# 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--988d8e15-8c09-4b0e-8a68-0923ba708598

Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299326003706/exhibit99-2.htm

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-11-04T11:55:09.262Z

Atlas analysis updated: 2026-11-04T11:55:09.262Z

- Company: Vizsla Silver Corp.

- Ticker: VZLA

- Exchange: TSX

- Region: southern Sinaloa state, western Mexico

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc

- Document categories: Other, Resource update, Agreement transaction

- Extracted: 2026-11-04 11:55:09 UTC

Narrative sentiment: 0.15 · Bullish

## Minestarters Atlas summary

Vizsla Silver’s MD&A highlights completion of the Panuco West feasibility study, including a 12.81 Mt Proven and Probable Reserve at 249 g/t Ag and 2.01 g/t Au. The document also reviews project development, financing, and corporate activity, including construction procurement, a convertible note issue, and the acquisition of additional claims. The resource table cited is a January 9, 2025 update and the reserve estimate has an effective date of November 4, 2025.

Reasoning: This is primarily a corporate/operational MD&A, with major resource and reserve figures embedded as supporting disclosure rather than the sole announcement. The most material mining content is the Panuco feasibility/reserve update, which is positive but partly historical and accompanied by project-execution and security risk context.

- Positive factor: Feasibility Study completed for the Panuco West project with an after-tax NPV\(5%\) of US$1,802 million and 111% IRR

- Positive factor: Mineral Reserve estimate reported at 12.81 Mt at 249 g/t Ag and 2.01 g/t Au

- Positive factor: Project is advancing toward construction with engineering, procurement and permitting milestones

- Negative factor: Document is an MD&A with substantial financial and corporate boilerplate rather than a single operational discovery event

- Negative factor: The 150 g/t AgEq resource cut-off is stated, but the resource update itself is historical to January 9, 2025

- Negative factor: Security incidents and a temporary suspension of some activities are noted in the body

Facts used in scoring: 18

## Classification and evidence

**JORC Compliant**

Polarity: positive

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

Why it applies: The document explicitly references NI 43-101 for the resource/reserve work, and the reserve section says the estimate is prepared in accordance with NI 43-101; the technical disclosure is also supervised by a Qualified Person.

Evidence · text

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

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The reserve and resource disclosures are explicitly described as NI 43-101 compliant.

Evidence · text

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

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The resource section states a base case cut-off grade of 150 g/t AgEq, enabling comparability.

Evidence · text

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

**True Width Disclosed**

Polarity: positive

Story-specific tag

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: The MD&A states minimum mining widths of 1.5 metres for LHS and 5.0 metres for DAF, providing explicit width context for the underground reserve.

Evidence · text

> For LHS, a minimum mining width of 1.5 metres was used ... for DAF, a minimum mining width of 5.0 metres was used.

**Step-Out Extension**

Polarity: positive

Story-specific tag

Definition: Mineralization extended beyond the previously known limit.

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

Evidence · text

> potential extensions to veins with known mineralization

**Infill Drilling**

Polarity: neutral

Story-specific tag

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: The outlook explicitly calls for underground infill and expansion drilling to support an updated project MRE.

Evidence · text

> Continue underground infill and expansion drilling to support an updated project MRE.

## Extracted facts

Stored fact records: 18. Some facts used in scoring do not have a stored record.

## Resource Estimates (18)

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-0)

Panuco West Project · silver

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:9002e8f41decc3dfae46
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: proven
- Tonnes: 1948000
- Grade: 308
- Grade Unit: g/t
- Contained Metal: 19264
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The Proven reserve row shows 1,948 kt at 308 g/t Ag and 2.35 g/t Au, which is materially positive for the project and backed by a NI 43-101 feasibility study.

- Positive factor: Proven reserve category disclosed

- Positive factor: High silver grade with gold byproduct

- Positive factor: NI 43-101 feasibility-backed reserve

- Negative factor: Reserve is part of a broader feasibility study rather than a new standalone discovery

Evidence · table

> 308

Context: Proven

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

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

Why it applies: category is "proven"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-1)

Panuco West Project · gold

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:9002e8f41decc3dfae46
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: proven
- Tonnes: 1948000
- Grade: 2.35
- Grade Unit: g/t
- Contained Metal: 147
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The Proven reserve row includes 1,948 kt at 2.35 g/t Au, a meaningful gold reserve component within the feasibility study.

- Positive factor: Proven reserve category disclosed

- Positive factor: Gold grade is strong alongside the silver reserve

- Positive factor: Feasibility study context supports project maturity

- Negative factor: Reserve is presented as part of a broader study, not a fresh exploration surprise

Evidence · table

> 2.35

Context: Proven

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

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

Why it applies: category is "proven"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-2)

Panuco West Project · silver

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:48714f1e26e7db36c963
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 10854000
- Grade: 239
- Grade Unit: g/t
- Contained Metal: 83351
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The Probable reserve row reports 10,854 kt at 239 g/t Ag and 1.95 g/t Au, indicating substantial additional mineable inventory.

- Positive factor: Large Probable reserve tonnage

- Positive factor: Strong silver grade with substantial contained metal

- Positive factor: Feasibility-stage reserve disclosure

- Negative factor: Probable is lower confidence than Proven

Evidence · table

> 239

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-3)

Panuco West Project · gold

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:48714f1e26e7db36c963
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 10854000
- Grade: 1.95
- Grade Unit: g/t
- Contained Metal: 681
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The Probable reserve row includes 10,854 kt at 1.95 g/t Au, which is material gold reserve inventory within the project.

- Positive factor: Probable reserve includes meaningful gold ounces

- Positive factor: Supports the feasibility study mine plan

- Negative factor: Lower confidence than Proven

Evidence · table

> 1.95

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-4)

Panuco West Project · silver

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:219ff30d967782c08d24
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: proven
- Tonnes: 4000
- Grade: 330
- Grade Unit: g/t
- Contained Metal: 41
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The planned stockpile Proven row adds a small but high-grade 4 kt silver inventory to the reserve set.

- Positive factor: Stockpile material is explicitly captured in the reserve table

- Positive factor: Very high silver grade

- Negative factor: Small tonnage relative to the main reserve blocks

Evidence · table

> 330

Context: Planned Stockpile Proven

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

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

Why it applies: category is "proven"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-5)

Panuco West Project · gold

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:219ff30d967782c08d24
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: proven
- Tonnes: 4000
- Grade: 3.7
- Grade Unit: g/t
- Contained Metal: 0.5
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The planned stockpile Proven row includes 4 kt at 3.70 g/t Au, which is high grade but limited in scale.

- Positive factor: High gold grade in stockpile material

- Negative factor: Very small tonnage

Evidence · table

> 3.70

Context: Planned Stockpile Proven

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

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

Why it applies: category is "proven"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-6)

Panuco West Project · silver

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:1ec4bc495e6409afb918
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 3000
- Grade: 318
- Grade Unit: g/t
- Contained Metal: 34
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The planned stockpile Probable row shows 3 kt at 318 g/t Ag, which is supportive but not material on its own.

- Positive factor: Additional stockpile inventory is disclosed

- Negative factor: Small tonnage

Evidence · table

> 318

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-7)

Panuco West Project · gold

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:1ec4bc495e6409afb918
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 3000
- Grade: 2.9
- Grade Unit: g/t
- Contained Metal: 0.3
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The planned stockpile Probable row includes 3 kt at 2.90 g/t Au, which is high grade but minor in scale.

- Positive factor: Additional gold ounces in stockpile inventory

- Negative factor: Very small tonnage

Evidence · table

> 2.90

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-8)

Panuco West Project · silver

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:646cd729d8adfe82eb32
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 12809000
- Grade: 249
- Grade Unit: g/t
- Contained Metal: 102689
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The total reserve row aggregates to 12,809 kt at 249 g/t Ag and 2.01 g/t Au, making this the core economic disclosure in the feasibility study.

- Positive factor: Total Proven + Probable reserve is large

- Positive factor: Strong silver grade and contained metal

- Positive factor: Feasibility study supports project advancement

- Negative factor: Combined category masks the split between Proven and Probable

Evidence · table

> 249

Context: Total Proven + Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-9)

Panuco West Project · gold

#### Identity

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

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-11-04T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jason Blais
- Resource group id: resource:646cd729d8adfe82eb32
- Deposit or zone: Panuco project
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 12809000
- Grade: 2.01
- Grade Unit: g/t
- Contained Metal: 829
- Contained Unit: k oz
- Cutoff Grade: 150
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2025-11-04

#### Metal Equivalent

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

#### Lab

- Laboratory: SGS Canada Inc.

#### Review

- Needs Review: No
- Historical: No

Reasoning: The total reserve row also reports 12,809 kt at 2.01 g/t Au, confirming substantial gold ounces in the reserve base.

- Positive factor: Large combined reserve tonnage

- Positive factor: Gold grade sustained across the reserve estimate

- Negative factor: Combined row is not a separate geological domain

Evidence · table

> 2.01

Context: Total Proven + Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

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

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-10)

Panuco West Project · silver

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:182db7f365e2d9daaf98
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The indicated resource row reports 12.96 Mt at 307 g/t Ag and 2.49 g/t Au at a 150 g/t AgEq cut-off, but it is explicitly the January 9, 2025 resource update and therefore historical here.

- Positive factor: Large indicated resource tonnage

- Positive factor: Strong silver and gold grades at a stated cut-off

- Positive factor: NI 43-101 compliant resource estimate

- Negative factor: Historical resource update referenced in an MD&A

- Negative factor: Contained metal units are reported in koz and the resource is not the newest announcement in this document

Evidence · table

> 307

Context: Measured & Indicated

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-11)

Panuco West Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:182db7f365e2d9daaf98
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The same resource row includes 12.96 Mt at 2.49 g/t Au, which is a material underground gold resource but historically restated here.

- Positive factor: Gold grade is robust for an underground resource

- Positive factor: Contained ounces are substantial

- Negative factor: Historical resource disclosure within an MD&A

Evidence · table

> 2.49

Context: Measured & Indicated

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-12)

Panuco West Project · lead

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:182db7f365e2d9daaf98
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The indicated resource row separately reports 0.27% Pb, which is useful polymetallic information even though the disclosure is historical in this document.

- Positive factor: Lead grade is explicitly reported in the resource table

- Negative factor: Historical resource restatement

Evidence · table

> 0.27

Context: Measured & Indicated

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-13)

Panuco West Project · zinc

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:182db7f365e2d9daaf98
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The indicated resource row includes 0.85% Zn alongside the silver and gold grades, preserving the polymetallic picture of the deposit.

- Positive factor: Zinc grade is explicitly disclosed

- Negative factor: Historical resource restatement

Evidence · table

> 0.85

Context: Measured & Indicated

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-14)

Panuco West Project · silver

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4be6cf762d44301568d0
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The inferred row reports 10.50 Mt at 219 g/t Ag, which is meaningful but lower-confidence resource inventory.

- Positive factor: Large inferred resource tonnage

- Positive factor: Silver grade remains substantial

- Negative factor: Lower confidence inferred category

- Negative factor: Historical resource restatement

Evidence · table

> 219

Context: Inferred

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-15)

Panuco West Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4be6cf762d44301568d0
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The inferred resource row also contains 10.50 Mt at 1.96 g/t Au, useful but still lower-confidence material.

- Positive factor: Gold grade remains notable in inferred material

- Negative factor: Inferred category

- Negative factor: Historical resource restatement

Evidence · table

> 1.96

Context: Inferred

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-16)

Panuco West Project · lead

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4be6cf762d44301568d0
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The inferred resource row separately reports 0.30% Pb, preserving the full polymetallic resource disclosure.

- Positive factor: Lead is explicitly reported

- Negative factor: Inferred category

- Negative factor: Historical resource disclosure

Evidence · table

> 0.30

Context: Inferred

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--988d8e15-8c09-4b0e-8a68-0923ba708598#fact-resource-facts-17)

Panuco West Project · zinc

Historical result

Needs review: historical\_restatement

#### Identity

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

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Jesus Velador
- Resource group id: resource:4be6cf762d44301568d0
- Deposit or zone: Copala and Napoleon deposits

#### Resource Data

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

#### Prior Estimate

- Resource Date: 2025-01-09

#### Metal Equivalent

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

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-02-20T00:00:00.000Z

Reasoning: The inferred resource row separately reports 1.01% Zn, which is useful byproduct/resource information despite being historical.

- Positive factor: Zinc grade is explicitly reported

- Negative factor: Inferred category

- Negative factor: Historical resource disclosure

Evidence · table

> 1.01

Context: Inferred

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

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

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## 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.