Vizsla Royalties — Investor Presentation (July 2025)
22 slides from Vizsla Royalties's investor presentation, July 2025
Slide 1: Best in Class Silver Royalty
Best in Class Silver Royalty Panuco Corporate Presentation July 2025 TSX.V: VROY 1
Slide 2: Cautionary Notes
Cautionary Notes TSX.V: VROY 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
Slide 3: The Opportunity
The Opportunity Tier 1 Silver-Gold Royalty on the Panuco Project Benefits of The Royalty Model PROJECT DEVELOPMENT Insulation From Operating Costs The Panuco Project represents the world’s largest Royalty cashflows are independent of operating costs, resulting undeveloped high-grade silver primary r
Slide 4: Increased Exposure to Tier 1 Asset
TSX.V: VROY Increased Exposure to Tier 1 Asset Strategic Rationale Increased Optionality Same VROY, Just Increasing Exposure to the Most Consolidates the Bigger - Growing the to a Tier 1 Silver Prospective Panuco District Portfolio with the Asset Concessions of the Royalties Acquisition of P
Slide 5: Principal Assets
TSX.V: VROY Principal Assets Net Smelter Return (NSR) Royalty PANUCO SILVER-GOLD DISTRICT Covers Entire Panuco District 3.5% NSR on production from Silverstone concessions (light green) Covering 100% of Copala 2.0% NSR on production from Rio Panuco concessions (dark green) ROFR of royalties on prope
Slide 6: The Panuco Silver-Gold Project
THE PANUCO SILVER-GOLD PROJECT TSX.V: VROY 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
Slide 7: Significant Growth in Resources to Date
TSX.V: VROY Significant Growth in Resources to Date Panuco Project Resource Growth (Moz AgEq) Silver Gold Base Metals 43% Increase in M&I 222 Moz Resources, 4.5% increase in AgEq grade 156 Moz 155% Increase in M&I AgEq Resources 61 Moz AgEq Ag M&I M&I Inferred M&I Inferred M&I Inferred 1 2 3 2022 20
Slide 8: Panuco Achieves First Measured Resource Estimation In 2025 Updated MRE
Panuco Achieves First Measured TSX.V: VROY Resource Estimation In 2025 Updated MRE Updated MRE Previous MRE Variance 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
Slide 9: 2024 Panuco PEA Production Profile
TSX.V: VROY 2024 Panuco PEA Production Profile High-Grades From Copala & Cristiano Early in the Mine Life Drive PEA Project Economics 25Moz $25 20.2Moz Avg Annual Production Years 1-2 (AgEq) 20Moz $20 15.2Moz LOM Avg Annual Production (AgEq) 162.1Moz 15Moz $15 LOM Total Production (AgEq) AVG ANNUAL
Slide 10: Site Layout
Site Layout TSX.V: VROY Silverstone 3.5%NSR Rio Panuco 2%NSR 10
Slide 11: Significant Exploration Upside
TSX.V: VROY Significant Exploration Upside PEA COVERS A SMALL PORTION OF THE PANUCO DISTRICT To date, less than 30% of the known vein targets at Panuco have been drill tested(1) RESOURCE EXPANSION • Copala & La Luisa remain open along strike to the north and down dip to the south • Napoleon (HW4) to
Slide 12: Development Timeline
DEVELOPMENT TIMELINE TSX.V: VROY Advancing Panuco Towards Construction Decision Targeting First Silver In The Second Half Of 2027 2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Resource Update Permitting Feasability Study Construction First Silver Commence Test Mine Conversion D
Slide 13: About Vizsla Royalties
ABOUT VIZSLA ROYALTIES 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 MICHAEL KONNERT MICHAEL PETTINGELL GRANT TANAKA Executive Chairman CEO CFO Current Pre
Slide 14: Vizsla Royalties – Capital Structure
Vizsla Royalties – Capital Structure TSX.V: VROY Capital Structure (as of June 22, 2025) Vizsla 30% Retail Shares Outstanding 69,897,105 Silver 17% Options 6,646,137 Warrants 0 9% Fully Diluted 78,848,022 Insiders Institutional Company Statistics (as of June 22, 2025) 44% & HNW Market Capitalization
Slide 15: Prime Acquisition Target
Prime Acquisition Target 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 $58,000 C$55,992M Market Capitalization (C$M) Consensus(1) P/NAV C$44,372M 2.57x
Slide 16: Triple Flag Acquires Orogen Royalties
Triple Flag Acquires Orogen Royalties: Resource Update TSX.V: VROY Adding Ounces and Derisking Inferred: 12.9Moz Au @ 1.06 g/t M&I: 3.4Moz Au at 0.87 C$2.00 Resource Update C$421M at C$2.00/s C$1.80 Inferred: 9.86Moz Au @ 0.96 g/t 1% NSR on Silicon Project M&I: 3.4Moz Au at 0.87 C$171.5M Cash & C$17
Slide 17: Royal Gold Acquires Great Bear Royalties
Royal Gold Acquires Great Bear Royalties: TSX.V: VROY Quality Assets Get Timely Liquidity C$8.00 C$200M at C$6.65/s 2% NSR on Dixie Project All Cash C$7.00 1.40x Acquisition P/NAV C$6.00 91% Total Return 51% Annualized Return C$5.00 Pre-Resource Development Stage C$4.00 C$3.00 Apr-2021 Jul-2021 Oct-
Slide 18: Tier-1 Single Asset Royalty Valuation
Tier-1 Single Asset Royalty Valuation TSX.V: VROY Recent M&A valuations suggest significant premium for Tier 1, single-asset royalties Total Return Established Preliminary 100% Asset Scale Exploration Trusted P/NAV1 Royalty Single Asset Tier 1 Asset from Listing / Mining Economic Precious (AuEq.) Up
Slide 19: Silver Maintains Strong Fundamentals and Upside Potential Relative to Gold
Silver Maintains Strong Fundamentals TSX.V: VROY and Upside Potential Relative to Gold Gold vs Silver1 (Last 2 Years) Silver Market Perspectives Silver Gold (Indexed) Potential for a catch-up trade: Gold has meaningfully outperformed silver over the past two years and 6 months, whereas historically
Slide 20: Divergence of Long-Term Consensus vs Spot Pricing
Divergence of Long-Term Consensus vs TSX.V: VROY Spot Pricing Gold Price and Long-Term Analyst Consensus1 (US$/oz) Gold LT Consensus PEA $3,500 $3,300 $3,000 40% difference $2,500 $2,364 $2,000 $1,975 $1,500 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 S
Slide 21: Why Vizsla Royalties?
WHY VIZSLA ROYALTIES? TSX.V: VROY 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 TREMENDOUS UPSIDE POTENTIAL With an updated, higher
Slide 22: Contact
info@vizslaroyalties.com Head Office VizslaRoyalties.com +1 (604) 364-2215 1723-595 Burrard Street TSX.V: VROY Vancouver, BC Canada, V6E 3V7 22