Vizsla Silver Corp. · TSX:VZLA
Vizsla Silver — Investor Presentation (December 2024)
49 slides from Vizsla Silver's investor presentation, December 2024
Slide 1: Panuco – Silver & Gold District
PANUCO – SILVER & GOLD DISTRICT Developing the Next World Class Silver Asset NYSE:VZLA TSX:VZLA Corporate Presentation December 2024
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: Vizsla's Vision – First Silver 2027
Vizsla’s Vision – First Silver 2027 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 The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resou
Slide 4: Leadership – The Most Important Asset
Leadership – The Most Important Asset Michael Konnert Craig Parry Simon Cmrlec Jesus Velador Eduardo Luna CEO, Director Chairman COO, Director VP Exploration Director Founder & Managing Partner of Initial Co-founder & advisor of Former COO of Ausenco. 30+ Doctorate in epithermal deposits. Mexican mi
Slide 5: Tier-1 Silver Development with Tremendous Growth Potential
Tier-1 Silver Development with Tremendous Growth Potential Advancing Development Exploration Upside Responsible Growth Fast Track to Production Growing Land Package Investing Locally Feasibility Study in H2 2025, Tripled land package in 2024, building Seven infrastructure projects(3) & $300k followe
Slide 6: Panuco Silver-Gold Project
Panuco Silver-Gold Project N District Scale & 100% Owned • Applying modern exploration techniques to a newly consolidated land package that has never been systematically explored • Tripled land package since January 2024, now over 17k ha Location, Location, Location • Situated in an underexplored ar
Slide 7: Unrivalled Infrastructure
Unrivalled Infrastructure Site Access N • Highway 40 from Mazatlàn to Concordia and into Panuco property (~1hr drive) • Toll highway 40D (Mazatlàn to Durango) International Infrastructure • Deepwater port located in Mazatlàn • Mazatlàn international airport located 56km SW of Panuco Project Power &
Slide 8: Industry Leading Mine Economics
Industry Leading Mine Economics Significant Cash Flow Allows For Rapid Payback Post-Tax Economics Post-Tax FCF Pre-Tax FCF NPV(5%) $1,137M US$350M IRR 86% US$250M Payback 9 Months NPV/Capex 5.1x US$150M Sensitivities to Silver & Gold -10% Base Case +10% Spot Prices Upside US$50M Ag 24 26 29 31 40 (U
Slide 9: Low Initial Capital + High Grade
Low Initial Capital + High Grade Panuco demonstrates outstanding return on capital invested, with NPV 5.1x(1) higher than initial CapEx $1,500M Bubble Size = NPV/CapEx Low Cost, High Yield High Cost, High Yield $1,250M Panuco Cordero (Discovery) (Vizsla) 1.5x 5.1x $1,000M NPV(5%) Silver Sand $750M (
Slide 10: Project 1: PEA Based on Large, High-grade Resource
Project 1: PEA Based on Large, High-grade Resource Resource Tonnes (Mt) AgEq(1) (g/t) AgEq(1) (Moz) Indicated 9.5 511 156 Inferred 12.2 433 170 Conventional Mining, Conventional Processing Long Hole (85%) 3,300 tpd Drift & Fill (15%) Initial mill throughput ramping up to 4,000tpd Mining method in ye
Slide 11: Site Layout
Site Layout ‘Ke \ Copala Town Buffer High Voltage Power Existing Roads —— Tol Highway 400 Federal Highway 40 (NN High Voltage Power re ww paniceson — [] weceome [il Stockpile ivered Resouces (I Indi Resources [I Toll Highway SILVER CORP 11
Slide 12: Copala - Mine Development Timeline
Copala - Mine Development Timeline Looking South-West From Above Tajitos Cristiano Pre-production (2yr) Copala (South) Y1 – Y2 Y3 – Y4 Copala (North) Y5 – Y6 Copala (Central) Y7 – Y8 Y8 – Y9 Y10+ Year Mined: Copala Portal 12
Slide 13: World-Class Silver-Gold Production
World-Class Silver-Gold Production High-Grades From Copala & Cristiano Early in the Mine Life Drive Project Economics 20.2Moz 25Moz $25 Copala & Cristiano Tajitos Napoleon & Luisa Stockpile AISC (US$/Oz AgEq) Avg Annual Production Years 1-2 (AgEq) 15.2Moz 20Moz $20 LOM Avg Annual Production (AgEq) 1
Slide 14: Panuco is a Standout Developer in the Silver Space
Panuco is a Standout Developer in the Silver Space Panuco to Become a Top-5 Silver Producer(1) with Bottom Quartile AISC Annual Production (Moz AgEq) AISC US$/Oz AgEq US$17.56 /oz AgEq 22.7Moz 22.6Moz 21.9Moz $31.6 20.2Moz 18.7Moz $25.4 US$9.40 15.2Moz $24.2 -48% /oz AgEq 14.2Moz 13.7Moz $21.4 $20.5
Slide 15: Panuco – A Globally Significant Silver Asset
Panuco – A Globally Significant Silver Asset Currently Online Coming Online 28 yrs Annual production for new silver primary La Pitarrilla assets averages 9.3Moz AgEq per year (Endeavour) 10.1Moz 23 yrs La Colorada (Pan American) 5.7Moz Prognoz 18 yrs (Solidcore) - Mine Life (years) 6.9Moz Juanicipio
Slide 16: Key Areas For Enhancement
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 supports resource growth in pending resource update (Q4 2024) Optimized Metallurgy • Supplementar
Slide 17: Conversion Drilling at Copala
Conversion Drilling at Copala 2024 infill drill program focused on high-grade zones targeted for the first two years of production Proposed area for Infill drilling Proposed area for Expansion drilling Historic Adit CS-24-356 4.20 m @ 8,817 g/t AgEq CS-24-361 3.50 m @ 2,023 g/t AgEq CS-24-357 10.90
Slide 18: Dual Track Strategic Plan
Dual Track Strategic Plan 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 Developing Panuco Project-1 Exploring a Prolifi
Slide 19: District Upside Potential
District Upside Potential Project-1 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 the ea
Slide 20: A Quality Portfolio in a Prolific Silver Belt
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
Slide 21: The Next Billion Ounce Silver District
The Next Billion Ounce Silver District Mexico hosts 8 of 14 +billion-ounce Ag districts(1), 5 of which are epithermal veins (Ag + Au) 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 Co
Slide 22: Environmental, Social Responsibility & Governance
Environmental, Social Responsibility & Governance Annual Sustainability Report Community Relations Promoting Local Growth Social Impact Assessment Inaugural report published in Dec 2023. Prioritizing reciprocity Eight infrastructure SIA underway to analyze all social risk Second annual report publis
Slide 23: Significant Re-rate Potential: Closing The Valuation Gap
Significant Re-rate Potential: Closing The Valuation Gap Average producer P/NAV multiple represents a 164% increase over the average developer P/NAV(1) Market Cap (US$M) P/NAV(1) 1.79x $3,468M 1.34x 1.33x $2,579M Avg Producer P/NAV 1.04x 1.16x 1.05x $1,870M 1.01x 0.96x 0.90x 0.90x $1,526M $1,607M 0.
Slide 24: Key Potential Catalysts Over Next 12 Months
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 fee
Slide 25: Three Reasons to Own Vizsla Silver (VZLA-NYSE)
Three Reasons to Own Vizsla Silver (VZLA-NYSE) Fast Track to Production Immense Exploration Upside Significantly Undervalued Advanced Developer Growing Land Package Timing Feasibility Study in H2 2025, Tripled land package in 2024, building Strong leverage to rising metals prices targeting first sil
Slide 26: Appendix
Appendix =JVIZSLA SILVER CORP NAPOLEON DISCOVERY HOLE the drill hole that changed everything NP-20-07: 8,078 g/t silver equivalent (1,808.2 g/t silver, 66.8 g/t gold, 2.99% lead and 3.30% zinc) over 6.0 meters
Slide 27: Demand for Solar Power is Driving Supply Deficits
Demand for Solar Power is Driving Supply Deficits Net Silver Supply (Supply – Demand) Since 2020, aggregate silver supply has fallen 0.9% Surplus annually, while demand has grown 6.2% annually 110Moz $40/oz 10Moz $35/oz -90Moz $30/oz Deficit -190Moz $25/oz Silver Demand -290Moz $20/oz 1400 2014 15 1
Slide 28: Company Snapshot
Company Snapshot COMPANY STATISTICS NYSE as of Dec 1st, 2024 VIZSLA SHAREHOLDERS Shares Outstanding 271.8 M Top Shareholders Warrants (M) 5.3 M Institutions & HNW 15% Franklin Templeton 12% Options (M) 21.0 M Sprott Inc 5% Shares Fully Diluted (M) 303.9 M Retail 50% Eric Sprott 3% Market Capitalizat
Slide 29: Management Team
Management Team Michael Konnert CEO, Director Simon Cmrlec B.Eng, COO, Director 15+ years industry experience. Founder & Partner of 30+ years industry experience. Former COO of Inventa Capital and Vizsla Silver. Co-founded & sold Ausenco Engineering where he supported mine CobaltOne Energy developme
Slide 30: Board of Directors & Advisors
Board of Directors & Advisors Craig Parry B.Sc., Chairman Eduardo Luna P.Eng., Director 25+ years industry experience. Holds 6 mining Mexican mining hall of fame member, President of the company board seats. Founder of Vizsla Silver, Mexican Mining Chamber, Director of Coeur Mining, former Vizsla Co
Slide 31: Creating Shareholder Value
Creating Shareholder Value Financing CAD/Share 30day Return 1yr To Date(1) a $2.0M at $0.15 13% 197% 1580% b $3.6M at $0.40 73% 265% 530% • Proven Access to Capital c $0.4M at $0.40 93% 253% 530% • Return on Investment d $2.0M at $0.40 125% 270% 530% • Vizsla Discovery Cost of US$0.32/oz AgEq(2) e $
Slide 32: Vizsla Silver – A World Class Silver Producer
Vizsla Silver – A World Class Silver Producer If in production today, based on the PEA, Panuco would be the 10th highest silver producing(1) asset in the world 40Moz 35.9Moz 35Moz Top Silver Producers 2023 Annual Production 30Moz Silver Production 25Moz 17.5Moz 16.7Moz 20Moz 14.2Moz 12.5Moz 11.9Moz
Slide 33: Panuco Mineral Resource Estimate - January 2024
Panuco Mineral Resource Estimate - January 2024 Updated Panuco Project Indicated & Inferred Resource Summary by Vein (150 g/t AgEq cut-off) Note: 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,
Slide 34: Panuco - A Globally Significant Silver Discovery
PANUCO - A Globally Significant Silver Discovery Grade M&I g/t AgEq Inferred g/t AgEq Contained M&I Moz Inferred Moz SIL - Las Chipas Producer AG - San Dimas FRES - Cienega MAG* - Juanicipio AYA - Zgounder Indicated 511 g/t AgEq Indicated 156 Moz AgEq VZLA - Panuco Inferred 170 Moz AgEq Inferred 433
Slide 35: Processing Facility 3,300 tpd Whole Ore Leach
Processing Facility 3,300 tpd Whole Ore Leach 1 3CB Comminution 2 Bulk Leaching & CCD 11 52 3 Merrill Crow & Refining 63 4 Cyanide Detox & Tailings 24 53 5 Bulk Flotation(1) Expansion (Future) 6 Concentrate Regrind(1) & Leach (Future) 46 1. Bulk flotation is being considered for phase 2 expansion to
Slide 36: Ongoing Metallurgical Optimization
Ongoing Metallurgical Optimization Testwork History Conventional Processing • To date, three rounds of metallurgical testwork have been • Test work demonstrates high precious metals recoveries (up completed on the main deposits at Panuco to 93% Ag and 94% Au) • Napoleon (2021), Tajitos (2022), Copal
Slide 37: Tailings Storage Facility
Tailings Storage Facility Tailings storage facility located 2.5km from process facility, primarily gravity fed • 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 loc
Slide 38: Initial Capital Expenditures
Initial Capital Expenditures Panuco CAPEX Panuco - Direct Cost Breakdown Mechanical Equipment Pricing Initial CAPEX Initial CAPEX Underground Mining $64.52 BULK EARTHWORKS CONCRETE 3% Process Plant $63.19 MINE DEVELOPMENT 8% STRUCTURAL 47% STEELWORK Additional Facilities $8.68 2% On-Site Infrastruct
Slide 39: Panuco Operating Expenditures
Panuco Operating Expenditures LOM OPEX (US$M) Unit Operating Costs Mining Costs $689.54 Mine $47.21 Processing $315.87 Processing $21.62 TSF Operating Costs $4.83 TSF $0.33 Site G&A Costs $105.71 Site G&A Costs $7.24 Total (US$M) $1,116 Total (US$/t processed) $76.40 Mining OPEX Processing OPEX Powe
Slide 40: Fully Permitted Test Mine – 10k tonne Copala Ore Sample
Fully Permitted Test Mine – 10k tonne Copala Ore Sample • Confirm Geotechnical • Spatial Orientation Portal N • Extend Metallurgical Testing Specifications Ore Development • 169 meters • 70 vertical meters below surface • 4.5m W x 5m H • 10K tonne Bulk Sample Waste Development • 902 meters 50m • 5.5
Slide 41: Conventional Mining
Conventional Mining Looking South-West From Above Napoleon 100% Long Hole Tajitos Longhole (85%) Drift & Fill (15%) Mining method Cristiano Copala (South) Copala (North) Development Copala (Central) Longhole Drift & Fill Design by Production Method: Copala Portal 41
Slide 42: Copala - Mine Development Timeline
Copala - Mine Development Timeline Looking South-West From Above Tajitos Cristiano Pre-production (2yr) Copala (South) Y1 – Y2 Y3 – Y4 Copala (North) Y5 – Y6 Copala (Central) Y7 – Y8 Y8 – Y9 Y10+ Year Mined: Copala Portal 42
Slide 43: Napoleon - Mine Development Timeline
Napoleon - Mine Development Timeline Looking South-West La Luisa Cruz Negra / Josephine Pre-production (2yr) Napoleon (Main) Y1 – Y2 Y3 – Y4 Napoleon (South) Y5 – Y6 Y7 – Y8 Y8 – Y9 Y10+ Year Mined: Napoleon Portal 43
Slide 44: Copala & Cristiano – Preliminary Mine Design
Copala & Cristiano – Preliminary Mine Design Copala Portal Looking NorthEast 44
Slide 45: Napoleon South – Preliminary Mine Design
Napoleon South – Preliminary Mine Design Looking East 45
Slide 46: La Luisa – Preliminary Mine Design
La Luisa – Preliminary Mine Design Looking SouthWest 46
Slide 47: 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 48: 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 49: NYSE:VZLA TSX:VZLA Dec 2024
595 Burrard Street Suite 1723, Vancouver, BC Canada V7X 1J1 +1 604 364 2215 info@vizslasilver.ca NYSE:VZLA TSX:VZLA Dec 2024
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