Vizsla Silver to acquire 2,378 hectares around Panuco

Executive Summary

• Vizsla Silver Corp. has entered into an agreement to acquire 10 mining claims (2,378 hectares) from Minera Fresnillo SA de CV (a subsidiary of Fresnillo PLC) surrounding its flagship Panuco project in Mexico.
• The acquisition includes 7 strategic claims (1,734 hectares) adjacent to the Panuco project, covering prospective areas and potential extensions of known mineralized veins.
• Total consideration for the transaction is $6 million USD, consisting of $2 million in cash and $4 million in common shares (854,697 shares), subject to a four-month hold period.

Key Details

• Transaction Structure: Asset purchase agreement dated December 17, 2025, between Vizsla Silver Corp., Minera Fresnillo SA de CV, and Vizsla's wholly owned subsidiary, Minera Canam SA de CV.
• Property Details:
  • Total area: 2,378 hectares across 10 titled mining claims.
  • Strategic area: 1,734 hectares (7 claims) adjacent to and partially surrounding the Panuco project.
  • Location: Panuco-San Dimas corridor, Sinaloa, Mexico.
  • Geological context: Lithologies include favorable andesite lavas, tuffs, and rhyolite tuffs (Tarahumara formation) intruded by diorite and granodiorite stocks (Sinaloa batholitic complex).
  • Potential extensions: Veins and systems such as La Luisa, Cruz Negra, San Dimas, Camelia, La Florida, and Cordon del Oro may extend into the acquired claims.
• Consideration:
  • Cash: $2,000,000 USD.
  • Equity: 854,697 common shares of Vizsla Silver Corp. (valued at $4,000,000 USD).
  • Hold Period: The consideration shares are subject to a four-month hold period under Canadian securities laws.
• Exploration Plans: Vizsla Silver is expanding its lidar survey to cover the strategic claims and initiating regional reconnaissance mapping and rock sampling in highly prospective areas.
• Contextual Metrics (Panuco Project):
  • Recent Feasibility Study (Nov 2025) highlights 17.4 million ounces silver equivalent annual production over a 9.4-year mine life.
  • After-tax NPV (5% discount): $1.8 billion USD.
  • Internal Rate of Return (IRR): 111%.
  • Payback period: Seven months at $35.50/oz Ag and $3,100/oz Au.
  • Historic production plus current resources/reserves in the corridor estimated at 1.2 billion ounces silver and 15 million ounces gold.

Notable Quotes

• "With this acquisition, we now have more prospective ground adjacent to our flagship Panuco project to continue exploring... The acquisition of the claims provides our team with new high-priority targets, which, pending exploration success, not only have the potential to grow the overall resource base but also bolster mine economics in future mine updates and technical studies." — Michael Konnert, President and CEO.