Here are 1-3 brief analogies for Vizsla Silver (VZLA):

• Like a startup Newmont or Barrick Gold, focused on developing high-grade silver and gold deposits in Mexico.
• An emerging Pan American Silver, building out a promising silver and gold district in Mexico.
• Think of it as a developing Fresnillo PLC, concentrating on a high-potential silver and gold district in Mexico.

• Gold: The company engages in the exploration and development of gold deposits.
• Silver: The company engages in the exploration and development of silver deposits.
• Copper: The company engages in the exploration and development of copper deposits.

Vizsla Silver Corp. is primarily engaged in the acquisition, exploration, and development of precious and base metal assets (gold, silver, and copper). As an exploration and development company, it is not yet in commercial production of metals and therefore does not have major customers in the traditional sense of selling a product.

If Vizsla Silver were to achieve commercial production and begin extracting and processing metals, its output (typically in the form of concentrates or doré bars) would be sold as a commodity to a limited number of industrial buyers. These buyers would primarily consist of:

1. Metal Smelters and Refineries: Companies specializing in processing raw or semi-processed metal products into pure metals.
2. Global Metal Trading Houses: Large commodity trading firms that buy and sell metals on international markets.

Due to the company's current stage of development, specific names of such potential customer companies are not publicly disclosed, as they are not yet established commercial relationships.

• ALS Global (ASX: ALS)

Michael Konnert, President, Chief Executive Officer, Director

Michael Konnert is the Founder, President, Director, and CEO of Vizsla Silver Corp.. He is also the co-founder and Managing Partner of Inventa Capital, a natural resource incubator company, through which he has raised over C$800 million in capital. Mr. Konnert co-founded CobaltOne Energy Corp in 2017, a battery metal exploration company, which he successfully led to its acquisition by Blackstone Minerals. He has led Vizsla Silver in consolidating the Panuco silver-gold district in Mexico and has raised over $100 million for the company. He also serves as Executive Chairman of Vizsla Royalties and holds board positions at Vizsla Copper and Summa Silver.

Mahesh Liyanage, Chief Financial Officer

Mahesh Liyanage is a Chartered Professional Accountant with over 20 years of experience across various industries. His expertise includes Canadian public company reporting and regulatory compliance, business spin-offs/mergers and acquisitions, treasury management, and Canadian and US tax compliance. Mr. Liyanage has extensive experience with Mexican mining companies. Prior to Vizsla Silver, he was with Evrim/Orogen and the Manex Resource Group. He also serves as the Chief Financial Officer of Vizsla Royalties Corp. and Vizsla Copper Corp..

Martin Dupuis, Chief Operating Officer

Martin Dupuis has over 25 years of experience covering all stages of a project's life, from exploration through feasibility and engineering studies, construction, mine expansion, and operations. He was instrumental in the oversight and delivery of Vizsla's maiden resource estimate. Before joining Vizsla, Mr. Dupuis served as Director of Geology for Pan American Silver, Technical Services Manager for Aurico Gold, and Chief Geologist at several other operations. He was promoted to Chief Operating Officer in May 2022.

Jesus Velador, VP, Exploration

Dr. Jesus Velador possesses more than 20 years of experience in precious metals exploration, specializing in epithermal systems. He managed brownfields exploration programs in Mexico and Peru for Fortuna Silver Mines Inc.. Previously, Dr. Velador was the Director of Exploration for First Majestic Silver Corp., where he led the team that discovered the silver and gold deposit at Ermitaño. His career began with Industrias Peñoles, where his work contributed to the discovery of the Valdecañas Vein at the Juanicipio project.

Michael Pettingell, SVP, Business Development and Strategy

Michael Pettingell is a geologist with over 10 years of experience in both pre-producing and operating mines, as well as the capital markets. Before joining Vizsla, he spent four years in equity research at Canaccord Genuity, covering junior precious and base metal explorers and developers. Mr. Pettingell also worked for Hecla Mining, initially in exploration and later in corporate development. He began his career as an exploration geologist for Romarco Minerals at its Haile Gold mine, prior to its acquisition by OceanaGold in 2015.

The key risks to Vizsla Silver (VZLA) are primarily concentrated around operational and market challenges, with a significant recent emphasis on security concerns in its operating region.

1. Security Incidents and Geopolitical Instability in Mexico: The most prominent and immediate risk stems from severe security incidents at Vizsla Silver's flagship Panuco project in Sinaloa, Mexico. Recent events, including worker abductions and fatalities linked to organized crime, have led to the suspension of operations and intensified legal and operational risks. This geopolitical instability and the resulting operational disruptions significantly impact project timelines, employee safety, and investor confidence. As a single-asset developer, Vizsla Silver's exposure to this regional risk is amplified.

2. Exploration and Development Risks: As a junior mineral exploration and development company, Vizsla Silver faces inherent uncertainties in bringing its Panuco silver-gold project into production. These risks include potential difficulties in permitting the proposed mine, the variability in deposit expectations, and the overarching challenges associated with mineral exploration and development. The company's lack of current revenue generation and profitability further underscores the financial risks associated with the successful execution and transition from exploration to production.

3. Fluctuating Commodity Prices: The profitability and financial trajectory of Vizsla Silver are highly dependent on the volatile prices of precious metals, specifically gold and silver. While the Panuco project reportedly exhibits robust margins at base-case metal price assumptions, significant downturns in gold and silver prices could negatively impact the project's economics, funding capabilities, and overall financial viability.

Vizsla Silver (symbol: VZLA) engages in the acquisition, exploration, and development of precious and base metal assets, primarily focusing on gold, silver, and copper deposits. The addressable markets for these main products are global.

Global Market Size for Vizsla Silver's Main Products:

• Gold: The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. Some reports indicate the global gold market size stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a compound annual growth rate (CAGR) of 4.70%.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, demonstrating a CAGR of 9.86% from 2025 to 2033. Another source also indicated the global silver market was valued at approximately USD 87.1 billion in 2024.
• Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, with a CAGR of 6.5% from 2025 to 2030. Other estimates place the global copper market size at USD 320.86 billion in 2024, expecting to grow to USD 506.36 billion by 2033 at a CAGR of 5.2% from 2026–2033. Another projection states the global copper market size was USD 261.93 billion in 2025, and is expected to reach USD 466.67 billion by 2034, growing at a CAGR of 6.63%.

Share Issuance

• In June/July 2025, Vizsla Silver completed a bought deal financing, issuing 33,334,000 common shares at US$3.00 per share, which, with the full exercise of the over-allotment option, generated gross proceeds of approximately US$115 million.
• In April 2025, the company updated its at-the-market (ATM) equity program, authorizing the potential offer and sale of up to US$200 million of common shares to provide additional financial flexibility for advancing the Panuco Project.
• Overall, in 2025, Vizsla Silver raised US$160 million in equity, including the aforementioned US$115.5 million bought deal in June.

Inbound Investments

• In September 2025, Vizsla Silver secured a mandate letter with Macquarie Bank Limited for a senior secured project finance facility of up to US$220 million to fund the construction and development of its Panuco project.
• As of January 2026, the Panuco project is fully funded with over US$450 million in cash, including a significant portion from a US$300 million convertible debenture.

Outbound Investments

• In May 2025, Vizsla Silver acquired the historic Santa Fe silver project for a cash payment of US$1.4 million and 2.7 million common shares.
• In October 2024, the company completed the acquisition of the La Garra-Metates district, involving cash payments totaling US$3,075,000 and the issuance of 5,555,555 common shares, along with an additional US$1,606,500 for back taxes on the concessions.
• In December 2025, Vizsla Silver agreed to acquire ten strategic claims from Fresnillo plc for US$2 million in cash and US$4 million in common shares.

Capital Expenditures

• The Feasibility Study for the Panuco project, completed in November 2025, estimates initial capital costs (pre-production CAPEX) at US$238.7 million, with a net initial cost of US$173 million.
• Total construction costs for the Panuco project are estimated at US$239 million.
• For 2026, Vizsla Silver has budgeted approximately 60,000 meters of diamond drilling across the Panuco district, with a primary focus on detailed engineering, underground drilling, geophysical surveys, and optimization work to support a construction decision.