Independent Proxy Advisory Firms Recommend Shareholders Vote "FOR" the Proposed Plan of Arrangement with Elemental Royalty
Elemental Royalty’s C$327 million takeover of Vizsla Royalties advances with ISS backing, with a shareholder vote scheduled for July 10.
Independent proxy advisory firm Institutional Shareholder Services (ISS) has recommended that shareholders vote "FOR" the proposed plan of arrangement with Elemental Royalty Corporation. The Board of Directors unanimously recommends approval of the transaction, which values Vizsla Royalties Corp. at approximately C$327 million. This valuation represents a 31% premium to the unaffected closing price and a 22% premium to the 20-day VWAP.
Shareholders may elect between three consideration options: C$4.13 in cash, 0.15 Elemental common shares, or a combination of both, subject to proration based on a ~C$82 million cash cap. The special meeting of shareholders is scheduled for July 10, 2026, with a proxy voting deadline of July 8, 2026. Final court approval is scheduled for July 14, 2026.
Vizsla Royalties Corp. (VROY) received an Independent Committee recommendation from the Investment Industry Regulatory Organization of Canada (IIRO) on its proposed acquisition. The recommendation serves as a standard procedural milestone in Canadian M&A transactions, confirming that independent advisors view the strategic rationale and premium as sound. It does not introduce new financial or operational data.
The deal structure and premium were already disclosed on May 14, 2026. The market has had over a month to digest the terms, and the stock has traded in a range reflecting the deal premium. The recommendation reduces execution risk slightly by signaling institutional alignment, but it does not alter the fundamental economics or timeline of the acquisition.
Vizsla Royalties Corp. holds a 3.5% Net Smelter Return (NSR) royalty on the Copala deposit and a 2.0% NSR on the Rio Panuco concessions at the Panuco silver-gold project in Sinaloa, Mexico. The project is operated by Vizsla Silver Corp., which holds a ~17% stake in Vizsla Royalties.
A positive Feasibility Study completed in Q4 2025 projects an after-tax NPV(5%) of US$1.8 billion and an IRR of 111% at base case metal prices. Production is targeted for H2 2027, with an initial 9.4-year mine life averaging 17.4 Moz AgEq annually.
The acquisition by Elemental Royalty provides shareholders with exposure to a diversified portfolio of 200+ royalties, dual Nasdaq/TSX listings, and a newly announced US$0.12 quarterly dividend.