Vizsla Silver - Panuco Feasibility Overview: After-Tax NPV (5%) of US$1,802 million, After-Tax IRR of 111%, Initial Costs of US$173 million

Nov 13, 2025

Mike Konnert, President & CEO of Vizsla Silver, shares exhilarating insights on the Panuco Project Feasibility Study, boasting a jaw-dropping after-tax NPV of $1.8 billion and a stellar IRR of 111%. He underscores the project’s low initial costs and rapid payback timeline. With ample potential for resource conversion and expansion plans in the works, Konnert discusses district growth strategies and the robust funding backing it. Excitingly, he reveals plans for a staggering production target of 50Moz/year within the next decade!

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INSIGHT

Exceptionally High Project Economics

The feasibility study shows after-tax NPV of US$1.8B and IRR of 111% driven by low upfront capex.
CapEx nets to US$173M after pre-production revenue with payback in ~7 months, highlighting exceptional ROI.

INSIGHT

Low Capex Is The Key Driver

Low capex ($238M gross, ~$173M net) is the primary driver of outstanding project returns.
AISC ~US$10.61/oz over life of mine makes the operation bottom-quartile cost and very profitable.

INSIGHT

Large Upside From Untested Resource

The feasibility uses only 12.8Mt of a ~25Mt global resource, leaving substantial near-mine upside.
Close targets like La Luisa (500m away) can materially expand reserves and extend mine life.

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Vizsla Silver just released its Feasibility Study for the Panuco Project (Nov 12). Mike Konnert, President & CEO of Vizsla Silver (TSX:VZLA, NYSE:VZLA), walks through the headline economics, funding, growth runway, and permitting path.

Feasibility Results:
After-tax NPV US$1.8B, IRR 111%, AISC ~US$10.61/oz, and payback in ~7 months. Driven by low upfront capital and strong margins.
Capital & Funding:
Capex US$238M (net ~US$173M). Fully funded with US$200M cash, US$220M Macquarie facility, and ~US$40M in equities.
Mine Plan & Upside:
Only 12.8Mt of the ~25Mt global resource used in reserves. Large potential for conversion and expansion near Napoleon, Copala, and La Luisa.
District Growth:
Ongoing drilling with four rigs targeting Animas, Santa Fe, and additional veins for long-term expansion.
Sensitivity & Strength:
Even at US$17 Ag and US$1,550 Au, NPV US$460M, IRR 42%.
Permitting & Build:
Fully engineered, test mining underway, and permits expected mid-2026. Ready to build once granted.
Valuation & Outlook:
Trading near 0.5× NAV with potential re-rating as it advances to production. Targeting 50Moz AgEq/yr within 10 years.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Vizsla Silver will be hosting a webcast to discuss the Panuco Project Feasibility Study at 10:00 am PT (1:00 pm ET) on November 24th. To register, please click here

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