Vizsla Silver Corp. · TSX:VZLA
Vizsla Silver — Investor Presentation (December 2025)
40 slides from Vizsla Silver's investor presentation, December 2025
Slide 1: Forging the Future of Silver in Mexico
NYSE VZLA TSX VZLA Corporate Presentation December 2025 FORGING THE FUTURE OF SILVER IN MEXICO PANUCO SILVER & GOLD DISTRICT VIZSLA SILVER
Slide 2: Forward Looking Statement
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 wor
Slide 3: Our Vision: Targeting First Silver H2 2027
Targeting First Silver Our Vision H2 2027 Vizsla’s vision is to become the World’s Leading Silver Primary Producer in Mexico through consolidation, exploration, and development of the Panuco district in Mexico Vizsla is Targeting Annual Production of 50MOz AgEq by 2035 VIZSLA SILVER 2
Slide 4: Leadership
Leadership The Most Important Asset MICHAEL KONNERT CRAIG PARRY SIMON CMRLEC Significant Discoveries and CEO, Director Chairman COO, Director Founder & Managing Partner of Inventa Initial Co-founder & advisor of Inventa Former COO of Ausenco. Shareholder Returns Driven Capital, raising over $800M si
Slide 5: Fully Financed Following $300M Notes Offering
Fully Financed Following $300M Notes Offering Replacing Previous Debt Mandate Cash Settled Convertible Notes US$40M US$480M $300M 5 years Gross Offering Maturity (Jan 15, 2031) US$240M 5% $5.84 Annual Coupon rate Conversion Price(1) Total Financing Capacity Convertible Bonds (25% Premium to US$4.67
Slide 6: Development Timeline
Development Timeline Fully Financed, Advancing Panuco Towards Construction Decision 2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PEA Conversion Drilling Commence Test Mine Resource Update Feasibility Study Permitting Construction First Silver Targeting First Silver in the Seco
Slide 7: Tier 1 Silver Development
Tier 1 Silver Development Tremendous Growth Potential Fast Track to Production Well Funded DeRisking • Feasibility Study complete • US$200M cash + ITM options and • Ongoing test mine commenced Q4 ADVANCING • Targeting first silver H2 2027 US$40M in equity holdings 2024 DEVELOPMENT • Construction dec
Slide 8: Unrivalled Infrastructure in an Established Mining Jurisdiction
Unrivalled Infrastructure in an Established Mining Jurisdiction Site Access Highway 40 from Mazatlán to Concordia and into Panuco property (~1hr drive) Toll highway 40D (Mazatlán to Durango) International Infrastructure Deepwater port located in Mazatlán Mazatlán International Airport locate
Slide 9: Feasibility Study Highlights
Feasibility Study Highlights Developing a World Class Silver Asset in Mexico Highly Profitable High-Grade Silver Project Well Financed Strong Balance Sheet $1,802M 111% 162M Oz $240M $200M Post-Tax NPV(5%) Post-Tax IRR (%) LOM Payable AgEq(2) Net proceeds on capped call Cash Position Convertible bon
Slide 10: Feasibility Study Production Profile
Feasibility Study Production Profile 20.1 Moz 17.4 Moz 425 g/t $10.61/oz Avg. Annual AgEq LOM Avg. Annual AgEq(1) LOM AgEq(1) Head Grade LOM All-in-sustaining-cost production (Yr 1 -5) production (AISC) US$/ Oz AgEq(1) 30Moz $14 Annual Payable AgEq Production 25Moz $12 $10 AISC US$/Oz AgEq 20Moz $8
Slide 11: Cashflow and Post-Tax Economics
Robust Economics Cashflow Profile Post-Tax Economics $700M $600M $1,802M 111% NPV(5%) IRR(%) $500M 7 Months 7.5x $400M Cashflow (US$M) $300M Payback Period NPV/Initial CAPEX $200M $100M Metal Price +/- % -50% -25% Base Case +25% +50% $0M Ag (US$/oz) $17.75 $26.63 $35.50 $44.38 $53.25 -$100M Au (US$/
Slide 12: Mining & Processing Summary
Mining & Processing Summary Mining Processing LHS (76%) DAF (24%) 3,300 tpd 4,000 tpd 425 g/t Long Hole Stoping Drift and Fill Phase 1 Throughput Phase 2 Throughput (yr 4+) LOM Grade AgEq(1) 0.80Mt 1.60Mt 1000 0.70Mt 1.40Mt 800 0.60Mt 1.20Mt 600 0.50Mt 1.00Mt 400 0.40Mt 0.80Mt 200 0.30Mt 0.60Mt 0.20
Slide 13: Site Layout
Site Layout ow, Vv Federal Highway { { CRF Plant Area a) Test Mine & Copala Portal Ij pZ | mr oe A cnn Fst \ ) . | Tailings Storage Facility / ( o 250 500 — High Voltage Power => Toll Highway 40D ~ Federal Highway Existing Roads TSF Surface Infrastructure » Pads 1 Measured Resources I indicated Reso
Slide 14: Reserves at Panuco Have High Production Potential
Reserves at Panuco Have High Production Potential Top Silver Primary Production (2024 Moz AgEq) Reserves Tonnes (Mt) AgEq(1) (g/t) AgEq(1) (Moz) Saucito (FRES) 24.1 Proven 1.95 502 31.4 Juanacipio (FRES) 20.1 Panuco FS Yr 1-5 (VZLA) 20.1 Probable 10.85 400 139.7 Panuco FS LOM (VZLA) 17.4 San Julian
Slide 15: Capital Expenditures
Capital Expenditures Panuco Capital Intensity Initial CAPEX CAPEX NPV/Initial CAPEX(1) Direct Cost Breakdown Initial CAPEX(2) Panuco Panuco 7.5x 2% 18% Mining 60.2 Las Chispas 3.5x Instrumentation Bulk Earthworks Process Plant 63.9 Blackwater 3.3x 6% 4% Concrete Additional Process Facilities 18.7 Es
Slide 16: Enhancing Value Beyond Feasibility Study
Enhancing Value Beyond Feasibility Study • Conversion drilling • Expansion drilling to (Surface & Underground) increase the resource INCREASING to increase reserves past current extents RESOURCES & • Apply updated metal prices RESERVES to Reserve(1) estimation • Additional test-work to • Review mini
Slide 17: Fully Permitted Test Mine
Fully Permitted Test Mine 10k Tonne Copala Ore Sample De-Risking Focus Confirm Geotechnical Determine Spatial Orientation Advance Mine Development Specifications Drill bay 1 Ore Development • 169 meters • 70 vertical meters below surface Drill bay 2 • 4.5m W x 5m H • 10K tonne Bulk Sample Waste Deve
Slide 18: Upgrading Inferred Resource at Yrs 1-5 in Copala
Upgrading Inferred Resource at Yrs 1-5 in Copala Focused on upgrading Copala–Cristiano ~25 Moz Inferred AgEq in northern Copala-Christiano intersection (blue ellipse) ~42 Moz Inferred AgEq across the zone Priority targets to convert mineralization (optimal for WOL) in years 1-5 Copala infill
Slide 19: Dual Track Strategic Plan
Dual Track Strategic Plan DEVELOPMENT OBJECTIVES EXPLORATION OBJECTIVES Panuco Project – 2024-27 A Prolific Silver Belt – 2024-25 Deliver PEA Ongoing discovery drilling Vizsla Silver aims to become the world’s leading silver Community engagement and Multispectral satellite imagery company by impleme
Slide 20: District Upside Potential
District Upside Potential To date, less than 30% of the known vein targets at Panuco have been drill tested(1) SAN FERNANDO - NACARAL Resource Expansion JESUSITA – PALOS • Copala & La Luisa remain open • Napoleon (HW4) to the east, as GALEANA VERDES along strike to the north and well as three potent
Slide 21: Animas vein system: La Pipa
Animas vein system: La Pipa VIZSLA SILVER 20
Slide 22: A Quality Portfolio in a Prolific Silver Belt
A Quality Portfolio in a Prolific Silver Belt Santa Fé Secured 100% ownership of all production and exploration concessions, extending the high-grade discovery trend at Panuco Defined six high-priority drill targets around the Santa Fé mine Current focus: expanding detailed property-wide mappi
Slide 23: Santa Fé: Near-mine Vein Targets
Santa Fé: 3 Near-mine Vein Targets The Santa Fé property spans 12,229 hectares located along the prolific Copala trend Existing Operations • 350 tpd facility producing silver • To date, over 19,000 m of drilling San José NW and gold, with further mine-life has been complete upside Santa Fé Alto Vizs
Slide 24: Key Potential Catalysts Over Next 12 Months
Key Potential Catalysts Over Next 12 Months MIA submitted February 2025; approval targeted for H1 2026 with all other permits well advanced to follow PERMITS IMMANENT Construction decision planned immediately following receipt of key environmental and operating permits Test mine delivering met
Slide 25: Significant Re-rate Potential: Closing The Valuation Gap
Significant Re-rate Potential: Closing The Valuation Gap Average producer P/NAV multiple represents a 127% increase over the average developer P/NAV(1) 16,000 4.00 $13,717 14,000 $13,335 3.42 3.50 12,000 3.00 2.62 10,000 2.50 2.43 Avg Producer P/NAV 1.93x $8,282 8,000 2.00 1.71 6,000 127% Increase $
Slide 26: Benchmarking the Silver Sector
Benchmarking the Silver Sector Production, AISC, and Free Cash Flow Yield in Context 2024 AgEq Production (Moz AgEq) 2024 AISC (US$/AgEq oz) Silver Production & AISC Avg. $19.26 $27.02 $26.11 $23.00 124 122 $19.70 $21.11 $20.66 $18.99 105 $16.73 $14.40 $12.64 $20.35 $18.94 $19.40 n/a $10.61 39 38 34
Slide 27: Valuation Upside
Valuation Upside Advancing toward development with substantial upside Vizsla Silver aims to become Company in production Artemis Gold the world’s leading silver company y implementing a dual track development approach, advancing Copala Company in development and Napoleon mine Relative Value Skeena R
Slide 28: Three Reasons to Own Vizsla Silver
Three Reasons to Own Vizsla Silver ADVANCING EXPLORATION RESPONSIBLE DEVELOPMENT UPSIDE GROWTH Fast Track to Production Growing Land Package Investing Locally • Feasibility Study complete • Quadrupled land package since 2024 • 8 infrastructure projects & $8.6M(2) • Targeting first silver H2 2027 • B
Slide 29: Appendix
Appendix
Slide 30: Company Snapshot
Company Snapshot Company Statistics NYSE as of Dec 1, 2025 Vizsla Shareholders Top Shareholders Shares Outstanding (M) 343.10 M Sprott Asset Management 6.1% 15% 50% Warrants (M) 0.06 M Management, Institutions Directors & & HNW Tidal Investments 4.2% Advisors Options (M) 20.33 M Franklin Templeton 4
Slide 31: Processing Flow Sheet – 4,000 tpd Whole Ore Leach
Processing Flow Sheet – 4,000 tpd Whole Ore Leach 1 3CB Comminution `` 2 Bulk Leaching & CCD 11 25 3 Merrill Crowe & Refining 36 4 Cyanide Detox & Tailings 42 5 Bulk Flotation(1) Expansion 53 (Future) 6 Concentrate Regrind(1) & Leach (Future) 46 1. Bulk flotation is being considered for the ramp up
Slide 32: Copala Stope Shapes & Reserves
Copala Stope Shapes & Reserves 7.90Mt 0 – 150 g/t 150 – 200 g/t P&P Reserves 200 – 400 g/t 318 g/t 400 – 600 g/t 600 – 800 g/t 800+ g/t P&P Ag Grade AgEq g/t 2.05 g/t P&P Au Grade 123Moz P&P Contained AgEq Looking North-West Note: The effective date of the Feasibility Study is November 4, 2025. VIZS
Slide 33: Napoleon & La Luisa Stope Shapes & Reserves
Napoleon & La Luisa Stope Shapes & Reserves 4.91Mt 0 – 150 g/t 150 – 200 g/t P&P Reserves 200 – 400 g/t 400 – 600 g/t 600 – 800 g/t 139 g/t 800+ g/t P&P Ag Grade 1.95 g/t P&P Au Grade 47Moz P&P Contained AgEq Looking North-West Note: The effective date of the Feasibility Study is November 4, 2025. V
Slide 34: Copala - Mine Development Timeline
Copala - Mine Development Timeline Tajitos Cristiano Portal Pre-production (2yr) Copala (North) Y1 – Y2 Y3 – Y4 Y5 – Y6 Copala (Central) Y7 – Y8 Y8 – Y9 Y9+ Copala (South) Looking South-West From Above VIZSLA SILVER 33
Slide 35: Napoleon - Mine Development Timeline
Napoleon - Mine Development Timeline La Luisa Napoleon (Main) Pre-production (2yr) Y1 – Y2 Y3 – Y4 Y5 – Y6 Y7 – Y8 Y8 – Y9 Y9+ Napoleon (South) Looking West From Above VIZSLA SILVER 34
Slide 36: Operating Costs
Operating Costs Operating Costs(1) Total OpEx Unit OpEx Cash Costs AISC(2) Operating Costs(1) US$M US$/t Milled (US$/Oz AgEq) (US$/Oz AgEq) Mining $718.6 $53.31 Operating Cash Costs $6.76 $6.76 Royalties $1.49 $1.49 Processing $315.3 $24.51 Offsite Charges $0.32 $0.32 TSF $4.2 $0.33 Sustaining Capit
Slide 37: FS vs PEA Variances
FS vs PEA Variances Unit FS PEA Variance Variance (%) Mine Life yrs 9.4 10.6 -1.2 (11%) Grade Ag (mill feed) g/t 249 228 22 10% Grade Au (mill feed) g/t 2.01 1.90 0.11 6% Total Payable AgEq(1) Moz 162 162 0.3 0% Avg LOM Payable AgEq(1) Moz 17.4 15.2 2.2 14% Avg Yr 1-5 Payable AgEq(1) Moz 20.1 17.5 2
Slide 38: Information Concerning Estimates of Mineral Resources
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 reso
Slide 39: Disclaimer
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
Slide 40: Dec 2025
595 Burrard Street Suite 1723, Vancouver, BC Canada V7X 1J1 +1 604 364 2215 info@vizslasilver.ca NYSE:VZLA TSX:VZLA Dec 2025
Vizsla Silver — Investor Presentation (December 2025) on 6ix