# Vizsla Silver Corp.: Exhibit 99.2 - Filed by newsfilecorp.com

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847

Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299326001406/exhibit99-2.htm

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-11-08T15:39:59.025Z

Atlas analysis updated: 2026-11-08T15:39:59.025Z

- Company: Unavailable

- Ticker: VZLA

- Exchange: TSX

- Region: Sinaloa, Mexico

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc

- Document categories: Other, Resource update, Capital raise

- Extracted: 2026-11-08 15:39:59 UTC

Narrative sentiment: 0.10 · Bullish

## Minestarters Atlas summary

Vizsla Silver’s MD&A highlights completion of the Panuco West feasibility study, a large convertible notes financing, and strong liquidity. It also reiterates the project’s reserve and resource figures and discusses ongoing underground drilling, development, permitting, and bulk-sample work at Panuco West and other district projects.

Reasoning: The document is primarily an MD&A/corporate update with feasibility-study and financing disclosure, alongside restated resource and reserve information. The mining content is material, but much of the technical data is historical or summarized rather than a fresh standalone technical announcement.

- Positive factor: Feasibility Study completed and disclosed with NPV\(5%\) of US$1,802 million and IRR of 111%

- Positive factor: Proven and Probable Mineral Reserve estimate disclosed for Panuco West with effective date November 4th, 2025

- Positive factor: Company reports strong liquidity with cash and cash equivalents of approximately $503,000,000

- Negative factor: MD&A is largely a corporate and financial update rather than a single new technical announcement

- Negative factor: Resource section restates a January 9, 2025 resource update and the current reserve figures are not presented as a new estimate in this document

- Negative factor: A current convertible senior unsecured notes financing and related derivative accounting dominate part of the release

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

- Rubric flag: resource\_update completeness — The document includes historical resource and reserve rows, but no fresh resource estimate announcement; if you want only current-event rows, downweight or filter historical facts in downstream scoring.

- Rubric flag: facts attribution — The document’s resource rows are tied to Panuco West / Panuco, while the MD&A also describes project development and financing; keep document-level company as Vizsla but preserve per-fact project attribution.

Facts used in scoring: 20

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The document says the resource and reserve technical work was prepared in accordance with NI 43-101, not JORC, so this tag is not applied; instead the release explicitly cites NI 43-101.

Evidence · text

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

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The feasibility study and reserve/resource disclosure are described as NI 43-101 compliant.

Evidence · text

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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: A Qualified Person and independent QP are named for the reserve/resource work.

Evidence · text

> prepared by Jason Blais, P.Eng., Principal Mining Consultant of Mining Plus

**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 section states a 150 g/t AgEq cut-off and the reserve section states NSR cut-off values.

Evidence · text

> Mineral Resources are reported at a base case cut-off grade of 150 g/t AgEq.

**Inferred Resource**

Polarity: negative

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

Why it applies: The Panuco West resource table includes an Inferred category row.

Evidence · table

> Inferred

Context: Inferred \| 10.50 \| 219 \| 1.96 \| 0.30 \| 1.01 \| 412 \| 4.91 \| 73,621 \| 660 \| 31.2 \| 106.2 \| 138,711 \| 1,654

**Single Domain Only**

Polarity: negative

Story-specific tag

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: The document repeats a historical resource table without adding fresh drilling or multiple new test domains; the extracted resource rows are all from one combined estimate presentation.

Evidence · text

> On January 9 th , 2025, the Company announced the results of the Panuco West project mineral resource estimate update.

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: Not applied because a QP is explicitly named in the technical disclosure.

Evidence · text

> qualified person \("QP"\)

**Resource Update**

Polarity: neutral

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

Why it applies: The release includes a resource estimate update, albeit restated in MD&A context.

Evidence · text

> On January 9 th , 2025, the Company announced the results of the Panuco West project mineral resource estimate update.

**Historical Estimate Only**

Polarity: negative

Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.

Why it applies: The resource rows are explicitly identified as a January 9, 2025 update and are repeated in the current MD&A.

Evidence · text

> On January 9 th , 2025, the Company announced the results of the Panuco West project mineral resource estimate update.

**Step-Out Extension**

Polarity: positive

Story-specific tag

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The company says seven acquired claims occur adjacent to Panuco and cover potential extensions to veins with known mineralization.

Evidence · text

> potential extensions to veins with known mineralization

**Nearology Play**

Polarity: neutral

Story-specific tag

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: The acquired claims are described as adjacent to the Panuco project and prospective for extensions to known mineralization.

Evidence · text

> adjacent to the Panuco project covering prospective areas or potential extensions to veins with known mineralization

## Extracted facts

Stored fact records: 20. Some facts used in scoring do not have a stored record.

## Resource Estimates (20)

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-0)

Panuco West · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, 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:49e4ce41a91ceec36a66
- Deposit or zone: Panuco West project

#### Resource Data

- Category: proven
- Tonnes: 1948000
- Grade: 308
- Grade Unit: g/t
- Contained Metal: 19264
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 502
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: This is a high-confidence reserve row from the feasibility-study table, but in this document it is presented as a restatement of the November 4, 2025 effective-date reserve estimate.

- Positive factor: Reserve estimate disclosed under NI 43-101

- Positive factor: Proven category stated

- Positive factor: Qualified Person named

- Negative factor: Restated in MD&A rather than a fresh standalone reserve release

Evidence · table

> 308

Context: Proven \| 1,948 \| 308 \| 2.35 \| 502 \| 19,264 \| 147 \| 31,424

#### 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 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

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-1)

Panuco West · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, 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:49e4ce41a91ceec36a66
- Deposit or zone: Panuco West project

#### Resource Data

- Category: proven
- Tonnes: 1948000
- Grade: 2.35
- Grade Unit: g/t
- Contained Metal: 147
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 502
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The proven reserve includes a meaningful gold component at 2.35 g/t, but the numbers are restated from the feasibility study rather than newly announced.

- Positive factor: Reserve estimate disclosed with gold grade and contained ounces

- Positive factor: NI 43-101 reserve with QP sign-off

- Positive factor: Supports underground mine plan

- Negative factor: Restated reserve figures in MD&A

Evidence · table

> 2.35

Context: Proven \| 1,948 \| 308 \| 2.35 \| 502 \| 19,264 \| 147 \| 31,424

#### 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 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-2)

Panuco West · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, 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:ad484781d71810cd977a
- Deposit or zone: Panuco West project

#### Resource Data

- Category: probable
- Tonnes: 10854000
- Grade: 239
- Grade Unit: g/t
- Contained Metal: 83351
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 400
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: This probable reserve row is substantial, but the document is summarizing the feasibility study rather than reporting a new reserve change.

- Positive factor: Large probable reserve tonnage

- Positive factor: Silver-equivalent reserve grade stated

- Positive factor: NI 43-101 and QP disclosed

- Negative factor: Restated in MD&A

Evidence · table

> 239

Context: Probable \| 10,854 \| 239 \| 1.95 \| 400 \| 83,351 \| 681 \| 139,687

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-3)

Panuco West · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, 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:ad484781d71810cd977a
- Deposit or zone: Panuco West project

#### Resource Data

- Category: probable
- Tonnes: 10854000
- Grade: 1.95
- Grade Unit: g/t
- Contained Metal: 681
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 400
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The probable reserve gold component is clearly disclosed, but the document does not present it as a fresh technical update.

- Positive factor: Probable reserve includes gold ounces and is supported by NI 43-101 disclosure

- Positive factor: Relevant to development-stage economics

- Negative factor: No new technical changes are described in this MD&A

Evidence · table

> 1.95

Context: Probable \| 10,854 \| 239 \| 1.95 \| 400 \| 83,351 \| 681 \| 139,687

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-4)

Panuco West · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, 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:9bdb98ade88b7e0661a2
- Deposit or zone: Panuco West project

#### Resource Data

- Category: proven
- Tonnes: 4000
- Grade: 330
- Grade Unit: g/t
- Contained Metal: 41
- Contained Unit: k oz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 635
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The planned stockpile proven row is a small but high-grade reserve component, again restated from the feasibility-study disclosure.

- Positive factor: Planned stockpile inventory included in reserve schedule

- Positive factor: High silver grade relative to the broader reserve

- Negative factor: Historical feasibility-study disclosure

Evidence · table

> 330

Context: Planned Stockpile Proven \| 4 \| 330 \| 3.70 \| 635 \| 41 \| 0.5 \| 82

#### 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 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

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-5)

Panuco West · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, 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:9bdb98ade88b7e0661a2
- Deposit or zone: Panuco West project

#### Resource Data

- Category: proven
- Tonnes: 4000
- Grade: 3.7
- Grade Unit: g/t
- Contained Metal: 0.5
- Contained Unit: k oz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 635
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: This is a small stockpile reserve with strong grade, but it is a restated feasibility-study figure rather than current news.

- Positive factor: High-grade gold stockpile component

- Positive factor: Contained gold ounces stated

- Negative factor: Very small tonnage and historical reserve context

Evidence · table

> 3.70

Context: Planned Stockpile Proven \| 4 \| 330 \| 3.70 \| 635 \| 41 \| 0.5 \| 82

#### 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 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-6)

Panuco West · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, 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:f0b7767720cbe3018805
- Deposit or zone: Panuco West project

#### Resource Data

- Category: probable
- Tonnes: 3000
- Grade: 318
- Grade Unit: g/t
- Contained Metal: 34
- Contained Unit: k oz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 558
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The probable stockpile silver row is a minor reserve component and is not presented as new information.

- Positive factor: Additional probable stockpile tonnage included

- Positive factor: Silver-equivalent value disclosed

- Negative factor: Historical feasibility-study context

Evidence · table

> 318

Context: Probable \| 3 \| 318 \| 2.90 \| 558 \| 34 \| 0.3 \| 54

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-7)

Panuco West · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, 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:f0b7767720cbe3018805
- Deposit or zone: Panuco West project

#### Resource Data

- Category: probable
- Tonnes: 3000
- Grade: 2.9
- Grade Unit: g/t
- Contained Metal: 0.3
- Contained Unit: k oz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 558
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The probable stockpile gold row is valid but historical in this document.

- Positive factor: Gold grade remains strong for a small stockpile parcel

- Negative factor: Restated reserve information

Evidence · table

> 2.90

Context: Probable \| 3 \| 318 \| 2.90 \| 558 \| 34 \| 0.3 \| 54

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-8)

Panuco West · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, 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:c1e596ed9a4db5e7f8ac
- Deposit or zone: Panuco West project

#### Resource Data

- Category: probable
- Tonnes: 12809000
- Grade: 249
- Grade Unit: g/t
- Contained Metal: 102689
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 416
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The total proven+probable reserve is central to the feasibility study, but the values are restated in the MD&A.

- Positive factor: Total reserve tonnage and grade disclosed

- Positive factor: Base case feasibility-study reserve supports development economics

- Negative factor: This is a rolled-up total rather than a new incremental update

Evidence · table

> 249

Context: Total Proven + Probable \| 12,809 \| 249 \| 2.01 \| 416 \| 102,689 \| 829 \| 171,246

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-9)

Panuco West · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, 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:c1e596ed9a4db5e7f8ac
- Deposit or zone: Panuco West project

#### Resource Data

- Category: probable
- Tonnes: 12809000
- Grade: 2.01
- Grade Unit: g/t
- Contained Metal: 829
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 416
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Lab

- Laboratory: Mining Plus

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

Reasoning: The total reserve gold row is material, but not a new estimate in this document.

- Positive factor: Gold reserve grade and contained ounces are disclosed

- Positive factor: Reserve supports underground development case

- Negative factor: Historical/summary presentation

Evidence · table

> 2.01

Context: Total Proven + Probable \| 12,809 \| 249 \| 2.01 \| 416 \| 102,689 \| 829 \| 171,246

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-10)

Panuco West · silver

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:16a68acfd090ad611987
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: This is a core resource row, but the release explicitly says it is the January 9, 2025 resource update.

- Positive factor: Measured & Indicated resource disclosed

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

- Positive factor: Cut-off grade stated

- Negative factor: Historical January 9, 2025 resource update restated in current MD&A

Evidence · table

> 307

Context: Measured & Indicated \| 12.96 \| 307 \| 2.49 \| 0.27 \| 0.85 \| 534 \| 6.58 \| 127,819 \| 1036 \| 34.9 \| 110.2 \| 222,362 \| 2,739

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-11)

Panuco West · gold

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:16a68acfd090ad611987
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: The gold component is materially robust, but the document is re-presenting the prior resource update.

- Positive factor: Gold grade above 2 g/t with sizeable ounces

- Positive factor: Measured & Indicated resource category

- Negative factor: Restated historical resource row

Evidence · table

> 2.49

Context: Measured & Indicated \| 12.96 \| 307 \| 2.49 \| 0.27 \| 0.85 \| 534 \| 6.58 \| 127,819 \| 1036 \| 34.9 \| 110.2 \| 222,362 \| 2,739

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-12)

Panuco West · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: lead
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VZLA

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:16a68acfd090ad611987
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: The lead grade is a genuine disclosed byproduct value in the resource table, but it is historical in this MD&A.

- Positive factor: Lead grade is explicitly disclosed alongside the polymetallic resource

- Negative factor: Historical restatement

- Negative factor: No separate economic context for lead

Evidence · table

> 0.27

Context: Measured & Indicated \| 12.96 \| 307 \| 2.49 \| 0.27 \| 0.85 \| 534 \| 6.58 \| 127,819 \| 1036 \| 34.9 \| 110.2 \| 222,362 \| 2,739

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-13)

Panuco West · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: zinc
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VZLA

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:16a68acfd090ad611987
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: The zinc component is a disclosed byproduct within a historical resource table.

- Positive factor: Zinc grade and contained metal are explicitly disclosed

- Negative factor: Historical resource summary

Evidence · table

> 0.85

Context: Measured & Indicated \| 12.96 \| 307 \| 2.49 \| 0.27 \| 0.85 \| 534 \| 6.58 \| 127,819 \| 1036 \| 34.9 \| 110.2 \| 222,362 \| 2,739

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-14)

Panuco West · silver

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fa2187ed662b3f74aed6
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 219
- Grade Unit: g/t
- Contained Metal: 73621
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

- Metal Eq. Grade: 412
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: The inferred silver resource is material but lower confidence and historical.

- Positive factor: Large inferred silver resource stated

- Positive factor: NI 43-101 disclosure with cut-off grade

- Negative factor: Inferred category carries lower confidence

- Negative factor: Historical restatement

Evidence · table

> 219

Context: Inferred \| 10.50 \| 219 \| 1.96 \| 0.30 \| 1.01 \| 412 \| 4.91 \| 73,621 \| 660 \| 31.2 \| 106.2 \| 138,711 \| 1,654

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-15)

Panuco West · gold

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fa2187ed662b3f74aed6
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 1.96
- Grade Unit: g/t
- Contained Metal: 660
- Contained Unit: koz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

- Metal Eq. Grade: 412
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: The inferred gold resource is clearly disclosed but not fresh news.

- Positive factor: Gold ounces explicitly stated

- Positive factor: Large tonnage underpinning the inferred inventory

- Negative factor: Inferred confidence lower than indicated

- Negative factor: Historical resource presentation

Evidence · table

> 1.96

Context: Inferred \| 10.50 \| 219 \| 1.96 \| 0.30 \| 1.01 \| 412 \| 4.91 \| 73,621 \| 660 \| 31.2 \| 106.2 \| 138,711 \| 1,654

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-16)

Panuco West · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: lead
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VZLA

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fa2187ed662b3f74aed6
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 0.3
- Grade Unit: %
- Contained Metal: 31.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

- Metal Eq. Grade: 412
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: The lead byproduct is documented, but this is a historical inferred resource row.

- Positive factor: Lead grade disclosed for inferred resource

- Negative factor: Historical estimate

- Negative factor: Lower confidence inferred category

Evidence · table

> 0.30

Context: Inferred \| 10.50 \| 219 \| 1.96 \| 0.30 \| 1.01 \| 412 \| 4.91 \| 73,621 \| 660 \| 31.2 \| 106.2 \| 138,711 \| 1,654

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-17)

Panuco West · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Panuco West
- Commodity: zinc
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: VZLA

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:fa2187ed662b3f74aed6
- Deposit or zone: Panuco West project
- Material type: mixed

#### Resource Data

- Category: inferred
- Tonnes: 10500000
- Grade: 1.01
- Grade Unit: %
- Contained Metal: 106.2
- Contained Unit: kt
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

- Metal Eq. Grade: 412
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-01-09T00:00:00.000Z

Reasoning: The zinc byproduct in the inferred resource is real but historical.

- Positive factor: Zinc grade and contained metal are disclosed

- Negative factor: Historical inferred resource

- Negative factor: No fresh update

Evidence · table

> 1.01

Context: Inferred \| 10.50 \| 219 \| 1.96 \| 0.30 \| 1.01 \| 412 \| 4.91 \| 73,621 \| 660 \| 31.2 \| 106.2 \| 138,711 \| 1,654

#### 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-18)

Panuco · silver

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:478902326a1716b30976
- Deposit or zone: Panuco project

#### Resource Data

- Category: probable
- Tonnes: 12809000
- Grade: 249
- Grade Unit: g/t
- Contained Metal: 102689
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 416
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-11-04T00:00:00.000Z

Reasoning: This narrative reserve statement repeats the same Panuco reserve figures already tabulated in the document.

- Positive factor: Reserve estimate and economics disclosed in text

- Positive factor: Supports underground mine plan

- Negative factor: Restated in MD&A

Evidence · text

> 12,800 kt at an average grade of 249 g/t Ag and 2.01 g/t Au or 416 g/t AgEq

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--28578069-60ad-46da-98de-82a549b0f847#fact-resource-facts-19)

Panuco · gold

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:478902326a1716b30976
- Deposit or zone: Panuco project

#### Resource Data

- Category: probable
- Tonnes: 12809000
- Grade: 2.01
- Grade Unit: g/t
- Contained Metal: 829
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

- Metal Eq. Grade: 416
- Metal Eq. Unit: g/t
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-11-04T00:00:00.000Z

Reasoning: The gold reserve data are duplicated in prose and remain historical within this MD&A.

- Positive factor: Gold reserve grade disclosed in narrative form

- Negative factor: Historical feasibility-study disclosure

Evidence · text

> 12,800 kt at an average grade of 249 g/t Ag and 2.01 g/t Au or 416 g/t AgEq

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

## 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.