# Vizsla Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299325016955/exhibit99-1.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-04T12:46:14.844Z Atlas analysis updated: 2026-11-04T12:46:14.844Z - Company: Unavailable - Ticker: VZLA - Exchange: TSX - Region: Mexico - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-11-04 12:46:14 UTC Narrative sentiment: 0.78 · Bullish ## Minestarters Atlas summary Vizsla Silver announced positive feasibility study results for its Panuco silver-gold project in Mexico. The study outlines an underground mine with after-tax NPV\(5%\) of US$1.802 billion, IRR of 111%, and initial costs of US$173 million, supported by Proven and Probable Reserves of 12.81 Mt at 249 g/t Ag and 2.01 g/t Au. The release also summarizes metallurgical recoveries, operating costs, sensitivity cases, permitting status, and the project development plan. Reasoning: The document's dominant current event is the positive feasibility study for the Panuco silver-gold project. It also contains a full reserve/resource summary and metallurgical/process information that supports the study, so those are captured as secondary context. - Positive factor: Feasibility Study reports after-tax NPV\(5%\) of US$1,802 million and IRR of 111% - Positive factor: Initial Costs are US$173.0 million and payback is 0.6 years post-tax - Positive factor: Proven and Probable Mineral Reserves are disclosed for the project - Positive factor: Life-of-mine average recoveries are 92.3% Ag and 93.8% Au - Negative factor: economic analysis is based on Mineral Reserves only and excludes inferred Mineral Resources - Negative factor: future permitting approvals are still required - Negative factor: Phase 2 flotation circuit is scheduled for Year 4, so the design is staged Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 32 ## Classification and evidence **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: The feasibility study and reserve estimate state that the independent and qualified person responsible is Jason Blais, P.Eng., Principal Mining Consultant of Mining Plus. Evidence · text > the independent and qualified person responsible for the Mineral Reserve, as defined by NI 43-101, is Mr. Jason Blais, P.Eng. **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 says the technical report will be NI 43-101 compliant and the resource/reserve estimates are described under NI 43-101. Evidence · text > an NI 43-101 compliant technical report on the Feasibility Study **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The feasibility study reports 92.3% Ag recovery and 93.8% Au recovery, which is strong for the stated mill/leach flowsheet. Evidence · text > Recovery Rate - Ag \(%\) to doré 92.3 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The process description uses a crushing-grinding, leach and Merrill Crowe circuit rather than a heap leach route. Evidence · text > processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit **Underground mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The feasibility study is for a high-margin, underground precious metals mine with ramp-access and long-hole stoping / drift-and-fill methods. Evidence · text > developing the Panuco silver-gold project as a high-margin, underground precious metals mine **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource table states a base case cut-off grade of 150 g/t AgEq. Evidence · text > Mineral Resources are reported at a base case cut-off grade of 150 g/t AgEq. **Infill Drilling** Polarity: neutral Story-specific tag Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The release says opportunities exist to upgrade inferred material to indicated or measured categories with continued underground drilling. Evidence · text > upgrade inferred material to indicated or measured categories **Compositing Transparent** Polarity: positive Story-specific tag Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: The resource section states the base-case AgEq cut-off and the metal prices and recoveries used to derive it. Evidence · text > The base-case AgEq Cut-off grade considers metal prices of $26.00/oz Ag, $1,975/oz Au, $1.10/lb Pb and $1.35/lb Zn **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 32. Some facts used in scoring do not have a stored record. ## Resource Estimates (30) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-0) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:25bca57ee57705b9ba81 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 1948000 - Grade: 308 - Grade Unit: g/t - Contained Metal: 19264 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 502 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is a newly presented Proven reserve row for Copala within the feasibility study reserve table. - Positive factor: new NI 43-101 reserve estimate - Positive factor: high-grade Proven reserve category - Positive factor: metal equivalent grade disclosed - Negative factor: cut-off grade for this row is not stated in the table - Negative factor: reserve is subordinate to the broader feasibility study #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-1) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:25bca57ee57705b9ba81 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 1948000 - Grade: 2.35 - Grade Unit: g/t - Contained Metal: 147 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 502 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the gold companion fact for the Proven reserve row in the feasibility study table. - Positive factor: new NI 43-101 reserve estimate - Positive factor: Proven category - Positive factor: reserve supports mine plan - Negative factor: cut-off grade not stated in the table #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-2) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:78574dced98424638730 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 10854000 - Grade: 239 - Grade Unit: g/t - Contained Metal: 83351 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 400 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the principal Probable reserve row for Copala in the reserve table. - Positive factor: large Probable reserve tonnage - Positive factor: new NI 43-101 reserve estimate - Negative factor: cut-off grade not stated in the table #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-3) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:78574dced98424638730 - Deposit or zone: Copala - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 10854000 - Grade: 1.95 - Grade Unit: g/t - Contained Metal: 681 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 400 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the gold companion fact for Copala's Probable reserve row. - Positive factor: new NI 43-101 reserve estimate - Positive factor: material gold inventory within probable reserve - Negative factor: cut-off grade not stated in the table #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-4) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:bae4c74eb51d6fe27ff2 - Deposit or zone: Planned Stockpile - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4000 - Grade: 330 - Grade Unit: g/t - Contained Metal: 41 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 635 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the planned stockpile Proven reserve row included in the feasibility study reserve table. - Positive factor: stockpile is explicitly included in the reserve table - Positive factor: high silver grade - Negative factor: very small tonnage relative to the main reserve - Negative factor: cut-off grade not stated in the table #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-5) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:bae4c74eb51d6fe27ff2 - Deposit or zone: Planned Stockpile - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4000 - Grade: 3.7 - Grade Unit: g/t - Contained Metal: 0.5 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 635 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the gold companion fact for the planned stockpile Proven reserve row. - Positive factor: stockpile included in reserve table - Positive factor: high gold grade - Negative factor: very small tonnage - Negative factor: contained gold is minor #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-6) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:5bb9590b07a5bf911c4f - Deposit or zone: Planned Stockpile - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 3000 - Grade: 318 - Grade Unit: g/t - Contained Metal: 34 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 558 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the planned stockpile Probable reserve row. - Positive factor: stockpile included in reserve table - Negative factor: very small tonnage relative to the main reserve #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-7) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:5bb9590b07a5bf911c4f - Deposit or zone: Planned Stockpile - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 3000 - Grade: 2.9 - Grade Unit: g/t - Contained Metal: 0.3 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 558 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the gold companion fact for the planned stockpile Probable reserve row. - Positive factor: stockpile included in reserve table - Positive factor: gold grade disclosed - Negative factor: very small tonnage - Negative factor: contained gold is minor #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-8) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:594be98d1cbaef7fbd69 - Deposit or zone: Total Proven + Probable - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 12809000 - Grade: 249 - Grade Unit: g/t - Contained Metal: 102689 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 416 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the overall Proven + Probable reserve total for the project. - Positive factor: project-wide reserve total is explicitly stated - Positive factor: large contained silver inventory - Positive factor: supports feasibility study economics - Negative factor: combined category uses the least confident constituent - Negative factor: cut-off grade not stated in the table #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-9) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: reserve - Effective date: 2025-11-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jason Blais - Resource group id: resource:594be98d1cbaef7fbd69 - Deposit or zone: Total Proven + Probable - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 12809000 - Grade: 2.01 - Grade Unit: g/t - Contained Metal: 829 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 416 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No Reasoning: This is the gold companion fact for the overall reserve total. - Positive factor: project-wide reserve total is explicitly stated - Positive factor: gold grade and contained gold are disclosed - Negative factor: combined category uses the least confident constituent #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-10) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:d4cf2bfdcaf9acb27062 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This Copala Measured resource row is quoted from the prior resource table and restated as input to the study. - Positive factor: high-grade Measured resource row - Positive factor: supports reserve conversion - Negative factor: this is a previously reported resource estimate referenced in the feasibility study - Negative factor: historical resource rather than new estimate #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-11) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:d4cf2bfdcaf9acb27062 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for the historical Copala Measured resource row. - Positive factor: Measured gold resource disclosed - Positive factor: supports mine plan and reserve conversion - Negative factor: historical restatement of a prior resource estimate #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-12) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7912c9102c10d93ef628 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 600 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This Copala Indicated resource row is restated from the prior resource estimate table. - Positive factor: large Indicated resource at Copala - Positive factor: supports reserve estimate - Negative factor: historical resource restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-13) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7912c9102c10d93ef628 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 600 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for Copala's historical Indicated resource row. - Positive factor: gold grade in the Indicated category supports reserve conversion - Negative factor: historical resource restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-14) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:2bf9badd7587ae1511d3 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 476 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the Copala Inferred silver resource row quoted from the prior estimate. - Positive factor: inferred material remains available for conversion - Negative factor: historical resource restatement - Negative factor: inferred category lower confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-15) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:2bf9badd7587ae1511d3 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 476 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for the Copala Inferred resource row. - Positive factor: inferred gold inventory disclosed - Negative factor: historical resource restatement #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-16) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:26ae23d8bbea0b5732a5 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 571 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This Tajitos Indicated silver resource row is quoted from the prior resource estimate. - Positive factor: high silver grade - Positive factor: resource supports project inventory - Negative factor: historical resource restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-17) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:26ae23d8bbea0b5732a5 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 571 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for Tajitos' historical Indicated resource row. - Positive factor: gold grade is above many open-pit thresholds and useful for underground mine planning - Negative factor: historical resource restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-18) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:0cd9eaa8bd74a30c02a5 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 527 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the Tajitos Inferred silver resource row quoted from the prior estimate. - Positive factor: inferred silver inventory disclosed - Negative factor: historical resource restatement - Negative factor: lower confidence inferred category #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-19) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:0cd9eaa8bd74a30c02a5 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 527 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for Tajitos' historical Inferred resource row. - Positive factor: gold inventory remains present in inferred category - Negative factor: historical resource restatement #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-20) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:63f182d42bcbe503ed90 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 912 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This Cristiano Indicated silver resource row is quoted from the prior estimate table. - Positive factor: highest grade silver among the named deposit rows - Negative factor: historical resource restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-21) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:63f182d42bcbe503ed90 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 912 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for Cristiano's historical Indicated resource row. - Positive factor: strong gold grade in an indicated resource - Negative factor: historical resource restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-22) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:ff520bd85d761571cbc1 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 665 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the Cristiano Inferred silver resource row from the prior estimate. - Positive factor: inferred silver inventory disclosed - Negative factor: historical resource restatement #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-23) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:ff520bd85d761571cbc1 - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 665 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for Cristiano's historical Inferred resource row. - Positive factor: gold inventory in inferred category remains - Negative factor: historical resource restatement #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-24) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7b771f1390437f17daf2 - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 442 - Grade Unit: g/t - Contained Metal: 26744 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the project-wide Measured resource total from the prior resource estimate table. - Positive factor: project total includes Measured resource - Negative factor: historical restatement #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-25) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7b771f1390437f17daf2 - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 3.09 - Grade Unit: g/t - Contained Metal: 187 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for the project-wide Measured resource total. - Positive factor: project-wide measured gold inventory is disclosed - Negative factor: historical restatement #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-26) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:0f07a5f8422991f7d99c - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 413 - Grade Unit: g/t - Contained Metal: 71309 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 617 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the project-wide indicated silver total from the prior resource estimate. - Positive factor: project-wide indicated resource is material - Negative factor: historical restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-27) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:0f07a5f8422991f7d99c - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 2.56 - Grade Unit: g/t - Contained Metal: 443 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 617 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for the project-wide indicated resource total. - Positive factor: project-wide indicated gold inventory disclosed - Negative factor: historical restatement #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-28) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:bda489abb65c36b9875d - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 341 - Grade Unit: g/t - Contained Metal: 38909 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 507 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the project-wide inferred silver total from the prior resource estimate. - Positive factor: project-wide inferred inventory disclosed - Negative factor: historical restatement - Negative factor: inferred category carries lower confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-resource-facts-29) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:bda489abb65c36b9875d - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 224 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 507 - Metal Eq. Unit: g/t #### Lab - Laboratory: SGS #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-09-09T00:00:00.000Z Reasoning: This is the gold companion fact for the project-wide inferred resource total. - Positive factor: project-wide inferred gold inventory disclosed - Negative factor: historical restatement #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ## Metallurgical Results (2) ### whole-ore leach [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-metallurgical-facts-30) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Test Work - Program Status: optimization - Test Type: whole-ore leach - Processing Route: 3-stage crushing, grinding to 50 um, whole-ore leach, CCD, Merrill Crowe and refinery circuits - Sample: Panuco project deposits, 2025 metallurgical test work - Grind P80: 50 µm - Leach Time: 96 hours #### Recovery - Recovery: 92.3 % - Recovery Basis: actual\_test - Head Grade: 249 - Head Grade Unit: g/t #### Lab - Laboratory: SGS - Consultant: Ausenco #### Review - Needs Review: No - Historical: No Reasoning: This is the silver metallurgical result for the base whole-ore leach circuit described in the feasibility study. - Positive factor: life-of-mine average silver recovery is above the strong band for a mill/leach route - Positive factor: whole-ore leach circuit and downstream Merrill Crowe recovery are described - Positive factor: test work was conducted in 2025 - Negative factor: only average recovery is stated rather than domain-by-domain recoveries #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92.3% is at or above the exceptional band \(90%\) ### whole-ore leach [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--71b82e5a-335c-4860-a60a-3057fdcc24ec#fact-metallurgical-facts-31) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: VZLA #### Test Work - Program Status: optimization - Test Type: whole-ore leach - Processing Route: 3-stage crushing, grinding to 50 um, whole-ore leach, CCD, Merrill Crowe and refinery circuits - Sample: Panuco project deposits, 2025 metallurgical test work - Grind P80: 50 µm - Leach Time: 96 hours #### Recovery - Recovery: 93.8 % - Recovery Basis: actual\_test - Head Grade: 2.01 - Head Grade Unit: g/t #### Lab - Laboratory: SGS - Consultant: Ausenco #### Review - Needs Review: No - Historical: No Reasoning: This is the gold metallurgical result for the base whole-ore leach circuit in the feasibility study. - Positive factor: gold recovery is in the strong to exceptional range for a mill route - Positive factor: whole-ore leach circuit is described - Positive factor: 2025 test work underpins the study - Negative factor: the result is presented as an average rather than domain-specific performance ## 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.