# 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--6bfc2649-248a-4828-bd28-ed584ee2d673 Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299325005296/exhibit99-2.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-07T15:27:34.291Z Atlas analysis updated: 2026-11-07T15:27:34.291Z - Company: Unavailable - Ticker: VZLA - Exchange: TSX - Region: Sinaloa, Mexico - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-11-07 15:27:34 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Vizsla Silver's filing is an MD&A that includes a current Panuco Project resource update, ongoing exploration and test mining updates, and summaries of prior metallurgical work. The Panuco resource table reports 12.96 Mt M&I at 307 g/t Ag and 10.50 Mt Inferred at 219 g/t Ag, while metallurgy summaries show several silver-gold-lead-zinc flowsheet results from earlier testwork. The document is largely financial and corporate in nature, so the technical content is secondary but still substantive. Reasoning: This is primarily an MD&A / corporate filing with embedded technical updates. The most material technical items are the Panuco resource update and supporting metallurgy, which are positive, but the overall document is mixed and heavily financial. - Positive factor: Contains a current mineral resource update for the Panuco Project with M&I and Inferred categories - Positive factor: Provides metallurgical testwork summaries and flowsheet recovery data for Napoleon, Tajitos and Copala - Positive factor: Discloses technical disclosure under a named Qualified Person and NI 43-101-compliant reporting for the resource update - Negative factor: Most of the document is MD&A and financial/corporate disclosure rather than a single technical event - Negative factor: Some metallurgy references earlier work and not all test conditions are new in this filing - Negative factor: No drill assay tables with hole-by-hole results are reported in this document Facts used in scoring: 90 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The filing says the resource work was completed with an independent qualified person and the disclosure references NI 43-101, not JORC; this tag is not applied. The document is NI 43-101 aligned, so a resource-compliance tag is appropriate only at the fact level where stated. Evidence · text > NI 43-101 compliant report **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource update is described as a NI 43-101 compliant report and completed with an independent qualified person. Evidence · text > NI 43-101 compliant report available on SEDAR+ **Metal Equivalent Opaque** Polarity: negative Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: Metal-equivalent grades are reported, but the filing also discloses the price assumptions used for AgEq and AuEq, so this tag does not apply. Evidence · text > Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc. **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: Technical disclosure states the work was done under a Qualified Person, and the metallurgical work used a third-party laboratory. Evidence · text > prepared under the supervision of Jesus Velador, Ph.D. QP MMSA **True Width Disclosed** Polarity: positive Story-specific tag Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: No true widths are given for the resource tables, so this tag is not supported by the extracted facts. Evidence · text > Total M&I **No QA/QC Disclosure** Polarity: negative Story-specific tag Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The resource tables do not provide assay QA/QC methods such as blanks, standards, duplicates, or laboratory certification details in the resource section itself. Evidence · text > The company in conjunction with an independent qualified person **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The document includes resource and metallurgy tables rather than drill intercepts, so this drill-specific caution is not directly applicable. Evidence · text > Panuco Project Resource Summary **Infill Drilling** Polarity: neutral Story-specific tag Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The exploration update says the company conducted resource expansion drilling and exploration drilling, not pure infill/resource conversion drilling. Evidence · text > resource expansion drilling in Copala **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 La Garra acquisition is described as being in the heart of the silver-gold-rich Panuco - San Dimas corridor, which is a proximity/borough-style pitch. Evidence · text > situated in the heart of the silver-gold-rich Panuco - San Dimas corridor **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 90. Some facts used in scoring do not have a stored record. ## Resource Estimates (72) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-0) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:645befed41668c10c9d8 - Deposit or zone: Panuco Project - Mining method: underground #### 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 AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated portion of the current Panuco resource update with clearly stated tonnage, grade and contained silver. - Positive factor: Current NI 43-101 resource update announced for the project - Positive factor: M&I tonnage and grade are explicitly reported - Positive factor: Cut-off and metal-equivalent assumptions are disclosed in the note - Negative factor: No project coordinates are stated in the resource section - Negative factor: The filing is an MD&A, so the resource update is embedded within broader corporate disclosure 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-1) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:645befed41668c10c9d8 - Deposit or zone: Panuco Project - Mining method: underground #### 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: 6.58 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the gold grade for the current M&I resource row, with explicit tonnes, grade and contained ounces. - Positive factor: Current Panuco resource update - Positive factor: Contained gold ounces are explicitly reported - Positive factor: Equivalent-grade assumptions are disclosed in the note - Negative factor: No coordinates or geometry details are given in the resource table - Negative factor: MD&A context reduces standalone novelty 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-2) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:645befed41668c10c9d8 - Deposit or zone: Panuco Project - Mining method: underground #### 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 AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the lead grade line in the current resource table; it is informative but secondary to the silver-gold focus. - Positive factor: Lead grade is explicitly reported as part of the resource table - Positive factor: Contained lead tonnage is disclosed - Negative factor: Lead is a secondary metal rather than the main narrative focus - Negative factor: No economic interpretation for lead is stated 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-3) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:645befed41668c10c9d8 - Deposit or zone: Panuco Project - Mining method: underground #### 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 AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the zinc grade line in the current resource table; it is a secondary but complete disclosure. - Positive factor: Zinc grade is explicitly reported in the resource table - Positive factor: Contained zinc is stated - Negative factor: Zinc is not the headline commodity for the release - Negative factor: No standalone zinc economics are discussed 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-4) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:9a3b66efc739da895629 - Deposit or zone: Panuco Project - Mining method: underground #### 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 AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver resource row from the current update. - Positive factor: Current inferred resource is explicitly reported - Positive factor: Contained silver ounces are disclosed - Positive factor: Equivalent-grade assumptions are stated - Negative factor: Inferred category carries lower confidence than M&I - Negative factor: The estimate is embedded in a broader MD&A document Evidence · table > 219 Context: Total 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-5) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:9a3b66efc739da895629 - Deposit or zone: Panuco Project - Mining method: underground #### 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: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold grade in the current resource table. - Positive factor: Current inferred gold resource is explicitly tabulated - Positive factor: Contained gold ounces are disclosed - Negative factor: Inferred category is lower confidence than indicated/measured - Negative factor: No resource geometry or drill spacing is provided Evidence · table > 1.96 Context: Total 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-6) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:9a3b66efc739da895629 - Deposit or zone: Panuco Project - Mining method: underground #### 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 AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred lead grade from the current resource table. - Positive factor: Lead grade is explicitly reported for the inferred resource - Positive factor: Contained lead tonnage is disclosed - Negative factor: Secondary metal disclosure within inferred resource only - Negative factor: No standalone lead project narrative Evidence · table > 0.30 Context: Total 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-7) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:9a3b66efc739da895629 - Deposit or zone: Panuco Project - Mining method: underground #### 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 AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred zinc grade from the current resource table. - Positive factor: Zinc grade is explicitly reported for the inferred resource - Positive factor: Contained zinc is disclosed - Negative factor: Secondary metal disclosure only - Negative factor: No zinc-specific economic commentary Evidence · table > 1.01 Context: Total 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 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-8) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:77aa4b12d6dd73983555 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 442 - Grade Unit: g/t - Contained Metal: 26744 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured silver resource for the Copala vein, and it is a strong grade with explicit contained metal. - Positive factor: Measured resource grade is very strong - Positive factor: Contained silver and equivalent grade are explicitly stated - Negative factor: Reported within a multi-commodity resource table rather than a standalone measured resource release Evidence · table > 442 Context: Copala \| 1.88 \| 442 \| 3.09 \| 0.08 \| 0.15 \| 684 \| 8.92 \| 26,744 \| 187 \| 1.4 \| 2.9 \| 41,418 \| 540 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-9) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:77aa4b12d6dd73983555 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 3.09 - Grade Unit: g/t - Contained Metal: 187 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 8.92 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured gold resource for Copala. - Positive factor: Measured gold grade exceeds economic threshold - Positive factor: Contained gold ounces are explicitly reported - Negative factor: No deposit geometry or drill spacing is given in this table Evidence · table > 3.09 Context: Copala \| 1.88 \| 442 \| 3.09 \| 0.08 \| 0.15 \| 684 \| 8.92 \| 26,744 \| 187 \| 1.4 \| 2.9 \| 41,418 \| 540 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-10) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:77aa4b12d6dd73983555 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 0.08 - Grade Unit: % - Contained Metal: 1.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured lead grade for Copala. - Positive factor: Lead grade is explicitly reported in the measured row - Positive factor: Contained lead is disclosed - Negative factor: Very small contained tonnage for lead - Negative factor: Secondary metal relative to silver/gold Evidence · table > 0.08 Context: Copala \| 1.88 \| 442 \| 3.09 \| 0.08 \| 0.15 \| 684 \| 8.92 \| 26,744 \| 187 \| 1.4 \| 2.9 \| 41,418 \| 540 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-11) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:77aa4b12d6dd73983555 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 2.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured zinc grade for Copala. - Positive factor: Zinc grade is explicitly reported in the measured row - Positive factor: Contained zinc is disclosed - Negative factor: Byproduct metal only - Negative factor: Grade is modest Evidence · table > 0.15 Context: Copala \| 1.88 \| 442 \| 3.09 \| 0.08 \| 0.15 \| 684 \| 8.92 \| 26,744 \| 187 \| 1.4 \| 2.9 \| 41,418 \| 540 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-12) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:3cea962b583958048719 - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 161 - Grade Unit: g/t - Contained Metal: 1853 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 404 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured silver resource for Napoleon. - Positive factor: Measured silver resource is explicitly stated for Napoleon - Positive factor: Contained silver is reported - Negative factor: Grade is lower than the Copala measured row - Negative factor: Secondary resource row within a multi-vein table Evidence · table > 161 Context: Napoleon \| 0.36 \| 161 \| 2.34 \| 0.51 \| 1.41 \| 404 \| 4.55 \| 1,853 \| 27 \| 1.8 \| 5.1 \| 4,638 \| 52 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-13) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:3cea962b583958048719 - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 2.34 - Grade Unit: g/t - Contained Metal: 27 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.55 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured gold resource for Napoleon. - Positive factor: Measured gold resource is explicitly stated for Napoleon - Positive factor: Contained gold ounces are reported - Negative factor: Small tonnage compared with the larger area totals Evidence · table > 2.34 Context: Napoleon \| 0.36 \| 161 \| 2.34 \| 0.51 \| 1.41 \| 404 \| 4.55 \| 1,853 \| 27 \| 1.8 \| 5.1 \| 4,638 \| 52 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-14) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:3cea962b583958048719 - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 0.51 - Grade Unit: % - Contained Metal: 1.8 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 404 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured lead grade for Napoleon. - Positive factor: Lead grade is explicitly reported for Napoleon measured resources - Positive factor: Contained lead is disclosed - Negative factor: Byproduct metal only Evidence · table > 0.51 Context: Napoleon \| 0.36 \| 161 \| 2.34 \| 0.51 \| 1.41 \| 404 \| 4.55 \| 1,853 \| 27 \| 1.8 \| 5.1 \| 4,638 \| 52 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-15) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:3cea962b583958048719 - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 1.41 - Grade Unit: % - Contained Metal: 5.1 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 404 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured zinc grade for Napoleon. - Positive factor: Zinc grade is explicitly reported for Napoleon measured resources - Positive factor: Contained zinc is disclosed - Negative factor: Secondary metal only Evidence · table > 1.41 Context: Napoleon \| 0.36 \| 161 \| 2.34 \| 0.51 \| 1.41 \| 404 \| 4.55 \| 1,853 \| 27 \| 1.8 \| 5.1 \| 4,638 \| 52 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-16) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d53b2162c0822efcb023 - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 413 - Grade Unit: g/t - Contained Metal: 71309 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 617 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver total for the Copala area. - Positive factor: Area total for indicated silver is explicitly reported - Positive factor: Contained silver is disclosed - Negative factor: Area total combines multiple zones Evidence · table > 413 Context: Copala Area Total \| 5.37 \| 413 \| 2.56 \| 0.11 \| 0.20 \| 617 \| 8.01 \| 71,309 \| 443 \| 5.7 \| 10.6 \| 106,672 \| 1,384 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-17) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d53b2162c0822efcb023 - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 2.56 - Grade Unit: g/t - Contained Metal: 443 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 8.01 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold total for the Copala area. - Positive factor: Area total for indicated gold is explicitly reported - Positive factor: Contained gold ounces are disclosed - Negative factor: Total combines multiple veins Evidence · table > 2.56 Context: Copala Area Total \| 5.37 \| 413 \| 2.56 \| 0.11 \| 0.20 \| 617 \| 8.01 \| 71,309 \| 443 \| 5.7 \| 10.6 \| 106,672 \| 1,384 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-18) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d53b2162c0822efcb023 - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 5.7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 617 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the lead line for the Copala area indicated total. - Positive factor: Lead grade is disclosed for the area total - Negative factor: Secondary metal Evidence · table > 0.11 Context: Copala Area Total \| 5.37 \| 413 \| 2.56 \| 0.11 \| 0.20 \| 617 \| 8.01 \| 71,309 \| 443 \| 5.7 \| 10.6 \| 106,672 \| 1,384 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-19) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d53b2162c0822efcb023 - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5370000 - Grade: 0.2 - Grade Unit: % - Contained Metal: 10.6 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 617 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the zinc line for the Copala area indicated total. - Positive factor: Zinc grade is disclosed for the area total - Negative factor: Secondary metal Evidence · table > 0.20 Context: Copala Area Total \| 5.37 \| 413 \| 2.56 \| 0.11 \| 0.20 \| 617 \| 8.01 \| 71,309 \| 443 \| 5.7 \| 10.6 \| 106,672 \| 1,384 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-20) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1c35a56bd07d8d1e481e - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 3780000 - Grade: 150 - Grade Unit: g/t - Contained Metal: 18184 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 399 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver resource for Napoleon. - Positive factor: Indicated silver resource for Napoleon is explicitly stated - Positive factor: Contained silver is reported - Negative factor: Grade is materially lower than Copala Evidence · table > 150 Context: Napoleon \| 3.78 \| 150 \| 2.25 \| 0.52 \| 1.78 \| 399 \| 4.32 \| 18,184 \| 273 \| 19.4 \| 37.1 \| 48,404 \| 267 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-21) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1c35a56bd07d8d1e481e - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 3780000 - Grade: 2.25 - Grade Unit: g/t - Contained Metal: 273 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.32 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold resource for Napoleon. - Positive factor: Indicated gold resource for Napoleon is explicitly stated - Positive factor: Contained gold is reported - Negative factor: Below the measured Napoleon gold grade Evidence · table > 2.25 Context: Napoleon \| 3.78 \| 150 \| 2.25 \| 0.52 \| 1.78 \| 399 \| 4.32 \| 18,184 \| 273 \| 19.4 \| 37.1 \| 48,404 \| 267 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-22) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1c35a56bd07d8d1e481e - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 3780000 - Grade: 0.52 - Grade Unit: % - Contained Metal: 19.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 399 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated lead grade for Napoleon. - Positive factor: Lead grade is explicitly reported for Napoleon indicated resources - Negative factor: Secondary metal Evidence · table > 0.52 Context: Napoleon \| 3.78 \| 150 \| 2.25 \| 0.52 \| 1.78 \| 399 \| 4.32 \| 18,184 \| 273 \| 19.4 \| 37.1 \| 48,404 \| 267 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-23) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1c35a56bd07d8d1e481e - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 3780000 - Grade: 1.78 - Grade Unit: % - Contained Metal: 67.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 399 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated zinc grade for Napoleon. - Positive factor: Zinc grade is explicitly reported for Napoleon indicated resources - Negative factor: Secondary metal Evidence · table > 1.78 Context: Napoleon \| 3.78 \| 150 \| 2.25 \| 0.52 \| 1.78 \| 399 \| 4.32 \| 18,184 \| 273 \| 19.4 \| 37.1 \| 48,404 \| 267 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-24) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:8a2bc71e2b5b5c53d894 - Deposit or zone: Napoleon HW - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 990000 - Grade: 217 - Grade Unit: g/t - Contained Metal: 6885 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 448 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver resource for Napoleon HW. - Positive factor: Indicated silver resource is explicitly stated for Napoleon HW - Positive factor: Contained silver is reported - Negative factor: Resource is smaller than the main Napoleon corridor Evidence · table > 217 Context: Napoleon HW \| 0.99 \| 217 \| 2.09 \| 0.47 \| 1.64 \| 448 \| 5.04 \| 6,885 \| 66 \| 4.6 \| 16.2 \| 14,206 \| 160 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-25) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:8a2bc71e2b5b5c53d894 - Deposit or zone: Napoleon HW - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 990000 - Grade: 2.09 - Grade Unit: g/t - Contained Metal: 66 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 5.04 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold resource for Napoleon HW. - Positive factor: Indicated gold resource is explicitly stated for Napoleon HW - Positive factor: Contained gold is reported - Negative factor: Smaller tonnage than the principal zones Evidence · table > 2.09 Context: Napoleon HW \| 0.99 \| 217 \| 2.09 \| 0.47 \| 1.64 \| 448 \| 5.04 \| 6,885 \| 66 \| 4.6 \| 16.2 \| 14,206 \| 160 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-26) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:8a2bc71e2b5b5c53d894 - Deposit or zone: Napoleon HW - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 990000 - Grade: 0.47 - Grade Unit: % - Contained Metal: 4.6 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 448 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated lead grade for Napoleon HW. - Positive factor: Lead grade is explicitly reported for Napoleon HW - Negative factor: Byproduct metal Evidence · table > 0.47 Context: Napoleon HW \| 0.99 \| 217 \| 2.09 \| 0.47 \| 1.64 \| 448 \| 5.04 \| 6,885 \| 66 \| 4.6 \| 16.2 \| 14,206 \| 160 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-27) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:8a2bc71e2b5b5c53d894 - Deposit or zone: Napoleon HW - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 990000 - Grade: 1.64 - Grade Unit: % - Contained Metal: 16.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 448 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated zinc grade for Napoleon HW. - Positive factor: Zinc grade is explicitly reported for Napoleon HW - Negative factor: Secondary metal Evidence · table > 1.64 Context: Napoleon HW \| 0.99 \| 217 \| 2.09 \| 0.47 \| 1.64 \| 448 \| 5.04 \| 6,885 \| 66 \| 4.6 \| 16.2 \| 14,206 \| 160 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-28) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:a2ca50e90a858657afc5 - Deposit or zone: Luisa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 490000 - Grade: 143 - Grade Unit: g/t - Contained Metal: 2238 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 364 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver resource for Luisa. - Positive factor: Indicated silver resource is explicitly stated for Luisa - Positive factor: Contained silver is reported - Negative factor: Lower grade than several other veins Evidence · table > 143 Context: Luisa \| 0.49 \| 143 \| 2.12 \| 0.31 \| 1.44 \| 364 \| 4.08 \| 2,238 \| 33 \| 1.5 \| 7.0 \| 5,693 \| 64 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-29) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:a2ca50e90a858657afc5 - Deposit or zone: Luisa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 490000 - Grade: 2.12 - Grade Unit: g/t - Contained Metal: 33 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.08 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold resource for Luisa. - Positive factor: Indicated gold resource is explicitly stated for Luisa - Positive factor: Contained gold is reported - Negative factor: Smaller tonnage than the main Copala and Napoleon zones Evidence · table > 2.12 Context: Luisa \| 0.49 \| 143 \| 2.12 \| 0.31 \| 1.44 \| 364 \| 4.08 \| 2,238 \| 33 \| 1.5 \| 7.0 \| 5,693 \| 64 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-30) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:a2ca50e90a858657afc5 - Deposit or zone: Luisa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 490000 - Grade: 0.31 - Grade Unit: % - Contained Metal: 1.5 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 364 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated lead grade for Luisa. - Positive factor: Lead grade is explicitly reported for Luisa - Negative factor: Byproduct metal Evidence · table > 0.31 Context: Luisa \| 0.49 \| 143 \| 2.12 \| 0.31 \| 1.44 \| 364 \| 4.08 \| 2,238 \| 33 \| 1.5 \| 7.0 \| 5,693 \| 64 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-31) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:a2ca50e90a858657afc5 - Deposit or zone: Luisa - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 490000 - Grade: 1.44 - Grade Unit: % - Contained Metal: 7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 364 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated zinc grade for Luisa. - Positive factor: Zinc grade is explicitly reported for Luisa - Negative factor: Secondary metal Evidence · table > 1.44 Context: Luisa \| 0.49 \| 143 \| 2.12 \| 0.31 \| 1.44 \| 364 \| 4.08 \| 2,238 \| 33 \| 1.5 \| 7.0 \| 5,693 \| 64 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-32) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:2418b780a635bc550d41 - Deposit or zone: Josephine - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 60000 - Grade: 230 - Grade Unit: g/t - Contained Metal: 452 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 473 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver resource for Josephine. - Positive factor: Indicated silver resource is explicitly stated for Josephine - Negative factor: Very small tonnage Evidence · table > 230 Context: Josephine \| 0.06 \| 230 \| 2.54 \| 0.38 \| 1.09 \| 473 \| 5.64 \| 452 \| 5 \| 0.2 \| 0.7 \| 928 \| 11 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-33) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:2418b780a635bc550d41 - Deposit or zone: Josephine - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 60000 - Grade: 2.54 - Grade Unit: g/t - Contained Metal: 5 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 5.64 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold resource for Josephine. - Positive factor: Indicated gold resource is explicitly stated for Josephine - Negative factor: Tiny tonnage Evidence · table > 2.54 Context: Josephine \| 0.06 \| 230 \| 2.54 \| 0.38 \| 1.09 \| 473 \| 5.64 \| 452 \| 5 \| 0.2 \| 0.7 \| 928 \| 11 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-34) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:2418b780a635bc550d41 - Deposit or zone: Josephine - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 60000 - Grade: 0.38 - Grade Unit: % - Contained Metal: 0.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 473 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated lead grade for Josephine. - Positive factor: Lead grade is explicitly reported for Josephine - Negative factor: Byproduct metal Evidence · table > 0.38 Context: Josephine \| 0.06 \| 230 \| 2.54 \| 0.38 \| 1.09 \| 473 \| 5.64 \| 452 \| 5 \| 0.2 \| 0.7 \| 928 \| 11 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-35) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:2418b780a635bc550d41 - Deposit or zone: Josephine - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 60000 - Grade: 1.09 - Grade Unit: % - Contained Metal: 0.7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 473 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated zinc grade for Josephine. - Positive factor: Zinc grade is explicitly reported for Josephine - Negative factor: Secondary metal Evidence · table > 1.09 Context: Josephine \| 0.06 \| 230 \| 2.54 \| 0.38 \| 1.09 \| 473 \| 5.64 \| 452 \| 5 \| 0.2 \| 0.7 \| 928 \| 11 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-36) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1e7e6049a33a58a3fb81 - Deposit or zone: Cruz - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 30000 - Grade: 145 - Grade Unit: g/t - Contained Metal: 154 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 380 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver resource for Cruz. - Positive factor: Indicated silver resource is explicitly stated for Cruz - Negative factor: Very small tonnage Evidence · table > 145 Context: Cruz \| 0.03 \| 145 \| 2.01 \| 0.38 \| 2.01 \| 380 \| 4.03 \| 154 \| 2 \| 0.1 \| 0.7 \| 403 \| 4 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-37) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1e7e6049a33a58a3fb81 - Deposit or zone: Cruz - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 30000 - Grade: 2.01 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold resource for Cruz. - Positive factor: Indicated gold resource is explicitly stated for Cruz - Negative factor: Tiny tonnage Evidence · table > 2.01 Context: Cruz \| 0.03 \| 145 \| 2.01 \| 0.38 \| 2.01 \| 380 \| 4.03 \| 154 \| 2 \| 0.1 \| 0.7 \| 403 \| 4 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-38) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1e7e6049a33a58a3fb81 - Deposit or zone: Cruz - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 30000 - Grade: 0.38 - Grade Unit: % - Contained Metal: 0.1 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 380 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated lead grade for Cruz. - Positive factor: Lead grade is explicitly reported for Cruz - Negative factor: Byproduct metal Evidence · table > 0.38 Context: Cruz \| 0.03 \| 145 \| 2.01 \| 0.38 \| 2.01 \| 380 \| 4.03 \| 154 \| 2 \| 0.1 \| 0.7 \| 403 \| 4 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-39) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:1e7e6049a33a58a3fb81 - Deposit or zone: Cruz - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 30000 - Grade: 2.01 - Grade Unit: % - Contained Metal: 0.7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 380 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated zinc grade for Cruz. - Positive factor: Zinc grade is explicitly reported for Cruz - Negative factor: Secondary metal Evidence · table > 2.01 Context: Cruz \| 0.03 \| 145 \| 2.01 \| 0.38 \| 2.01 \| 380 \| 4.03 \| 154 \| 2 \| 0.1 \| 0.7 \| 403 \| 4 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-40) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e0c5f75e3880887f41d6 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5340000 - Grade: 163 - Grade Unit: g/t - Contained Metal: 27913 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 405 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver total for the NP area. - Positive factor: Indicated area total is explicitly reported - Positive factor: Contained silver is reported - Negative factor: Area total combines several zones Evidence · table > 163 Context: NP Area Total \| 5.34 \| 163 \| 2.21 \| 0.49 \| 1.72 \| 405 \| 4.44 \| 27,913 \| 379 \| 25.9 \| 91.7 \| 69,634 \| 763 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-41) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e0c5f75e3880887f41d6 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5340000 - Grade: 2.21 - Grade Unit: g/t - Contained Metal: 379 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.44 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold total for the NP area. - Positive factor: Indicated area total is explicitly reported - Positive factor: Contained gold is reported - Negative factor: Combined across several veins Evidence · table > 2.21 Context: NP Area Total \| 5.34 \| 163 \| 2.21 \| 0.49 \| 1.72 \| 405 \| 4.44 \| 27,913 \| 379 \| 25.9 \| 91.7 \| 69,634 \| 763 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-42) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e0c5f75e3880887f41d6 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5340000 - Grade: 0.49 - Grade Unit: % - Contained Metal: 25.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 405 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the lead line for the NP area indicated total. - Positive factor: Lead grade is explicitly reported for the area total - Negative factor: Secondary metal Evidence · table > 0.49 Context: NP Area Total \| 5.34 \| 163 \| 2.21 \| 0.49 \| 1.72 \| 405 \| 4.44 \| 27,913 \| 379 \| 25.9 \| 91.7 \| 69,634 \| 763 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-43) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e0c5f75e3880887f41d6 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5340000 - Grade: 1.72 - Grade Unit: % - Contained Metal: 91.7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 405 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the zinc line for the NP area indicated total. - Positive factor: Zinc grade is explicitly reported for the area total - Negative factor: Secondary metal Evidence · table > 1.72 Context: NP Area Total \| 5.34 \| 163 \| 2.21 \| 0.49 \| 1.72 \| 405 \| 4.44 \| 27,913 \| 379 \| 25.9 \| 91.7 \| 69,634 \| 763 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-44) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d17b95401652fa0e73c7 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2320000 - Grade: 322 - Grade Unit: g/t - Contained Metal: 24014 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 476 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver resource for Copala. - Positive factor: Inferred silver grade remains strong - Positive factor: Contained silver is explicitly reported - Negative factor: Inferred category lowers confidence Evidence · table > 322 Context: Copala \| 2.32 \| 322 \| 1.83 \| 0.16 \| 0.27 \| 476 \| 6.09 \| 24,014 \| 137 \| 3.7 \| 6.2 \| 35,452 \| 454 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-45) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d17b95401652fa0e73c7 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2320000 - Grade: 1.83 - Grade Unit: g/t - Contained Metal: 137 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 6.09 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold resource for Copala. - Positive factor: Inferred gold resource remains material - Positive factor: Contained gold is explicitly reported - Negative factor: Inferred category lowers confidence Evidence · table > 1.83 Context: Copala \| 2.32 \| 322 \| 1.83 \| 0.16 \| 0.27 \| 476 \| 6.09 \| 24,014 \| 137 \| 3.7 \| 6.2 \| 35,452 \| 454 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-46) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d17b95401652fa0e73c7 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2320000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 3.7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 476 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred lead grade for Copala. - Positive factor: Lead grade is explicitly reported for Copala inferred resources - Negative factor: Byproduct metal Evidence · table > 0.16 Context: Copala \| 2.32 \| 322 \| 1.83 \| 0.16 \| 0.27 \| 476 \| 6.09 \| 24,014 \| 137 \| 3.7 \| 6.2 \| 35,452 \| 454 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-47) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d17b95401652fa0e73c7 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 2320000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 6.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 476 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred zinc grade for Copala. - Positive factor: Zinc grade is explicitly reported for Copala inferred resources - Negative factor: Secondary metal Evidence · table > 0.27 Context: Copala \| 2.32 \| 322 \| 1.83 \| 0.16 \| 0.27 \| 476 \| 6.09 \| 24,014 \| 137 \| 3.7 \| 6.2 \| 35,452 \| 454 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-48) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:79607e9385c157e7221c - Deposit or zone: Tajitos - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 890000 - Grade: 346 - Grade Unit: g/t - Contained Metal: 9936 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 527 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver resource for Tajitos. - Positive factor: Inferred silver grade is strong - Positive factor: Contained silver is reported - Negative factor: Inferred category lowers confidence Evidence · table > 346 Context: Tajitos \| 0.89 \| 346 \| 2.08 \| 0.27 \| 0.43 \| 527 \| 6.66 \| 9,936 \| 60 \| 2.4 \| 3.9 \| 15,132 \| 191 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-49) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:79607e9385c157e7221c - Deposit or zone: Tajitos - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 890000 - Grade: 2.08 - Grade Unit: g/t - Contained Metal: 60 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 6.66 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold resource for Tajitos. - Positive factor: Inferred gold grade is strong - Positive factor: Contained gold is reported - Negative factor: Inferred category lowers confidence Evidence · table > 2.08 Context: Tajitos \| 0.89 \| 346 \| 2.08 \| 0.27 \| 0.43 \| 527 \| 6.66 \| 9,936 \| 60 \| 2.4 \| 3.9 \| 15,132 \| 191 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-50) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:79607e9385c157e7221c - Deposit or zone: Tajitos - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 890000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 2.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 527 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred lead grade for Tajitos. - Positive factor: Lead grade is explicitly reported for Tajitos inferred resources - Negative factor: Byproduct metal Evidence · table > 0.27 Context: Tajitos \| 0.89 \| 346 \| 2.08 \| 0.27 \| 0.43 \| 527 \| 6.66 \| 9,936 \| 60 \| 2.4 \| 3.9 \| 15,132 \| 191 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-51) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:79607e9385c157e7221c - Deposit or zone: Tajitos - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 890000 - Grade: 0.43 - Grade Unit: % - Contained Metal: 3.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 527 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred zinc grade for Tajitos. - Positive factor: Zinc grade is explicitly reported for Tajitos inferred resources - Negative factor: Secondary metal Evidence · table > 0.43 Context: Tajitos \| 0.89 \| 346 \| 2.08 \| 0.27 \| 0.43 \| 527 \| 6.66 \| 9,936 \| 60 \| 2.4 \| 3.9 \| 15,132 \| 191 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-52) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:56bd0f179bf7409fe35e - Deposit or zone: Cristiano - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 360000 - Grade: 610 - Grade Unit: g/t - Contained Metal: 7102 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 912 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the Cristiano indicated silver resource. - Positive factor: Highest-grade indicated silver row in the table - Positive factor: Contained silver is explicitly reported - Negative factor: Small tonnage limits scale Evidence · table > 610 Context: Cristiano \| 0.36 \| 610 \| 3.67 \| 0.25 \| 0.45 \| 912 \| 11.73 \| 7,102 \| 43 \| 0.9 \| 1.6 \| 10,614 \| 137 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-53) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:56bd0f179bf7409fe35e - Deposit or zone: Cristiano - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 360000 - Grade: 3.67 - Grade Unit: g/t - Contained Metal: 43 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 11.73 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the Cristiano indicated gold resource. - Positive factor: Strong indicated gold grade - Positive factor: Contained gold is reported - Negative factor: Small tonnage Evidence · table > 3.67 Context: Cristiano \| 0.36 \| 610 \| 3.67 \| 0.25 \| 0.45 \| 912 \| 11.73 \| 7,102 \| 43 \| 0.9 \| 1.6 \| 10,614 \| 137 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-54) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:56bd0f179bf7409fe35e - Deposit or zone: Cristiano - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 360000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 0.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 912 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated lead grade for Cristiano. - Positive factor: Lead grade is explicitly reported for Cristiano - Negative factor: Byproduct metal Evidence · table > 0.25 Context: Cristiano \| 0.36 \| 610 \| 3.67 \| 0.25 \| 0.45 \| 912 \| 11.73 \| 7,102 \| 43 \| 0.9 \| 1.6 \| 10,614 \| 137 #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-55) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:56bd0f179bf7409fe35e - Deposit or zone: Cristiano - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 360000 - Grade: 0.45 - Grade Unit: % - Contained Metal: 1.6 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 912 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the Cristiano indicated zinc grade. - Positive factor: Zinc grade is explicitly reported for Cristiano - Negative factor: Secondary metal Evidence · table > 0.45 Context: Cristiano \| 0.36 \| 610 \| 3.67 \| 0.25 \| 0.45 \| 912 \| 11.73 \| 7,102 \| 43 \| 0.9 \| 1.6 \| 10,614 \| 137 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-56) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e33efef5334275815b6b - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 341 - Grade Unit: g/t - Contained Metal: 38909 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 507 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver total for the Copala area. - Positive factor: Inferred area total is explicitly stated - Positive factor: Contained silver is reported - Negative factor: Inferred category lowers confidence Evidence · table > 341 Context: Copala Area Total \| 3.55 \| 341 \| 1.96 \| 0.19 \| 0.31 \| 507 \| 6.48 \| 38,909 \| 224 \| 6.7 \| 11.1 \| 57,752 \| 739 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-57) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e33efef5334275815b6b - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 224 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 6.48 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold total for the Copala area. - Positive factor: Inferred area total is explicitly stated - Positive factor: Contained gold is reported - Negative factor: Inferred category lowers confidence Evidence · table > 1.96 Context: Copala Area Total \| 3.55 \| 341 \| 1.96 \| 0.19 \| 0.31 \| 507 \| 6.48 \| 38,909 \| 224 \| 6.7 \| 11.1 \| 57,752 \| 739 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-58) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e33efef5334275815b6b - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 6.7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 507 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred lead line for the Copala area total. - Positive factor: Lead grade is explicitly reported for the area total - Negative factor: Secondary metal Evidence · table > 0.19 Context: Copala Area Total \| 3.55 \| 341 \| 1.96 \| 0.19 \| 0.31 \| 507 \| 6.48 \| 38,909 \| 224 \| 6.7 \| 11.1 \| 57,752 \| 739 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-59) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:e33efef5334275815b6b - Deposit or zone: Copala Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3550000 - Grade: 0.31 - Grade Unit: % - Contained Metal: 11.1 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 507 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred zinc line for the Copala area total. - Positive factor: Zinc grade is explicitly reported for the area total - Negative factor: Secondary metal Evidence · table > 0.31 Context: Copala Area Total \| 3.55 \| 341 \| 1.96 \| 0.19 \| 0.31 \| 507 \| 6.48 \| 38,909 \| 224 \| 6.7 \| 11.1 \| 57,752 \| 739 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-60) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d7a9dcabb2f1458be157 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6250000 - Grade: 152 - Grade Unit: g/t - Contained Metal: 30573 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 368 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver total for the NP area. - Positive factor: Inferred area total is explicitly reported - Positive factor: Contained silver is disclosed - Negative factor: Inferred category lowers confidence Evidence · table > 152 Context: NP Area Total \| 6.25 \| 152 \| 2.00 \| 0.38 \| 1.48 \| 368 \| 4.09 \| 30,573 \| 403 \| 23.5 \| 92.6 \| 73,949 \| 822 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-61) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d7a9dcabb2f1458be157 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6250000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 403 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.09 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold total for the NP area. - Positive factor: Inferred area total is explicitly reported - Positive factor: Contained gold is disclosed - Negative factor: Inferred category lowers confidence Evidence · table > 2.00 Context: NP Area Total \| 6.25 \| 152 \| 2.00 \| 0.38 \| 1.48 \| 368 \| 4.09 \| 30,573 \| 403 \| 23.5 \| 92.6 \| 73,949 \| 822 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-62) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d7a9dcabb2f1458be157 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6250000 - Grade: 0.38 - Grade Unit: % - Contained Metal: 23.5 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 368 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred lead line for the NP area total. - Positive factor: Lead grade is explicitly reported for the area total - Negative factor: Secondary metal Evidence · table > 0.38 Context: NP Area Total \| 6.25 \| 152 \| 2.00 \| 0.38 \| 1.48 \| 368 \| 4.09 \| 30,573 \| 403 \| 23.5 \| 92.6 \| 73,949 \| 822 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-63) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:d7a9dcabb2f1458be157 - Deposit or zone: NP Area Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6250000 - Grade: 1.48 - Grade Unit: % - Contained Metal: 92.6 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 368 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred zinc line for the NP area total. - Positive factor: Zinc grade is explicitly reported for the area total - Negative factor: Secondary metal Evidence · table > 1.48 Context: NP Area Total \| 6.25 \| 152 \| 2.00 \| 0.38 \| 1.48 \| 368 \| 4.09 \| 30,573 \| 403 \| 23.5 \| 92.6 \| 73,949 \| 822 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-64) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:fb213ba0af6b4f882de0 - Deposit or zone: San Antonio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 300000 - Grade: 226 - Grade Unit: g/t - Contained Metal: 2038 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 325 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver resource for San Antonio. - Positive factor: Inferred silver resource is explicitly stated for San Antonio - Negative factor: Very small tonnage - Negative factor: Asterisked row indicates special assumptions Evidence · table > 226 Context: \*San Antonio \| 0.30 \| 226 \| 1.30 \| 0.01 \| 0.03 \| 325 \| 4.33 \| 2,038 \| 12 \| 0.0 \| 0.1 \| 2,936 \| 39 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-65) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:fb213ba0af6b4f882de0 - Deposit or zone: San Antonio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 300000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 12 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.33 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold resource for San Antonio. - Positive factor: Inferred gold resource is explicitly stated for San Antonio - Negative factor: Very small tonnage Evidence · table > 1.30 Context: \*San Antonio \| 0.30 \| 226 \| 1.30 \| 0.01 \| 0.03 \| 325 \| 4.33 \| 2,038 \| 12 \| 0.0 \| 0.1 \| 2,936 \| 39 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-66) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:fb213ba0af6b4f882de0 - Deposit or zone: San Antonio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 300000 - Grade: 0.01 - Grade Unit: % - Contained Metal: 0 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 325 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the lead line for San Antonio. - Positive factor: Lead grade is explicitly reported - Negative factor: Essentially barren lead content Evidence · table > 0.01 Context: \*San Antonio \| 0.30 \| 226 \| 1.30 \| 0.01 \| 0.03 \| 325 \| 4.33 \| 2,038 \| 12 \| 0.0 \| 0.1 \| 2,936 \| 39 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-67) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:fb213ba0af6b4f882de0 - Deposit or zone: San Antonio - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 300000 - Grade: 0.03 - Grade Unit: % - Contained Metal: 0.1 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 325 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the zinc line for San Antonio. - Positive factor: Zinc grade is explicitly reported - Negative factor: Very low grade Evidence · table > 0.03 Context: \*San Antonio \| 0.30 \| 226 \| 1.30 \| 0.01 \| 0.03 \| 325 \| 4.33 \| 2,038 \| 12 \| 0.0 \| 0.1 \| 2,936 \| 39 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-68) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b185c034c224f2b72002 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 169 - Grade Unit: g/t - Contained Metal: 2101 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 327 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver resource for Animas. - Positive factor: Inferred silver resource is explicitly stated for Animas - Negative factor: Very small tonnage Evidence · table > 169 Context: \*Animas \| 0.40 \| 169 \| 1.68 \| 0.29 \| 0.60 \| 327 \| 4.37 \| 2,101 \| 21 \| 1.1 \| 2.3 \| 4,074 \| 54 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-69) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b185c034c224f2b72002 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 1.68 - Grade Unit: g/t - Contained Metal: 21 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.37 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold resource for Animas. - Positive factor: Inferred gold resource is explicitly stated for Animas - Negative factor: Very small tonnage Evidence · table > 1.68 Context: \*Animas \| 0.40 \| 169 \| 1.68 \| 0.29 \| 0.60 \| 327 \| 4.37 \| 2,101 \| 21 \| 1.1 \| 2.3 \| 4,074 \| 54 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-70) Panuco Project · lead #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b185c034c224f2b72002 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 1.1 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 327 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the lead line for Animas. - Positive factor: Lead grade is explicitly reported for Animas - Negative factor: Byproduct metal Evidence · table > 0.29 Context: \*Animas \| 0.40 \| 169 \| 1.68 \| 0.29 \| 0.60 \| 327 \| 4.37 \| 2,101 \| 21 \| 1.1 \| 2.3 \| 4,074 \| 54 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-resource-facts-71) Panuco Project · zinc #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b185c034c224f2b72002 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 0.6 - Grade Unit: % - Contained Metal: 2.3 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 327 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the zinc line for Animas. - Positive factor: Zinc grade is explicitly reported for Animas - Negative factor: Secondary metal Evidence · table > 0.60 Context: \*Animas \| 0.40 \| 169 \| 1.68 \| 0.29 \| 0.60 \| 327 \| 4.37 \| 2,101 \| 21 \| 1.1 \| 2.3 \| 4,074 \| 54 #### 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 **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 ## Metallurgical Results (18) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-72) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: cyanidation - Processing Route: whole ore leach - Sample: Napoleon ore body #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon metallurgical testwork summary cited in the MD&A. - Positive factor: Whole-ore direct cyanidation achieved 87% Ag recovery - Positive factor: The process route is explicit - Negative factor: This is historical testwork announced in 2023, not new results in this filing Evidence · table > Whole Ore Leach \| Direct Cyanidation Leach \| 100 \| 87 \| 93 \| - \| - \| - \| - \| - Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-73) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: cyanidation - Processing Route: whole ore leach - Sample: Napoleon ore body #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold metallurgy result cited in the filing. - Positive factor: Whole-ore direct cyanidation achieved 93% Au recovery - Positive factor: The process route is explicit - Negative factor: Historical testwork from February 2023 Evidence · table > Whole Ore Leach \| Direct Cyanidation Leach \| 100 \| 87 \| 93 \| - \| - \| - \| - \| - Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-74) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon flotation result cited in the MD&A. - Positive factor: High silver recovery in a bulk sulfide flotation rougher concentrate - Positive factor: Mass pull is disclosed - Negative factor: Historical 2023 testwork rather than new work Evidence · table > Bulk Sulfide Flotation\* \| Rougher Conc. \| 17.0 \| 93 \| 90 \| 94 \| 94 \| 666 \| 16 \| 6.8 \| 5.8 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 93% is at or above the exceptional band \(90%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-75) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon flotation result cited in the MD&A. - Positive factor: High gold recovery in a bulk sulfide flotation rougher concentrate - Negative factor: Historical work Evidence · table > Bulk Sulfide Flotation\* \| Rougher Conc. \| 17.0 \| 93 \| 90 \| 94 \| 94 \| 666 \| 16 \| 6.8 \| 5.8 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-76) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 89 % - Recovery Basis: actual\_test - Mass Pull: 7.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing. - Positive factor: Cleaner concentrate data reported - Positive factor: Mass pull is explicitly stated - Negative factor: Historical work Evidence · table > Bulk Sulfide Flotation\* \| 1 Stage Cleaner Conc \| 7.1 \| 89 \| 88 \| 87 \| 90 \| 1,524 \| 36 \| 15.1 \| 13.2 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-77) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 88 % - Recovery Basis: actual\_test - Mass Pull: 7.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing. - Positive factor: Cleaner concentrate data reported - Negative factor: Historical result Evidence · table > Bulk Sulfide Flotation\* \| 1 Stage Cleaner Conc \| 7.1 \| 89 \| 88 \| 87 \| 90 \| 1,524 \| 36 \| 15.1 \| 13.2 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-78) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test - Mass Pull: 5.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing. - Positive factor: Two-stage cleaner concentrate achieved high silver recovery - Negative factor: Historical work Evidence · table > Bulk Sulfide Flotation\* \| 2 Stage Cleaner Conc. \| 5.6 \| 87 \| 86 \| 82 \| 87 \| 1888 \| 45 \| 18.1 \| 16.2 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-79) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 86 % - Recovery Basis: actual\_test - Mass Pull: 5.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing. - Positive factor: Two-stage cleaner concentrate achieved high gold recovery - Negative factor: Historical testwork Evidence · table > Bulk Sulfide Flotation\* \| 2 Stage Cleaner Conc. \| 5.6 \| 87 \| 86 \| 82 \| 87 \| 1888 \| 45 \| 18.1 \| 16.2 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-80) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body #### Recovery - Recovery: 79 % - Recovery Basis: actual\_test - Mass Pull: 6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon silver flotation lead rougher result cited in the filing. - Positive factor: Sequential flotation lead rougher result reported - Positive factor: Mass pull and concentrate grade are disclosed - Negative factor: Historical result from prior program Evidence · table > Sequential Flotation\* \| Lead Rougher Conc \| 6.0 \| 79 \| 80 \| 93 \| 24 \| 1,804 \| 40 \| 18.3 \| 4.4 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-81) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body #### Recovery - Recovery: 80 % - Recovery Basis: actual\_test - Mass Pull: 6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold flotation lead rougher result cited in the filing. - Positive factor: Sequential flotation lead rougher result reported - Negative factor: Historical testwork Evidence · table > Sequential Flotation\* \| Lead Rougher Conc \| 6.0 \| 79 \| 80 \| 93 \| 24 \| 1,804 \| 40 \| 18.3 \| 4.4 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-82) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body #### Recovery - Recovery: 71 % - Recovery Basis: actual\_test - Mass Pull: 2.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing. - Positive factor: Cleaner concentrate result reported - Negative factor: Historical result Evidence · table > Sequential Flotation\* \| 1 Stage Cleaner Conc. \| 2.1 \| 71 \| 76 \| 87 \| 12 \| 4,656 \| 110 \| 49.1 \| 6.3 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 71% is below the weak band \(75%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-83) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body #### Recovery - Recovery: 76 % - Recovery Basis: actual\_test - Mass Pull: 2.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing. - Positive factor: Cleaner concentrate result reported - Negative factor: Historical work Evidence · table > Sequential Flotation\* \| 1 Stage Cleaner Conc. \| 2.1 \| 71 \| 76 \| 87 \| 12 \| 4,656 \| 110 \| 49.1 \| 6.3 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 76% is below the weak band \(80%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-84) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body #### Recovery - Recovery: 68 % - Recovery Basis: actual\_test - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing. - Positive factor: Two-stage cleaner concentrate result reported - Negative factor: Historical result Evidence · table > Sequential Flotation\* \| 2 Stage Cleaner Conc. \| 1.7 \| 68 \| 74 \| 83 \| 9 \| 5,550 \| 134 \| 58.4 \| 5.7 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 68% is below the weak band \(75%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-85) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body #### Recovery - Recovery: 74 % - Recovery Basis: actual\_test - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing. - Positive factor: Two-stage cleaner concentrate result reported - Negative factor: Historical work Evidence · table > Sequential Flotation\* \| 2 Stage Cleaner Conc. \| 1.7 \| 68 \| 74 \| 83 \| 9 \| 5,550 \| 134 \| 58.4 \| 5.7 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 74% is below the weak band \(80%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-86) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body #### Recovery - Recovery: 29 % - Recovery Basis: actual\_test - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon silver gravity result cited in the filing. - Positive factor: Gravity concentrate result reported - Negative factor: Recovery is weak for silver Evidence · table > Gravity Concentration \| Knelson Concentrate \| 3.6 \| 29 \| 40 \| 28 \| 12 \| 1,087 \| 31 \| 8.9 \| 3.5 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 29% is below the weak band \(75%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-87) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body #### Recovery - Recovery: 40 % - Recovery Basis: actual\_test - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold gravity result cited in the filing. - Positive factor: Gravity concentrate result reported - Negative factor: Low gold recovery Evidence · table > Gravity Concentration \| Knelson Concentrate \| 3.6 \| 29 \| 40 \| 28 \| 12 \| 1,087 \| 31 \| 8.9 \| 3.5 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 40% is below the weak band \(80%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-88) Panuco Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body #### Recovery - Recovery: 12 % - Recovery Basis: actual\_test - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon silver gravity result cited in the filing. - Positive factor: Gravity concentrate result reported - Negative factor: Very low silver recovery Evidence · table > Gravity Concentration \| Tabled Knelson Conc. \| 0.6 \| 12 \| 26 \| 13 \| 2 \| 2,670 \| 122 \| 24.8 \| 2.9 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 12% is below the weak band \(75%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6bfc2649-248a-4828-bd28-ed584ee2d673#fact-metallurgical-facts-89) Panuco Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: scoping - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body #### Recovery - Recovery: 26 % - Recovery Basis: actual\_test - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gold gravity result cited in the filing. - Positive factor: Gravity concentrate result reported - Negative factor: Low gold recovery Evidence · table > Gravity Concentration \| Tabled Knelson Conc. \| 0.6 \| 12 \| 26 \| 13 \| 2 \| 2,670 \| 122 \| 24.8 \| 2.9 Context: Process Option \| Stage \| Mass Recovery \(%\) \| Global Recovery \(%\) Ag \| Global Recovery \(%\) Au \| Global Recovery \(%\) Pb \| Global Recovery \(%\) Zn \| Product Grade \(% or g/t\) Ag \| Product Grade \(% or g/t\) Au \| Product Grade \(% or g/t\) Pb \| Product Grade \(% or g/t\) Zn #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 26% is below the weak band \(80%\) ## 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.