# 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732 Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299324020584/exhibit99-2.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-07T15:29:44.054Z Atlas analysis updated: 2026-11-07T15:29:44.054Z - Company: Vizsla Silver Corp. - 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 15:29:44 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary This is Vizsla Silver’s MD&A for the three and six months ended October 31, 2024, so the main event is corporate financial reporting rather than a standalone technical announcement. Within it, the company reiterates the January 8, 2024 Panuco resource update, discusses metallurgical studies for Napoleon, Tajitos and Copala, and notes that the Copala infill/extension drilling campaign confirmed continuity and expanded mineralization. The document also covers the Goanna Resources acquisition, the spin-out of Vizsla Royalties, financing use of proceeds, and related financial results. Reasoning: A corporate MD&A dominates the release, but it contains material resource, metallurgy and project-update disclosures that are relevant to investors. - Positive factor: The MD&A reports a completed January 8, 2024 mineral resource update for Panuco and an NI 43-101 technical report published on August 28, 2024. - Positive factor: The document discloses preliminary metallurgical results and a range of process options for the Panuco-Copala project. - Positive factor: The company states the Copala drilling campaign successfully confirmed continuity and expanded mineralization outside the PEA mine plan. - Negative factor: This is an MD&A with substantial historical and financial content, so the document-level event is corporate reporting rather than a single new technical release. - Negative factor: Several technical results are restated from earlier news releases or technical reports, reducing novelty. - Negative factor: No fresh drill assay intervals are reported in this document. - Rubric flag: The document is a corporate MD&A with significant financial and transactional content, so the primary category should not be drill\_results or resource\_update despite many technical tables. — Keep other as primary and retain the technical tables as secondary factual content. - Rubric flag: Several metallurgical results are historical restatements from earlier releases or technical reports. — Flag those facts as historical and lower novelty rather than treating them as new testwork. Facts used in scoring: 75 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The technical disclosure states that the mineral resource work was done under NI 43-101, not JORC, so this tag does not apply. Evidence · text > a NI43-101 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 document states that the Panuco resource update was included in a NI 43-101 compliant report. Evidence · text > a NI43-101 compliant report available on SEDAR+ **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: Technical disclosure was prepared under the supervision of Jesus Velador, P. Geo, and he is identified as a Qualified Person. Evidence · text > prepared under the supervision of Jesus Velador, P. Geo, VP Exploration for the Company, and a "Qualified Person" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource summary states a 150 g/t AgEq cut-off or 2.00 g/t AuEq cut-off. Evidence · text > \(150 g/t AgEq cut-off\) or \(2.00 g/t AuEq cut-off\) **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: The exploration section states that 851 QA/QC controls and 10,666 QA/QC controls were analyzed. Evidence · text > plus 851 QA/QC controls have been analyzed **Infill Drilling** Polarity: neutral Story-specific tag Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The company says it conducted an infill drilling campaign in Central Copala at ~25 metre centers to upgrade Indicated Mineral Resources to Measured Mineral Resources. Evidence · text > conducted and Infill drilling campaign in Central Copala at ~25 metre centers to upgrade Indicated Mineral Resources to Measured Mineral Resources **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Metallurgical tests cover multiple composites/domains including Diorite MC, Andesite MC, Andesite Low MnOX MC, Napoleon, Tajitos and Copala. Evidence · text > Diorite MC **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The metallurgy includes cyanidation, flotation and gravity circuit testing, all of which are mill-style processing routes. Evidence · text > Whole Ore Leach \| Direct Cyanidation Leach **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: Gravity concentration is explicitly reported in the metallurgical table. Evidence · text > Gravity Concentration \| Knelson Concentrate **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 document positions La Garra in the heart of the silver-gold-rich Panuco-San Dimas corridor, leaning on district context. Evidence · text > situated in the heart of the silver-gold-rich Panuco - San Dimas corridor ## Extracted facts Stored fact records: 75. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-0) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:7a86f52ef66bd91063fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 289 - Grade Unit: g/t - Contained Metal: 88192 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 511 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated resource row for Panuco from the January 8, 2024 estimate. - Positive factor: The resource estimate is detailed and NI 43-101 compliant. - Positive factor: Contained silver, gold, lead and zinc are reported alongside equivalent grades. - Negative factor: This is a restated resource table from a prior January 8, 2024 announcement, so novelty is limited. - Negative factor: Cut-off and equivalent assumptions are disclosed, but the figures are historical within this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-1) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:7a86f52ef66bd91063fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 2.41 - Grade Unit: g/t - Contained Metal: 736 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 6.81 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated gold resource row for Panuco from the January 8, 2024 estimate. - Positive factor: The estimate reports a substantial gold component within the indicated resource. - Positive factor: Equivalent grade assumptions are explicitly disclosed. - Negative factor: Historical restatement rather than new estimate disclosure in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-2) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:7a86f52ef66bd91063fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 25.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 511 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated lead resource row for Panuco from the January 8, 2024 estimate. - Positive factor: Lead is explicitly quantified in the resource table. - Positive factor: The reporting framework is clear and NI 43-101 compliant. - Negative factor: Historical restatement in an MD&A; not a fresh estimate. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-3) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:7a86f52ef66bd91063fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 0.84 - Grade Unit: % - Contained Metal: 79.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 511 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated zinc resource row for Panuco from the January 8, 2024 estimate. - Positive factor: Zinc is explicitly quantified in the resource table. - Positive factor: Equivalent grade assumptions are disclosed. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-4) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:f8460f9c45adf861c766 - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 12200000 - Grade: 239 - Grade Unit: g/t - Contained Metal: 93653 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated inferred silver resource row for Panuco from the January 8, 2024 estimate. - Positive factor: The inferred resource is sizable and fully tabulated. - Positive factor: Equivalent assumptions are disclosed. - Negative factor: This is a restated historical estimate in the MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-5) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b1944981e68bcc24e6fd - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 1.93 - Grade Unit: g/t - Contained Metal: 758 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 5.76 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated inferred gold resource row for Panuco from the January 8, 2024 estimate. - Positive factor: The inferred gold component is fully stated alongside the silver estimate. - Positive factor: Equivalent assumptions are disclosed. - Negative factor: Historical restatement rather than a new estimate. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-6) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b1944981e68bcc24e6fd - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 35.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated inferred lead resource row for Panuco from the January 8, 2024 estimate. - Positive factor: Lead is quantified in the inferred row. - Negative factor: Historical estimate restated in the MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-7) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b1944981e68bcc24e6fd - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 1.03 - Grade Unit: % - Contained Metal: 125.3 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated inferred zinc resource row for Panuco from the January 8, 2024 estimate. - Positive factor: Zinc is quantified in the inferred row. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-8) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:6f546abc281edc862ead - Deposit or zone: Copala #### Resource Data - Category: indicated - Tonnes: 4500000 - Grade: 380 - Grade Unit: g/t - Contained Metal: 55201 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 573 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated silver resource row for Copala. - Positive factor: Copala carries a high silver grade within the indicated category. - Positive factor: Contained silver is disclosed. - Negative factor: Historical restatement from the January 8, 2024 estimate. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-9) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:6f546abc281edc862ead - Deposit or zone: Copala #### Resource Data - Category: indicated - Tonnes: 4500000 - Grade: 2.46 - Grade Unit: g/t - Contained Metal: 358 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 7.64 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated gold resource row for Copala. - Positive factor: Gold grade is strong for the resource row and contained ounces are stated. - Negative factor: Historical restatement in the MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-10) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:6f546abc281edc862ead - Deposit or zone: Copala #### Resource Data - Category: indicated - Tonnes: 4500000 - Grade: 0.08 - Grade Unit: % - Contained Metal: 3.7 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 573 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated lead resource row for Copala. - Positive factor: Lead is quantified in the Copala row. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-11) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:6f546abc281edc862ead - Deposit or zone: Copala #### Resource Data - Category: indicated - Tonnes: 4500000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 6.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 573 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated zinc resource row for Copala. - Positive factor: Zinc is quantified in the Copala row. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-12) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:6f546abc281edc862ead - Deposit or zone: Copala #### Resource Data - Category: indicated - Tonnes: 4500000 - Grade: 573 - Grade Unit: g/t - Contained Metal: 83270 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 573 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated AgEq row for Copala. - Positive factor: Contained silver-equivalent ounces are disclosed for Copala. - Negative factor: Historical restatement in the MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-13) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:6f546abc281edc862ead - Deposit or zone: Copala #### Resource Data - Category: indicated - Tonnes: 4500000 - Grade: 7.64 - Grade Unit: g/t - Contained Metal: 1110 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 573 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated indicated AuEq row for Copala. - Positive factor: Contained AuEq is disclosed for Copala. - Negative factor: Historical restatement in the MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-14) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b1944981e68bcc24e6fd - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 239 - Grade Unit: g/t - Contained Metal: 93563 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated total inferred silver row for Panuco. - Positive factor: The total inferred silver row is clearly stated and large in scale. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-15) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b1944981e68bcc24e6fd - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 1.93 - Grade Unit: g/t - Contained Metal: 758 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated total inferred gold row for Panuco. - Positive factor: The inferred gold row is explicitly stated. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-16) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b1944981e68bcc24e6fd - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 35.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated total inferred lead row for Panuco. - Positive factor: Lead is quantified in the total inferred row. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-resource-facts-17) Panuco Project Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-01-08T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jesus Velador - Resource group id: resource:b1944981e68bcc24e6fd - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 1.03 - Grade Unit: % - Contained Metal: 125.3 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-01-08 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: not stated #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-01-08T00:00:00.000Z Reasoning: Restated total inferred zinc row for Panuco. - Positive factor: Zinc is quantified in the total inferred row. - Negative factor: Historical restatement in this MD&A. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.8 years before this release ## Metallurgical Results (57) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-18) 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: preliminary - Test Type: flotation - Processing Route: flotation + cyanide leach - Sample: Napoleon ore body #### Recovery - Recovery: 90.6 % - Recovery Basis: actual\_test #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical metallurgical result for Napoleon quoted in the MD&A. - Positive factor: Recovery is strong for a flotation plus cyanide leach circuit. - Positive factor: The result is from optimized test work on the Napoleon ore body. - Negative factor: The result is restated from a February 17, 2023 announcement. - Negative factor: No QA/QC details are disclosed in this MD&A excerpt. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-19) 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: preliminary - Test Type: flotation - Processing Route: flotation + cyanide leach - Sample: Napoleon ore body #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical silver metallurgical result for Napoleon quoted in the MD&A. - Positive factor: Silver recovery is strong for the disclosed route. - Negative factor: Historical restatement from a prior release. - Negative factor: QA/QC details are not provided here. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-20) 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: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - rougher concentrate #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Conc. Grade: 16 - Conc. Grade Unit: g/t - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon rougher concentrate result quoted in the MD&A. - Positive factor: The concentrate grade and mass pull are disclosed, helping validate the recovery claim. - Positive factor: Gold recovery is strong for a flotation circuit. - Negative factor: Historical restatement from prior test work. - Negative factor: No QA/QC disclosure in this excerpt. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-21) 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: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - rougher concentrate #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test - Conc. Grade: 666 - Conc. Grade Unit: g/t - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon rougher silver result quoted in the MD&A. - Positive factor: Silver recovery is high and the concentrate grade is disclosed. - Negative factor: Historical restatement from prior test work. - Negative factor: No QA/QC disclosure in this excerpt. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-22) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - rougher concentrate #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test - Conc. Grade: 6.8 - Conc. Grade Unit: % - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon rougher lead result quoted in the MD&A. - Positive factor: Lead recovery is strong and the concentrate grade is stated. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-23) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - rougher concentrate #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test - Conc. Grade: 5.8 - Conc. Grade Unit: % - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon rougher zinc result quoted in the MD&A. - Positive factor: Zinc recovery is strong and the concentrate grade is stated. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-24) 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: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 1 stage cleaner concentrate #### Recovery - Recovery: 88 % - Recovery Basis: actual\_test - Conc. Grade: 36 - Conc. Grade Unit: g/t - Mass Pull: 7.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon cleaner concentrate gold result quoted in the MD&A. - Positive factor: Cleaner-stage gold concentrate grade is much higher than feed and mass pull is low. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-25) 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: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 1 stage cleaner concentrate #### Recovery - Recovery: 89 % - Recovery Basis: actual\_test - Conc. Grade: 1524 - Conc. Grade Unit: g/t - Mass Pull: 7.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon cleaner silver result quoted in the MD&A. - Positive factor: Cleaner-stage silver concentrate grade is very high with modest mass pull. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-26) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 1 stage cleaner concentrate #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test - Conc. Grade: 15.1 - Conc. Grade Unit: % - Mass Pull: 7.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon cleaner lead result quoted in the MD&A. - Positive factor: Lead concentrate grade improves at the cleaner stage. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-27) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 1 stage cleaner concentrate #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Conc. Grade: 13.2 - Conc. Grade Unit: % - Mass Pull: 7.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon cleaner zinc result quoted in the MD&A. - Positive factor: Zinc cleaner concentrate grade is reported and recovery remains strong. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-28) 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: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 2 stage cleaner concentrate #### Recovery - Recovery: 86 % - Recovery Basis: actual\_test - Conc. Grade: 45 - Conc. Grade Unit: g/t - Mass Pull: 5.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon two-stage cleaner gold result quoted in the MD&A. - Positive factor: Gold concentrate grade increases further in the 2-stage cleaner product. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-29) 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: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 2 stage cleaner concentrate #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test - Conc. Grade: 1888 - Conc. Grade Unit: g/t - Mass Pull: 5.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon two-stage cleaner silver result quoted in the MD&A. - Positive factor: Silver recovery and concentrate grade are both strong. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-30) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 2 stage cleaner concentrate #### Recovery - Recovery: 82 % - Recovery Basis: actual\_test - Conc. Grade: 18.1 - Conc. Grade Unit: % - Mass Pull: 5.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon two-stage cleaner lead result quoted in the MD&A. - Positive factor: Lead concentrate grade remains high in the cleaner concentrate. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-31) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body - 2 stage cleaner concentrate #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test - Conc. Grade: 16.2 - Conc. Grade Unit: % - Mass Pull: 5.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon two-stage cleaner zinc result quoted in the MD&A. - Positive factor: Zinc cleaner concentrate grade improves from rougher to cleaner. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-32) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate #### Recovery - Recovery: 79 % - Recovery Basis: actual\_test - Conc. Grade: 1804 - Conc. Grade Unit: g/t - Mass Pull: 6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher silver result quoted in the MD&A. - Positive factor: Lead rougher concentrate is strongly upgraded relative to feed. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-33) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate #### Recovery - Recovery: 80 % - Recovery Basis: actual\_test - Conc. Grade: 40 - Conc. Grade Unit: g/t - Mass Pull: 6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher gold result quoted in the MD&A. - Positive factor: Gold recovery is solid in the lead rougher concentrate. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-34) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test - Conc. Grade: 18.3 - Conc. Grade Unit: % - Mass Pull: 6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher lead result quoted in the MD&A. - Positive factor: Lead recovery is high in the rougher concentrate. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-35) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate #### Recovery - Recovery: 24 % - Recovery Basis: actual\_test - Conc. Grade: 4.4 - Conc. Grade Unit: % - Mass Pull: 6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher zinc result quoted in the MD&A. - Positive factor: The sequential circuit demonstrates selectivity between lead and zinc streams. - Negative factor: Zinc recovery is low in this lead rougher stream. - Negative factor: Historical restatement. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-36) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate #### Recovery - Recovery: 9 % - Recovery Basis: actual\_test - Conc. Grade: 194 - Conc. Grade Unit: g/t - Mass Pull: 6.2 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher silver result quoted in the MD&A. - Positive factor: The result documents the zinc stream's silver content. - Negative factor: Silver recovery in this zinc rougher stream is weak. - Negative factor: Historical restatement. #### 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: 9% 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-37) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate #### Recovery - Recovery: 8 % - Recovery Basis: actual\_test - Conc. Grade: 4 - Conc. Grade Unit: g/t - Mass Pull: 6.2 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher gold result quoted in the MD&A. - Positive factor: The result documents gold deportment into the zinc rougher stream. - Negative factor: Gold recovery in this stream is very low. - Negative factor: Historical restatement. #### 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: 8% 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-38) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate #### Recovery - Recovery: 3 % - Recovery Basis: actual\_test - Conc. Grade: 0.5 - Conc. Grade Unit: % - Mass Pull: 6.2 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher lead result quoted in the MD&A. - Positive factor: The zinc rougher stream carries little lead, indicating some selectivity. - Negative factor: Lead recovery in this stream is poor. - Negative factor: Historical restatement. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-39) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate #### Recovery - Recovery: 72 % - Recovery Basis: actual\_test - Conc. Grade: 12.8 - Conc. Grade Unit: % - Mass Pull: 6.2 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher zinc result quoted in the MD&A. - Positive factor: Zinc recovery is moderate to strong in the rougher stream. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-40) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 76 % - Recovery Basis: actual\_test - Conc. Grade: 4656 - Conc. Grade Unit: g/t - Mass Pull: 2.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 1-stage cleaner silver result quoted in the MD&A. - Positive factor: Silver concentrate grade improves sharply in the first cleaner stage. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-41) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 71 % - Recovery Basis: actual\_test - Conc. Grade: 110 - Conc. Grade Unit: g/t - Mass Pull: 2.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 1-stage cleaner gold result quoted in the MD&A. - Positive factor: Gold concentrate grade is very high in the cleaner product. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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 \(80%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-42) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 87 % - Recovery Basis: actual\_test - Conc. Grade: 49.1 - Conc. Grade Unit: % - Mass Pull: 2.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 1-stage cleaner lead result quoted in the MD&A. - Positive factor: Lead concentrate grade is strong and recovery remains high. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-43) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 12 % - Recovery Basis: actual\_test - Conc. Grade: 6.3 - Conc. Grade Unit: % - Mass Pull: 2.1 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 1-stage cleaner zinc result quoted in the MD&A. - Positive factor: The cleaner-stage material retains some zinc. - Negative factor: Zinc recovery remains low in this lead circuit. - Negative factor: Historical restatement. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-44) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 74 % - Recovery Basis: actual\_test - Conc. Grade: 5550 - Conc. Grade Unit: g/t - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 2-stage cleaner silver result quoted in the MD&A. - Positive factor: Silver concentrate grade is very high in the two-stage cleaner product. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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 \(75%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-45) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 68 % - Recovery Basis: actual\_test - Conc. Grade: 134 - Conc. Grade Unit: g/t - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 2-stage cleaner gold result quoted in the MD&A. - Positive factor: Gold concentrate grade is very high in the second cleaner product. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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 \(80%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-46) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 83 % - Recovery Basis: actual\_test - Conc. Grade: 58.4 - Conc. Grade Unit: % - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 2-stage cleaner lead result quoted in the MD&A. - Positive factor: Lead concentrate grade is exceptionally high and recovery remains strong. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-47) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - lead rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 9 % - Recovery Basis: actual\_test - Conc. Grade: 5.7 - Conc. Grade Unit: % - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential lead rougher 2-stage cleaner zinc result quoted in the MD&A. - Positive factor: The cleaner product still carries some zinc. - Negative factor: Zinc recovery is weak in this stream. - Negative factor: Historical restatement. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-48) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 7 % - Recovery Basis: actual\_test - Conc. Grade: 628 - Conc. Grade Unit: g/t - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 1-stage cleaner silver result quoted in the MD&A. - Positive factor: Silver grade remains elevated in the zinc cleaner product. - Negative factor: Silver recovery is very low in this stream. - Negative factor: Historical restatement. #### 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: 7% 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-49) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 8 % - Recovery Basis: actual\_test - Conc. Grade: 13 - Conc. Grade Unit: g/t - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 1-stage cleaner gold result quoted in the MD&A. - Positive factor: The cleaner product still contains gold. - Negative factor: Gold recovery is very low in this stream. - Negative factor: Historical restatement. #### 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: 8% 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-50) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 2 % - Recovery Basis: actual\_test - Conc. Grade: 1.4 - Conc. Grade Unit: % - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 1-stage cleaner lead result quoted in the MD&A. - Positive factor: Lead is almost completely rejected from the zinc stream. - Negative factor: Lead recovery is extremely low. - Negative factor: Historical restatement. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-51) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 1 stage cleaner #### Recovery - Recovery: 71 % - Recovery Basis: actual\_test - Conc. Grade: 47.2 - Conc. Grade Unit: % - Mass Pull: 1.7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 1-stage cleaner zinc result quoted in the MD&A. - Positive factor: Zinc concentrate grade is very high at the cleaner stage. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-52) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 7 % - Recovery Basis: actual\_test - Conc. Grade: 692 - Conc. Grade Unit: g/t - Mass Pull: 1.4 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 2-stage cleaner silver result quoted in the MD&A. - Positive factor: Silver grade remains elevated in the zinc cleaner product. - Negative factor: Silver recovery is very low in this stream. - Negative factor: Historical restatement. #### 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: 7% 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-53) 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: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 7 % - Recovery Basis: actual\_test - Conc. Grade: 15 - Conc. Grade Unit: g/t - Mass Pull: 1.4 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 2-stage cleaner gold result quoted in the MD&A. - Positive factor: Gold remains present in the zinc cleaner product. - Negative factor: Gold recovery is very low. - Negative factor: Historical restatement. #### 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: 7% 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-54) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 1 % - Recovery Basis: actual\_test - Conc. Grade: 1.2 - Conc. Grade Unit: % - Mass Pull: 1.4 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 2-stage cleaner lead result quoted in the MD&A. - Positive factor: Lead is nearly fully rejected from the zinc stream. - Negative factor: Lead recovery is extremely low. - Negative factor: Historical restatement. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-55) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: sequential flotation - Sample: Napoleon ore body - zinc rougher concentrate, 2 stage cleaner #### Recovery - Recovery: 71 % - Recovery Basis: actual\_test - Conc. Grade: 56.2 - Conc. Grade Unit: % - Mass Pull: 1.4 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon sequential zinc rougher 2-stage cleaner zinc result quoted in the MD&A. - Positive factor: Zinc concentrate grade remains very high at the second cleaner stage. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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 ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-56) 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: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - Knelson concentrate #### Recovery - Recovery: 40 % - Recovery Basis: actual\_test - Conc. Grade: 1087 - Conc. Grade Unit: g/t - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gravity concentration result quoted in the MD&A. - Positive factor: Gravity concentration recovers some silver and produces a high-grade concentrate. - Negative factor: Recovery is only moderate in the gravity circuit. - Negative factor: Historical restatement. #### 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 \(75%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-57) 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: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - Knelson concentrate #### Recovery - Recovery: 29 % - Recovery Basis: actual\_test - Conc. Grade: 31 - Conc. Grade Unit: g/t - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gravity concentration gold result quoted in the MD&A. - Positive factor: Gravity concentration produces a gold-bearing concentrate. - Negative factor: Gold recovery is modest for a primary recovery circuit. - Negative factor: Historical restatement. #### 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: 29% 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-58) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - Knelson concentrate #### Recovery - Recovery: 28 % - Recovery Basis: actual\_test - Conc. Grade: 8.9 - Conc. Grade Unit: % - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gravity concentration lead result quoted in the MD&A. - Positive factor: Gravity recovers some lead into the Knelson concentrate. - Negative factor: Recovery is not strong. - Negative factor: Historical restatement. #### 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 ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-59) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - Knelson concentrate #### Recovery - Recovery: 12 % - Recovery Basis: actual\_test - Conc. Grade: 3.5 - Conc. Grade Unit: % - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon gravity concentration zinc result quoted in the MD&A. - Positive factor: The gravity concentrate still carries zinc. - Negative factor: Zinc recovery is weak in this circuit. - Negative factor: Historical restatement. #### 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 ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-60) 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: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - tabled Knelson concentrate #### Recovery - Recovery: 26 % - Recovery Basis: actual\_test - Conc. Grade: 2670 - Conc. Grade Unit: g/t - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon tabled Knelson silver result quoted in the MD&A. - Positive factor: The tabling step upgrades silver grade in a very small mass pull. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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 \(75%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-61) 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: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - tabled Knelson concentrate #### Recovery - Recovery: 12 % - Recovery Basis: actual\_test - Conc. Grade: 122 - Conc. Grade Unit: g/t - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon tabled Knelson gold result quoted in the MD&A. - Positive factor: The tabling step upgrades gold grade further. - Negative factor: Gold recovery remains modest. - Negative factor: Historical restatement. #### 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 \(80%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-62) Panuco Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - tabled Knelson concentrate #### Recovery - Recovery: 13 % - Recovery Basis: actual\_test - Conc. Grade: 24.8 - Conc. Grade Unit: % - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon tabled Knelson lead result quoted in the MD&A. - Positive factor: Lead concentrate grade is very high in the tabled product. - Negative factor: Recovery is still moderate. - Negative factor: Historical restatement. #### 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 ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-63) Panuco Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco Project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body - tabled Knelson concentrate #### Recovery - Recovery: 2 % - Recovery Basis: actual\_test - Conc. Grade: 2.9 - Conc. Grade Unit: % - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: Historical Napoleon tabled Knelson zinc result quoted in the MD&A. - Positive factor: Very small mass pull shows high selectivity. - Negative factor: Zinc recovery is poor in the tabled concentrate. - Negative factor: Historical restatement. #### 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 ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-64) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: combined cyanidation - Sample: Diorite MC #### Recovery - Recovery: 89.7 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1 kg/t - Reagent Notes: Cyanidation of Flotation Concentrate and Tails; Combined CN Extractions #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: No - Historical: No Reasoning: Historical combined cyanidation result for Diorite MC quoted in the MD&A. - Positive factor: Gold recovery is strong in the combined cyanidation test. - Positive factor: Reagent consumptions are disclosed. - Negative factor: This is a historical metallurgical result restated in the MD&A. - Negative factor: The route is somewhat composite and not a standalone modern locked-cycle or pilot test. ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-65) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: combined cyanidation - Sample: Diorite MC #### Recovery - Recovery: 90.3 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1 kg/t - Reagent Notes: Cyanidation of Flotation Concentrate and Tails; Combined CN Extractions #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: No - Historical: No Reasoning: Historical combined cyanidation result for Diorite MC quoted in the MD&A. - Positive factor: Silver recovery is strong in the combined cyanidation test. - Positive factor: Reagent consumptions are disclosed. - Negative factor: Historical restatement. - Negative factor: Route details are composite rather than a single definitive circuit. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 90.3% is at or above the exceptional band \(90%\) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-66) 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: preliminary - Test Type: cyanidation - Processing Route: combined flotation and cyanidation - Sample: Diorite MC #### Recovery - Recovery: 89.4 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t - Reagent Notes: Salable Concentrate/ Cyanidation on Tails; Combined Float/CN; estimated values #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: Historical combined flotation/cyanidation result for Diorite MC quoted in the MD&A. - Positive factor: Gold recovery is strong and reagent usage is moderate. - Positive factor: The document identifies the values as estimated. - Negative factor: Estimated values are less certain than measured results. - Negative factor: Historical result restated from a prior technical report. #### 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 ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-67) 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: preliminary - Test Type: cyanidation - Processing Route: combined flotation and cyanidation - Sample: Diorite MC #### Recovery - Recovery: 87.3 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t - Reagent Notes: Salable Concentrate/ Cyanidation on Tails; Combined Float/CN; estimated values #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: Historical combined flotation/cyanidation result for Diorite MC quoted in the MD&A. - Positive factor: Silver recovery is strong with moderate reagent consumption. - Negative factor: Estimated values and historical restatement reduce confidence. #### 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 ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-68) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: combined cyanidation - Sample: Andesite MC #### Recovery - Recovery: 87.3 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1.4 kg/t - Reagent Notes: Cyanidation of Flotation Concentrate on Tails; Combined CN Extractions #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: No - Historical: No Reasoning: Historical combined cyanidation result for Andesite MC quoted in the MD&A. - Positive factor: Gold recovery is strong in the combined cyanidation test. - Negative factor: Historical restatement in the MD&A. ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-69) Panuco Project · silver #### Identity - Project: Panuco Project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: combined cyanidation - Sample: Andesite MC #### Recovery - Recovery: 94.2 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1.4 kg/t - Reagent Notes: Cyanidation of Flotation Concentrate on Tails; Combined CN Extractions #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: No - Historical: No Reasoning: Historical combined cyanidation result for Andesite MC quoted in the MD&A. - Positive factor: Silver recovery is very strong in the combined cyanidation test. - Negative factor: Historical restatement. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 94.2% is at or above the exceptional band \(90%\) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-70) 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: preliminary - Test Type: cyanidation - Processing Route: combined flotation and cyanidation - Sample: Andesite MC #### Recovery - Recovery: 89.8 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t - Reagent Notes: Salable Concentrate / Cyanidation on Tails; Combined Float/CN; estimated values #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: Historical combined flotation/cyanidation result for Andesite MC quoted in the MD&A. - Positive factor: Gold recovery is strong and the route is disclosed. - Negative factor: Historical and estimated values, so certainty is limited. #### 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 ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-71) 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: preliminary - Test Type: cyanidation - Processing Route: combined flotation and cyanidation - Sample: Andesite MC #### Recovery - Recovery: 94.1 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t - Reagent Notes: Salable Concentrate / Cyanidation on Tails; Combined Float/CN; estimated values #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: Historical combined flotation/cyanidation result for Andesite MC quoted in the MD&A. - Positive factor: Silver recovery is strong and the route is disclosed. - Negative factor: Historical and estimated values reduce certainty. #### 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: 94.1% is at or above the exceptional band \(90%\) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#fact-metallurgical-facts-72) Panuco Project · gold #### Identity - Project: Panuco Project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: combined cyanidation - Sample: Andesite Low MnOX MC #### Recovery - Recovery: 80.8 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.9 kg/t - Lime: 0.8 kg/t - Reagent Notes: Cyanidation of Flotation Concentrate and Tails; Combined CN Extractions #### Lab - Laboratory: third-party laboratory - Consultant: not stated #### Review - Needs Review: No - Historical: No Reasoning: Historical combined cyanidation result for Andesite Low MnOX MC quoted in the MD&A. - Positive factor: The result is still economically relevant but materially lower than the other cyanidation tests. - Negative factor: Recovery is only moderate for gold. - Negative factor: Historical restatement. ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#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: preliminary - Test Type: flotation - Processing Route: flotation + cyanide leach - Sample: Copala ore body - flotation concentrate #### Recovery - Recovery: 93.7 % - Recovery Basis: actual\_test - Mass Pull: 7 % #### Lab - Laboratory: not stated - Consultant: not stated #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-16T00:00:00.000Z Reasoning: Historical Copala flotation-plus-cyanide result quoted in the MD&A. - Positive factor: Total gold recovery is very strong for the flotation plus cyanide leach flowsheet. - Positive factor: Mass pull is low, which supports a selective process. - Negative factor: This is a historical result restated from an August 16, 2023 news release. - Negative factor: No QA/QC disclosure is provided here. #### 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--6f6138bc-a68d-411b-a50f-6cd0d8fdf732#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: preliminary - Test Type: flotation - Processing Route: flotation + cyanide leach - Sample: Copala ore body - flotation concentrate #### Recovery - Recovery: 90.6 % - Recovery Basis: actual\_test - Mass Pull: 7 % #### Lab - Laboratory: not stated - Consultant: not stated #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-16T00:00:00.000Z Reasoning: Historical Copala flotation-plus-cyanide silver result quoted in the MD&A. - Positive factor: Silver recovery is strong in the Copala flotation plus cyanide test. - Negative factor: Historical restatement. - Negative factor: No QA/QC disclosure. #### 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: 90.6% is at or above the exceptional band \(90%\) ## 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.