Vizsla Royalties — Investor Presentation (May 2025)
21 slides from Vizsla Royalties's investor presentation, May 2025
Slide 1: Best in Class Silver Royalty
Best in Class Silver Royalty Panuco Corporate Presentation Q2 2025 TSX.V: VROY OCTQB: VROYF 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: Principal Assets
PRINCIPAL ASSETS TSX.V: VROY Net Smelter Return (NSR) Royalty PANUCO SILVER-GOLD DISTRICT Covers Entire Panuco District 1 2% NSR on production from Rio Panuco concessions (dark green) 2 0.5% NSR on production from Silverstone concessions (light green) Buyback right to acquire additional 1.5% NSR fro
Slide 5: 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 6: 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 7: Panuco PEA Based on January 2024 MRE
PANUCO PEA BASED ON JANUARY 2024 MRE TSX.V: VROY 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 Initial mill throughput, Cut & Fill (15%) ramping up to 4,000tpd in Underground mining
Slide 8: 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 $15 LOM Total Production (AgEq) AVG ANNUAL
Slide 9: Silver Primary 2024 Production
Silver Primary 2024 Production TSX.V: VROY If in production today, based on the 2024 PEA*, Panuco would be a top-three silver primary producer with bottom quartile AISC 25Moz 23.6Moz AISC US$/Oz AgEq 21.4Moz 2024 AgEq Production $29.9 20Moz $28.3 $27.3 $25.0 15.2Moz 14.7Moz 15Moz 13.0Moz $22.0 $22.0
Slide 10: High-Value Royalty Claims
HIGH-VALUE ROYALTY CLAIMS TSX.V: VROY Silverstone Rio Panuco 10
Slide 11: Significant Exploration Upside
SIGNIFICANT EXPLORATION UPSIDE TSX.V: VROY 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: Hunting for Project #2
HUNTING FOR PROJECT #2 TSX.V: VROY Jesusita – Palos Verdes Locating a new epicenter of mineralization would propel Vizsla Silver as the world-leading silver explorer-developer, demonstrating tremendous re-rate potential Galeana San Fernando - Nacaral • Animas – La Pipa • Camelia – San Dimas • Galea
Slide 13: Dual Track Path to Create Value
DUAL TRACK PATH TO CREATE VALUE TSX.V: VROY 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 E
Slide 14: 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 15: 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 16: Vizsla Royalties – Capital Structure
Vizsla Royalties – Capital Structure TSX.V: VROY Capital Structure (as of April 28, 2025) Retail Vizsla 27% Shares Outstanding 35,007,360 Silver 34% Options 2,712,458 Warrants 0 Fully Diluted 37,719,818 5% Institutional Insiders 34% & HNW Company Statistics (as of April 28, 2025) Historical Trading
Slide 17: 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 $58,000 Market Capitalization (C$M) 3.00x C$50,498M Consensus(1) P/NAV 2.60x 2.5
Slide 18: 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 19: 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 20: 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 21: Contact
info@vizslaroyalties.com Head Office VizslaRoyalties.com +1 (604) 364-2215 1723-595 Burrard Street TSX.V: VROY Vancouver, BC Canada, V6E 3V7 21