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

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.