VIZSLA SILVER FILES FEASIBILITY STUDY TECHNICAL REPORT ON THE PANUCO PROJECT

Rhea-AI Summary

Vizsla Silver (TSX: VZLA / NYSE: VZLA) filed an NI 43-101 technical report titled "Panuco Project – NI 43-101 Technical Report and Feasibility Study" with an effective date of November 4, 2025.

The feasibility study was prepared by Ausenco Engineering Canada ULC, with support from Mining Plus Canada Consulting Ltd. and SGS Canada Inc.. The study was previously summarized in the company's November 12, 2025 news release and is now available on SEDAR+, EDGAR, and Vizsla Silver's website.

Key Figures

FS effective date November 4, 2025 Effective date of Panuco NI 43-101 feasibility study technical report

Market Reality Check

$5.27 Last Close

Volume Volume 6,023,316 is below the 8,153,752 20-day average (relative volume 0.74x). normal

Technical Price $4.99 is above the $3.27 200-day MA, and 5.49% below the $5.28 52-week high.

Peers on Argus 2 Up

VZLA was down 0.4% pre-news while peers showed mixed moves: IPX (-0.09%), USAS (+0.87%), GSM (-3.62%), LAC (-1.67%), NEXA (+0.95%). Momentum scanner flagged CRML and CMP up 4.12% without news, suggesting stock-specific rather than sector-wide drivers.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	FS webinar recap	Positive	-0.2%	Webinar replay confirming positive Panuco feasibility study and financing update.
Nov 24	Notes offering closed	Positive	+6.5%	Closing of US$300M 5.00% convertible senior notes due 2031 with capped calls.
Nov 20	Notes offering priced	Neutral	-14.6%	Pricing of US$250M convertible notes due 2031 with optional US$50M upsizing.
Nov 19	Proposed notes issue	Neutral	+2.9%	Announcement of proposed US$250M convertible notes for Panuco and corporate uses.
Nov 12	Feasibility study	Positive	+12.3%	Positive feasibility study for 100%‑owned Panuco silver‑gold project with strong economics.

Pattern Detected

Positive feasibility and financing news generally saw aligned price reactions, with one minor divergence on a webinar recap.

Recent Company History

Over the last month, Vizsla Silver focused on advancing the Panuco project and securing funding. On Nov 12, a positive Feasibility Study with strong economics prompted a 12.32% gain. Subsequent proposed and priced convertible note offerings in mid‑November showed mixed but mostly aligned reactions, including a 6.45% rise on the closing of the US$300M issue. A Dec 2 webinar confirming positive FS results saw a slight -0.2% move. Today’s filing formalizes that FS in a technical report.

Market Pulse Summary

This announcement formalizes the previously released Panuco feasibility study in an NI 43-101 technical report effective November 4, 2025. It follows November’s detailed FS economics and subsequent convertible note financings aimed at advancing the project. Investors may focus on the consistency between this filed report and earlier disclosures, the company’s ongoing regulatory filings, and how future project updates or capital decisions build on this technical foundation for Panuco.

Key Terms

feasibility study technical

"technical report titled, "Panuco Project – NI 43-101 Technical Report and Feasibility Study""

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

ni 43-101 regulatory

"Panuco Project – NI 43-101 Technical Report and Feasibility Study"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

technical report technical

"technical report titled, "Panuco Project – NI 43-101 Technical Report and Feasibility Study""

A technical report is a detailed, expert-written document that explains the methods, data, results and risks behind a company’s engineering, scientific or operational claim — for example estimates of resources, product testing, or project feasibility. Investors use it like an independent inspection or blueprint: it reveals how solid the underlying work is, what assumptions were made and what could go wrong, helping assess value and risk before committing money.

sedar+ regulatory

"The FS is available under Vizsla Silver's SEDAR+ profile at www.sedarplus.ca"

SEDAR+ is Canada’s centralized online system where publicly traded companies submit required regulatory documents such as financial reports, prospectuses and disclosure statements. It gives investors a single, searchable place — like a public library or online filing cabinet — to check a company’s official records for transparency, compare performance, and verify material information before making investment decisions.

edgar regulatory

"The FS is available under Vizsla Silver's SEDAR+ profile ... EDGAR or on the Company's website"

EDGAR is a system used by companies to share important financial and business information with the public. It functions like an online filing cabinet where investors can access official reports and documents that help them understand a company's financial health and operations. This transparency allows investors to make more informed decisions, much like checking a company's report card before investing.

standards of disclosure for mineral projects regulatory

"in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects"

Rules and practices that govern how companies describe the size, grade, location and economic potential of a mineral deposit so outside readers can understand and compare projects. Think of it as a standardized blueprint or recipe that forces firms to state what data they used, how they measured it and what assumptions they made, which matters to investors because it reduces guessing, supports fair valuation and highlights technical or financial risks.

AI-generated analysis. Not financial advice.

NYSE: VZLA     TSX: VZLA

VANCOUVER, BC, Dec. 9, 2025 /PRNewswire/ - Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ("Vizsla" or the "Company") is pleased to announce the filing of a technical report titled, "Panuco Project – NI 43-101 Technical Report and Feasibility Study" (the "FS"), with an effective date of November 4, 2025. The FS was completed by Ausenco Engineering Canada ULC, supported by Mining Plus Canada Consulting Ltd. and SGS Canada Inc., in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The results of the FS were previously announced in the Company's news release dated November 12, 2025.

The FS is available under Vizsla Silver's SEDAR+ profile at www.sedarplus.ca, EDGAR or on the Company's website at www.vizslasilvercorp.com.

About Vizsla Silver and the Panuco Project

Vizsla Silver is a Canadian mineral exploration and development company headquartered in Vancouver, BC, focused on advancing its flagship, 100%-owned Panuco silver-gold project located in Sinaloa, Mexico. The Company recently completed a Feasibility Study for Panuco in November 2025 which highlights 17.4 Moz AgEq of annual production over an initial 9.4-year mine life, 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. Vizsla Silver aims to position itself as a leading silver company by implementing a dual track development approach at Panuco, advancing mine development while continuing district scale exploration through low-cost means. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" (together, "forward-looking statements") within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or performance and reflect management's expectations or beliefs regarding future events, plans, and objectives.

Forward-looking statements in this release include, but are not limited to, statements regarding: the potential development of the Panuco Project; the results, interpretation and economic projections of the Feasibility Study, including estimated capital and operating costs, mine life, throughput rates, recoveries, production rates, payback period, AISC, NPV and IRR; the timing, scope and cost of planned exploration, development, permitting and construction activities; the expected timing for submission and approval of environmental permits; expectations regarding project financing and future funding requirements; the anticipated timing of any construction decision, start of production, or achievement of commercial production; the Company's plans to pursue additional exploration, infill drilling, resource expansion, or optimization studies; the potential to upgrade Inferred Resources to Indicated or Measured categories; potential mine life extensions; future metal prices and exchange rates; and other statements regarding management's plans, strategies, and future operations.

Forward-looking statements are based on a number of assumptions believed to be reasonable by the Company as of the date of this release, including, without limitation: the accuracy of the Feasibility Study parameters; the availability of financing on acceptable terms; that required permits and approvals will be obtained in the expected timeframe; continued community and government support; stability in market, political and economic conditions; reasonable accuracy of operating and capital cost estimates; and continued favourable metal prices and exchange rates.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks include, but are not limited to: exploration, development and operating risks; permitting, environmental and regulatory risks; community relations and social licence risks; commodity price and currency fluctuations; inflation and cost escalation; financing and liquidity risks; reliance on contractors and suppliers; title and surface rights risks; changes in project parameters; inaccuracies in technical or economic modelling; the risk that the Feasibility Study assumptions prove inaccurate; and other risks described in the Company's continuous disclosure filings available under its profile on SEDAR+ at www.sedarplus.ca.

There can be no assurance that the Panuco Project will be placed into production or that the results of the Feasibility Study will be realized. The purpose of the forward-looking statements is to provide information about management's current expectations and plans and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements contained herein.

No Production Decision: The Company has not made a production decision for the Panuco Project. A decision to proceed with construction will only be made following the completion and review of detailed engineering, financing arrangements, and receipt of all required permits and approvals

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SOURCE Vizsla Silver Corp.

FAQ

What did Vizsla Silver (VZLA) file on December 9, 2025?

Vizsla Silver filed an NI 43-101 technical report titled "Panuco Project – Feasibility Study" with an effective date of November 4, 2025.

Who prepared the Panuco Project feasibility study for VZLA?

The feasibility study was completed by Ausenco Engineering Canada ULC, supported by Mining Plus Canada Consulting Ltd. and SGS Canada Inc..

Where can investors access Vizsla Silver's Panuco Project NI 43-101 technical report?

The report is available on SEDAR+, EDGAR, and on Vizsla Silver's website.

What is the effective date of the VZLA Panuco Project feasibility study?

The feasibility study has an effective date of November 4, 2025.

When were the feasibility study results for VZLA previously announced?

The feasibility study results were previously announced in Vizsla Silver's November 12, 2025 news release.