Northwire Canada EditionThursday, November 12, 2026
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Gold 3,869.00 −3.3% Silver 49.85 −4.1% Copper 6.18 −1.7% Oil 86.65 +0.1% Palladium 986.75 −5.7% TWO 0.370 +0.0% BIG 0.940 −1.1% VCG 1.10 +0.0% SCD 0.150 +3.5% GAL 0.370 −0.7% SAG 0.640 −3.0% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.250 +8.7% PDN 8.41 +0.0% FL 0.355 −1.4% RIO 2.59 −3.0% COSA 0.280 −9.7% DML 3.00 −4.0% Gold 3,869.00 −3.3% Silver 49.85 −4.1% Copper 6.18 −1.7% Oil 86.65 +0.1% Palladium 986.75 −5.7% TWO 0.370 +0.0% BIG 0.940 −1.1% VCG 1.10 +0.0% SCD 0.150 +3.5% GAL 0.370 −0.7% SAG 0.640 −3.0% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.250 +8.7% PDN 8.41 +0.0% FL 0.355 −1.4% RIO 2.59 −3.0% COSA 0.280 −9.7% DML 3.00 −4.0%
Production / Operations

VIZSLA SILVER PROVIDES 2025 YEAR-END SUMMARY AND 2026 OUTLOOK

Vizsla Silver Secures Massive US$450M Treasury and Robust Feasibility, but Success Hinges on Aggressive Silver Price Assumptions

By The Northwire Desk — AI Analysis Jan 20, 2026 · 06:00 VZLA · 8.57 Vizsla Silver Corp.
Executive Summary
  • On January 20, 2026, Vizsla Silver provided a year-end 2025 summary and 2026 outlook for its Panuco project in Mexico.
  • The company completed a Feasibility Study (FS) in November 2025, showing an after-tax NPV(5%) of US$1.8 billion and an IRR of 111%.
  • Project economics are based on a silver price of US$35.50/oz and a gold price of US$3,100/oz.
  • Average annual production is estimated at 17.4 million ounces of Silver Equivalent (AgEq) over a 9.4-year mine life, with over 20 million ounces annually in the first five years.
  • The company reports a cash position exceeding US$450 million as of year-end 2025, claiming the project is "fully financed."
  • Operational milestones include advancing the test mine to the 460 level and completing 21,000 meters of drilling in 2025.
  • For 2026, the company plans 60,000 meters of drilling and expects the MIA (environmental) permit by mid-year.
Material Impact
  • The Feasibility Study confirms Panuco as a tier-one silver asset with exceptionally high margins and a rapid 7-month payback period.
  • The transition from a US$92 million cash position in early 2025 to over US$450 million by early 2026 represents a massive de-risking event, primarily driven by a US$300 million convertible note offering and a US$115.5 million public offering.
  • The 111% IRR is outlier-level for the industry, though it is highly sensitive to the silver price used ($35.50/oz). While management calls this "conservative," it is significantly higher than the $26/oz used in the 2024 PEA.
  • The fully-funded status removes the immediate "funding gap" risk that plagues mid-tier developers.
  • The expansion of the land package (Santa Fe and Fresnillo claims) suggests the company is shifting from a single-asset story to a district-scale consolidator.
VZLA · Price
Company Overview
  • Vizsla Silver owns 100% of the Panuco silver-gold project in Sinaloa, Mexico.
  • The project is a high-grade epithermal vein system with over 86 km of known vein extent.
  • Flagship status: Transitioning from a test mine/bulk sample phase to full-scale construction.
  • Infrastructure: Includes 35 km of existing underground workings, plus recent additions of mill capacity through the Santa Fe acquisition.
Read the original news release →

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