Vizsla Silver Enhances Equity Program With New US$200 Million Offering

Vizsla Silver Corp., a prominent player in mineral exploration and development, has recently provided a significant update on its at-the-market (ATM) equity program. The company is set to offer common shares up to a total value of US$200 million, marking a strategic move to boost its capital as it advances its flagship Panuco Project located in Sinaloa, Mexico.

Key Highlights of the Update

Michael Konnert, the President and CEO of Vizsla Silver, stated, "We remain well-positioned to advance Panuco towards development. The updated AT-M equity plan simply provides additional flexibility to enrich our strong balance sheet while we continue to de-risk the Panuco Project and meet our development milestones."

This proactive strategy comes as part of the company’s commitment to ensuring that it has the necessary resources to move forward with both exploration and development activities at Panuco. The opportunity to sell common shares on a broader scale is expected to enhance Vizsla’s financial footing and support its operational goals.

Distribution Agreement and Agents Involved

Sales will be conducted in accordance with an equity distribution agreement established on April 28, 2025, with Canaccord Genuity and CIBC Capital Markets designated as lead agents, alongside National Bank Financial and BMO Capital Markets. The common shares will be made available on the Toronto Stock Exchange and the NYSE American, bolstering visibility and access to a wider pool of investors.

Shares sold under this program will be determined at the discretion of the company based on prevailing market prices during each sale. This flexible approach allows Vizsla Silver to optimize its capital-raising efforts as it seeks to advance its ambitious development plans.

Intended Use of Proceeds

The company has outlined that the net proceeds from the ATM program will primarily be directed towards funding ongoing work programs associated with the Panuco Project. This includes vital investment in exploration, operational activities, working capital, and other general corporate purposes. Such investments are crucial for ensuring that the project continues to advance to its development phase efficiently.

Background on Panuco Project

Vizsla Silver's Panuco silver-gold project is at the core of its strategic vision. The project, a 100%-owned asset, recently showcased great potential in a Preliminary Economic Study completed in July 2024. The study highlighted impressive projections, including an annual production of 15.2 million ounces of silver equivalent over an estimated mine life of 10.6 years, an after-tax net present value of approximately US$1.1 billion, a remarkable internal rate of return of 86%, and a payback period of merely nine months at significant silver and gold prices.

This ambitious dual-track development plan at Panuco emphasizes not just advancing mine development but also continuing district-scale exploration activities. By sustaining low-cost exploration efforts, Vizsla aims to solidify its position as a leading silver company on the global stage.

Notes on Forward-Looking Statements

Investors should take note of forward-looking statements incorporated in the company’s announcements. Terms such as "anticipate," "believe," "expect," and similar phrases indicate projections that include various assumptions about market conditions, operational performance, and financial strategy. While management's insights provide a valuable outlook, prospective investors should consider the inherent uncertainties that could affect actual outcomes.

Overall, Vizsla Silver’s updated ATM program marks a critical step in advancing its operational strategy and development plans for Panuco, reaffirming its commitment to becoming a key player in the silver industry. As it charts its course forward, stakeholders remain optimistic about the company’s potential to deliver tangible results in the coming months and years.