VZLA · Vizsla Silver Corp.

Vizsla Silver Corp. announced the award of two key contracts for its flagship Panuco silver-gold project in Sinaloa, Mexico. The Engineering, Procurement and Construction Management (EPCM) contract was awarded to M3 Engineering & Technology Corp., covering the process plant and surface infrastructure with an estimated value of US$170 million. The Mine Design contract was awarded to Mining Plus, part of The Byrnecut Group, covering approximately US$50 million in development capital and US$40 million in ore development over the next two years of pre-production. These contracts represent a significant step toward project execution, with off-site detailed design, construction planning, and equipment procurement to commence. Key milestones include awarding the mining contract in Q2 2026, beginning mining operations upon receipt of the MIA permit, and implementing an infill drilling program over an initial two-year period to support ramp-up and stockpiling ahead of process plant commissioning. The Panuco project is supported by a November 2025 feasibility study highlighting 17.4 Moz AgEq annual production over an initial 9.4-year mine life, with an after-tax NPV (5%) of US$1.8B, 111% IRR, and a 7-month payback at US$35.50/oz Ag and US$3,100/oz Au. The company aims to position itself as a leading silver producer through a dual-track approach of advancing mine development while continuing district-scale exploration.