VZLA Corp Deck (Feb 2026)

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# VZLA Corp Deck (Feb 2026)

Source: https://wp-vizslasilvercorp-2024.s3.ca-central-1.amazonaws.com/media/2026/02/VZLA-Corp-Deck-Feb-2026.pdf
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# VZLA Corp Deck (Feb 2026)
NYSE VZLA
TSX VZLA
Corporate Presentation February 2026
FORGING THE FUTURE
OF SILVER IN MEXICO
PANUCO SILVER & GOLD DISTRICT
VIZSLA SILVER
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.
VIZSLA SILVER 1
Targeting First Silver
Our Vision H2 2027
Vizsla’s vision is to become the World’s Leading Silver
Primary Producer through consolidation, exploration, and
development of the Panuco district in Mexico
Vizsla is Targeting Annual Production of 50MOz AgEq by 2035
VIZSLA SILVER 2
Leadership
The Most
Important Asset
MICHAEL KONNERT CRAIG PARRY SIMON CMRLEC
Significant Discoveries and CEO, Director Chairman COO, Director
Founder & Managing Partner of Inventa Initial Co-founder & advisor of Inventa Former COO of Ausenco.
Shareholder Returns Driven Capital, raising over $800M since 2017. Capital, and Director of Skeena 30+ years industry experience
Founder of Vizsla Silver. Cofounded Resources. Founding Director of
by the Vizsla Silver Team & sold CobaltOne Energy. 15+ years NexGen, former CEO/founder of Iso
supporting development of mines
around the world, including
experience in corporate strategy, team Energy. 25+ years experience. Silvercrest’s Las Chispas mine
leadership, and mining capital markets
JESUS VELADOR EDUARDO LUNA
Chief Geologist Director
Doctorate in epithermal deposits. Former Geologist Mexican mining hall of fame member, Director of
for Fortuna Silver, and Director of Exploration for First Coeur Mining, former President of the Mexican Mining
Majestic. 25+ years experience Chamber and Silver Institute, Former Director at
Wheaton Precious Metals, Senior Executive at Peñoles,
Goldcorp, Luismin, Alamos Gold, and Primero
VIZSLA SILVER 3
Fully Financed Following US$300M Notes Offering
Replacing Previous Debt Mandate
Cash Settled Convertible Notes
US$60M US$505M US$300M 5 years
Gross Offering Maturity (Jan 15, 2031)
US$239M
5% US$5.84
Annual Coupon rate Conversion Price(1)
Total Financing Capacity
Convertible Bonds
(25% Premium to US$4.67 share price)
Equity Positions(2)
Provisionally callable After yr-3 if stock >130% of Conversion Price
Net Proceeds
US$239M
Initial
US$206M 5-yr Capped Call
CAPEX
Cash
The capped call is an efficient
structure to hedge the conversion
US$10.51
Balance Upper Strike Price (125%)
price of the convertible bonds at
$10.51 per share (up from $5.84)
1. The initial conversion price represents a premium of approximately 25% above the US$4.67 last reported sale price of the Shares on the NYSE American on November 19, 2025. The conversion rate is subject to adjustment
VIZSLA SILVER in certain events. The Notes will be convertible into Shares, cash or a combination of Shares and cash, at the Company’s election. 4
2. Vizsla Silver currently holds a ~17% stake in Vizsla Royalties (TSXV:VROY) and holds a non-controlling interest in Pacifica Silver (CSE:PSIL).
Development Timeline
Fully Financed, Advancing Panuco Towards Construction Decision
2024 2025 2026 2027
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
PEA
Conversion Drilling
Commence Test Mine
Resource Update
Feasibility Study
Permitting
Construction
First Silver
Targeting First Silver in the Second Half of 2027
VIZSLA SILVER 5
Tier 1 Silver Development
Tremendous Growth Potential
Fast Track to Production Well Funded DeRisking
• Feasibility Study complete • US$445M cash + ITM options • Ongoing test mine commenced Q4
ADVANCING • Targeting first silver H2 2027 and US$60M in equity holdings; 2024
DEVELOPMENT • Construction decision targeted • Including $240M net • Permits pending
for Q2 2026 proceeds from the capped
call convertible bond
issuance
Growing Land Package Significant Upside District Geophysics
EXPLORATION • Quadrupled land • Less than 70% of the • Conduct EM/MAG surveys
package since 2024 property is mapped(1) on key district targets
UPSIDE • Built a multigeneration • Only 28% of the known vein • Define structural controls to
pipeline of assets along targets have been explored (1) locate new mineralized zones
a frontier silver belt
Investing Locally Community First Leader in Sustainability
RESPONSIBLE • 8 infrastructure projects & • Secured 30-year operating • Four-time national recognition
$8.6M(2) invested to benefit 4 agreements with all five of sustainability efforts,
GROWTH local communities local Ejidos awarded as a Socially
Responsible Company (ESR)(3)
• 7+ health fairs to connect
locals with medical
professionals
1. To date Vizsla has mapped and sampled approximately 88.5 km of cumulative vein strike at Panuco.
2. Infrastructure improvements include investments in public buildings, clean water for residents, and support for agricultural infrastructure.
3. Minera Canam (Vizsla Silver’s Mexican subsidiary), was awarded the Empresa Socialmente Resposable (ESR).
VIZSLA SILVER 6
Unrivalled Infrastructure in an Established Mining Jurisdiction
Site Access
 Highway 40 from Mazatlán to Concordia and into
Panuco property (~1hr drive)
 Toll highway 40D (Mazatlán to Durango)
International Infrastructure
 Deepwater port located in Mazatlán
 Mazatlán International Airport located 56km SW of
Panuco Project
Power & Water
 Federal 230kv power lines cross-cuts Panuco property
 Seasonal rain and underground dewatering

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