# 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--5a5fdd1f-ac3b-4c07-bcc2-3e2b28412ae3 Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299326004830/exhibit99-2.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-10-20T10:37:44.886Z Atlas analysis updated: 2026-10-20T10:37:44.886Z - Company: Vizsla Silver Corp. - Ticker: VZLA - Exchange: TSX - Region: Sinaloa, Mexico - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Other, Resource update - Extracted: 2026-10-20 10:37:45 UTC Narrative sentiment: -0.40 · Bearish ## Minestarters Atlas summary Vizsla's quarterly MD&A reports US$406.495 million cash and continued Panuco engineering and procurement, but no exploration drilling or underground development during the quarter following the January security incident. Nine colleagues had been confirmed deceased and one remained missing; a formal construction decision remains subject to permitting. The document restates the 2025 feasibility study and reserves rather than announcing new assays or a new estimate. Reasoning: This quarterly MD&A presents a well-funded developer whose engineering and procurement progress is overshadowed by severe security risks and continued suspension of field activities. Historical feasibility metrics do not resolve current execution uncertainty. - Positive factor: US$406.495 million cash and cash equivalents at July 31, 2026. - Positive factor: Process equipment procurement and remote engineering advanced. - Positive factor: An approximately US$10 million working capital facility remained undrawn. - Negative factor: Nine colleagues were confirmed deceased and one remained missing following the security incident. - Negative factor: No exploration drilling or underground development occurred during the quarter. - Negative factor: The formal construction decision remains subject to permitting. - Negative factor: Feasibility economics and reserves are restated from 2025 rather than newly established. Facts used in scoring: 3 ## Classification and evidence **Security Disruption** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company reports nine colleagues found deceased and one still missing following the site incident. Evidence · text > nine colleagues taken during the Security Incident had been found deceased and one colleague remains missing **Field Activities Suspended** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: No exploration drilling occurred during the quarter following the January pause. Evidence · text > the Company did not conduct any exploration drilling, whether surface or underground **Procurement Progress** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: An equipment supply agreement advances process plant engineering and procurement. Evidence · text > awarded an equipment supply agreement to FLSmidth ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--5a5fdd1f-ac3b-4c07-bcc2-3e2b28412ae3#fact-resource-facts-0) 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 - Effective date: 2025-11-04T00:00:00.000Z - QP Signed: Yes - Qualified person names: Dave D'Antonio - Resource group id: resource:6ca1edb9367d23deb2ec - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 12800000 - Grade: 249 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 416 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-11-12T00:00:00.000Z Reasoning: A substantial feasibility-backed reserve is established background, with low novelty in this quarterly report. The combined category is represented as probable under the extraction convention. - Positive factor: Combined Proven and Probable reserve supports the feasibility development case. - Positive factor: Silver grade is 249 g/t across 12.8 million tonnes. - Negative factor: Historical reserve restatement adds no new inventory. - Negative factor: Separate Proven and Probable quantities and reserve cut-off are not disclosed here. - Negative factor: Security and permitting constrain implementation. 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--5a5fdd1f-ac3b-4c07-bcc2-3e2b28412ae3#fact-resource-facts-1) 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 - Effective date: 2025-11-04T00:00:00.000Z - QP Signed: Yes - Qualified person names: Dave D'Antonio - Resource group id: resource:6ca1edb9367d23deb2ec - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 12800000 - Grade: 2.01 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-11-04 #### Metal Equivalent - Metal Eq. Grade: 416 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-11-12T00:00:00.000Z Reasoning: The stated gold grade provides a meaningful secondary contribution, but its economic role is assessed within the combined project rather than as a standalone gold deposit. - Positive factor: Gold contributes to the combined silver-gold reserve and feasibility case. - Negative factor: Historical restatement provides no new gold reserve growth. - Negative factor: Gold-specific contained metal and reserve cut-off are not disclosed here. 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--5a5fdd1f-ac3b-4c07-bcc2-3e2b28412ae3#fact-resource-facts-2) Panuco Central & East Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Central & East - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - QP Signed: Yes - Qualified person names: Dave D'Antonio - Resource group id: resource:9cd2a0a8362409f7fd0c - Deposit or zone: Rosarito and Cuevillas veins, Animas system #### Resource Data - Category: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes Reasoning: The 7.01 Moz AgEq disclosure is background inventory, not a new estimate. Combined equivalent ounces cannot be assigned to individual silver or gold contained-metal fields. - Positive factor: An existing inferred resource is disclosed for the vein system. - Negative factor: Only aggregate silver-equivalent ounces are stated. - Negative factor: Tonnage, individual metal grades, cut-off and effective date are undisclosed. - Negative factor: Inferred classification limits geological confidence. Evidence · text > Rosarito and Cuevillas veins with a current inferred resource of 7.01 Moz AgEq #### 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 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.