Vizsla Royalties — Investor Presentation (January 2026)
22 slides from Vizsla Royalties's investor presentation, January 2026
Slide 1: Best in Class Silver Royalty
Best in Class Silver Royalty Panuco Corporate Presentation January 2026 TSX.V: VROY OTCQX: 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: What is Vizsla Royalties ("VROY")?
TSX.V: VROY What is Vizsla Royalties (“VROY”)? Sole Owner of Royalties on the District-Scale Panuco Silver-Gold project Derisked Project: Material Royalty on a Robust, High Margin Well Funded Substantial Resource FS complete, Project Scarce Tier-1 Silver Project with Modest Operator with C
Slide 5: Principal Assets
TSX.V: VROY Principal Assets Net Smelter Return (NSR) Royalty PANUCO SILVER-GOLD DISTRICT ROYALTIES Covers Entire Panuco District Rio Panuco (2%) Silverstone (3.5%) 3.5% NSR on production from Silverstone concessions (light green) Covering 100% of Copala 2.0% NSR on production from Rio Panuco conces
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 LOCATION • Pancuo is situated in an underexplored area of the emerging Western
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: 2025 Panuco FS Production Profile
TSX.V: VROY 2025 Panuco FS Production Profile High-Grades From Copala & Cristiano Early in the Mine Life Drive FS Project Economics 25Moz $50 20.1Moz Avg Annual Production Years 1-5 $45 17.4Moz 20Moz $40 LOM Avg Annual Production (AgEq) $35 162.0Moz LOM Total Production (AgEq) 15Moz $30 $25 AVG ANNU
Slide 10: Fully Funded – Execution Underway
Fully Funded – Execution Underway TSX.V: VROY Vizsla Silver continues to demonstrate exceptional financing capacity, positioning the Panuco Project for a seamless transition to full-scale production following permits and a construction decision US$40M US$480M Equity(1) Positions Low CapEx Requirem
Slide 11: Site Layout
Site Layout TSX.V: VROY Silverstone 3.5%NSR Rio Panuco 2%NSR 11
Slide 12: Significant Exploration Upside
TSX.V: VROY Significant Exploration Upside FEASIBILITY STUDY COVERS A SMALL PORTION OF THE PANUCO DISTRICT To date, less than 28% of the known vein targets at Panuco have been drill tested(1) Resource Expansion SAN FERNANDO - NACARAL • Copala & La Luisa remain open • Napoleon (HW4) to the east, as J
Slide 13: 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 PEA Conversion Drilling Commence Test Mine Resource Update Feasibility Study Permitting Construction F
Slide 14: 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 SIMON CMRLEC Executive Chairman CEO Director Curren
Slide 15: Vizsla Royalties – Capital Structure
Vizsla Royalties – Capital Structure TSX.V: VROY Capital Structure (as of Jan 15, 2026) Vizsla 30% Retail Shares Outstanding 67,292,327 Silver 17% Options 6,388,435 Warrants 0 9% Fully Diluted(1) 79,003,545 Insiders Institutional Company Statistics (as of Jan 15, 2026) 44% & HNW Market Capitalizatio
Slide 16: Prime Acquisition Target
Prime Acquisition Target Major royalty companies consistently trade around 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 P/NAV $68,000 Market Capitalization (C$M) C$58,199M $58,000 Consensus(1) P/NAV 2.
Slide 17: Triple Flag Acquires Orogen Royalties: Resource Update
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 18: Royal Gold Acquires Great Bear Royalties: Quality Assets Get Timely Liquidity
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 19: 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 20: 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 (TTM) Silver Market Perspectives Silver Gold (Indexed) $90 Potential for a catch-up trade: Gold has meaningfully outperformed silver over the past two $80 years and 6 months, whereas historically t
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 2025 FS is advancing towards production, targeting first silver in H2 2027 TREMENDOUS UPSIDE POTENTIAL To date, Vizsla Silver h
Slide 22: Contact / Head Office
info@vizslaroyalties.com Head Office VizslaRoyalties.com +1 (604) 364-2215 1723-595 Burrard Street TSX.V: VROY Vancouver, BC Canada, V6E 3V7 22
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