Vizsla Silver (VZLA) lands MXN$173M FIFOMI facility to fund Panuco

Rhea-AI Filing Summary

Vizsla Silver Corp. announced that its Mexican subsidiary Minera Canam has entered into an unsecured MXN$173 million (about US$10 million) working capital facility with government-backed lender FIFOMI to support operating and working capital needs at the Panuco silver-gold project in Sinaloa, Mexico.

The five-year facility carries interest at the TIIE rate plus a 4.6681% margin, includes quarterly interest and principal payments with a two-year grace period on principal, and a one-time 1% commission. The company highlights this agreement as further endorsement of Panuco, where a recent Feasibility Study outlined 17.4 million silver-equivalent ounces of annual production over 9.4 years, an after-tax NPV(5%) of US$1.8 billion, a 111% IRR and a 7‑month payback at assumed metal prices.

Insights

Mining finance analyst

Government-backed MXN$173M facility supports Panuco’s next development phase.

Vizsla Silver, through Minera Canam, secured an unsecured MXN$173 million working capital facility from FIFOMI, a Mexican government mining-focused lender. Terms include a five-year tenor, TIIE plus 4.6681% margin, a two-year principal grace period and a 1% upfront fee.

The facility is earmarked for operating and working capital expenditures at the Panuco project, helping bridge early development and pre-production spending. Support from a government-backed institution may signal institutional confidence in the project’s feasibility and local importance, while also diversifying funding sources beyond equity.

The November 2025 Feasibility Study metrics are robust, with projected annual production of 17.4 Moz AgEq over 9.4 years, after-tax NPV(5%) of US$1.8B, 111% IRR and a 7‑month payback at assumed metal prices. Actual outcomes will depend on execution, permitting, cost control and realized silver and gold prices.

Key Figures

Working capital facility size: MXN$173 million (approx. US$10 million) Facility term: 5 years Interest margin: TIIE + 4.6681% +5 more

8 metrics

Working capital facility size MXN$173 million (approx. US$10 million) Unsecured facility for Panuco operating and working capital

Facility term 5 years Unsecured FIFOMI working capital facility tenor

Interest margin TIIE + 4.6681% Interest rate on FIFOMI working capital facility

Upfront commission 1.0% of total facility One-time fee on MXN$173 million FIFOMI facility

Panuco annual production 17.4 Moz AgEq Average annual production from Feasibility Study over 9.4 years

After-tax NPV(5%) US$1.8B Feasibility Study economic outcome for Panuco project

Internal rate of return 111% After-tax IRR from Panuco Feasibility Study

Payback period 7 months Feasibility Study payback at US$35.50/oz Ag and US$3,100/oz Au

Key Terms

working capital facility, Feasibility Study, NPV(5%), IRR, +2 more

6 terms

working capital facility financial

"has entered into an unsecured credit agreement dated February 26, 2026 for a MXN$173 million working capital facility"

A working capital facility is a short-term loan or credit line a company uses to cover everyday operating needs — for example payroll, inventory purchases, or gaps between paying suppliers and getting paid by customers. Think of it like a business overdraft that smooths cash flow bumps; investors watch it because reliance on this facility shows how healthy a company’s cash flow is, how much interest or fees it pays, and whether borrowing limits or conditions could constrain growth.

Feasibility Study financial

"The Company recently completed a Feasibility Study for Panuco in November 2025"

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.

NPV(5%) financial

"an after-tax NPV(5%) of US$1.8B, 111% IRR and a 7-month payback"

Net present value at 5% is the sum of a project’s or investment’s expected future cash flows converted into today’s dollars using a 5% yearly discount rate. Think of it as how much future money is worth today after accounting for the idea that a dollar now is worth more than a dollar later; using 5% shows the investment’s value when investors require or expect a 5% return. A positive NPV(5%) suggests the investment should add value to shareholders, while a negative value suggests it would destroy value.

IRR financial

"an after-tax NPV(5%) of US$1.8B, 111% IRR and a 7-month payback"

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

National Instrument 43-101 regulatory

"In accordance with National Instrument 43-101, Jesus Velador, Ph.D. MMSA QP., Chief Geologist, is the Qualified Person"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

forward-looking statements regulatory

"This news release contains "forward-looking statements" and "forward-looking information""

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-41225

VIZSLA SILVER CORP.

(Registrant)

Suite 1723, 595 Burrard Street

Vancouver, British Columbia V7X 1J1 Canada

(Address of Principal Executive Offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☐            Form 40-F  ☒

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

				VIZSLA SILVER CORP.
				(Registrant)
Date: May 26, 2026				By		/s/ Michael Konnert
						Michael Konnert
						Chief Executive Officer

EXHIBIT INDEX

Exhibit		Description of Exhibit
99.1		News Release dated May 26, 2026 - VIZSLA SILVER SECURES WORKING CAPITAL FACILITY WITH MEXICAN GOVERNMENT FINANCIAL INSTITUTION FOR PANUCO

EXHIBIT 99.1

  

VIZSLA SILVER SECURES WORKING CAPITAL FACILITY WITH MEXICAN GOVERNMENT FINANCIAL INSTITUTION FOR PANUCO

NYSE: VZLA     TSX: VZLA

VANCOUVER, BC, May 26, 2026 /CNW/ - Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA) (Frankfurt: 0G31) ("Vizsla Silver" or the "Company") is pleased to announce that Minera Canam S.A. de C.V. ("Minera Canam"), a Mexican subsidiary of the Company that holds the Panuco silver-gold project ("Panuco" or the "Project") in Sinaloa, Mexico, has entered into an unsecured credit agreement dated February 26, 2026 for a MXN$173 million working capital facility (the "Facility") with Fideicomiso de Fomento Minero ("FIFOMI"), a Mexican government-backed financial institution specialized in the mining sector, with the Facility having received approval from FIFOMI's internal credit committee on May 4, 2026.

"This agreement with FIFOMI represents another important step in the continued endorsement and validation of the Panuco Project as an economically important development project for both Sinaloa and Mexico," commented Michael Konnert, President and CEO of Vizsla Silver. "We are pleased to establish a relationship with a respected Mexican government-backed mining finance institution whose mandate is to support the responsible growth and long-term competitiveness of Mexico's mining sector. We are encouraged by the strong alignment this facility represents between Vizsla and the Government of Mexico in advancing the Panuco Project. The addition of this facility will serve to strengthen the mining community of Concordia and support local suppliers, contractors and investment in the State of Sinaloa."

Key Terms of the Facility

• MXN$173 million (approximately US$10 million) working capital facility
• Unsecured, with a five-year term
• Interest rate based on TIIE funding rate plus a 4.6681% margin
• Quarterly interest and principal payments, with a two-year grace period on principal repayments
• One-time commission fee equal to 1.0% of the total facility
• Proceeds to support operating and working capital expenditures related to the Panuco Project

About FIFOMI

FIFOMI is a Mexican government entity operating as a public trust within the Mexican financial system and is overseen by the Secretaría de Economía of Mexico. The institution was established to promote the development and competitiveness of Mexico's domestic mining industry through the provision of financing, technical assistance and training programs.

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.

In accordance with National Instrument 43-101, Jesus Velador, Ph.D. MMSA QP., Chief Geologist, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news 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 use of proceeds of the Facility for operating and working capital expenditures related to the Panuco Project; the Company's ability to advance the Panuco Project toward production; the Company's ability to fund construction and development at Panuco, including expectations regarding the sufficiency of existing cash balances and access to financing; and the Company's long-term growth strategy, including its ability to enhance shareholder value through continued project development and operational execution.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/vizsla-silver-secures-working-capital-facility-with-mexican-government-financial-institution-for-panuco-302781491.html

SOURCE Vizsla Silver Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2026/26/c0574.html

%CIK: 0001796073

For further information: Contact Information: For more information and to sign-up to the mailing list, please contact: Michael Konnert, President and Chief Executive Officer, Tel: (604) 364-2215, Email: info@vizslasilver.ca, Website: www.vizslasilvercorp.ca

CO: Vizsla Silver Corp.

CNW 06:00e 26-MAY-26

FAQ

What financing did Vizsla Silver (VZLA) secure for the Panuco Project?

Vizsla Silver secured an unsecured MXN$173 million working capital facility from Mexican government-backed lender FIFOMI. The funds are dedicated to operating and working capital expenditures at the Panuco silver-gold project in Sinaloa, supporting early-stage development activities and local suppliers.

What are the key terms of Vizsla Silver’s MXN$173 million FIFOMI facility?

The facility totals MXN$173 million, roughly US$10 million, with a five-year term. It carries interest at the TIIE rate plus a 4.6681% margin, quarterly interest and principal payments, a two-year grace period on principal, and a one-time commission equal to 1% of the facility.

How will Vizsla Silver use the proceeds from the FIFOMI working capital facility?

Vizsla Silver plans to use the MXN$173 million facility to fund operating and working capital expenditures at its Panuco silver-gold project. This includes supporting mine development activities, sustaining the local mining community of Concordia, and working with local suppliers and contractors in Sinaloa.

What did the November 2025 Feasibility Study show for Vizsla Silver’s Panuco Project?

The Feasibility Study outlined average annual production of 17.4 million silver-equivalent ounces over an initial 9.4-year mine life. It reported an after-tax NPV(5%) of US$1.8 billion, a 111% internal rate of return, and a 7‑month payback at assumed silver and gold prices.

Has Vizsla Silver made a production decision for the Panuco Project?

Vizsla Silver has not yet made a production decision for Panuco. A construction decision will only follow completion and review of detailed engineering, finalization of financing arrangements, and receipt of all required permits and approvals, in line with the company’s stated development approach.

Who is FIFOMI and why is it important to Vizsla Silver’s financing?

FIFOMI is a Mexican government entity operating as a public trust overseen by the Secretaría de Economía. It finances and supports the domestic mining industry. Its MXN$173 million facility to Vizsla Silver’s subsidiary signals institutional backing for the Panuco project’s development in Mexico.

Filing Exhibits & Attachments

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