# Vizsla Royalties Congratulates Vizsla Silver on the Positive Feasibility Study for the Panuco Project

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vizsla-royalties-congratulates-vizsla-silver-on-the-positive-feasibility-study-f--2ba6db6b-90b9-42ce-a673-59c87c253216

Original source: https://money.tmx.com/en/quote/VROY/news/7401229012597523/vizsla-royalties-congratulates-vizsla-silver-on-the-positive-feasibility-study-f

Publisher: tmx

Original announcement: 2025-11-18T13:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Vizsla Royalties Corp.

- Ticker: VROY

- Exchange: TSX

- Region: Sinaloa, Mexico

- Primary commodity: Silver

- Secondary commodities: Gold

- Document categories: Resource update, Other

- Extracted: 2026-09-13 06:44:35 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Vizsla Royalties congratulates Vizsla Silver on the positive Feasibility Study for the Panuco Project in Mexico. The study reports an after-tax NPV\(5%\) of US$1.8 billion and an IRR of 111% at base case metal prices, supporting strong future royalty cash flows.

Reasoning: The announcement highlights a high-quality feasibility study for a key project underlying the company's royalty interest, showing exceptional economic metrics.

- Positive factor: Exceptional project economics with 111% IRR

- Positive factor: High-grade reserves in Copala deposit

- Positive factor: Strong cash flow profile with 7-month payback

- Negative factor: Royalty holder has limited access to primary data

- Negative factor: Environmental permits still pending

Facts used in scoring: 4

## Classification and evidence

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The feasibility study outlines Proven and Probable Mineral Reserves for the Panuco project.

Evidence · text

> High-grade underground mine with Proven and Probable Mineral Reserves

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The technical information section confirms the disclosure is in accordance with NI 43-101 standards.

Evidence · text

> In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects

**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: Jesus Velador, Ph.D. MMSA is named as the Qualified Person who has reviewed and approved the content.

Evidence · text

> Jesus Velador, Ph.D. MMSA QP, Vice President of Exploration, is the Qualified Person

## Extracted facts

Stored fact records: 4. Some facts used in scoring do not have a stored record.

## Resource Estimates (4)

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-congratulates-vizsla-silver-on-the-positive-feasibility-study-f--2ba6db6b-90b9-42ce-a673-59c87c253216#fact-resource-facts-0)

Panuco · silver

#### Identity

- Project: Panuco
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:2d6890658f0e3efd279b
- Deposit or zone: Copala
- Mining method: underground

#### Resource Data

- Category: probable
- Tonnes: 7900000
- Grade: 318
- Grade Unit: g/t

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-18T00:00:00.000Z

Reasoning: High-grade reserve component for the Copala deposit.

- Positive factor: High-grade silver and gold intercepts

Evidence · text

> Copala deposit with 7.90 Mt averaging 318 g/t Ag and 2.05 g/t Au

#### 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 Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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/vizsla-royalties-congratulates-vizsla-silver-on-the-positive-feasibility-study-f--2ba6db6b-90b9-42ce-a673-59c87c253216#fact-resource-facts-1)

Panuco · gold

#### Identity

- Project: Panuco
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:2d6890658f0e3efd279b
- Deposit or zone: Copala
- Mining method: underground

#### Resource Data

- Category: probable
- Tonnes: 7900000
- Grade: 2.05
- Grade Unit: g/t

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-18T00:00:00.000Z

Reasoning: Gold grade component of the Copala reserve.

- Positive factor: Significant gold grade in reserve

Evidence · text

> Copala deposit with 7.90 Mt averaging 318 g/t Ag and 2.05 g/t Au

#### 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 Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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/vizsla-royalties-congratulates-vizsla-silver-on-the-positive-feasibility-study-f--2ba6db6b-90b9-42ce-a673-59c87c253216#fact-resource-facts-2)

Panuco · silver

#### Identity

- Project: Panuco
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:a3354db5a20734953fe9
- Deposit or zone: Napoleon
- Mining method: underground

#### Resource Data

- Category: probable
- Tonnes: 4910000
- Grade: 139
- Grade Unit: g/t

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-18T00:00:00.000Z

Reasoning: Silver grade component of the Napoleon reserve.

- Positive factor: Economic silver and gold reserves

Evidence · text

> Napoleon deposit with 4.91 Mt averaging 139 g/t Ag and 1.95 g/t Au

#### 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 Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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/vizsla-royalties-congratulates-vizsla-silver-on-the-positive-feasibility-study-f--2ba6db6b-90b9-42ce-a673-59c87c253216#fact-resource-facts-3)

Panuco · gold

#### Identity

- Project: Panuco
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:a3354db5a20734953fe9
- Deposit or zone: Napoleon
- Mining method: underground

#### Resource Data

- Category: probable
- Tonnes: 4910000
- Grade: 1.95
- Grade Unit: g/t

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-11-18T00:00:00.000Z

Reasoning: Gold grade component of the Napoleon reserve.

- Positive factor: Economic gold grade in reserve

Evidence · text

> Napoleon deposit with 4.91 Mt averaging 139 g/t Ag and 1.95 g/t Au

#### 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 Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**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

## 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.