VZLA Exploration Webinar (July 29 2025) FINAL

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# VZLA Exploration Webinar (July 29 2025) FINAL

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# VZLA Exploration Webinar (July 29 2025) FINAL
2025 Panuco & Greenfield
Exploration Discussion
NYSE:VZLA TSXV:VZLA Exploration Webinar July 30th, 2025
Forward Looking Statement
This presentation contains “forward looking statements” regarding the Company within the meaning of applicable securities legislation, including statements as to future events, results and plans. Forward-looking
statements are sometimes but not always identified by such words as “targeted”, “can”, “will”, “anticipates”, “projects”, “expects”, “intends”, “likely”, “plans”, “should”, “could” or “may” or grammatical variations thereof.
These include, without limitation, statements with respect to: the exploration, development and production of the Panuco property; publication of a feasibility study; timelines for a construction decision and first silver
production; exploration upside; expected cash flows; drilling programs; metallurgical optimization plans; strategic plans; exploration and development objectives; potential production at the Panuco property including
related costs; district upside potential; re-rating potential; and key potential catalysts. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the
Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company’s properties is reliable;
the Company’s operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore and develop the Company’s properties; the Company will be able to raise any
necessary additional capital on reasonable terms to execute its business plan; the Company’s current corporate activities will proceed as expected; general business and economic conditions will not change in a
material adverse manner; and budgeted costs and expenditures are and will continue to be accurate.
Actual results and developments may differ materially from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: public
health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities,
accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which
may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property
titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this
presentation; and other risk factors set out in the Company’s public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ
materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the forward-looking
statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected
consequences or benefits to, or effect on, the Company.
The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may
desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is
not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or
fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this
presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable
law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because
of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on
forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future.
To the extent any forward-looking statement in this presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is
being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such
future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and
subject to the risks set out above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and
expenses. The Company’s financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or
compiled by the Company’s accountants or auditors. The Company’s financial projections represent management’s estimates as of the dates indicated thereon.
2
Exploration is in Our DNA
Jesus Velador Ph.D., Michael Konnert,
VP Exploration Founder & CEO
Doctorate in epithermal deposits.
Founder & Managing Partner of
Former Geologist for Fortuna Silver,
Inventa Capital, raising over $800M
and Director of Exploration for First
since 2017. Founder of Vizsla Silver.
Majestic. 25+ years experience
Co-founded & sold CobaltOne
Energy. 15+ years experience in
corporate strategy, team leadership,
and mining capital markets
3
Vizsla’s Vision – First Silver 2027
Vizsla’s vision is to become the
World’s Largest Single Asset Silver Primary Producer
through exploration and development of the
Panuco district in Mexico
Delivery on Vizsla’s Growth & De-risking Strategy
Advancing through test mine development, project finance, and permitting
Acquisition of Santa Fé mine operations and exploration property in the Copala–San Dimas Corridor
Feasibility Study on Track for Q4 2025
Ongoing health fairs and $8M water treatment investment at Copala
4
Panuco Silver-Gold Project
Existing Infrastructure
• Past producing district that benefits from access to HV power,
water, roads, and proximal to Mazatlán
• To date, Vizsla has completed over 392,000 metres of diamond
drilling without constructing a single road
Fully Funded Through to Feasibility 2025 and Beyond
• Vizsla is well funded with $200M+ in cash plus ITM options(2) &
warrants, no debt, to fund exploration and project development
through to feasibility study and beyond
District Scale & 100% Owned
• Applying modern exploration techniques to a newly consolidated
land package that has never been systematically explored
• Quadrupled land package since January 2024, now over 30k ha
Location
• Situated in an underexplored area of the emerging Western Mexico
Silver Belt
• 80km from San Dimas (1Bn+ Oz AgEq in production(1) + reserves)
Expanding & De-Risking – Advancing to Production
• Upgrading resources to higher confidence categories
• Test mine commenced Q4 2024 to de-risk initial production
• Targeting first silver in H2 2027
1. Source: First Majestic Annual Production Reports, and Cap IQ
2. See Slide Titled “Corporate Snapshot” in the appendix 5
Work Complete &
Ongoing
Exploration Progress
Mineral Resource Growth Drilling To Date
M&I Mt Inferred Mt M&I AgEq Moz Inferred AgEq Moz
250 Moz 25 Mt
391,875 979
200 Moz 20 Mt Meters Drilled to Date Holes Drilled to Date
$147M $0.41/Oz
(1) (1)
150 Moz 15 Mt
Total Exploration Expenditures Discovery Cost
100 Moz 10 Mt
LTM Discovery Drilling
50 Moz 5 Mt
Moz Mt
8,000 26
New Metres Drilled New Holes Drilled
Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024
Contained Ounces Defined Recent Discovery At Animas
46M 176.3M 138.7M 5.8 metres 653 g/t 4.26 g/t
Measured AgEq Oz Indicated AgEq Oz Inferred AgEq Oz True Width Silver Gold
Contained Contained Contained
1.Total exploration expenditures and discovery costs as of Jan 9th,2025.
7
Ongoing Work
HLEM Survey Supports Ongoing Targeting in The West
Resource Expansion
• Copala & La Luisa remain open along strike to the north and
down dip to the south
• Napoleon (HW4) to the east, as well as three potential feeder
veins located along the main Napoleon structure at depth
Proximal District Scale
• La Luisa North • Animas (La Pipa)
• San Jack – San Peter • Camelia – San Dimas
• Esmeralda-Tecolote • Galeana
• Colorada-Napoleon • San Fernando – Nacaral
• Jesusita – Palos Verdes
Recent Discovery at Animas (Released March 31st)
5.8 metres 653 g/t 4.26 g/t
True Width Silver Gold
8
Animas vein system: La Pipa
`
1. Source: Company reports, Cap IQ as of January 8th, 2025.
2. Silver equivalent is calculated using the following metals prices: Ag US$26/Oz, Au US1,975/oz, Zn US$2,646/t, Pb US$2,094/t, Cu US$8,818/t
9
3. MAG* Silver holds a 44% stake in Juanicipio, and attributable resources are based on the proportional ownership
4. M&I includes reserves
Regional Geology
Mexico Hosts The Largest Silver Assets In The World
Panuco has the chance to become the 9th 1Boz(1) district in Mexico
Arc related Hydrothermal Deposits
Other Major Silver Deposits
Cordilleran Belts
1. Source1: After Graybeal & Vikre, 2011, S& P Capital IQ. This slide contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on
adjacent properties are not indicative of mineral deposits on the Panuco property. Properties are classified here on a silver equivalent basis. Source2: Adapted from various sources: Ferrari et. al., 2020, Montoya et. al.,
2019. Camprubí and Albinson, 2006, McDowell and Keiser, 1977, Campa and Coney, 1983.
Panuco Characterized by Uplifted & Down-dropped Fault Blocks
The project is centered on a 9x3 km diorite
pluton that intrudes granite and volcanic rocks
of the Tarahumara Formation. The veins,
hydrothermal breccias, and stockworks are MRE 2025
222.4+138.7 Moz AgEq
hosted by diorite, granite and andesite units of
the Tarahumara formation
Ignimbrites & tuffs (UVS)
Mafic dykes
T

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