# 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--fcbb9cac-b9e2-4dd9-a749-29e4ecdcaead Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299326003706/exhibit99-1.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-05T14:13:12.723Z Atlas analysis updated: 2026-11-05T14:13:12.723Z - 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 Narrative sentiment: 0.68 · Bullish ## Minestarters Atlas 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 factor: NI 43-101 technical report and feasibility study disclosed for the Panuco Project - Positive factor: Post-tax IRR of 111.1% and post-tax NPV \(5%\) of 1,802 US$M - Positive factor: Total Proven + Probable reserve of 12,809 kt at 249 g/t Ag and 2.01 g/t Au - Negative factor: The document is an annual information form with much of the technical content restated from the technical report - Negative factor: No new drilling or assay results are reported here - Negative factor: 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 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--fcbb9cac-b9e2-4dd9-a749-29e4ecdcaead#fact-resource-facts-0) Panuco Project · silver Historical result Needs review: historical\_restatement #### 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 factor: Measured resource category disclosed - Positive factor: High silver grade of 397 g/t - Positive factor: Contained metal and AgEq reported - Negative factor: Historical resource table restated in an AIF - Negative factor: 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 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--fcbb9cac-b9e2-4dd9-a749-29e4ecdcaead#fact-resource-facts-1) Panuco Project · gold Historical result Needs review: historical\_restatement #### 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 factor: Measured gold resource disclosed - Positive factor: Contained gold ounces stated - Positive factor: AgEq also reported - Negative factor: Historical resource table restated in an AIF - Negative factor: 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 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--fcbb9cac-b9e2-4dd9-a749-29e4ecdcaead#fact-resource-facts-2) Panuco Project · silver Historical result Needs review: historical\_restatement #### 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 factor: Indicated category disclosed - Positive factor: Large silver contained metal base - Positive factor: AgEq grade reported - Negative factor: Historical resource table restated in an AIF - Negative factor: 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 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--fcbb9cac-b9e2-4dd9-a749-29e4ecdcaead#fact-resource-facts-3) Panuco Project · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated gold resource disclosed - Positive factor: Contained gold ounces stated - Positive factor: AgEq also reported - Negative factor: Historical resource table restated in an AIF - Negative factor: 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 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--fcbb9cac-b9e2-4dd9-a749-29e4ecdcaead#fact-resource-facts-4) Panuco Project · lead Historical result Needs review: historical\_restatement #### 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 factor: Lead grade disclosed as a byproduct - Positive factor: Contained lead reported - Negative factor: 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 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--fcbb9cac-b9e2-4dd9-a749-29e4ecdcaead#fact-resource-facts-5) Panuco Project · zinc Historical result Needs review: historical\_restatement #### 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 factor: Zinc grade disclosed as a byproduct - Positive factor: Contained zinc reported - Negative factor: 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 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ## 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.