June 30, 2025

Vizsla Silver- $100M Financing Secured, Copala Test Mine Advancing at Panuco

15 minutes

Vizsla Silver (TSX:VZLA - NYSE:VZLA) continues to deliver key milestones at its flagship Panuco Project in Mexico. In this company update, Mike Konnert, President and CEO, joins me to discuss two major developments: the progress at the Copala Test Mine and the recent $100 million bought-deal financing.

Key topics discussed:

Test Mining Progress: Mike provides an update on the underground development now reaching 140 meters, the upcoming 10,000-tonne bulk sample from the 460 level, and how this early work is designed to de-risk the full mine build ahead of mill construction.

Purpose of the Test Mine: The goal is to validate mining rates, grade control, and block model reconciliation while stockpiling ore and training the team. This phased approach sets Vizsla up for a smoother transition into full-scale production.

Exploration & Resource Expansion: Underground drilling will support resource category conversion (indicated to measured) and eventual reserve definition. Additional drilling is ongoing with plans to grow the broader Panuco district resource base.

$100M Financing and Funding Strategy: With ~$200M USD now in the treasury and total CapEx of ~$224M USD, Vizsla is well-positioned to complete mine construction and negotiate project financing from a position of strength - without further equity dilution.

Takeover Potential & Valuation Gap: Mike addresses M&A questions and emphasizes that Vizsla is currently trading at ~0.5x NAV, with a clear path toward full value and beyond - citing peers like SilverCrest and MAG Silver reaching 1.5–2x NAV.

If you have any follow up questions for Mike please email me at [email protected].

Click here to visit the Vizsla website to learn more about the Company.

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