SEDAR Interim Financial Statements

[
  {
    "companyName": "Vizsla Silver Corp.",
    "reportingPeriodEnd": "2026-01-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 502971699,
      "shortTermInvestments": 82248000,
      "valueAddedTaxReceivable": 0,
      "otherReceivables": 3012516,
      "prepaidsAndOtherExpenses": 1682348,
      "totalCurrentAssets": 589914563,
      "explorationAndEvaluationAssets": 327623767,
      "propertyPlantAndEquipment": 765802,
      "investmentInVizslaRoyaltiesCorp": 11297573,
      "investmentsInEquityInstruments": 5962525,
      "warrantsInvestments": 1929090,
      "longTermValueAddedTaxReceivable": 23538760,
      "cappedCallDerivativeOptions": 58553464,
      "otherNonCurrentAssets": 0,
      "totalNonCurrentAssets": 429670981,
      "totalAssets": 1019585544,
      "accountsPayableAndAccruedLiabilities": 4348643,
      "interestPayable": 3739801,
      "dueToRelatedParties": 749224,
      "incomeTaxPayable": 115566,
      "totalCurrentLiabilities": 8953234,
      "convertibleNotes": 318367118,
      "derivativeLiabilities": 210612133,
      "nonCurrentAccountsPayable": 0,
      "totalLiabilities": 537932485,
      "shareCapital": 604021638,
      "sharesToBeIssued": 14703396,
      "reserves": 57047719,
      "accumulatedOtherComprehensiveIncome": 40201189,
      "deficit": -234320883,
      "totalShareholdersEquity": 481653059,
      "totalLiabilitiesAndShareholdersEquity": 1019585544,
      "cashPerShare": 1.4995,
      "workingCapitalPerShare": 1.7320
    },
    "incomeStatement": {
      "explorationAndEvaluationExpenses": -24131,
      "officeAndAdministrative": -2691172,
      "professionalFees": -11572976,
      "marketingAndCommunication": -1887606,
      "regulatoryAndTransferAgent": -460293,
      "shareBasedCompensation": -10406219,
      "depreciation": -125599,
      "lossFromOperations": -27143865,
      "interestAndFinanceIncome": 9280156,
      "financeCosts": -152810747,
      "foreignExchangeGainLoss": 3750281,
      "revaluationGainLossOnInvestmentInInstruments": 5236878,
      "gainOnDebtSettlementOfVizslaRoyalties": 0,
      "gainOnSpinOutOfVizslaRoyalties": 0,
      "gainLossInShareOfVizslaRoyalties": 3969456,
      "transactionCosts": -892096,
      "otherIncome": 0,
      "lossBeforeIncomeTaxes": -158634068,
      "currentIncomeTax": -115566,
      "netLossForPeriod": -158749634,
      "otherComprehensiveIncomeLossItemsThatWillBeReclassifiedSubsequentlyTranslationGainLossOnForeignOperations": 31287789,
      "comprehensiveIncomeLoss": -127461845,
      "basicAndDilutedLossPerShare": -0.47,
      "weightedAverageNumberOfCommonSharesBasicAndDiluted": 335398270
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "netLossForPeriod": -158749634,
        "depreciation": 125599,
        "shareBasedCompensation": 12374142,
        "unrealizedGainOnInvestmentsInEquityInstruments": -4417138,
        "gainInShareOfVizslaRoyaltiesCorp": -3969456,
        "gainOnDebtSettlementFromVizslaRoyaltiesCorp": 0,
        "gainOnSpinOutOfVizslaRoyaltiesCorp": 0,
        "gainOnInvestmentsInWarrantsInvestments": -819740,
        "lossOnCappedCallOptions": 5967450,
        "revaluationLossOnDerivativeLiabilities": 140550751,
        "interestExpenseOnConvertibleNote": 3813272,
        "accretionExpenseOnConvertibleNote": 2479274,
        "changesInNonCashWorkingCapitalItems": -11627246,
        "netCashFlowsUsedInOperatingActivities": -14272726
      },
      "investingActivities": {
        "paymentsForExplorationAndEvaluationAssetsAndPropertyPlantAndEquipment": -41748114,
        "purchaseOfCappedCallDerivativeOptions": -66998892,
        "proceedsFromDisposalsOfInvestments": 102774,
        "acquisitionOfInvestmentsInEquityInstruments": -1478263,
        "purchaseOfInvestmentsInWarrantsInvestments": -1147248,
        "shortTermInvestmentsInGuaranteedInvestmentCertificate": -70342000,
        "netCashFlowsUsedInInvestingActivities": -181611743
      },
      "financingActivities": {
        "commonSharesProceedsNetOfShareIssuance": 160364153,
        "proceedsFromExerciseWarrants": 267529,
        "proceedsFromExerciseOfStockOptions": 11182979,
        "proceedsFromConvertibleNotesNetOfTransactionCosts": 404382031,
        "netCashFlowsProvidedByFinancingActivities": 576196692
      },
      "effectsOfExchangeRateChangesOnCashAndCashEquivalents": -9957463,
      "increaseInCashAndCashEquivalents": 370354760,
      "cashAndCashEquivalentsBeginningOfPeriod": 132616939,
      "cashAndCashEquivalentsEndOfPeriod": 502971699
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Investment in associate",
        "description": "Vizsla Royalties Corp. – 17.10% ownership, significant influence through board representation",
        "ownershipPercentage": 17.1,
        "value": 11297573,
        "notes": "Carried at equity method; includes share of loss and deemed disposal gains."
      },
      {
        "type": "Equity securities",
        "description": "Publicly traded exploration-stage mining companies",
        "ownershipPercentage": null,
        "value": 5962525,
        "notes": "Held for strategic partnerships and investment purposes."
      },
      {
        "type": "Warrants",
        "description": "Publicly traded warrants in exploration-stage mining companies",
        "ownershipPercentage": null,
        "value": 1929090,
        "notes": "Valued using Black-Scholes model."
      },
      {
        "type": "Short-term investments",
        "description": "Guaranteed Investment Certificate (GIC)",
        "ownershipPercentage": null,
        "value": 82248000,
        "notes": "Included in current assets."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited common shares and unlimited preferred shares without nominal or par value",
      "issuedShares": 349431635,
      "classesOfShares": ["Common shares", "Preferred shares"],
      "warrants": [
        {
          "number": 55200,
          "exercisePrice": 1.48,
          "expiryDate": "2026-02-28"
        }
      ],
      "options": [
        {
          "number": 200000,
          "exercisePrice": 1.43,
          "expiryDate": "2026-02-17"
        },
        {
          "number": 1415000,
          "exercisePrice": 2.20,
          "expiryDate": "2026-06-22"
        },
        {
          "number": 69500,
          "exercisePrice": 2.32,
          "expiryDate": "2026-07-27"
        },
        {
          "number": 1165000,
          "exercisePrice": 2.23,
          "expiryDate": "2026-09-24"
        },
        {
          "number": 200000,
          "exercisePrice": 2.43,
          "expiryDate": "2027-02-01"
        },
        {
          "number": 185000,
          "exercisePrice": 1.72,
          "expiryDate": "2027-06-02"
        },
        {
          "number": 1048000,
          "exercisePrice": 1.59,
          "expiryDate": "2028-02-10"
        },
        {
          "number": 2124000,
          "exercisePrice": 1.59,
          "expiryDate": "2028-05-19"
        },
        {
          "number": 200000,
          "exercisePrice": 1.59,
          "expiryDate": "2028-11-15"
        },
        {
          "number": 480000,
          "exercisePrice": 0.14,
          "expiryDate": "2029-02-27"
        },
        {
          "number": 5538000,
          "exercisePrice": 2.24,
          "expiryDate": "2029-06-12"
        },
        {
          "number": 3895500,
          "exercisePrice": 2.90,
          "expiryDate": "2030-05-01"
        },
        {
          "number": 42500,
          "exercisePrice": 4.33,
          "expiryDate": "2030-07-29"
        }
      ],
      "rightsConvertibleInstruments": "Convertible senior unsecured notes (Note 10) – principal USD $300,000,000, conversion price USD $5.84 per share, subject to conditions."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": [
        {
          "period": "Nine months ended January 31, 2026",
          "components": {
            "salariesConsultingAndManagementFees": 5022653,
            "directorFees": 336398,
            "technicalConsultingAndGandA": 2794940,
            "shareBasedCompensation": 12374142,
            "total": null
          }
        },
        {
          "period": "Nine months ended January 31, 2025",
          "components": {
            "salariesConsultingAndManagementFees": 2827094,
            "directorFees": 311750,
            "technicalConsultingAndGandA": 585000,
            "shareBasedCompensation": 8108239,
            "total": null
          }
        }
      ],
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Company with common directors and officers",
          "description": "Technical consulting and General and Administrative expenses",
          "amount": 2794940,
          "period": "Nine months ended January 31, 2026"
        },
        {
          "counterparty": "Company with common directors and officers",
          "description": "Technical consulting and General and Administrative expenses",
          "amount": 585000,
          "period": "Nine months ended January 31, 2025"
        },
        {
          "counterparty": "Companies with common directors and officers",
          "description": "Amount payable end of period",
          "amount": 749224,
          "period": "As at January 31, 2026"
        },
        {
          "counterparty": "Companies with common directors and officers",
          "description": "Amount payable end of period",
          "amount": 394027,
          "period": "As at April 30, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-02-24",
        "description": "Exercise of remaining 55,200 warrants at $1.48 per share for proceeds of $81,696.",
        "impactValue": 81696
      },
      {
        "eventDate": "After 2026-01-31",
        "description": "Exercise of 12,000 stock options at a weighted average exercise price of $2.24 for proceeds of $26,880.",
        "impactValue": 26880
      }
    ]
  }
]