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Financings

Vizsla Royalties gets $220M (U.S.) financing for Panuco

By The Northwire Desk — AI Analysis Sep 08, 2025 · 19:52 VROY · 3.0 Vizsla Royalties Corp.
VROY · Price

Executive Summary

  • Vizsla Silver Corp. has secured a senior secured project finance facility of up to US$220 million, with Macquarie Bank Ltd. acting as lead arranger and retaining 70 % of the commitment.
  • The financing is earmarked for construction and development of the high‑grade underground Panuco silver‑gold project in Sinaloa, Mexico.
  • The mandate underscores strong investor confidence, low cost of capital, and no mandatory hedging, positioning Vizsla Royalties for near‑term cash flow generation once permitting, a feasibility study, and construction decisions are completed.

Key Details

  • Facility Size: Up to US$220 million senior secured project finance facility.
  • Lead Arranger: Macquarie Bank Ltd., which will retain 70 % of the facility’s commitment.
  • Purpose: To fund construction and development of the Panuco underground silver‑gold project (high‑grade) in Sinaloa, Mexico.
  • Project Highlights (from prior PEA):
  • Preliminary Economic Assessment (July 2024) forecasts 15.2 million oz AgEq annual production over an initial 10.6‑year mine life.
  • After‑tax NPV5 of US$1.1 billion, IRR of 86 %, and a nine‑month payback at US$26/oz Ag and US$1,975/oz Au.
  • Terms: No mandatory hedging; low cost of capital as highlighted by CEO Michael Pettingell.
  • Strategic Impact: Expected catalyst for a near‑term rerating of Vizsla Royalties, narrowing the valuation gap with peers.

Notable Quotes

“Securing Macquarie as lead arranger for project financing marks another decisive step toward bringing Panuco into production,” – Michael Pettingell, CEO, Vizsla Royalties Corp.

The technical content has been reviewed and approved by Jesus Velador, PhD, MMSA, qualified person under NI 43‑101.

Read the original news release →

More from Vizsla Royalties Corp.

Jul 14, 2026 · 17:01

Vizsla’s court and shareholder approval clears the path for the Elemental acquisition, pending Mexican antitrust clearance.

M&A / Property Jun 29, 2026 · 08:01

Elemental Royalty’s C$327 million takeover of Vizsla Royalties advances with ISS backing, with a shareholder vote scheduled for July 10.

M&A / Property Jun 16, 2026 · 08:01

Vizsla Royalties completes its acquisition by Elemental, with the purchase price now anchoring value while execution and Panuco security risks remain key drivers.

M&A / Property May 14, 2026 · 06:31

Elemental Royalty absorbs Vizsla Royalties and its crown-jewel Panuco royalty in a C$327M all-share deal, a consolidation that offers VROY shareholders a premium exit but locks in the shadow of project risk and a recent violent security incident.

M&A / Property Jan 29, 2026 · 08:01

Vizsla Silver Provides an Update on Media-Reported Security Incident at the Panuco Project

Production / Operations Nov 18, 2025 · 08:01

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Technical Study