Terraspec targeting • Expanding known resources within the PEA • Drill high priority targets proximal to resource • Deliver PEA • Community engagement & investment • Conversion drilling • Commence permitting process • Bulk sample test mine started Q4 2024 • Resource update early Q1 2025 • Feasibility study H2 2025 • First silver production(1) H2 2027 Developing Panuco Project-1 Development Objectives 2024 - 2027 Exploration Objectives 2024 - 2025 Vizsla Silver aims to become the world’s leading silver company by implementing a dual track development approach, advancing Copala & Napoleon mine development while continuing district scale exploration through low-cost means Exploring a Prolific Silver Belt
Page 18
18 District Upside Potential 1. To date Vizsla 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 District Scale • Animas (La Pipa) • Camelia – San Dimas • Galeana • San Fernando – Nacaral • Jesusita – Palos Verdes To date, less than 30% of the known vein targets at Panuco have been drill tested(1) Proximal • La Luisa North • San Jack – San Peter • Esmeralda-Tecolote • Colorada-Napoleon 5.8 metres True Width 653 g/t Silver 4.26 g/t Gold Recent Discovery at Animas (Released March 31st) Recent Discovery
Page 19
19 A Quality Portfolio in a Prolific Silver Belt La Garra • ~17,000ha past-producing district situated along trend with Panuco and First Majestic’s San Dimas • First time ever in the hands of a public company (with no previous drilling) • Hosts flat-lying structures reminiscent of Panuco’s Copala & sub-vertical structures like the Napoleon Vein San Enrique • ~10,600ha immediately south and partially adjacent with Panuco, along trend of major mineralized structures • Airborne magnetics, radiometrics, and LiDAR previously completed Santa Fé • ~12,200ha immediately south and contiguous with San Enrique • Fully permitted and operating 350 tpd Au-Ag flotation plant on- site • 100% covered with LiDAR, and aero-magnetic and radiometric surveys La Garra Panuco 222.4 Moz AgEq M&I and 138.7 Moz AgEq Inferred as of Jan 2025 San Enrique Santa Fé mine SAN ENRIQUE Santa Fe
Page 20
The Next Billion Ounce Silver District? Source: After Graybeal & Vikre, 2011, S& P Capital IQ 1. This slide contains information about adjacent properties on which the Company has no right to explore or mine. Readers are c autioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Panuco property. District Location Ounces (B) Fresnillo Mexico 3.3 Cerro Rico Bolivia 2.8 Cerro de Pasco Peru 1.7 Pachuca Mexico 1.5 Guanajuato Mexico 1.4 Broken Hill Australia 1.3 Coeur d'Alene USA 1.1 Dukat Russia 1 Cobalt-Gowganda Canada 1 Tayoltita (San Dimas) Mexico 1 Sta Barbara-Parral-SFO Mexico 1 Zacatecas Mexico 1 Concepcion del Oro Mexico 1 Sombrerete-San Martin Mexico 1 Panuco-Copala Mexico ? Mexico hosts 8 of 14 +billion-ounce Ag districts(1), 5 of which are epithermal veins (Ag + Au) Magmatic Hydrothermal Deposits Other Major Silver Deposits Cordilleran Belts
Page 21
21 Environmental, Social Responsibility & Governance 1. The El Coco mill is a 500 tpd processing facility that was acquired with the property. 2. See website for pdf. 3. Total Recordable Incident Rate (TRIR) – Mexican national average TRIR is 3.9 Social Capital Management Governance Environmental HumanRisk Leadership & Capital Biodiversity Over 5k trees at onsite nursery to cultivate key endangered species GHG Emissions(2) Monitoring & minimizing GHG inventory Land Restoration(1) Remediating a historic mill site and cultivating native trees for land restoration Water Quality Consulting Ejido groups on usage. Supporting two projects focused on providing clean water Transparency Signed agreements with all five local Ejidos through collaboration Business Ethics Commitment to integrity across all business functions Prioritizing Local ~70% of on-site staff hired from local communities Competitive Pay Above average pay and community profit sharing to promote local prosperity Proactive Safety Culture Engaging consultants for frontier risk mitigation practices across all operational functions Hazardous Materials Weekly monitoring & reporting on key metrics Promoting Local Growth Eight infrastructure projects and $400k invested to benefit four local communities Community Relations Prioritizing reciprocity through seven community health fairs, connecting 1,200+ people with health professionals Safety Providing all staff with emergency medical training. Exemplary safety record, with TRIR(3) of 0.18 Governance Ensuring board- level ESG oversight through irrefutable principles Inaugural report published in Dec 2023. Second report published Sep 2024 SIA underway to analyze all social risk aspects of project development & operation Annual Sustainability Report Social Impact Assessment
Page 22
$236M $220M $509M $796M $868M $1,060M $1,125M $1,835M $1,965M $2,940M $3,216M $5,073M 0.35 0.59 0.41 0.57 0.63 1.13 0.90 1.34 1.69 1.16 1.37 1.26 22 Significant Re-rate Potential: Closing The Valuation Gap 1. Source: S&P Capital IQ, Company reports, and benchmarks from Scotia, BMO, CIBC, RBC, National, Ventum, Raymond James, Stifel, and Canaccord as of May 22nd, 2025. 2. P/NAV = Price/(Net Asset Value), where NAV is equal to the present value of future cashflow generated by the underlying asset , and Price is market capitalization. Avg Producer P/NAV 1.18x Avg Developer P/NAV 0.48x Market Cap (US$M) P/NAV(1) Average producer P/NAV multiple represents a 146% increase over the average developer P/NAV(1) Explorer/Developer Producers 146% Increase
Page 23
23 Key Potential Catalysts Over Next 12 Months Bulk Sample Test Mine Program • Fully permitted 25,000 tonne bulk sample from Copala and Napoleon, commenced development Q4 2024 • Accessing first two years of high-grade production, and confirming metallurgical test work and mining method • Results to feed into FS H2 2025. Results from Optimized Metallurgy Program (Phased Program) • Confirmation of flowsheet with Master Composites for Copala, Napoleon, and Tajitos • Confirmation of metallurgical response on a suitable number of variability composites • Vendor and design specific testing to support engineering of process units Feasibility Study • Ongoing feasibility study level engineering with expected delivery H2 2025 Ongoing Discovery Potential • Panuco is vastly underexplored, with only 43 out of 158 identified targets having been drilled by Vizsla • 10k m program underway with two rigs to test high priority targets in the Central and East areas of the district
Page 24
24 Three Reasons to Own Vizsla Silver (VZLA-NYSE) 1. See Slide Titled “Corporate Snapshot” in the appendix 2. To date Vizsla has mapped and sampled approximately 88.5 km of cumulative vein strike at Panuco. 3. Source: S&P Capital IQ, Company reports, and benchmarks from Scotia, BMO, CIBC, RBC, National, Ventum, Raymond James, Stifel, Canaccord Fast Track to Production Immense Exploration Upside Significantly Undervalued Timing Strong leverage to rising metals prices supported by growing supply deficits Silver Premium On a P/NAV basis VZLA trades at a material discount to silver producers(3) Catalyst Rich Vizsla has several potential catalysts over the next 12 months Advanced Developer Feasibility Study in H2 2025, targeting first silver in H2 2027 Well-Funded US$94M+ cash + ITM options, zero debt, to carry beyond delivery of Feasibility Study De-Risking Completed conversion drilling, with updated MRE delivered Jan 2025, and test mine commenced Q4 2024 Growing Land Package Tripled land package in 2024, building a multi-generation pipeline of assets along a frontier silver belt Significant Upside Less than 67% of the Panuco property is mapped, and only 30% of the known vein targets have been explored(2) District Wide Geophysics EM & MAG surveys to cover entire Panuco district for the first time in history
Page 25
Appendix
Page 26
-290Moz -190Moz -90Moz 10Moz 110Moz 2015 16 17 18 19 20 21 22 23 24 25 Net Silver Supply (Supply – Demand) $15/oz $20/oz $25/oz $30/oz $35/oz $40/oz 0 200 400 600 800 1000 1200 1400 2015 16 17 18 19 20 21 22 23 24 25 26 Demand for Solar Power is Driving Supply Deficits Source: The Silver Institute World Silver Survey (2025). Net Physical Investment Silverware Jewelry Photography Other Industrial Brazing Alloys Photovoltaics Electronics Since 2020, aggregate silver supply has fallen 0.9% annually, while demand has grown 3.6% annually Used in the manufacturing of solar panels. Since 2020, demand has grown 21% annually SurplusDeficit Silver Demand
Page 27
$1.20 $1.70 $2.20 $2.70 Nov-2024 Dec-2024 Jan-2025 Feb-2025 Mar-2025 Apr-2025 Company Snapshot *NAV valuation, Sources: Company reports, Stockwatch, Bloomberg. CAD to USD at 1.36 COMPANY STATISTICS NYSE as of May 22nd, 2025 Shares Outstanding 299.6 M Warrants (M) 0.23 M Options (M) 22.37 M Shares Fully Diluted (M) 325.9 M Market Capitalization (US$M) $790 M 52 Week Trading Range (US$) $1.58 - $2.73 Avg Daily Trading Volume (3-month, NYSE & TSX) 4,100,000 Cash (US$M) $94 M ANALYST COVERAGE Philip Ker 647.789.2407 Ventum Financial BUY C$4.80/sh Michael Gray 778.952.0978 Agentis Capital C$9.23/sh* Mike Niehuser 949.402.5336 Roth Capital BUY US$3.25/sh Craig Stanley 416.777.2291 Raymond James BUY C$5.00/sh Jake Sekelsky 888.543.4448 AGP BUY US$3.75/sh Cosmos Chiu 416.594.7106 CIBC BUY C$5.00/sh Peter Bell 647.205.4430 Canaccord BUY C$7.50/sh Don DeMarco 416.869.7572 National BUY C$4.75/Sh Kevin O'Halloran 416.278.7023 BMO BUY C$4.50.sh HISTORICAL TRADING PRICE NYSE as of May 22nd , 2025 VIZSLA SHAREHOLDERS 50% 35% 15%Institutions & HNW Retail Management, Directors & Advisors Top Shareholders Franklin Templeton 12% Sprott Inc 5% Eric Sprott 3% ETF Managers Group 3% Craig Parry 3% 27 US$2.67
Page 28
28 Management Team Michael Konnert CEO, Director 15+ years industry experience. Founder & Partner of Inventa Capital and Vizsla Silver. Co-founded & sold CobaltOne Energy Simon Cmrlec B.Eng, COO, Director 30+ years industry experience. Former COO of Ausenco Engineering where he supported mine development around the world, including Silvercrest’s Las Chispas mine Mahesh Liyanage CPA, CFO 20+ years experience in finance. Partner of Inventa Capital. Previously advised public M&A, tax and compliance for Mexican mining companies Michael Pettingell MASc, SVP Bus. Dev. & Strategy 10+ years industry experience. CEO of Vizsla Royalties, former equity analyst for 4 years, with another 6 years as exploration Geologist for Hecla and Romarco Minerals Hernando Rueda PhD., Director of Mexico 25+ years in Mexico mining. Formerly Exploration Manager for Capstone Mining, and Evaluation Manager for Agnico Eagle Jesus Velador PhD., VP Exploration 25+ years experience. Doctorate in epithermal deposits. Former Exploration Manager for Fortuna Silver, and Director of Exploration for First Majestic Fernando Martinez P.Eng, Director of Projects 27+ years experience. Project Dev engineer for Agnico Eagle, UG Mine Manager for Silvercrest, and General Manager of Santa Elena mine, First Majestic Ana Victoria Meza BSc., Environmental Manager 10+ years experience as an environmental engineer in mining, renewable energy, and oil/gas. Active member of Vizsla’s ESG committee
Page 29
29 Board of Directors & Advisors Craig Parry B.Sc., Chairman 25+ years industry experience. Holds 6 mining company board seats. Founder of Vizsla Silver, Vizsla Copper, and initial founder & advisor of Inventa Capital Harry Pokrandt Director 30+ years industry experience. Former MD of Macquarie Capital Markets, CEO of Hive Block Chain. Director of five listed mining companies David Cobbold MBA, Director 25+ years experience in financial services. Vice Chairman of Macquarie Group Mining, over seeing M&A activities in Canada, the U.S., and South Africa Eduardo Luna P.Eng., Director Mexican mining hall of fame member, President of the Mexican Mining Chamber, Director of Coeur Mining, former Director at Wheaton Precious Metals, Senior Executive at Peñoles, Goldcorp, Luismin, Alamos Gold, and Primero Suki Gill CPA, Independent Director 23+ years in audit and assurance for public and private firms. Director of Skeena and former director of the Provincial Heath Service Authority Fernando Berdegué MBA, ESG Advisor 13+ years experience, with a background in finance, law, and mining. Founder & CEO of Durango Gold Corp, Co-Founder of Tonogold Resources Dr Peter Megaw Ph.D., Technical Advisor 30+ years industry experience. Notable mineral discoveries at MAG Silver, Excellon Resources, winning the Thayer Lindsay award at PDAC in 2016 Chris Adams MBA, CFA, Debt Advisor 34+ years in capital markets and project financing. Former head of Mining Finance at Macquarie Group, Executive director of Investment Banking at CIBC
Page 30
a bcd e f g h I j k $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Dec-2018 Jun-2019 Dec-2019 Jun-2020 Dec-2020 Jun-2021 Dec-2021 Jun-2022 Dec-2022 Jun-2023 Dec-2023 Jun-2024 Dec-2024 $1.5M at $0.09 18% 201% 2358% $2.7M at $0.22 79% 282% 822% $0.3M at $0.22 102% 274% 822% $1.5M at $0.22 134% 294% 822% $3.4M at $0.24 482% 450% 757% $22M at $1.02 22% 49% 97% $51M at $1.36 13% -18% 47% $25M at $0.79 4% -5% 154% $33M at $0.90 1% 10% 123% $25M at $0.82 19% NA 146% $48M at $1.41 18% NA 42% 30 Creating Shareholder Value 1. Values are updated as of May 22 nd 2025 2. To date, the Company has incurred an aggregate of approximately US$146.7 million in exploration expenditures over the life of the Project. 3. Financings were issued in Canadian dollars and are converted here at 1.32 CAD/USD. a b d e c f g i J h Financing(3) USD/Share 30day Return 1yr To Date(1) • Proven Access to Capital • Return on Investment • Vizsla Discovery Cost of US$0.41/oz AgEq(2) k
Page 31
31 Panuco Mineral Resource Estimate - January 2025 Updated Panuco Project Indicated & Inferred Resource Summary by Vein (150 g/t AgEq cut-off) 1. AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $26/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc. 2. AuEq = Au ppm + (((Ag ppm x Ag price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Au price/gram). Metal price assumptions are $26/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc. 3. Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc. 4. To date, the Company has incurred an aggregate of approximately US$146.7 million in exploration expenditures over the life of the Project. Ag Au Pb Zn AgEq Au Eq Ag Au Pb Zn 1AgEq 2AuEq (Mt) (g/t) (g/t) (%) (%) (g/t) (g/t) (koz) (koz) (ktons) (ktons) (koz) (koz) Copala 1.88 442 3.09 0.08 0.15 684 8.92 26,744 187 1.4 2.9 41,418 540 Napoleon 0.36 161 2.34 0.51 1.41 404 4.55 1,853 27 1.8 5.1 4,638 52 Total Measured 2.24 397 2.97 0.15 0.35 640 8.22 28,597 214 3.3 7.9 46,056 592 Copala 4.29 402 2.5 0.09 0.17 600 7.8 55,374 345 3.8 7.2 82,781 1,076 Tajitos 0.72 380 2.34 0.14 0.25 571 7.36 8,833 55 1 1.8 13,277 171 Cristiano 0.36 610 3.67 0.25 0.45 912 11.73 7,102 43 0.9 1.6 10,614 137 Copala Area Total 5.37 413 2.56 0.11 0.2 617 8.01 71,309 443 5.7 10.6 106,672 1384 Napoleon 3.78 150 2.25 0.52 1.78 399 4.32 18,184 273 19.4 67.2 48,404 525 Napoleon HW 0.99 217 2.09 0.47 1.64 448 5.04 6,885 66 4.6 16.2 14,206 160 Luisa 0.49 143 2.12 0.31 1.44 364 4.08 2,238 33 1.5 7 5,693 64 Josephine 0.06 230 2.54 0.38 1.09 473 5.64 452 5 0.2 0.7 928 11 Cruz 0.03 145 2.01 0.38 2.01 380 4.03 154 2 0.1 0.7 403 4 NP Area Total 5.34 163 2.21 0.49 1.72 405 4.44 27,913 379 25.9 91.7 69,634 763 Total Indicated 10.72 288 2.39 0.3 0.95 512 6.23 99,222 822 31.6 102.3 176,306 2,147 Total M&I 12.96 307 2.49 0.27 0.85 534 6.58 127,819 1036 34.9 110.2 222,362 2,739 Copala 2.32 322 1.83 0.16 0.27 476 6.09 24,014 137 3.7 6.2 35,452 454 Tajitos 0.89 346 2.08 0.27 0.43 527 6.66 9,936 60 2.4 3.9 15,132 191 Cristiano 0.34 460 2.49 0.16 0.31 665 8.57 4,959 27 0.5 1.0 7,168 92 Copala Area Total 3.55 341 1.96 0.19 0.31 507 6.48 38,909 224 6.7 11.1 57,752 739 Napoleon 2.28 159 1.46 0.44 1.63 340 3.64 11,637 107 10.0 37.1 24,941 267 Napoleon HW 0.59 202 2.12 0.64 2.15 458 4.91 3,800 40 3.7 12.6 8,619 92 Luisa 2.83 132 2.24 0.28 1.24 355 4.05 12,049 204 8.1 35.2 32,307 369 Josephine 0.21 176 1.81 0.34 1.01 360 4.19 1,180 12 0.7 2.1 2,406 28 Cruz 0.35 171 3.58 0.3 1.64 510 5.92 1,907 40 1.0 5.7 5,676 66 NP Area Total 6.25 152 2.00 0.38 1.48 368 4.09 30,573 403 23.5 92.6 73,949 822 *San Antonio 0.30 226 1.30 0.01 0.03 325 4.33 2,038 12 0.0 0.1 2,936 39 *Animas 0.40 169 1.68 0.29 0.6 327 4.37 2,101 21 1.1 2.3 4,074 54 Total Inferred 10.5 219 1.96 0.3 1.01 412 4.91 73,621 660 31.2 106.2 138,711 1,654 Measured & Indicated Inferred Vein Tonnes Average Grade Contained Metal Measured Indicated
Page 32
32 2023 Production from Top Silver Primary Producers 1. Source: Company reports, Cap IQ, 2023 annual silver equivalent production. Selected assets are operating silver primary mines (2023 Ag production > 50% total production value) in Mexico. 2. Silver equivalent is calculated using the following metals prices: Ag US$26/Oz, Au US1,975/oz, Zn US$2,646/t, Pb US$2,094/t, Cu US$8,818/t 22.7Moz 22.6Moz 21.9Moz 18.7Moz 14.2Moz 13.7Moz 12.2Moz 10.2Moz 8.8Moz 7.7Moz 6.8Moz 6.2Moz 5.7Moz 2.7Moz 1.1Moz $9.7 $14.5 $16.5 $14.4 $15.3 $14.4 $20.5 $12.9 $14.7 $15.8 $24.2 $21.4 $25.4 $31.6 $20.2 $17.6 Avg. AISC
Page 33
33 4 3 5 6 1 2 1. Bulk flotation is being considered for phase 2 expansion to Napoleon where higher base metals exist at depth. Permitting will include the bulk flotation and CCD for added flexibility, though current mine plan does not incorporate base metal recovery 33 Processing Facility 3,300 tpd Whole Ore Leach 3CB Comminution Bulk Leaching & CCD Merrill Crow & Refining Bulk Flotation(1) Expansion (Future) Concentrate Regrind(1) & Leach (Future) Cyanide Detox & Tailings 1 2 3 4 6 5 1 5 4 3 2 6
Page 34
34 Ongoing Metallurgical Optimization • Phase 1: Validation and confirmation of the most economic flowsheet configuration - Copala, Napoleon and Tajitos • Phase 2: Confirmation of metallurgical recoveries and response over several variability composites • Phase 3: Vendor and design specific testing to support engineering of process units • Phase 4: Ongoing test work focused on incremental improvements to optimize the process flowsheet • To date, three rounds of metallurgical testwork have been completed on the main deposits at Panuco • Napoleon (2021), Tajitos (2022), Copala (2023) • Comminution; bulk, sequential, and cleaner flotation; gravity concentration and whole ore and con-tails leach; bench scale regrind signature plot (Copala only); whole ore leach diagnostics (Copala and Tajitos only) Testwork History Optimized Metallurgy (Phased Program) • Test work demonstrates high precious metals recoveries (up to 93% Ag and 94% Au) • Simplified flow sheet to produce silver-gold doré • Negligible deleterious elements present • Sample selection concluded • Lab test began end of April • Metallurgical test work concluded Oct-24 Conventional Processing Improving Recoveries
Page 35
35 Tailings Storage Facility • Wet tailings was selected for both technical and economic reasons • ~60% of tailings are sent to TSF • Water is recycled from the TSF to the process plant • Tailings dam strategically located in watershed with no downstream communities • Infrastructure is situated within property concessions and long- term (30-year) Ejido agreements • Further surface geotechnical site investigations, laboratory testing, physical waste characterization, and water balance modelling to optimize design in subsequent studies Tailings storage facility located 2.5km from process facility, primarily gravity fed 2.5km N
Page 36
36 Initial Capital Expenditures Panuco - Direct Cost Breakdown Initial CAPEX Mechanical Equipment PricingPanuco CAPEX LOM Sustaining CAPEX Mining $208 Process Plant $22 Total (US$M) $230 Initial CAPEX Underground Mining $64.52 Process Plant $63.19 Additional Facilities $8.68 On-Site Infrastructure $13.54 Off Site Infrastructure $0.85 Project Preliminaries $6.08 Project Delivery $12.94 Owner's Cost $7.54 Contingency $46.32 Sub Total (US$M) $224 Expansion (yr 4) $11.08 Closure $31.83 Total (US$M) $267 Mechanical Equipment Pricing (Source) % Budget Quotes 58% Benchmark Projects 39% Ausenco Database 3% BULK EARTHWORKS 8% CONCRETE 3% STRUCTURAL STEELWORK 2% ARCHITECTURAL 1% PLATEWORK 7% MECHANICAL EQUIPMENT 22% PIPING AND FITTINGS 4%ELECTRICAL EQUIPMENT 7% ELECTRICAL BULKS 2% INSTRUMENTATION 1% MINE DEVELOPMENT 47%
Page 37
37 Panuco Operating Expenditures Unit Operating Costs Mine $47.21 Processing $21.62 TSF $0.33 Site G&A Costs $7.24 Total (US$/t processed) $76.40 Operating Development 14% Production Costs 43% Drilling 9% Blasting 1% Load and Haul 6% Backfill 9% Site services (Power/Diesel) 7% Labour 1% Maintenance 6% All other Costs 4% Mining OPEX Processing OPEX Power 20% Reagents 43% Consumables 17% Maintenance 4% Labour 7% Mobile Equipment 5% Lab Services 2% Fresh Water Supply 2% LOM OPEX (US$M) Mining Costs $689.54 Processing $315.87 TSF Operating Costs $4.83 Site G&A Costs $105.71 Total (US$M) $1,116
Page 38
38 Copala (South) Tajitos Copala (North)Copala (Central) Cristiano Design by Production Method: Copala Portal Looking South-West From Above 38 Conventional Mining Longhole (85%) Drift & Fill (15%) Mining method Napoleon 100% Long Hole Development Longhole Drift & Fill
Page 39
39 Copala (South) Tajitos Copala (North)Copala (Central) Cristiano Year Mined: Copala Portal Looking South-West From Above 39 Copala - Mine Development Timeline Pre-production (2yr) Y1 – Y2 Y3 – Y4 Y5 – Y6 Y7 – Y8 Y10+ Y8 – Y9
Page 40
40 Year Mined: Napoleon Portal Looking South-West Napoleon (South) Napoleon (Main) La Luisa Cruz Negra / Josephine 40 Napoleon - Mine Development Timeline Pre-production (2yr) Y1 – Y2 Y3 – Y4 Y5 – Y6 Y7 – Y8 Y10+ Y8 – Y9
Page 41
41 41 Copala & Cristiano – Preliminary Mine Design Looking NorthEast Copala Portal
Page 42
42 42 Napoleon South – Preliminary Mine Design Looking East
Page 43
43 43 La Luisa – Preliminary Mine Design Looking SouthWest
Page 44
44 INFORMATION CONCERNING ESTIMATES OF MINERAL RESOURCES The scientific and technical information in this presentation was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). The terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used in this video are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which definitions have been adopted by NI 43-101. Accordingly, information contained in this video providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder. You are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Information regarding mineral resources contained or referenced in this video may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
Page 45
45 DISCLAIMER General This corporate presentation is intended to provide an overview of the business of Vizsla Silver Corp. (the “Company”, “Vizsla” or “Vizsla Silver”). It has been prepared for informational purposes only and does not purport to be complete. The information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. This presentation should not be construed as legal, financial or tax advice to any individual, as each individual’s circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained on this presentation. This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities of the Company in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities of the Company described herein have not been and will not be registered under the United States federal or state securities laws and may not be offered or sold in the United States, or to, or for the account or benefit of, “U.S. Persons” as such term is defined in Regulation S under the United States Securities Act of 1933, as amended, unless an exemption from registration is available. Qualified Person The content of this presentation has been reviewed and approved by Jesus Velador, Ph.D. MMSA QP., Vice President of Exploration for Vizsla Silver and a Qualified Person as defined under the terms of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Page 46
NYSE:VZLA TSX:VZLA June 2025 595 Burrard Street Suite 1723, Vancouver, BC Canada V7X 1J1 +1 604 364 2215 info@vizslasilver.ca