# Vizsla Silver (TSX:VZLA)

> Vizsla Silver is a Canadian development company advancing Panuco, its 100%-owned silver-gold project in Sinaloa, Mexico.

## About

Vizsla Silver is a Canadian development company advancing Panuco, its 100%-owned silver-gold project in Sinaloa, Mexico. The November 2025 Feasibility Study outlines 17.4 Moz AgEq annual production over an initial 9.4-year mine life, an after-tax NPV (5%) of US$1.8B, a 111% IRR, and a 7-month payback at US$35.50/oz silver and US$3,100/oz gold. Vizsla Silver is concurrently advancing mine development and district-scale exploration with the objective of becoming a leading primary silver producer.

## Key facts

- **Cash position:** $200M
- **Shares outstanding:** 343.9 M
- **Fully diluted shares:** 367.06 M
- **Warrants:** 0.06 M
- **Options:** 19.48 M
- **Mineral resource:** Mineral Resource Estimate Effective September 9, 2024. The Technical Report has an effective date of September 9, 2024 and was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo., and Henri Gouin, P.Eng. of SGS Geological Services and Peter Mehrfert, P.Eng., James Millard, P.Geo., Scott Elfen, P.E., and Jonathan Cooper, P.Eng. of Ausenco Engineering Canada ULC. Historical Technical Reports: Mineral Resource Estimate Effective September 1, 2023. Mineral Resource Estimate Effective January 19, 2023.
- **Projects:** ["Panuco Project\n\n## Overview\n\n#### District Scale & 100% Owned\n\n- Applying modern exploration techniques to a newly consolidated land package that has never been systematically explored\n- Quadrupled land package since January 2024, now over 30k ha\n\n#### Location, Location, Location\n\n- Situated in an underexplored area of the emerging Western Mexico Silver Belt\n- 80km from San Dimas (1Bn+ Oz AgEq in production(1) \\+ reserves)\n\n#### Existing Infrastructure\n\n- Past producing district that benefits from access to HV power, water, roads, and proximal to Mazatlán\n- To date, Vizsla has completed over 375,000 metres of diamond drilling without constructing a single road\n\n#### World’s Largest Undeveloped High-Grade Silver Primary Resource Advancing to Production\n\n- Upgrading resources to higher confidence categories\n- Completed conversion drilling and test mine commenced in Q4 2024 to de-risk initial production\n- Targeting first silver in H2 2027\n\n#### Corporate Strength\n\n- Vizsla is well funded with $94M+ in cash plus ITM options(2) & warrants, no debt, and industry leading team & board\n\n## Feasibility Study\n\nOn November 12, 2025 the Company announced the [**Feasibility Study**](https://vizslasilvercorp.com/vizsla-silver-delivers-positive-feasibility-study-for-the-panuco-project/) on the Project.\n\nThe 2025 Panuco Feasibility Study considers two contiguous underground mines, the Copala Mine and the Napoleon Mine, with on-site treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit to produce silver-gold doré bars. The mines will be contractor-operated, utilizing ramp-access and a combination of long-hole stoping and drift-and-fill mining methods.\n\nThe processing throughput capacity of 3,300 tonnes per day for the first 3 years, expanding to 4,000 tonnes per day in year 4, results in an initial mine life of 9.4 years. The Feasibility Study leverages the Panuco district’s existing infrastructure in a well-established mining jurisdiction, including all-weather access roads, high-voltage power, and an abundance of water and skilled labour.\n\nThe Feasibility Study is derived using the Company’s updated NI 43-101 Mineral Resource Estimate (dated February 20, 2025). The effective date of the Feasibility Study is November 4th, 2025.\n\n#### NI 43-101 Technical Report and Feasibility Study\n\n[Panuco Project NI 43-101 Technical Report and Feasibility Study](https://wp-vizslasilvercorp-2024.s3.ca-central-1.amazonaws.com/media/2025/12/2025-12-02-panuco-trfs.pdf) [Download](https://wp-vizslasilvercorp-2024.s3.ca-central-1.amazonaws.com/media/2025/12/2025-12-02-panuco-trfs.pdf)"]
- **Leadership:** Michael A. Konnert (President, Chief Executive Officer, Mining entrepreneur with expertise in deal-making, financing, and corporate development. Founder of Vizsla Silver Corp. and co-founder of Inventa Capital.), Mahesh Liyanage (Chief Financial Officer, Chartered Professional Accountant with over 20 years of experience in public company reporting and regulatory compliance.), Simon Cmrlec (Chief Operating Officer & Director, Senior engineer with over 30 years of experience in mining projects globally.), Michael Pettingell (SVP, Business Development and Strategy, Geologist with over 10 years of experience in mining and capital markets.), Jesus Velador (Chief Geologist, Expert in precious metals exploration with over 20 years of experience.), Dave D’Antonio (Senior Vice President of Technical Services, Over 18 years of international mining experience in technical services.), Guillermo Hernandez (Vice President of Exploration, 20 years of experience in mineral exploration and resource estimation.), Angel Diego Gómez Olmos (Vice President of Government Relations, Lawyer with over a decade of experience in mining law and regulatory affairs.), Susy Horna (Corporate Secretary, Experienced in legal aspects of mining and corporate governance.), Craig Parry (Independent Director / Chairman, Founder and executive with extensive experience in mining and resource projects.), Harry Pokrandt (Independent Director, Capital markets executive with over 30 years of experience in mining and technology.), David Cobbold (Independent Director, Veteran investment banker with 25 years of experience in financial services.), Eduardo Luna (Independent Director, Over 40 years in the precious metals mining industry with senior executive experience.), Suki Gill (Independent Director, Chartered Professional Accountant with 23 years of experience in audit and assurance services.)

_Verified data last updated: 2026-06-12_

## Recent filings

- 2026-06-16 — press_release — [VZLA_2026-06-16_09-32-42.pdf](https://ai-chat-dev-red.vercel.app/vzla/preview/55466?documentId=55466)
- 2026-05-26 — press_release — [VZLA_2026-05-26_05-30-57.pdf](https://ai-chat-dev-red.vercel.app/vzla/preview/52459?documentId=52459)
- 2026-05-21 — press_release — [VZLA_2026-05-21_05-26-19.pdf](https://ai-chat-dev-red.vercel.app/vzla/preview/51715?documentId=51715)
- 2026-05-19 — press_release — [VZLA_2026-05-19_04-58-46.pdf](https://ai-chat-dev-red.vercel.app/vzla/preview/51287?documentId=51287)
- 2026-05-14 — press_release — [VZLA_2026-05-14_05-48-33.pdf](https://ai-chat-dev-red.vercel.app/vzla/preview/50485?documentId=50485)
- 2026-05-12 — press_release — [VZLA_2026-05-12_05-33-50.pdf](https://ai-chat-dev-red.vercel.app/vzla/preview/50041?documentId=50041)
- 2026-04-23 — press_release — [VIZSLA SILVER AWARDS EPCM AND MINE DESIGN CONTRACTS FOR THE DEVELOPMENT OF THE PANUCO SILVER-GOLD PROJECT](https://ai-chat-dev-red.vercel.app/vzla/preview/29744?documentId=29744)
- 2026-04-06 — press_release — [www.vizslasilvercorp.com | 1 NYSE: VZLA TSX: VZLA FOR IMMEDIATE RELEASE April 6, 2026 VIZSLA SILVER PROVIDES ADDITIONAL UPDATE ON SITUATION IN CONCORDIA Vancouver, British Columbia (April 6, 2026) – Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) (“Vizsla Silver” or the “Company”) toda](https://ai-chat-dev-red.vercel.app/vzla/preview/22939?documentId=22939)

## Investor FAQ

### [Projects overview?](https://ai-chat-dev-red.vercel.app/vzla/faq/projects-overview)

Vizsla Silver is advancing the Panuco Project, a 100%-owned silver-gold project in Sinaloa, Mexico. The project has a significant mineral resource and is situated in an underexplored area of the Western Mexico Silver Belt, with plans for initial production targeting first silver in H2 2027. The feasibility study outlines a mine life of 9.4 years with a processing capacity of 3,300 tonnes per day, expanding to 4,000 tonnes per day in year 4.

### [Latest news?](https://ai-chat-dev-red.vercel.app/vzla/faq/latest-news)

The latest news from Vizsla Silver includes the awarding of EPCM and mine design contracts for the development of the Panuco silver-gold project, as announced on April 6, 2026. Additionally, the company has been providing updates on its situation in Concordia, with further details available in their recent press releases.

## Live AI chat

- https://ai-chat-dev-red.vercel.app/vzla/chat
- Investor website: https://vizslasilvercorp.com/