# Untitled mining news story Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715 Original source: https://www.sec.gov/Archives/edgar/data/1796073/000127956925001215/ex991.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-04T12:13:31.969Z Atlas analysis updated: 2026-11-04T12:13:31.969Z - Company: Vizsla Silver Corp. - Ticker: VZLA - Exchange: TSX - Region: Sinaloa, Mexico - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-11-04 12:13:31 UTC Narrative sentiment: 0.83 · Bullish ## Minestarters Atlas summary Vizsla Silver announced a positive feasibility study for its Panuco silver-gold project in Sinaloa, Mexico, with an after-tax NPV\(5%\) of US$1.802 billion and an after-tax IRR of 111%. The study outlines 12.81 Mt of Proven and Probable Mineral Reserves, average life-of-mine payable production of 17.4 Moz AgEq per year, and an AISC of US$10.61/oz AgEq. The company also said permitting and project financing initiatives are advancing, but no production decision has been made yet. Reasoning: This is a positive feasibility study for an underground silver-gold project with strong economics, defined reserves, and disclosed cost and recovery assumptions. Materiality is high because it directly addresses development-stage project economics and financing readiness. - Positive factor: After-tax NPV\(5%\) of US$1,802 million and IRR of 111% - Positive factor: Proven and Probable Mineral Reserves of 12.81 Mt at 249 g/t Ag and 2.01 g/t Au - Positive factor: Life-of-mine average annual payable production of 17,382 koz AgEq and AISC of US$10.61/oz AgEq - Positive factor: Qualified persons and NI 43-101 compliance are explicitly stated - Negative factor: The project still requires additional environmental permits before construction - Negative factor: No production decision has been made yet - Negative factor: The release excludes inferred Mineral Resources from the feasibility study Facts used in scoring: 21 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The release states the Feasibility Study is an “NI 43-101 compliant technical report” and identifies multiple Qualified Persons under NI 43-101. Evidence · text > an NI 43-101 compliant technical report on the Feasibility Study **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Named Qualified Persons are listed for the feasibility study, reserve estimate, resource estimate, and the company sign-off. Evidence · text > A team of independent Qualified Persons \(as such term is defined under NI 43-101\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource and reserve statements disclose cut-off values, including “base case cut-off grade of 150 g/t AgEq” and reserve COVs. Evidence · text > Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The study reports 92.3% Ag recovery and 93.8% Au recovery, which are strong for the stated circuit. Evidence · text > Recovery Rate - Ag \(%\) to doré 92.3 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The process flowsheet uses a crushing-grinding circuit, leach, Merrill Crowe, and later flotation/regrind, which is a mill-based route. Evidence · text > on-site treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit **Underground Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The study is for a high-margin, underground precious metals mine and names long-hole stoping and drift-and-fill methods. Evidence · text > as a high-margin, underground precious metals mine **Infill Drilling** Polarity: neutral Story-specific tag Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The release says the feasibility study can support upgrading inferred material to indicated or measured categories through additional underground drilling. Evidence · text > upgrade inferred material to indicated or measured categories **Metal Equivalent Opaque** Polarity: negative Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: AgEq formulas are disclosed, but the release still relies on price-factor conversions and multiple royalty cases, so the equivalent grades require careful interpretation. Evidence · text > AgEq oz = Ag oz + Au oz x \(US$3,100/oz Au ÷ US$35.50/oz Ag\) **Permitting Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company says additional environmental permits are still required and are under review, so construction timing remains conditional. Evidence · text > The construction and operation phases of the project require several additional environmental permits. **Economic Study** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document is a feasibility study with NPV, IRR, payback, capex, opex and reserve outputs. Evidence · text > positive results from its independent Feasibility Study **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 21. Some facts used in scoring do not have a stored record. ## Resource Estimates (17) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-0) Panuco #### Identity - Project: Panuco - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:25bca57ee57705b9ba81 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 1948000 - Grade: 308 - Grade Unit: g/t - Contained Metal: 19264 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 502 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: A high-confidence reserve row for the Copala deposit with strong silver grade, substantial contained metal, and reserve classification supports project development. - Positive factor: Proven reserve category with 1,948 kt at 308 g/t Ag - Positive factor: Contained metal of 19,264 koz Ag is disclosed - Positive factor: NI 43-101 qualified person named - Negative factor: Reserve is based on Measured and Indicated resources only - Negative factor: Cut-off grade is in AgEq and the study excludes inferred resources #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-1) Panuco #### Identity - Project: Panuco - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:a429f5ca2eba49843110 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4000 - Grade: 330 - Grade Unit: g/t - Contained Metal: 41 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 635 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is a small but high-grade stockpile reserve row that adds operational flexibility and early feed quality. - Positive factor: Very high-grade planned stockpile material at 330 g/t Ag - Positive factor: Reported with contained metal and AgEq grade - Positive factor: Reserve estimate is prepared under NI 43-101 - Negative factor: Only 4 kt tonnage, so scale is small relative to the main reserve - Negative factor: Stockpile material is a minor component of the overall reserve #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-2) Panuco #### Identity - Project: Panuco - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:78574dced98424638730 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 10854000 - Grade: 239 - Grade Unit: g/t - Contained Metal: 83351 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 400 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This probable reserve is the core of the mine plan and is economically material because of its scale and grade. - Positive factor: Probable reserve of 10.854 Mt provides the bulk of the reserve base - Positive factor: Contained metal is large at 83,351 koz Ag - Positive factor: Grade remains robust at 239 g/t Ag - Negative factor: Still a reserve subset rather than a resource expansion - Negative factor: Cut-off and dilution assumptions affect comparability #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-3) Panuco #### Identity - Project: Panuco - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:1f39d159953d7cb512c2 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 3000 - Grade: 318 - Grade Unit: g/t - Contained Metal: 34 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 558 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is a minor stockpile reserve row that is economically positive but not scale-dominant. - Positive factor: High-grade probable stockpile material at 318 g/t Ag - Positive factor: Contains 34 koz Ag and 54 koz AgEq - Positive factor: May support early plant feed - Negative factor: Very small tonnage #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-4) Panuco #### Identity - Project: Panuco - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:91994bfe95dc0f85704d - Deposit or zone: Panuco - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 12809000 - Grade: 249 - Grade Unit: g/t - Contained Metal: 102689 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 416 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: The total proven reserve row is central to the feasibility study and supports the mine plan economics. - Positive factor: Total proven reserve at 12.809 Mt and 249 g/t Ag is directly stated - Positive factor: Contained silver metal is 102,689 koz - Positive factor: This is the headline reserve basis for the feasibility study - Negative factor: Reserve is derived from resources and subject to mining dilution and cut-off assumptions #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-5) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:1e150b57a39f93222036 - Deposit or zone: Copala - Material type: mixed #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 442 - Grade Unit: g/t - Contained Metal: 26744 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This historical measured resource row is relevant context for the reserve conversion, but it is not new information in this release. - Positive factor: Measured resource with very high silver grade of 442 g/t - Positive factor: Contained silver metal of 26,744 koz is disclosed - Positive factor: NI 43-101 and QP sign-off are stated - Negative factor: This is a historical resource row dated 2024-09-09, not the new 2025 study result - Negative factor: AgEq assumptions are disclosed but the row is restated in the feasibility context #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-6) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:1e150b57a39f93222036 - Deposit or zone: Copala - Material type: mixed #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 3.09 - Grade Unit: g/t - Contained Metal: 187 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is a historical measured gold resource row that supports the study but does not represent new 2025 disclosure. - Positive factor: Measured gold resource grade is strong at 3.09 g/t - Positive factor: Contained gold of 187 koz is stated - Positive factor: This supports the reserve basis in the study - Negative factor: Historical resource estimate dated 2024-09-09 - Negative factor: Row is contextual rather than a fresh disclosure #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-7) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:ecdeefda11c0b63a8d4c - Deposit or zone: Copala - Material type: mixed #### Resource Data - Category: indicated - Tonnes: 4290000 - Grade: 402 - Grade Unit: g/t - Contained Metal: 55374 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 600 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This indicated resource row is important context for reserve conversion and mine planning, but it is historical in this release. - Positive factor: Indicated resource with substantial contained silver of 55,374 koz - Positive factor: Grade remains very strong at 402 g/t Ag - Positive factor: NI 43-101 compliant estimate - Negative factor: Historical resource row from 2024-09-09 - Negative factor: Not the new feasibility-study reserve #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-8) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:ecdeefda11c0b63a8d4c - Deposit or zone: Copala - Material type: mixed #### Resource Data - Category: indicated - Tonnes: 4290000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 345 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 600 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is a historical indicated gold resource row included for context within the feasibility study. - Positive factor: Indicated gold resource of 2.50 g/t with 345 koz contained gold - Positive factor: Supports the reserve base and project economics - Negative factor: Historical estimate dated 2024-09-09 - Negative factor: Not a new estimate in this announcement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-9) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:325540fb1988cb848673 - Deposit or zone: Copala - Material type: mixed #### Resource Data - Category: inferred - Tonnes: 2320000 - Grade: 322 - Grade Unit: g/t - Contained Metal: 24014 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 476 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This historical inferred silver resource is useful context but carries lower confidence and no novelty. - Positive factor: Contained silver is stated at 24,014 koz - Positive factor: Provides context for the resource base - Negative factor: Inferred category lowers confidence - Negative factor: Historical resource row dated 2024-09-09 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-10) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:325540fb1988cb848673 - Deposit or zone: Copala - Material type: mixed #### Resource Data - Category: inferred - Tonnes: 2320000 - Grade: 1.83 - Grade Unit: g/t - Contained Metal: 137 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 476 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is a historical inferred gold resource row with lower confidence than the measured and indicated categories. - Positive factor: Contained gold is stated at 137 koz - Positive factor: Historical estimate helps show the project resource base - Negative factor: Inferred resource and historical date reduce confidence and novelty #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-11) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:aaafabdced49619aa53c - Deposit or zone: Total - Material type: mixed #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 442 - Grade Unit: g/t - Contained Metal: 26744 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This total measured resource row is restated historical context, not a new estimate. - Positive factor: Total measured resource row repeats the Copala measured tonnage and grade - Positive factor: Contained silver metal is disclosed - Negative factor: Historical resource estimate - Negative factor: Totals are restated rather than newly updated #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-12) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:aaafabdced49619aa53c - Deposit or zone: Total - Material type: mixed #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 3.09 - Grade Unit: g/t - Contained Metal: 187 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This total measured gold resource row is context for the feasibility study but is historical in this release. - Positive factor: Restated total measured gold resource with 3.09 g/t grade - Positive factor: Contained gold is shown as 187 koz - Negative factor: Historical restatement #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-13) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:398743d62e16cf036222 - Deposit or zone: Total - Material type: mixed #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 413 - Grade Unit: g/t - Contained Metal: 71309 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 617 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This total indicated silver resource row is historical context and not a fresh disclosure. - Positive factor: Total indicated resource shows 5.37 Mt at 413 g/t Ag - Positive factor: Contained silver is 71,309 koz - Negative factor: Historical estimate #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-14) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:398743d62e16cf036222 - Deposit or zone: Total - Material type: mixed #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 2.56 - Grade Unit: g/t - Contained Metal: 443 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 617 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This total indicated gold resource row is historical support information. - Positive factor: Total indicated gold resource is disclosed at 2.56 g/t - Positive factor: Contained gold is 443 koz - Negative factor: Historical restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-15) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:90275f9f8fa4f965d3d1 - Deposit or zone: Total - Material type: mixed #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 341 - Grade Unit: g/t - Contained Metal: 38909 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 507 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This total inferred silver resource row is contextual and lower-confidence than the indicated rows. - Positive factor: Contained silver is stated at 38,909 koz - Positive factor: Historical total inferred resource adds context - Negative factor: Inferred category and historical date reduce confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-resource-facts-16) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:90275f9f8fa4f965d3d1 - Deposit or zone: Total - Material type: mixed #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 224 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 507 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This total inferred gold resource row is historical context rather than new information. - Positive factor: Contained gold is stated at 224 koz - Positive factor: Provides the total inferred gold context - Negative factor: Historical inferred estimate #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ## Metallurgical Results (4) ### whole-ore leach [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-metallurgical-facts-17) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: detailed - Test Type: whole-ore leach - Processing Route: 3-stage crushing-grinding circuit, leach and Merrill Crowe circuit - Sample: life-of-mine average, Panuco Project deposits #### Recovery - Recovery: 92.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Canada Inc. - Consultant: Ausenco Engineering Canada ULC #### Review - Needs Review: No - Historical: No Reasoning: This is a strong silver recovery result for the stated whole-ore leach and Merrill Crowe circuit. - Positive factor: Life-of-mine average silver recovery of 92.3% is strong - Positive factor: Recovery is tied to an actual test programme and feasibility design - Positive factor: Processing route is explicitly described - Negative factor: Route is a combined leach and Merrill Crowe circuit, so recovery is circuit-specific rather than a simple standalone test - Negative factor: No head grade is paired in this fact #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92.3% is at or above the exceptional band \(90%\) ### whole-ore leach [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-metallurgical-facts-18) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: detailed - Test Type: whole-ore leach - Processing Route: 3-stage crushing-grinding circuit, leach and Merrill Crowe circuit - Sample: life-of-mine average, Panuco Project deposits #### Recovery - Recovery: 93.8 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Canada Inc. - Consultant: Ausenco Engineering Canada ULC #### Review - Needs Review: No - Historical: No Reasoning: This is a strong gold recovery result for the stated leach and Merrill Crowe circuit. - Positive factor: Life-of-mine average gold recovery of 93.8% is strong - Positive factor: Actual-test basis is supported by the feasibility study context - Positive factor: The processing route is explicitly stated - Negative factor: No head grade is paired in this fact - Negative factor: Circuit-level recovery may differ by deposit and phase ### whole-ore leach [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-metallurgical-facts-19) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: detailed - Test Type: whole-ore leach - Processing Route: 3-stage crushing-grinding circuit, leach and Merrill Crowe circuit - Sample: Phase 1 whole-ore leach circuit - Grind P80: 50 µm - Leach Time: 96 hours #### Lab - Laboratory: SGS Canada Inc. - Consultant: Ausenco Engineering Canada ULC #### Review - Needs Review: No - Historical: No Reasoning: This fact captures the process design parameters for the phase-1 leach circuit. - Positive factor: Primary grind of 50 µm is disclosed - Positive factor: Leach retention time of approximately 96 hours is disclosed - Positive factor: Circuit description is complete - Negative factor: No recovery figure is attached to this specific phase-1 circuit row - Negative factor: The fact is process-design rather than performance data ### flotation and regrind [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--760cd2b8-2c25-43d6-abda-a66368155715#fact-metallurgical-facts-20) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: detailed - Test Type: flotation and regrind - Processing Route: flotation and regrind circuit between ball-mill discharge and leach feed - Sample: Phase 2 expansion circuit - Grind P80: 70 µm #### Lab - Laboratory: SGS Canada Inc. - Consultant: Ausenco Engineering Canada ULC #### Review - Needs Review: No - Historical: No Reasoning: This fact records the phase-2 process expansion and grind setting that the feasibility study introduces. - Positive factor: Phase 2 increases throughput and incorporates flotation and regrind - Positive factor: Coarser primary grind of 70 µm is disclosed - Positive factor: The release says the added circuit improves overall metal recovery and power/reagent efficiency - Negative factor: No specific recovery percentage is given for this circuit in the sentence - Negative factor: This is a design description rather than a standalone test result #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.