# Vizsla Royalties Provides Update on Principal Asset

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c

Original source: https://money.tmx.com/en/quote/VROY/news/8480011010849606/vizsla-royalties-provides-update-on-principal-asset

Publisher: tmx

Original announcement: 2025-01-08T14:13:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Vizsla Royalties Corp.

- Ticker: VROY

- Exchange: TSX

- Region: Western Mexico

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc

- Document categories: Resource update

- Extracted: 2026-09-13 06:56:59 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Vizsla Royalties Corp. announced a significant update to the mineral resource estimate for its principal asset, the Panuco silver-gold project in Mexico. The update, reported by Vizsla Silver Corp., shows a 43% increase in combined Measured and Indicated silver equivalent resources to 222.4 Moz AgEq, with a 4.5% increase in global indicated grade. Notably, the estimate includes the first-ever Measured resource of 46 Moz AgEq, enhancing project confidence and advancing it towards a production decision.

Reasoning: The updated mineral resource estimate for the Panuco project shows a substantial increase in Measured and Indicated silver equivalent ounces and grade, including the first Measured resource, significantly de-risking the project and advancing it towards production.

- Positive factor: Significant increase in Measured and Indicated resources \(43% increase in Moz AgEq\)

- Positive factor: First-ever Measured resource declared \(46 Moz AgEq\)

- Positive factor: Increase in M&I grade \(4.5% global indicated grade increase\)

- Positive factor: Conversion of Inferred resources to higher confidence categories

- Positive factor: QP sign-off and NI 43-101 compliance

- Negative factor: Decrease in Inferred resources and grade, though largely due to conversion to higher categories

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 112

## Classification and evidence

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The release states: "Notably, Vizsla Silver announced its first-ever measured resource estimate, containing 46 Moz at an exceptional average grade of 640 g/t AgEq".

Evidence · text

> Notably, Vizsla Silver announced its first-ever measured resource estimate, containing 46 Moz at an exceptional average grade of 640 g/t AgEq

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The document reports a significant Indicated mineral resource of 176.3 Moz AgEq.

Evidence · table

> 176,306

Context: 10.72

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The release highlights a "43% increase in combined measured and indicated mineral resources" and "Added 46 Moz AgEq in new measured resources and 176 Moz AgEq in new indicated resources", indicating a conversion of resources to higher confidence categories.

Evidence · text

> 43% increase in combined measured and indicated mineral resources from 155.8 to 222.4 Moz AgEq Added 46 Moz AgEq in new measured resources and 176 Moz AgEq in new indicated resources

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: The document states a "43% increase in combined measured and indicated mineral resources from 155.8 to 222.4 Moz AgEq".

Evidence · text

> 43% increase in combined measured and indicated mineral resources from 155.8 to 222.4 Moz AgEq

**Grade Improvement**

Polarity: positive

Definition: Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: The release notes a "9.4% increase in combined measured and indicated grade at Copala \(580 g/t to 635 g/t AgEq\)" and a "4.5% increase in global indicated grade \(511 g/t to 534 g/t AgEq\)".

Evidence · text

> 9.4% increase in combined measured and indicated grade at Copala \(580 g/t to 635 g/t AgEq\) 4.5% increase in global indicated grade \(511 g/t to 534 g/t AgEq\)

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The CEO's comment mentions a "43% increase in contained ounces" for M&I resources.

Evidence · text

> This marks a 43% increase in contained ounces and a 4.5% increase in average grade from their previous mineral resource estimate.

**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 QP, is stated as the independent Qualified Person who reviewed and approved the technical content.

Evidence · text

> Jesus Velador, Ph.D. MMSA QP, is the independent Qualified Person who has reviewed and approved the technical and scientific content of this news release.

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The document explicitly states that the Qualified Person is in accordance with NI 43-101.

Evidence · text

> In accordance with NI 43-101, Jesus Velador, Ph.D. MMSA QP

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The document reports an Inferred mineral resource of 138.7 Moz AgEq.

Evidence · text

> Inferred mineral resource of 138.7 Moz AgEq

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: The release states an "18% decrease in inferred mineral resources from 169.6 to 138.7 Moz AgEq".

Evidence · text

> 18% decrease in inferred mineral resources from 169.6 to 138.7 Moz AgEq

**Grade Decline**

Polarity: negative

Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.

Why it applies: The release notes a "4.9% decrease in inferred grade \(433 g/t to 412 g/t AgEq\)".

Evidence · text

> 4.9% decrease in inferred grade \(433 g/t to 412 g/t AgEq\)

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document provides an "updated mineral resource" for the Panuco project.

Evidence · text

> updated mineral resource for Panuco

## Extracted facts

Stored fact records: 112. Some facts used in scoring do not have a stored record.

## Resource Estimates (112)

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-0)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:543e4fcc168c2ace9382
- Deposit or zone: Copala

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 684
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala vein contributes a high-grade silver component to the newly established Measured resource, indicating strong confidence and economic potential.

- Positive factor: High silver grade in Measured category

- Positive factor: Significant contained silver equivalent ounces

- Positive factor: First-ever Measured resource for the project

Evidence · table

> 442

Context: 1.88

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-1)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:543e4fcc168c2ace9382
- Deposit or zone: Copala

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 8.92
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala vein also shows a robust gold grade in the Measured category, contributing to the overall economic viability of the project.

- Positive factor: Strong gold grade in Measured category

- Positive factor: Significant contained gold equivalent ounces

- Positive factor: First-ever Measured resource for the project

Evidence · table

> 3.09

Context: 1.88

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-2)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:543e4fcc168c2ace9382
- Deposit or zone: Copala

#### Resource Data

- Category: measured
- Tonnes: 1880000
- Grade: 0.08
- Grade Unit: %
- Contained Metal: 1.4
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Copala Measured resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.08

Context: 1.88

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-3)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:543e4fcc168c2ace9382
- Deposit or zone: Copala

#### Resource Data

- Category: measured
- Tonnes: 1880000
- Grade: 0.15
- Grade Unit: %
- Contained Metal: 2.9
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Copala Measured resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 0.15

Context: 1.88

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-4)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7f88de2d9d18df7e1643
- Deposit or zone: Napoleon

#### Resource Data

- Category: measured
- Tonnes: 360000
- Grade: 161
- Grade Unit: g/t
- Contained Metal: 1853
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 404
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein adds to the Measured resource with a solid silver grade, enhancing overall project confidence.

- Positive factor: Good silver grade in Measured category

- Positive factor: Contributes to the first-ever Measured resource

Evidence · table

> 161

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-5)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7f88de2d9d18df7e1643
- Deposit or zone: Napoleon

#### Resource Data

- Category: measured
- Tonnes: 360000
- Grade: 2.34
- Grade Unit: g/t
- Contained Metal: 27
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.55
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein also provides a good gold grade to the Measured resource, supporting the project's precious metals focus.

- Positive factor: Good gold grade in Measured category

- Positive factor: Contributes to the first-ever Measured resource

Evidence · table

> 2.34

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-6)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7f88de2d9d18df7e1643
- Deposit or zone: Napoleon

#### Resource Data

- Category: measured
- Tonnes: 360000
- Grade: 0.51
- Grade Unit: %
- Contained Metal: 1.8
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein shows a notable lead grade in the Measured category, contributing to the polymetallic nature.

- Positive factor: Higher lead grade compared to Copala in Measured category

Evidence · table

> 0.51

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-7)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7f88de2d9d18df7e1643
- Deposit or zone: Napoleon

#### Resource Data

- Category: measured
- Tonnes: 360000
- Grade: 1.41
- Grade Unit: %
- Contained Metal: 5.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein shows a notable zinc grade in the Measured category, contributing to the polymetallic nature.

- Positive factor: Higher zinc grade compared to Copala in Measured category

Evidence · table

> 1.41

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-8)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4987198d8b7303bdbe49

#### Resource Data

- Category: measured
- Tonnes: 2240000
- Grade: 397
- Grade Unit: g/t
- Contained Metal: 28597
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 640
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Measured resource represents a significant de-risking milestone for the project, with strong silver equivalent grades and contained ounces.

- Positive factor: First-ever Measured resource for the project

- Positive factor: High silver equivalent grade

- Positive factor: Significant contained silver equivalent ounces

Evidence · table

> 397

Context: 2.24

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-9)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4987198d8b7303bdbe49

#### Resource Data

- Category: measured
- Tonnes: 2240000
- Grade: 2.97
- Grade Unit: g/t
- Contained Metal: 214
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 8.22
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Measured resource includes a substantial gold component, further enhancing the project's value.

- Positive factor: Strong gold grade in the Measured category

- Positive factor: Significant contained gold equivalent ounces

Evidence · table

> 2.97

Context: 2.24

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-10)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4987198d8b7303bdbe49

#### Resource Data

- Category: measured
- Tonnes: 2240000
- Grade: 0.15
- Grade Unit: %
- Contained Metal: 3.3
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Measured resource includes minor lead content, contributing to the overall polymetallic profile.

- Positive factor: Lead contributes to the polymetallic nature of the resource

Evidence · table

> 0.15

Context: 2.24

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-11)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4987198d8b7303bdbe49

#### Resource Data

- Category: measured
- Tonnes: 2240000
- Grade: 0.35
- Grade Unit: %
- Contained Metal: 7.9
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Measured resource includes minor zinc content, contributing to the overall polymetallic profile.

- Positive factor: Zinc contributes to the polymetallic nature of the resource

Evidence · table

> 0.35

Context: 2.24

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-12)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:9b57e379583abf24a43e
- Deposit or zone: Copala

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 600
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala vein shows a strong silver grade and contained ounces in the Indicated category, contributing significantly to the updated resource.

- Positive factor: High silver grade in Indicated category

- Positive factor: Significant contained silver equivalent ounces

- Positive factor: Contributes to overall M&I resource growth

Evidence · table

> 402

Context: 4.29

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-13)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:9b57e379583abf24a43e
- Deposit or zone: Copala

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 7.8
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala vein also provides a good gold grade to the Indicated resource, supporting the project's precious metals focus.

- Positive factor: Good gold grade in Indicated category

- Positive factor: Significant contained gold equivalent ounces

Evidence · table

> 2.50

Context: 4.29

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-14)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:9b57e379583abf24a43e
- Deposit or zone: Copala

#### Resource Data

- Category: indicated
- Tonnes: 4290000
- Grade: 0.09
- Grade Unit: %
- Contained Metal: 3.8
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Copala Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.09

Context: 4.29

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-15)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:9b57e379583abf24a43e
- Deposit or zone: Copala

#### Resource Data

- Category: indicated
- Tonnes: 4290000
- Grade: 0.17
- Grade Unit: %
- Contained Metal: 7.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Copala Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 0.17

Context: 4.29

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-16)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:989600916b0285c77454
- Deposit or zone: Tajitos

#### Resource Data

- Category: indicated
- Tonnes: 720000
- Grade: 380
- Grade Unit: g/t
- Contained Metal: 8833
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 571
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Tajitos vein adds a good silver grade to the Indicated resource, contributing to the project's overall scale.

- Positive factor: Good silver grade in Indicated category

- Positive factor: Contributes to overall M&I resource growth

Evidence · table

> 380

Context: 0.72

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-17)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:989600916b0285c77454
- Deposit or zone: Tajitos

#### Resource Data

- Category: indicated
- Tonnes: 720000
- Grade: 2.34
- Grade Unit: g/t
- Contained Metal: 55
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 7.36
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Tajitos vein also provides a good gold grade to the Indicated resource, supporting the project's precious metals focus.

- Positive factor: Good gold grade in Indicated category

Evidence · table

> 2.34

Context: 0.72

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-18)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:989600916b0285c77454
- Deposit or zone: Tajitos

#### Resource Data

- Category: indicated
- Tonnes: 720000
- Grade: 0.14
- Grade Unit: %
- Contained Metal: 1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Tajitos Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.14

Context: 0.72

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-19)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:989600916b0285c77454
- Deposit or zone: Tajitos

#### Resource Data

- Category: indicated
- Tonnes: 720000
- Grade: 0.25
- Grade Unit: %
- Contained Metal: 1.8
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Tajitos Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 0.25

Context: 0.72

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-20)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:5d9561cf6f1cf0865d80
- Deposit or zone: Cristiano

#### Resource Data

- Category: indicated
- Tonnes: 360000
- Grade: 610
- Grade Unit: g/t
- Contained Metal: 7102
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 912
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cristiano vein shows exceptionally high silver and silver equivalent grades in the Indicated category, representing a valuable component of the resource.

- Positive factor: Very high silver grade in Indicated category

- Positive factor: High silver equivalent grade

- Positive factor: Contributes to overall M&I resource growth

Evidence · table

> 610

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-21)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:5d9561cf6f1cf0865d80
- Deposit or zone: Cristiano

#### Resource Data

- Category: indicated
- Tonnes: 360000
- Grade: 3.67
- Grade Unit: g/t
- Contained Metal: 43
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 11.73
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cristiano vein also provides a very strong gold grade to the Indicated resource, significantly boosting the project's precious metals value.

- Positive factor: Very strong gold grade in Indicated category

- Positive factor: High gold equivalent grade

Evidence · table

> 3.67

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-22)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:5d9561cf6f1cf0865d80
- Deposit or zone: Cristiano

#### Resource Data

- Category: indicated
- Tonnes: 360000
- Grade: 0.25
- Grade Unit: %
- Contained Metal: 0.9
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Cristiano Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.25

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-23)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:5d9561cf6f1cf0865d80
- Deposit or zone: Cristiano

#### Resource Data

- Category: indicated
- Tonnes: 360000
- Grade: 0.45
- Grade Unit: %
- Contained Metal: 1.6
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Cristiano Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 0.45

Context: 0.36

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-24)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1de269dd5767974c8658
- Deposit or zone: Copala Area

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 617
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala Area total represents a substantial portion of the Indicated resource with strong silver equivalent grades and contained ounces.

- Positive factor: Large tonnage in Indicated category for Copala Area

- Positive factor: High silver equivalent grade

- Positive factor: Significant contained silver equivalent ounces

Evidence · table

> 413

Context: 5.37

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-25)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1de269dd5767974c8658
- Deposit or zone: Copala Area

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 8.01
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala Area total also provides a good gold grade to the Indicated resource, supporting the project's precious metals focus.

- Positive factor: Good gold grade in Indicated category for Copala Area

- Positive factor: Significant contained gold equivalent ounces

Evidence · table

> 2.56

Context: 5.37

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-26)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1de269dd5767974c8658
- Deposit or zone: Copala Area

#### Resource Data

- Category: indicated
- Tonnes: 5370000
- Grade: 0.11
- Grade Unit: %
- Contained Metal: 5.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Copala Area Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.11

Context: 5.37

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-27)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1de269dd5767974c8658
- Deposit or zone: Copala Area

#### Resource Data

- Category: indicated
- Tonnes: 5370000
- Grade: 0.2
- Grade Unit: %
- Contained Metal: 10.6
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Copala Area Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 0.20

Context: 5.37

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-28)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f6d3b4b1c38dd076c4ff
- Deposit or zone: Napoleon

#### Resource Data

- Category: indicated
- Tonnes: 3780000
- Grade: 150
- Grade Unit: g/t
- Contained Metal: 18184
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 399
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein contributes a significant portion of the Indicated resource with good contained silver equivalent ounces.

- Positive factor: Good contained silver equivalent ounces in Indicated category

Evidence · table

> 150

Context: 3.78

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-29)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f6d3b4b1c38dd076c4ff
- Deposit or zone: Napoleon

#### Resource Data

- Category: indicated
- Tonnes: 3780000
- Grade: 2.25
- Grade Unit: g/t
- Contained Metal: 273
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.32
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein also provides a good gold grade to the Indicated resource, supporting the project's precious metals focus.

- Positive factor: Good gold grade in Indicated category

Evidence · table

> 2.25

Context: 3.78

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-30)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f6d3b4b1c38dd076c4ff
- Deposit or zone: Napoleon

#### Resource Data

- Category: indicated
- Tonnes: 3780000
- Grade: 0.52
- Grade Unit: %
- Contained Metal: 19.4
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein shows a notable lead grade in the Indicated category, contributing to the polymetallic nature.

- Positive factor: Higher lead grade in Indicated category

Evidence · table

> 0.52

Context: 3.78

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-31)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f6d3b4b1c38dd076c4ff
- Deposit or zone: Napoleon

#### Resource Data

- Category: indicated
- Tonnes: 3780000
- Grade: 1.78
- Grade Unit: %
- Contained Metal: 67.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein shows a notable zinc grade in the Indicated category, contributing to the polymetallic nature.

- Positive factor: Higher zinc grade in Indicated category

Evidence · table

> 1.78

Context: 3.78

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-32)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a90da635a43606ee844
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: indicated
- Tonnes: 990000
- Grade: 217
- Grade Unit: g/t
- Contained Metal: 6885
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 448
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon HW vein contributes a good silver grade to the Indicated resource.

- Positive factor: Good silver grade in Indicated category

Evidence · table

> 217

Context: 0.99

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-33)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a90da635a43606ee844
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: indicated
- Tonnes: 990000
- Grade: 2.09
- Grade Unit: g/t
- Contained Metal: 66
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 5.04
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon HW vein also provides a good gold grade to the Indicated resource.

- Positive factor: Good gold grade in Indicated category

Evidence · table

> 2.09

Context: 0.99

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-34)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a90da635a43606ee844
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: indicated
- Tonnes: 990000
- Grade: 0.47
- Grade Unit: %
- Contained Metal: 4.6
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Napoleon HW Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.47

Context: 0.99

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-35)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a90da635a43606ee844
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: indicated
- Tonnes: 990000
- Grade: 1.64
- Grade Unit: %
- Contained Metal: 16.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Napoleon HW Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 1.64

Context: 0.99

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-36)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1221ef2736b995fa8893
- Deposit or zone: Luisa

#### Resource Data

- Category: indicated
- Tonnes: 490000
- Grade: 143
- Grade Unit: g/t
- Contained Metal: 2238
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 364
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Luisa vein contributes to the Indicated resource with moderate silver grades.

- Positive factor: Contributes to Indicated resource

Evidence · table

> 143

Context: 0.49

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-37)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1221ef2736b995fa8893
- Deposit or zone: Luisa

#### Resource Data

- Category: indicated
- Tonnes: 490000
- Grade: 2.12
- Grade Unit: g/t
- Contained Metal: 33
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.08
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Luisa vein also provides a good gold grade to the Indicated resource.

- Positive factor: Good gold grade in Indicated category

Evidence · table

> 2.12

Context: 0.49

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-38)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1221ef2736b995fa8893
- Deposit or zone: Luisa

#### Resource Data

- Category: indicated
- Tonnes: 490000
- Grade: 0.31
- Grade Unit: %
- Contained Metal: 1.5
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Luisa Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.31

Context: 0.49

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-39)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:1221ef2736b995fa8893
- Deposit or zone: Luisa

#### Resource Data

- Category: indicated
- Tonnes: 490000
- Grade: 1.44
- Grade Unit: %
- Contained Metal: 7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Luisa Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 1.44

Context: 0.49

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-40)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:cb4c64bbdb18ac333532
- Deposit or zone: Josephine

#### Resource Data

- Category: indicated
- Tonnes: 60000
- Grade: 230
- Grade Unit: g/t
- Contained Metal: 452
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 473
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Josephine vein contributes to the Indicated resource with good silver grades.

- Positive factor: Good silver grade in Indicated category

Evidence · table

> 230

Context: 0.06

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-41)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:cb4c64bbdb18ac333532
- Deposit or zone: Josephine

#### Resource Data

- Category: indicated
- Tonnes: 60000
- Grade: 2.54
- Grade Unit: g/t
- Contained Metal: 5
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 5.64
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Josephine vein also provides a good gold grade to the Indicated resource.

- Positive factor: Good gold grade in Indicated category

Evidence · table

> 2.54

Context: 0.06

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-42)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:cb4c64bbdb18ac333532
- Deposit or zone: Josephine

#### Resource Data

- Category: indicated
- Tonnes: 60000
- Grade: 0.38
- Grade Unit: %
- Contained Metal: 0.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Josephine Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.38

Context: 0.06

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-43)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:cb4c64bbdb18ac333532
- Deposit or zone: Josephine

#### Resource Data

- Category: indicated
- Tonnes: 60000
- Grade: 1.09
- Grade Unit: %
- Contained Metal: 0.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Josephine Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 1.09

Context: 0.06

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-44)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:608864ec18948e072476
- Deposit or zone: Cruz

#### Resource Data

- Category: indicated
- Tonnes: 30000
- Grade: 145
- Grade Unit: g/t
- Contained Metal: 154
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 380
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cruz vein contributes to the Indicated resource with moderate silver grades.

- Positive factor: Contributes to Indicated resource

Evidence · table

> 145

Context: 0.03

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-45)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:608864ec18948e072476
- Deposit or zone: Cruz

#### Resource Data

- Category: indicated
- Tonnes: 30000
- Grade: 2.01
- Grade Unit: g/t
- Contained Metal: 2
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.03
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cruz vein also provides a good gold grade to the Indicated resource.

- Positive factor: Good gold grade in Indicated category

Evidence · table

> 2.01

Context: 0.03

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-46)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:608864ec18948e072476
- Deposit or zone: Cruz

#### Resource Data

- Category: indicated
- Tonnes: 30000
- Grade: 0.38
- Grade Unit: %
- Contained Metal: 0.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Cruz Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.38

Context: 0.03

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-47)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:608864ec18948e072476
- Deposit or zone: Cruz

#### Resource Data

- Category: indicated
- Tonnes: 30000
- Grade: 2.01
- Grade Unit: %
- Contained Metal: 0.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Cruz Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 2.01

Context: 0.03

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-48)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:c929f22d4e1c20dfd8c7
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: indicated
- Tonnes: 5340000
- Grade: 163
- Grade Unit: g/t
- Contained Metal: 27913
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 405
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon Area total represents a substantial portion of the Indicated resource with good contained silver equivalent ounces.

- Positive factor: Large tonnage in Indicated category for Napoleon Area

- Positive factor: Significant contained silver equivalent ounces

Evidence · table

> 163

Context: 5.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-49)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:c929f22d4e1c20dfd8c7
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: indicated
- Tonnes: 5340000
- Grade: 2.21
- Grade Unit: g/t
- Contained Metal: 379
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.44
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon Area total also provides a good gold grade to the Indicated resource.

- Positive factor: Good gold grade in Indicated category for Napoleon Area

- Positive factor: Significant contained gold equivalent ounces

Evidence · table

> 2.21

Context: 5.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-50)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:c929f22d4e1c20dfd8c7
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: indicated
- Tonnes: 5340000
- Grade: 0.49
- Grade Unit: %
- Contained Metal: 25.9
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Napoleon Area Indicated resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

Evidence · table

> 0.49

Context: 5.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-51)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:c929f22d4e1c20dfd8c7
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: indicated
- Tonnes: 5340000
- Grade: 1.72
- Grade Unit: %
- Contained Metal: 91.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Napoleon Area Indicated resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

Evidence · table

> 1.72

Context: 5.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-52)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:d019ddc21b1c1e7d3a31

#### Resource Data

- Category: indicated
- Tonnes: 10720000
- Grade: 288
- Grade Unit: g/t
- Contained Metal: 99222
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06
- Prior Grade: 511

#### Metal Equivalent

- Metal Eq. Grade: 512
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Indicated resource shows a substantial increase in contained silver equivalent ounces and an improved grade, enhancing project confidence.

- Positive factor: Large Indicated resource tonnage

- Positive factor: Significant contained silver equivalent ounces

- Positive factor: Increase in global indicated grade

Evidence · table

> 288

Context: 10.72

#### 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

**Grade Decline**

Polarity: negative

Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.

Why it applies: 288 against 511 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-53)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:2f8c3430eb673fc419dd

#### Resource Data

- Category: indicated
- Tonnes: 10720000
- Grade: 2.39
- Grade Unit: g/t
- Contained Metal: 822
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 6.23
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Indicated resource includes a substantial gold component, further enhancing the project's value.

- Positive factor: Strong gold grade in the Indicated category

- Positive factor: Significant contained gold equivalent ounces

Evidence · table

> 2.39

Context: 10.72

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-54)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:2f8c3430eb673fc419dd

#### Resource Data

- Category: indicated
- Tonnes: 10720000
- Grade: 0.3
- Grade Unit: %
- Contained Metal: 31.6
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Indicated resource includes minor lead content, contributing to the overall polymetallic profile.

- Positive factor: Lead contributes to the polymetallic nature of the resource

Evidence · table

> 0.30

Context: 10.72

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-55)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:2f8c3430eb673fc419dd

#### Resource Data

- Category: indicated
- Tonnes: 10720000
- Grade: 0.95
- Grade Unit: %
- Contained Metal: 102.3
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Indicated resource includes minor zinc content, contributing to the overall polymetallic profile.

- Positive factor: Zinc contributes to the polymetallic nature of the resource

Evidence · table

> 0.95

Context: 10.72

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-56)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:e60185e7e881b1171d33

#### Resource Data

- Category: indicated
- Tonnes: 12960000
- Grade: 307
- Grade Unit: g/t
- Contained Metal: 127819
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06
- Prior Contained Metal: 155800

#### Metal Equivalent

- Metal Eq. Grade: 534
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Measured and Indicated resource shows a substantial increase in contained silver equivalent ounces and an improved grade, representing a significant de-risking and value enhancement for the project.

- Positive factor: Significant increase in combined Measured and Indicated resources \(43% increase\)

- Positive factor: Substantial contained silver equivalent ounces

- Positive factor: Improved overall grade for M&I

Evidence · table

> 307

Context: 12.96

#### 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

**Contained Metal Decline**

Polarity: negative

Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 127819 against 155800 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-57)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f1ce98917417a34c5573

#### Resource Data

- Category: indicated
- Tonnes: 12960000
- Grade: 2.49
- Grade Unit: g/t
- Contained Metal: 1036
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 6.58
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Measured and Indicated resource includes a substantial gold component, further enhancing the project's value.

- Positive factor: Significant contained gold equivalent ounces

- Positive factor: Strong gold grade in the M&I category

Evidence · table

> 2.49

Context: 12.96

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-58)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f1ce98917417a34c5573

#### Resource Data

- Category: indicated
- Tonnes: 12960000
- Grade: 0.27
- Grade Unit: %
- Contained Metal: 34.9
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Measured and Indicated resource includes minor lead content, contributing to the overall polymetallic profile.

- Positive factor: Lead contributes to the polymetallic nature of the resource

Evidence · table

> 0.27

Context: 12.96

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-59)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f1ce98917417a34c5573

#### Resource Data

- Category: indicated
- Tonnes: 12960000
- Grade: 0.85
- Grade Unit: %
- Contained Metal: 110.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Measured and Indicated resource includes minor zinc content, contributing to the overall polymetallic profile.

- Positive factor: Zinc contributes to the polymetallic nature of the resource

Evidence · table

> 0.85

Context: 12.96

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-60)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7debc9e403bc58bdc29b
- Deposit or zone: Copala

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 476
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala vein contributes a good silver grade to the Inferred resource, representing future exploration potential.

- Positive factor: Good silver grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 322

Context: 2.32

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-61)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7debc9e403bc58bdc29b
- Deposit or zone: Copala

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 6.09
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala vein also provides a good gold grade to the Inferred resource, representing future exploration potential.

- Positive factor: Good gold grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 1.83

Context: 2.32

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-62)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7debc9e403bc58bdc29b
- Deposit or zone: Copala

#### Resource Data

- Category: inferred
- Tonnes: 2320000
- Grade: 0.16
- Grade Unit: %
- Contained Metal: 3.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Copala Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.16

Context: 2.32

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-63)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7debc9e403bc58bdc29b
- Deposit or zone: Copala

#### Resource Data

- Category: inferred
- Tonnes: 2320000
- Grade: 0.27
- Grade Unit: %
- Contained Metal: 6.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Copala Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.27

Context: 2.32

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-64)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:37efa8cbb193946b6cc5
- Deposit or zone: Tajitos

#### Resource Data

- Category: inferred
- Tonnes: 890000
- Grade: 346
- Grade Unit: g/t
- Contained Metal: 9936
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 527
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Tajitos vein contributes a good silver grade to the Inferred resource, representing future exploration potential.

- Positive factor: Good silver grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 346

Context: 0.89

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-65)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:37efa8cbb193946b6cc5
- Deposit or zone: Tajitos

#### Resource Data

- Category: inferred
- Tonnes: 890000
- Grade: 2.08
- Grade Unit: g/t
- Contained Metal: 60
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 6.66
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Tajitos vein also provides a good gold grade to the Inferred resource, representing future exploration potential.

- Positive factor: Good gold grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 2.08

Context: 0.89

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-66)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:37efa8cbb193946b6cc5
- Deposit or zone: Tajitos

#### Resource Data

- Category: inferred
- Tonnes: 890000
- Grade: 0.27
- Grade Unit: %
- Contained Metal: 2.4
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Tajitos Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.27

Context: 0.89

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-67)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:37efa8cbb193946b6cc5
- Deposit or zone: Tajitos

#### Resource Data

- Category: inferred
- Tonnes: 890000
- Grade: 0.43
- Grade Unit: %
- Contained Metal: 3.9
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Tajitos Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.43

Context: 0.89

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-68)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:3a76b96d7e7025ffc388
- Deposit or zone: Cristiano

#### Resource Data

- Category: inferred
- Tonnes: 340000
- Grade: 460
- Grade Unit: g/t
- Contained Metal: 4959
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 665
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cristiano vein shows high silver and silver equivalent grades in the Inferred category, indicating strong potential for future upgrades.

- Positive factor: High silver grade in Inferred category

- Positive factor: High silver equivalent grade

- Negative factor: Lower confidence category

Evidence · table

> 460

Context: 0.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-69)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:3a76b96d7e7025ffc388
- Deposit or zone: Cristiano

#### Resource Data

- Category: inferred
- Tonnes: 340000
- Grade: 2.49
- Grade Unit: g/t
- Contained Metal: 27
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 8.57
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cristiano vein also provides a strong gold grade to the Inferred resource, indicating good potential.

- Positive factor: Strong gold grade in Inferred category

- Positive factor: High gold equivalent grade

- Negative factor: Lower confidence category

Evidence · table

> 2.49

Context: 0.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-70)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:3a76b96d7e7025ffc388
- Deposit or zone: Cristiano

#### Resource Data

- Category: inferred
- Tonnes: 340000
- Grade: 0.16
- Grade Unit: %
- Contained Metal: 0.5
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Cristiano Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.16

Context: 0.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-71)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:3a76b96d7e7025ffc388
- Deposit or zone: Cristiano

#### Resource Data

- Category: inferred
- Tonnes: 340000
- Grade: 0.31
- Grade Unit: %
- Contained Metal: 1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Cristiano Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.31

Context: 0.34

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-72)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:674d043f8b850196dff7
- Deposit or zone: Copala Area

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 507
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala Area total represents a substantial portion of the Inferred resource with good silver equivalent grades and contained ounces, indicating future potential.

- Positive factor: Large tonnage in Inferred category for Copala Area

- Positive factor: Good silver equivalent grade

- Positive factor: Significant contained silver equivalent ounces

- Negative factor: Lower confidence category

Evidence · table

> 341

Context: 3.55

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-73)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:674d043f8b850196dff7
- Deposit or zone: Copala Area

#### 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: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 6.48
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Copala Area total also provides a good gold grade to the Inferred resource, representing future exploration potential.

- Positive factor: Good gold grade in Inferred category for Copala Area

- Positive factor: Significant contained gold equivalent ounces

- Negative factor: Lower confidence category

Evidence · table

> 1.96

Context: 3.55

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-74)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:674d043f8b850196dff7
- Deposit or zone: Copala Area

#### Resource Data

- Category: inferred
- Tonnes: 3550000
- Grade: 0.19
- Grade Unit: %
- Contained Metal: 6.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a minor component in the Copala Area Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.19

Context: 3.55

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-75)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:674d043f8b850196dff7
- Deposit or zone: Copala Area

#### Resource Data

- Category: inferred
- Tonnes: 3550000
- Grade: 0.31
- Grade Unit: %
- Contained Metal: 11.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a minor component in the Copala Area Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.31

Context: 3.55

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-76)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f78f0428a600cb319e03
- Deposit or zone: Napoleon

#### Resource Data

- Category: inferred
- Tonnes: 2280000
- Grade: 159
- Grade Unit: g/t
- Contained Metal: 11637
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 340
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein contributes to the Inferred resource with moderate silver grades.

- Positive factor: Contributes to Inferred resource

- Negative factor: Lower confidence category

Evidence · table

> 159

Context: 2.28

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-77)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f78f0428a600cb319e03
- Deposit or zone: Napoleon

#### Resource Data

- Category: inferred
- Tonnes: 2280000
- Grade: 1.46
- Grade Unit: g/t
- Contained Metal: 107
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 3.64
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon vein also provides a gold grade to the Inferred resource.

- Positive factor: Gold contributes to Inferred resource

- Negative factor: Lower confidence category

Evidence · table

> 1.46

Context: 2.28

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-78)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f78f0428a600cb319e03
- Deposit or zone: Napoleon

#### Resource Data

- Category: inferred
- Tonnes: 2280000
- Grade: 0.44
- Grade Unit: %
- Contained Metal: 10
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Napoleon Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.44

Context: 2.28

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-79)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:f78f0428a600cb319e03
- Deposit or zone: Napoleon

#### Resource Data

- Category: inferred
- Tonnes: 2280000
- Grade: 1.63
- Grade Unit: %
- Contained Metal: 37.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Napoleon Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 1.63

Context: 2.28

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-80)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:a060f305eed9dc0ec275
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: inferred
- Tonnes: 590000
- Grade: 202
- Grade Unit: g/t
- Contained Metal: 3800
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 458
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon HW vein contributes a good silver grade to the Inferred resource.

- Positive factor: Good silver grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 202

Context: 0.59

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-81)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:a060f305eed9dc0ec275
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: inferred
- Tonnes: 590000
- Grade: 2.12
- Grade Unit: g/t
- Contained Metal: 40
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.91
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon HW vein also provides a good gold grade to the Inferred resource.

- Positive factor: Good gold grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 2.12

Context: 0.59

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-82)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:a060f305eed9dc0ec275
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: inferred
- Tonnes: 590000
- Grade: 0.64
- Grade Unit: %
- Contained Metal: 3.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Napoleon HW Inferred resource, adding to the polymetallic value.

- Positive factor: Higher lead grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 0.64

Context: 0.59

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-83)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:a060f305eed9dc0ec275
- Deposit or zone: Napoleon HW

#### Resource Data

- Category: inferred
- Tonnes: 590000
- Grade: 2.15
- Grade Unit: %
- Contained Metal: 12.6
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Napoleon HW Inferred resource, adding to the polymetallic value.

- Positive factor: Higher zinc grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 2.15

Context: 0.59

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-84)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fcf7b4acb28ad140feb6
- Deposit or zone: Luisa

#### Resource Data

- Category: inferred
- Tonnes: 2830000
- Grade: 132
- Grade Unit: g/t
- Contained Metal: 12049
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 355
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Luisa vein contributes to the Inferred resource with moderate silver grades.

- Positive factor: Contributes to Inferred resource

- Negative factor: Lower confidence category

Evidence · table

> 132

Context: 2.83

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-85)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fcf7b4acb28ad140feb6
- Deposit or zone: Luisa

#### Resource Data

- Category: inferred
- Tonnes: 2830000
- Grade: 2.24
- Grade Unit: g/t
- Contained Metal: 204
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.05
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Luisa vein also provides a good gold grade to the Inferred resource.

- Positive factor: Good gold grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 2.24

Context: 2.83

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-86)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fcf7b4acb28ad140feb6
- Deposit or zone: Luisa

#### Resource Data

- Category: inferred
- Tonnes: 2830000
- Grade: 0.28
- Grade Unit: %
- Contained Metal: 8.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Luisa Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.28

Context: 2.83

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-87)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fcf7b4acb28ad140feb6
- Deposit or zone: Luisa

#### Resource Data

- Category: inferred
- Tonnes: 2830000
- Grade: 1.24
- Grade Unit: %
- Contained Metal: 35.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Luisa Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 1.24

Context: 2.83

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-88)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:caf7642e6ac076e65590
- Deposit or zone: Josephine

#### Resource Data

- Category: inferred
- Tonnes: 210000
- Grade: 176
- Grade Unit: g/t
- Contained Metal: 1180
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 360
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Josephine vein contributes to the Inferred resource with good silver grades.

- Positive factor: Good silver grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 176

Context: 0.21

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-89)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:caf7642e6ac076e65590
- Deposit or zone: Josephine

#### Resource Data

- Category: inferred
- Tonnes: 210000
- Grade: 1.81
- Grade Unit: g/t
- Contained Metal: 12
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.19
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Josephine vein also provides a good gold grade to the Inferred resource.

- Positive factor: Good gold grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 1.81

Context: 0.21

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-90)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:caf7642e6ac076e65590
- Deposit or zone: Josephine

#### Resource Data

- Category: inferred
- Tonnes: 210000
- Grade: 0.34
- Grade Unit: %
- Contained Metal: 0.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Josephine Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.34

Context: 0.21

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-91)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:caf7642e6ac076e65590
- Deposit or zone: Josephine

#### Resource Data

- Category: inferred
- Tonnes: 210000
- Grade: 1.01
- Grade Unit: %
- Contained Metal: 2.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Josephine Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 1.01

Context: 0.21

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-92)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7891b7afac2dd1f85593
- Deposit or zone: Cruz

#### Resource Data

- Category: inferred
- Tonnes: 350000
- Grade: 171
- Grade Unit: g/t
- Contained Metal: 1907
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 510
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cruz vein contributes to the Inferred resource with good silver grades.

- Positive factor: Good silver grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 171

Context: 0.35

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-93)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7891b7afac2dd1f85593
- Deposit or zone: Cruz

#### Resource Data

- Category: inferred
- Tonnes: 350000
- Grade: 3.58
- Grade Unit: g/t
- Contained Metal: 40
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 5.92
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Cruz vein also provides a strong gold grade to the Inferred resource.

- Positive factor: Strong gold grade in Inferred category

- Negative factor: Lower confidence category

Evidence · table

> 3.58

Context: 0.35

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-94)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7891b7afac2dd1f85593
- Deposit or zone: Cruz

#### Resource Data

- Category: inferred
- Tonnes: 350000
- Grade: 0.3
- Grade Unit: %
- Contained Metal: 1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Cruz Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.30

Context: 0.35

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-95)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7891b7afac2dd1f85593
- Deposit or zone: Cruz

#### Resource Data

- Category: inferred
- Tonnes: 350000
- Grade: 1.64
- Grade Unit: %
- Contained Metal: 5.7
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Cruz Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 1.64

Context: 0.35

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-96)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a7ea103766af5e933c6
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: inferred
- Tonnes: 6250000
- Grade: 152
- Grade Unit: g/t
- Contained Metal: 30573
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 368
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon Area total represents a substantial portion of the Inferred resource with good contained silver equivalent ounces, indicating future potential.

- Positive factor: Large tonnage in Inferred category for Napoleon Area

- Positive factor: Significant contained silver equivalent ounces

- Negative factor: Lower confidence category

Evidence · table

> 152

Context: 6.25

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-97)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a7ea103766af5e933c6
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: inferred
- Tonnes: 6250000
- Grade: 2
- Grade Unit: g/t
- Contained Metal: 403
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.09
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Napoleon Area total also provides a good gold grade to the Inferred resource, representing future exploration potential.

- Positive factor: Good gold grade in Inferred category for Napoleon Area

- Positive factor: Significant contained gold equivalent ounces

- Negative factor: Lower confidence category

Evidence · table

> 2.00

Context: 6.25

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-98)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a7ea103766af5e933c6
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: inferred
- Tonnes: 6250000
- Grade: 0.38
- Grade Unit: %
- Contained Metal: 23.5
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Napoleon Area Inferred resource, adding to the polymetallic value.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.38

Context: 6.25

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-99)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7a7ea103766af5e933c6
- Deposit or zone: Napoleon Area

#### Resource Data

- Category: inferred
- Tonnes: 6250000
- Grade: 1.48
- Grade Unit: %
- Contained Metal: 92.6
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Napoleon Area Inferred resource, adding to the polymetallic value.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 1.48

Context: 6.25

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-100)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:e06538645bc73b05de6b
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 226
- Grade Unit: g/t
- Contained Metal: 2038
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 325
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The San Antonio vein contributes to the Inferred resource with good silver grades, but uses different metal price assumptions for its equivalent calculation.

- Positive factor: Good silver grade in Inferred category

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 226

Context: 0.30

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-101)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:e06538645bc73b05de6b
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 1.3
- Grade Unit: g/t
- Contained Metal: 12
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.33
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The San Antonio vein also provides a gold grade to the Inferred resource, but uses different metal price assumptions for its equivalent calculation.

- Positive factor: Gold contributes to Inferred resource

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 1.30

Context: 0.30

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-102)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:e06538645bc73b05de6b
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 0.01
- Grade Unit: %
- Contained Metal: 0
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present as a very minor component in the San Antonio Inferred resource, with different metal price assumptions for its equivalent calculation.

- Negative factor: Very low grade

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 0.01

Context: 0.30

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-103)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:e06538645bc73b05de6b
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 0.03
- Grade Unit: %
- Contained Metal: 0.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present as a very minor component in the San Antonio Inferred resource, with different metal price assumptions for its equivalent calculation.

- Negative factor: Very low grade

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 0.03

Context: 0.30

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-104)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:785cfdf2ab9facd3ca5e
- Deposit or zone: Animas

#### Resource Data

- Category: inferred
- Tonnes: 400000
- Grade: 169
- Grade Unit: g/t
- Contained Metal: 2101
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 327
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Animas vein contributes to the Inferred resource with good silver grades, but uses different metal price assumptions for its equivalent calculation.

- Positive factor: Good silver grade in Inferred category

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 169

Context: 0.40

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-105)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:785cfdf2ab9facd3ca5e
- Deposit or zone: Animas

#### Resource Data

- Category: inferred
- Tonnes: 400000
- Grade: 1.68
- Grade Unit: g/t
- Contained Metal: 21
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.37
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Animas vein also provides a gold grade to the Inferred resource, but uses different metal price assumptions for its equivalent calculation.

- Positive factor: Gold contributes to Inferred resource

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 1.68

Context: 0.40

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-106)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:785cfdf2ab9facd3ca5e
- Deposit or zone: Animas

#### Resource Data

- Category: inferred
- Tonnes: 400000
- Grade: 0.29
- Grade Unit: %
- Contained Metal: 1.1
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Lead is present in the Animas Inferred resource, adding to the polymetallic value, but uses different metal price assumptions for its equivalent calculation.

- Positive factor: Lead contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 0.29

Context: 0.40

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-107)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:785cfdf2ab9facd3ca5e
- Deposit or zone: Animas

#### Resource Data

- Category: inferred
- Tonnes: 400000
- Grade: 0.6
- Grade Unit: %
- Contained Metal: 2.3
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: Zinc is present in the Animas Inferred resource, adding to the polymetallic value, but uses different metal price assumptions for its equivalent calculation.

- Positive factor: Zinc contributes to polymetallic nature of the resource

- Negative factor: Lower confidence category

- Negative factor: Different metal price assumptions used for equivalent calculation

Evidence · table

> 0.60

Context: 0.40

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-108)

Panuco · silver

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:7bb5c8a19f80c42373b7

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 219
- Grade Unit: g/t
- Contained Metal: 73621
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06
- Prior Grade: 433
- Prior Contained Metal: 169600

#### Metal Equivalent

- Metal Eq. Grade: 412
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Inferred resource shows a decrease in both contained silver equivalent ounces and grade, primarily due to conversion to higher confidence categories, but still represents future exploration potential.

- Negative factor: Lower confidence category

- Negative factor: Decrease in Inferred resources \(18% decrease\)

- Negative factor: Decrease in Inferred grade \(4.9% decrease\)

Evidence · table

> 219

Context: 10.50

#### 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

**Grade Decline**

Polarity: negative

Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.

Why it applies: 219 against 433 previously

**Contained Metal Decline**

Polarity: negative

Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 73621 against 169600 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-109)

Panuco · gold

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:216546f64ae4efd74f96

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 1.96
- Grade Unit: g/t
- Contained Metal: 660
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Metal Eq. Grade: 4.91
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The total Inferred resource includes a substantial gold component, representing future exploration potential.

- Positive factor: Significant contained gold equivalent ounces

- Negative factor: Lower confidence category

Evidence · table

> 1.96

Context: 10.50

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-110)

Panuco · lead

#### Identity

- Project: Panuco
- Commodity: lead
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:216546f64ae4efd74f96

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 0.3
- Grade Unit: %
- Contained Metal: 31.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Inferred resource includes minor lead content, contributing to the overall polymetallic profile.

- Positive factor: Lead contributes to the polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 0.30

Context: 10.50

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-royalties-provides-update-on-principal-asset--7e741379-ca63-450f-9527-c6da2da51f6c#fact-resource-facts-111)

Panuco · zinc

#### Identity

- Project: Panuco
- Commodity: zinc
- Region: mexico
- Reported Region: Western Mexico
- Ticker: VROY

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:216546f64ae4efd74f96

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 1.01
- Grade Unit: %
- Contained Metal: 106.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-01-08T00:00:00.000Z

Reasoning: The Inferred resource includes minor zinc content, contributing to the overall polymetallic profile.

- Positive factor: Zinc contributes to the polymetallic nature of the resource

- Negative factor: Lower confidence category

Evidence · table

> 1.01

Context: 10.50

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

## 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.