Vizsla Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com
Original announcement by research on
- Company
- Vizsla Silver Corp.
- Ticker
- VZLA
- Exchange
- TSX
- Region
- Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Resource update, Other
- Extracted
- 2026-11-05 14:13:12 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
This annual information form summarizes Vizsla Silver’s Panuco Project in Mexico, including the NI 43-101 feasibility-study results, mineral resource tables and reserve estimate. It also reviews the company’s corporate history, capital structure, directors, securities listings and major risk factors. The document is mostly a broader corporate filing, but the project economics remain the substantive mining highlight.
Reasoning: This filing mainly republishes the Panuco Project resource, reserve and feasibility-study summary, with substantial economic detail and high project-level significance. The numbers are strong, but the announcement is largely a corporate AIF and thus lower novelty than a fresh study release.
Positive factors
- NI 43-101 technical report and feasibility study disclosed for the Panuco Project
- Post-tax IRR of 111.1% and post-tax NPV (5%) of 1,802 US$M
- Total Proven + Probable reserve of 12,809 kt at 249 g/t Ag and 2.01 g/t Au
Negative factors
- The document is an annual information form with much of the technical content restated from the technical report
- No new drilling or assay results are reported here
- The reserve/economic figures are presented in the context of a broader corporate filing rather than a standalone new study announcement
Facts used in scoring: 6
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
measuredPanuco Project · silverTonnes: 2240000Grade: 397Grade Unit: g/tContained Metal: 28597Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, Benjamin Eggers
- Resource group id
- resource:06d1b052f5fd3470401f
- Deposit or zone
- Panuco Project
Resource Data
- Category
- measured
- Tonnes
- 2240000
- Grade
- 397
- Grade Unit
- g/t
- Contained Metal
- 28597
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 640
- Metal Eq. Unit
- g/t AgEq
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 measured silver resource row from the Panuco Project resource table. It is strong in grade and contained metal, but it is a restated historical estimate rather than a new resource update in this filing.
Positive factors
- Measured resource category disclosed
- High silver grade of 397 g/t
- Contained metal and AgEq reported
Negative factors
- Historical resource table restated in an AIF
- Cut-off grade not stated in the table excerpt
Evidence · table
“397”
Context: Measured | 2.24 | 2.97 | 397 | 0.15 | 0.35 | 640 | 214 | 28,597 | 7.2 | 17.4 | 46,056
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
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 Estimatenegative
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
measuredPanuco Project · goldTonnes: 2240000Grade: 2.97Grade Unit: g/tContained Metal: 214Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, Benjamin Eggers
- Resource group id
- resource:06d1b052f5fd3470401f
- Deposit or zone
- Panuco Project
Resource Data
- Category
- measured
- Tonnes
- 2240000
- Grade
- 2.97
- Grade Unit
- g/t
- Contained Metal
- 214
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 640
- Metal Eq. Unit
- g/t AgEq
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This measured gold resource row supports the project’s scale and quality. It is material, but the disclosure is a historical restatement inside the annual information form.
Positive factors
- Measured gold resource disclosed
- Contained gold ounces stated
- AgEq also reported
Negative factors
- Historical resource table restated in an AIF
- Cut-off grade not stated in the table excerpt
Evidence · table
“2.97”
Context: Measured | 2.24 | 2.97 | 397 | 0.15 | 0.35 | 640 | 214 | 28,597 | 7.2 | 17.4 | 46,056
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
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 Estimatenegative
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
indicatedPanuco Project · silverTonnes: 10720000Grade: 288Grade Unit: g/tContained Metal: 99222Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, Benjamin Eggers
- Resource group id
- resource:23c67494c3be79daf5f6
- Deposit or zone
- Panuco Project
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 288
- Grade Unit
- g/t
- Contained Metal
- 99222
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This indicated silver resource is the main confidence-bearing resource row in the table. It is strong by grade and scale, though not new information in this filing.
Positive factors
- Indicated category disclosed
- Large silver contained metal base
- AgEq grade reported
Negative factors
- Historical resource table restated in an AIF
- Cut-off grade not stated in the table excerpt
Evidence · table
“288”
Context: Indicated | 10.72 | 2.39 | 288 | 0.30 | 0.95 | 512 | 822 | 99,222 | 69.7 | 225.6 | 176,306
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
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 Estimatenegative
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
indicatedPanuco Project · goldTonnes: 10720000Grade: 2.39Grade Unit: g/tContained Metal: 822Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, Benjamin Eggers
- Resource group id
- resource:23c67494c3be79daf5f6
- Deposit or zone
- Panuco Project
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 2.39
- Grade Unit
- g/t
- Contained Metal
- 822
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This indicated gold row is material for the Panuco Project resource base and supports the project economics. It is, however, a restated historical figure here.
Positive factors
- Indicated gold resource disclosed
- Contained gold ounces stated
- AgEq also reported
Negative factors
- Historical resource table restated in an AIF
- Cut-off grade not stated in the table excerpt
Evidence · table
“2.39”
Context: Indicated | 10.72 | 2.39 | 288 | 0.30 | 0.95 | 512 | 822 | 99,222 | 69.7 | 225.6 | 176,306
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
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 Estimatenegative
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
indicatedPanuco Project · leadTonnes: 10720000Grade: 0.3Grade Unit: %Contained Metal: 69.7Contained Unit: m lbsHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, Benjamin Eggers
- Resource group id
- resource:23c67494c3be79daf5f6
- Deposit or zone
- Panuco Project
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 0.3
- Grade Unit
- %
- Contained Metal
- 69.7
- Contained Unit
- m lbs
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: Lead is a relevant byproduct within the polymetallic resource, and the grade is clearly disclosed. Its importance is secondary to silver and gold.
Positive factors
- Lead grade disclosed as a byproduct
- Contained lead reported
Negative factors
- Historical resource table restated in an AIF
Evidence · table
“0.30”
Context: Indicated | 10.72 | 2.39 | 288 | 0.30 | 0.95 | 512 | 822 | 99,222 | 69.7 | 225.6 | 176,306
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
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 Estimatenegative
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
indicatedPanuco Project · zincTonnes: 10720000Grade: 0.95Grade Unit: %Contained Metal: 225.6Contained Unit: m lbsHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage, Benjamin Eggers
- Resource group id
- resource:23c67494c3be79daf5f6
- Deposit or zone
- Panuco Project
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 0.95
- Grade Unit
- %
- Contained Metal
- 225.6
- Contained Unit
- m lbs
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: Zinc is a significant byproduct in the Panuco resource table and is clearly quantified. It adds metal exposure, though it is not the headline commodity.
Positive factors
- Zinc grade disclosed as a byproduct
- Contained zinc reported
Negative factors
- Historical resource table restated in an AIF
Evidence · table
“0.95”
Context: Indicated | 10.72 | 2.39 | 288 | 0.30 | 0.95 | 512 | 822 | 99,222 | 69.7 | 225.6 | 176,306
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
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 Estimatenegative
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
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.