Could you briefly introduce Vizsla Silver Corp to our international readers?

In 2017, I founded Vizsla Silver following the sale of Cobalt One Energy Corp. That same year, alongside Craig Parry, we co-founded Inventa Capital, a private mining incubator that now manages a portfolio of seven companies, including Vizsla Silver (formerly Vizsla Resources). We took Vizsla public with a small IPO on the TSX-V in 2018, and in 2019, we were introduced to the Panuco silver-gold project in the Western Mexico Silver Belt, Sinaloa. While the project's history dates back to the Spanish conquistadors, Vizsla is the first to conduct modern, large-scale exploration, making it a true greenfield discovery in a brownfield district. Our closest neighbor is First Majestic’s San Dimas mine, located about 40 km away from our northern land package.

In the five years since announcing a major discovery, Panuco has become the largest undeveloped high-grade silver primary resource in the world. With the DFS planned for H2 2025, we aim to be in production in two years. 

Panuco’s MRE was increased by 43% in the most recent update. Could you comment on the next steps in the project’s development? 

 This being our fourth resource update since the project's inception, our primary goal was to convert ounces into measured and indicated resources. Our target was to define 20 million oz AgEq in measured resources, but we ended up adding 46 million oz in the measured category and 176 million oz AgEq in new indicated resources, beating all expectations. In total, we increased our resource base by 43%, from 155.8 to 222.4 million oz AgEq (measured and indicated). 

The upcoming FS as final (definitive/bankable) is a last piece of study work before we reach a final investment decision. At US$26/oz silver prices, the PEA outlined an NPV of US$1.1 billion and 86% IRR, with a CapEx of US$224 million –representing less than half our market cap right now. The payback period would also be very short, at nine months. If we correlate to current prices, however, the NPV jumps closer to US$2 billion. 

Vizsla has also started a test mining program at Panuco. Why is this important?

One of the major reasons why new underground mines fail is the compounded risk of starting both the mine and the mill at the same time. By doing a test mine before the mill is built, we can access and de-risk the underground separately from the mill start-up in a few years’ time. The test mine also gives us the opportunity to complete more geotechnical and metallurgical testing and to run geospatial reconciliation with our drill model. Most importantly, we can start mining during the construction period and stockpile the material above surface – our plan is to have a one-year stockpile on the surface by the time the mill begins operations. 

What are your expectations regarding permitting in Mexico?

Based on recent discussions with representatives from the Secretariat of Environment and Natural Resources (SEMARNAT) and other government institutions, we are hopeful. The new government seems willing to grant more permits in the country. The discovery-to-production timeline we are achieving at Panuco is quite rare for most jurisdictions and proof that projects can be successfully developed in Mexico.

Vizsla has recently tripled its land package to 17,000 ha with acquisitions along the Sinaloa Silver Belt. Could you provide an overview of the district and local community programs you’re running?

Sinaloa lives in the public’s imagination as a state associated with Narcos and “El Chapo,” but the reality is quite different. It is actually an easy place to work in. 

From day one, we recruited as many people as we could from the communities, with 70% of our current workforce being local. 

Lastly, could you comment on Vizsla’s recent uplisting from the TSX-V to the TSX?

The TSXV hosts hundreds of companies with “silver” in their name, while the TSX only has a dozen or so. Being listed on two premier exchanges, the TSX and NYSE, fits Vizsla’s unique positioning: We stand alone as a silver developer of very high quality, with the PEA economics of a tier-one company.