Vizsla Silver Corp. · TSX:VZLA
Vizsla Silver — Investor Presentation (September 2026)
46 slides from Vizsla Silver's investor presentation, September 2026
Slide 1: Forging the Future of Silver in Mexico
NYSE VZLA TSX VZLA Corporate Presentation September 2026 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
Our Vision Vizsla’s vision is to build Pánuco into a world-class mine that creates enduring prosperity for the region’s people, delivers exceptional value to its shareholders, and demonstrates what responsible mining can accomplish in Mexico. VIZSLA SILVER Vizsla is Targeting First Silver by H2 2028
Slide 4: Leadership
Leadership The Most Important Asset MICHAEL KONNERT CRAIG PARRY SIMON CMRLEC Chairman Significant Discoveries and President & CEO, Director COO, Director Co-founder & Managing Partner of Initial Co-founder & advisor of Inventa World-leading mine builder, Shareholder Returns Driven Inventa Capital, r
Slide 5: Fully Financed For Construction
Fully Financed For Construction Ready to Build, Ready to Grow Financing Capacity 1.9x Initial CapEx(4) US$29M US$450M Construction Ready No Funding Risk • More than sufficient financing capacity • Reduced funding risk allows Vizsla to focus to begin construction upon receipt of on execution as well
Slide 6: Development Timeline
Development Timeline Fully Financed, Advancing Panuco Towards Construction Decision 2024 2025 2026 2027 2028 Q1 Q2 Q3 Q4 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 S
Slide 7: Tier 1 Silver Development Platform
Tier 1 Silver Development Platform Tremendous Growth Potential Fast Track to Production Well Funded DeRisking • Feasibility Study complete • US$411M cash + ST investments • Test mine developed, providing access ADVANCING • Construction decision targeted and US$29M in equity holdings to the 460 (ore)
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(1) Developing a World-Class Silver Asset in Mexico Highly Profitable High-Grade Silver Project ($35.50 Ag and $3100 Au) Fully Financed for Initial Capex US$1,802M 111% 162M Oz US$411M(3) Post-Tax NPV(5%) Post-Tax IRR (%) LOM Payable AgEq(2) Cash Position November 2025 FS
Slide 10: Annual Payable AgEq Production
Feasibility Study Production Profile 20.1 Moz 17.4 Moz 425 g/t $10.61/oz Avg. Annual AgEq (1) LOM Avg. Annual AgEq LOM AgEq Head Grade LOM All-in-sustaining-cost production (Yr 1 -5) production (AISC) US$/ Oz AgEq 30Moz $14 Annual Payable AgEq Production 102koz Au 25Moz 14.0Moz ag 99koz Au $12 82koz
Slide 11: Robust Economics: Cashflow Profile 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 1 $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) 1.4Mt 1.6Mt 1,000 1.4Mt 800 1.2Mt 1.2Mt 1.0Mt 600 1.0Mt 0.8Mt 400 0.8Mt 0.6Mt 200 0.6Mt 0.4Mt - 0.4Mt 0.2Mt 0
Slide 13: Site Layout
Site Layout Napoleon Portal (UFU Waste Rock Stockpile Federal Highway CRF Plant Area VA's Test Mine & Copala Portal Toll Highway oe c) High Voltage Power 250 500 — High Voltage Power => Toll Highway 40D ~ Federal Highway Existing Roads TSF Surface Infrastructure D xcs MM) Measured Resources Bl indic
Slide 14: Single-Asset Developer with Tier-One Profile
Single-Asset Developer with Tier-One Profile Top Silver Primary Production (2025 Moz AgEq) Reserves Tonnes (Mt) AgEq(1) (g/t) AgEq (Moz) Saucito (FRES) 24.1 Single Asset Operator Proven 1.95 502 31.4 Panuco FS Yr 1-5 (VZLA) Multi Asset Operator 20.1 Probable 10.85 400 139.7 Juanicipio (FRES) 18.4 Pa
Slide 15: 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 16: Environmental, Social Responsibility & Governance
TRAINING Providing all staff with emergency medical training. Exemplary safety record, Safety Environmental, Our COMPETITIVE PAY People Above average pay and with TRIR(3) of 0.56 Social Responsibility community profit sharing to promote local prosperity & Governance PROACTIVE CULTURE Engaging consul
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 Progress t
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-Cristiano intersection (blue ellipse) ▪ ~42 Moz Inferred AgEq across the zone ▪ Priority targets to convert mineralization in years 1-5 Copala infill Long Hole Stopes D
Slide 19: District-Scale Upside Potential
District-Scale Upside Potential To date, less than 28% 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
Slide 20: 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 21: District Scale, In-Line with Generational Mines
District Scale, In-Line with Generational Mines San Dimas District Panuco District Fresnillo District First Majestic Silver(1) Vizsla Silver Fresnillo Plc(2) ~22,500 Hectares ~28,000 Hectares ~18,000 Hectares • >1.4 Boz AgEq(3) mined historically across 100+ • >100Moz AgEq mined historically across
Slide 22: Key Potential Catalysts Over Next 12 Months
Key Potential Catalysts Over Next 12 Months ▪ MIA submitted February 2025; approval targeted for H2 2026, with all other permits well advanced to follow PERMITS IMMINENT ▪ Construction decision planned following receipt of key environmental and operating permits ▪ Test mine delivering metallurgical
Slide 23: 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(3) • Construction decision targeted for
Slide 24: Significant Re-rate Potential: Closing The Valuation Gap
Significant Re-rate Potential: Closing The Valuation Gap Average producer P/NAV multiple represents a 143% increase over the Vizsla Silver P/NAV(1) $35,000M 2.50 Market Cap (CAD$M) P/NAV (CAD$M) $30,000M 2.20x 2.17x $29,688M 2.00 $25,000M Avg Producer P/NAV 1.37x 1.50 $20,000M $18,955M 1.48x $15,000
Slide 25: Tier-One Silver Assets Command Premium Valuations
Tier-One Silver Assets Command Premium Valuations The last three single-asset producers in Mexico achieved an average of 1.77X NAV in their acquisitions. Vizsla is trading at 0.4X NAV P/NAV1 Consensus Silver LOM Remaining High 100% Single Exploration 100% NAV (US$M) (1) Average Mine Life(2) Grade(2)
Slide 26: 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 C
Slide 27: Company Snapshot
Company Snapshot Company Statistics NYSE as of 24 August, 2026 Vizsla Shareholders Top Shareholders Shares Outstanding (M) 354.73 M Tidal Investments 7.3% 7% 39% Warrants (M) 0M Management, Active Sprott Asset Management 4.3% Directors & Institutions Advisors & HNW Options (M) 18.45 M Global X Mgmt.
Slide 28: Appendix
Appendix
Slide 29: Silver Maintains Strong Fundamentals
Silver Maintains Strong Fundamentals Gold vs Silver1 (TTM) Silver Market Perspectives $140 Silver Gold (Indexed) $120 Clear demand catalyst: Industrial demand for silver is increasing, driven $100 by 140%2 increase in demand from photovoltaics from 2016-2025, while mine production decreased 7%2 $80
Slide 30: Benchmarking the Silver Sector
Benchmarking the Silver Sector Production, Cost, and Free Cash Flow Yield in Context 2025 AgEq Production (Moz AgEq) 2025 AISC (US$/AgEq oz) 624 278 $34.21 Avg. $29.76 $22.94 $27.02 $25.96 $25.70 128 $22.53 $22.45 $21.17 $17.90 $19.22 97 92 $15.36 $14.06 2025A $22.90 n/a $10.61 Production 52 38 36 n
Slide 31: Management Team
Management Team Simon Cmrlec B.Eng, COO, Director 30+ years industry experience. Former COO of Ausenco Engineering where he supported the Michael Konnert CEO, Director development of 30+ mines. 15+ years industry experience. Founder & Partner of Inventa Capital and Vizsla Silver. Co-founded & sold D
Slide 32: 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 33: Capital Expenditures
Capital Expenditures Panuco Capital Efficiency Contract Capital CAPEX NPV/Initial CAPEX(1) Awarded Initial CAPEX(2) Panuco Panuco 7.5x Mining 60.2 Las Chispas 3.5x US$170M contract awarded to M3 Process Plant 63.9 Blackwater 3.3x Engineering (April, 2026) Additional Process Facilities 18.7 Eskay Cre
Slide 34: Processing Flow Sheet – 4,000 tpd Whole Ore Leach
Processing Flow Sheet – 4,000 tpd Whole Ore Leach 1 3CB Comminution `` 2 Bulk Leaching & CCD 11 25 3 Merrill Crowe & Refining 36 4 Cyanide Detox & Tailings 42 5 Bulk Flotation(1) Expansion 53 (Future) 6 Concentrate Regrind(1) & Leach (Future) 46 1. Bulk flotation is being considered for the ramp up
Slide 35: Copala Stope Shapes & Reserves
Copala Stope Shapes & Reserves 7.90Mt 0 – 150 g/t 150 – 200 g/t P&P Reserves 200 – 400 g/t 318 g/t 400 – 600 g/t 600 – 800 g/t 800+ g/t P&P Ag Grade AgEq g/t 2.05 g/t P&P Au Grade 123Moz P&P Contained AgEq Looking North-West Note: The effective date of the Feasibility Study is November 4, 2025. VIZS
Slide 36: Napoleon & La Luisa Stope Shapes & Reserves
Napoleon & La Luisa Stope Shapes & Reserves 4.91Mt 0 – 150 g/t 150 – 200 g/t P&P Reserves 200 – 400 g/t 400 – 600 g/t 600 – 800 g/t 139 g/t 800+ g/t P&P Ag Grade 1.95 g/t P&P Au Grade 47Moz P&P Contained AgEq Looking North-West Note: The effective date of the Feasibility Study is November 4, 2025. V
Slide 37: Copala - Mine Development Timeline
Copala - Mine Development Timeline Tajitos Cristiano Portal Pre-production (2yr) Copala (North) Y1 – Y2 Y3 – Y4 Y5 – Y6 Copala (Central) Y7 – Y8 Y8 – Y9 Y9+ Copala (South) Looking South-West From Above VIZSLA SILVER 36
Slide 38: Napoleon - Mine Development Timeline
Napoleon - Mine Development Timeline La Luisa Napoleon (Main) Pre-production (2yr) Y1 – Y2 Y3 – Y4 Y5 – Y6 Y7 – Y8 Y8 – Y9 Y9+ Napoleon (South) Looking West From Above VIZSLA SILVER 37
Slide 39: Operating Costs
Operating Costs Operating Costs(1) Total OpEx Unit OpEx Cash Costs AISC(2) Operating Costs(1) US$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 40: Panuco Mineral Resource Estimate - January 2025
Panuco Mineral Resource Estimate - January 2025 Updated Panuco Project Indicated & Inferred Resource Summary by Vein (150 g/t AgEq cut-off) Average Grade Contained Metal Tonnes Vein Ag Au Pb Zn AgEq Au Eq Ag Au Pb Zn 1 AgEq 2 AuEq (Mt) (g/t) (g/t) (%) (%) (g/t) (g/t) (koz) (koz) (ktons) (ktons) (koz
Slide 41: Creating Shareholder Value
Creating Shareholder Value Financing - USD Per Share 30 Day Return 1 Year Return To Date Proven Access to Capital $7.00 a $2.7M at $0.29 85% 294% 1208% b $0.3M at $0.29 108% 285% 1208% $1.5M at $0.29 141% 305% 1208% Return on Investment c $6.00 d $3.4M at $0.31 500% 466% 1117% e $21.8M at $1.34 25%
Slide 42: Panuco Resource Outsizes World's Largest Cities
Panuco Resource Outsizes World’s Largest Cities Hong Kong Vancouver Measured Indicated Inferred 1Km 1Km Toronto London 1Km 1Km VIZSLA SILVER 41
Slide 43: Panuco District City Scale Contiguous Land Package
Panuco District City Scale Contiguous Land Package New York London 5Km 5Km VIZSLA SILVER 42
Slide 44: 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 45: 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 46: NYSE:VZLA TSX:VZLA
595 Burrard Street Suite 1723, Vancouver, BC Canada V7X 1J1 +1 604 364 2215 info@vizslasilver.ca NYSE:VZLA TSX:VZLA
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