Vizsla Silver Corp. · TSX:VZLA
Vizsla Silver — Investor Presentation (May 2025)
45 slides from Vizsla Silver's investor presentation, May 2025
Slide 1: Panuco – Silver & Gold District
PANUCO – SILVER & GOLD DISTRICT Developing a World Class Silver Asset in Mexico NYSE:VZLA TSX:VZLA Corporate Presentation May 2025
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: Development Timeline
Development Timeline 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 Drilling PEA
Slide 6: 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 7: 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 30k ha Location, Location, Location • Situated in an underexplored ar
Slide 8: 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 9: Panuco Achieves First Measured Resource Estimation
Panuco Achieves First Measured Resource Estimation Updated MRE1 Previous MRE 2 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 0.27 0.29 0.00 0.01 Zn % 0.85
Slide 10: July 2024 PEA Highlights
July 2024 PEA Highlights PEA Outlines Upfront Cashflows Allowing for Rapid Payback PEA 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 -20% -10% Base Case +10% +20% US$50M Ag 21 24 26 29 31 (US
Slide 11: Project 1: PEA Based on MRE Effective Sept 2023
Project 1: PEA Based on MRE Effective Sept 2023 Resource(3) 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 Drift & Fill (15%) ramping up to 4,000tpd Mining method in ye
Slide 12: PEA Proposed Site Layout
PEA Proposed Site Layout ( Te: HIGHWAY COPALA TOWN BUFFER © sTockpiLe | iy iJ NAPOLEON PO} LEGEND «= High Voltage Power > Toll Highway 40D U | waste bump “¥ et PROCESSING FACILITY Federal Highway ~~ Existing Roads @ sr Plant Location I M&I Resources lll Inferred Resources SJVIZSLA 12 SILVER CORP
Slide 13: 2024 PEA Production Profile
2024 PEA Production Profile High-Grades From Copala & Cristiano Early in the Mine Life Drive PEA 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) 162.
Slide 14: 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 to support reserve base upon feasibility study H2 2025 Optimized Metallurgy • Supplementary metal
Slide 15: De-risking and Expansion at Copala
De-risking and Expansion at Copala Looking South-West From Above Tajitos Cristiano Copala (South) Copala (North) Copala (Main) • Completed +10,000 metre infill program focused on high-grade zones within the first two years of production • Completed +5,000 metre infill and expansion program outside M
Slide 16: Fully Permitted Test Mine – 10k tonne Copala Ore Sample
Fully Permitted Test Mine – 10k tonne Copala Ore Sample Confirm Geotechnical Spatial Orientation 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 • 5.5m W x 5.5m H 16
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 report published Sep
Slide 22: Significant Re-rate Potential: Closing The Valuation Gap
Significant Re-rate Potential: Closing The Valuation Gap Average producer P/NAV multiple represents a 115% increase over the average developer P/NAV(1) 1.60 Market Cap (US$M) P/NAV(1) 1.42 $3,814M 1.40 $3,744M 1.35 1.20 $3,075M Avg Producer P/NAV 1.00x 1.03 1.03 1.00 0.95 0.89 0.80 0.75 $1,916M 115%
Slide 23: 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 24: 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 25: 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 26: 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 27: Company Snapshot
Company Snapshot COMPANY STATISTICS NYSE as of April 25th , 2025 VIZSLA SHAREHOLDERS Shares Outstanding 294.7 M Top Shareholders Warrants (M) 0.26 M Institutions & HNW 15% Franklin Templeton 12% Options (M) 18.7 M Sprott Inc 5% Shares Fully Diluted (M) 315 M Retail 50% Eric Sprott 3% Market Capitali
Slide 28: 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 29: 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 30: Creating Shareholder Value
Creating Shareholder Value Financing(3) USD/Share 30day Return 1yr To Date(1) a $1.5M at $0.09 18% 201% 1882% b $2.7M at $0.22 79% 282% 643% • Proven Access to Capital c $0.3M at $0.22 102% 274% 643% • Return on Investment d $1.5M at $0.22 134% 294% 643% • Vizsla Discovery Cost of US$0.41/oz AgEq(2)
Slide 31: 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 1 2 Vein Ag Au Pb Zn AgEq Au Eq Ag Au Pb Zn AgEq AuEq (Mt) (g/t) (g/t) (%) (%) (g/t) (g/t) (koz) (koz) (ktons) (ktons) (koz
Slide 32: 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 33: 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 34: 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 35: Initial Capital Expenditures
Initial Capital Expenditures Panuco CAPEX Panuco - Direct Cost Breakdown Mechanical Equipment Pricing Initial CAPEX Initial CAPEX Underground Mining $64.52 BULK CONCRETE EARTHWORKS 3% Process Plant $63.19 MINE DEVELOPMENT 8% STRUCTURAL 47% STEELWORK Additional Facilities $8.68 2% On-Site Infrastruct
Slide 36: Panuco Operating Expenditures
Panuco Operating Expenditures LOM OPEX (US$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 37: 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 38
Slide 38: 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 39
Slide 39: 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 40
Slide 40: Copala & Cristiano – Preliminary Mine Design
Copala & Cristiano – Preliminary Mine Design Copala Portal Looking NorthEast 41
Slide 41: Napoleon South – Preliminary Mine Design
Napoleon South – Preliminary Mine Design Looking East 42
Slide 42: La Luisa – Preliminary Mine Design
La Luisa – Preliminary Mine Design Looking SouthWest 43
Slide 43: 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 44: 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 45: NYSE:VZLA TSX:VZLA May 2025
595 Burrard Street Suite 1723, Vancouver, BC Canada V7X 1J1 +1 604 364 2215 info@vizslasilver.ca NYSE:VZLA TSX:VZLA May 2025