# 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878 Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299325015398/exhibit99-2.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-10T16:14:44.856Z Atlas analysis updated: 2026-11-10T16:14:44.856Z - Company: Unavailable - Ticker: VZLA - Exchange: TSX - Region: Sinaloa, Mexico - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-11-10 16:14:45 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary This is Vizsla Silver's quarterly MD&A for the three months ended July 31, 2025. It reviews project development, financing, liquidity, and operating progress at Panuco and other assets, and it restates the January 9, 2025 resource estimate plus earlier metallurgy results. The document also includes exploration and test-mining updates, but it is not a standalone technical results release. Reasoning: A broad quarterly MD&A and corporate update dominates the document; technical resource, metallurgy and project development content is secondary. - Positive factor: Contains a full mineral resource update with grades, tonnes and contained metal for multiple cut-offs. - Positive factor: Includes metallurgical test work results and development updates for the Panuco project. - Negative factor: The document is primarily an MD&A / corporate update rather than a single technical news event. - Negative factor: Several technical results are historical restatements from prior announcements. - Negative factor: No new drill assays or new resource estimate effective date beyond the January 9, 2025 resource update are presented here. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 28 ## Classification and evidence **Measured Resource** Polarity: positive Story-specific tag Definition: A source-reported Measured Mineral Resource with sufficiently established geological continuity and quality. After the required study and Modifying Factors it may convert to a Proved/Proven or Probable Reserve; the resource classification alone is not a reserve or a demonstration of economic viability. Why it applies: The Panuco resource table reports a measured component within the measured & indicated summary. Evidence · text > Measured & Indicated 12.96 307 2.49 0.27 0.85 534 6.58 **Indicated Resource** Polarity: positive Story-specific tag Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. Why it applies: The estimate includes a large indicated resource component with 10.72 Mt and detailed grades. Evidence · text > Total Indicated 10.72 288 2.39 0.30 0.95 512 6.23 **Inferred Resource** Polarity: negative Story-specific tag Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. Why it applies: The estimate includes an inferred category totaling 10.50 Mt. Evidence · text > Total Inferred 10.50 219 1.96 0.30 1.01 412 4.91 **NI 43-101 Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MD&A states the resource details are available in a NI 43-101 compliant report. Evidence · text > available for review in a NI 43-101 compliant report **QP/CP Signed** Polarity: positive Story-specific tag 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: The resource estimate was completed in conjunction with an independent qualified person. Evidence · text > in conjunction with an independent qualified person \("QP"\) completed a geostatistical block model estimate **Cut-off Disclosed** Polarity: positive Story-specific tag Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource table explicitly states a 150 g/t AgEq cut-off and a 1.97 g/t AuEq cut-off. Evidence · text > \(150 g/t AgEq cut-off\) or \(1.97 g/t AuEq cut-off\) **Refractory Ore** Polarity: negative Story-specific tag Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The metallurgical section discusses flotation, cyanidation and gravity circuits and states the test work was for Napoleon ore body, but no refractory language is present; however this tag is not supported, so omitted. Evidence · text > The Company had preliminary metallurgical test work completed for the Napoleon ore body. **Apparent Width Only** Polarity: negative Story-specific tag Definition: A reported assay interval gives downhole or apparent length without a disclosed true width. It describes geometric uncertainty, not a measured true thickness or proof that the interval is overstated; drill orientation alone is not a true-width measurement. Why it applies: The document discusses vein widths and drill programs broadly, but the included resource and metallurgy sections do not state true widths for the tabulated resource rows. Evidence · text > Veins have narrow envelopes of silicification **Nearology Play** Polarity: neutral Story-specific tag Definition: The disclosed value premise relies on proximity to another known deposit rather than the issuer's own results. Mere location or along-strike wording in a release that reports its own drilling does not establish this premise. Why it applies: The La Garra project is described as being in the heart of the emerging silver-gold-rich Panuco - San Dimas corridor and adjacent to Panuco/San Dimas regionally. Evidence · text > in the heart of the emerging silver-gold-rich Panuco - San Dimas corridor **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Completed testwork covers multiple identified ore domains and addresses variability under DOMAIN\_COVERAGE\_TIERS. Multiple sample or composite identifiers from the same domain do not establish multiple domains, and a proposed programme is not completed coverage. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 28. Some facts used in scoring do not have a stored record. ## Resource Estimates (26) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-0) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a36207eb52052dbc40d4 #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 307 - Grade Unit: g/t - Contained Metal: 127819 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured & Indicated silver resource row from the January 9, 2025 Panuco estimate. - Positive factor: Large tonnage with high average silver grade and disclosed AgEq/AuEq cut-off. - Positive factor: NI 43-101 compliant estimate with independent qualified person involvement. - Negative factor: This is a restated January 9, 2025 estimate, so novelty is limited in this MD&A. - Negative factor: Cut-off comparison is not directly like-for-like with prior estimates in the document. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-1) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a36207eb52052dbc40d4 #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 2.49 - Grade Unit: g/t - Contained Metal: 1036 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 6.58 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured & Indicated gold resource row from the January 9, 2025 Panuco estimate. - Positive factor: Disclosed gold grade, tonnage and contained ounces for the Panuco M&I resource. - Positive factor: Resource is supported by an NI 43-101 compliant report. - Negative factor: Presented as a restatement inside the MD&A rather than a new estimate. - Negative factor: Equivalent grade assumptions are disclosed only at the metal-price formula level in the text. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-2) Panuco project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a36207eb52052dbc40d4 #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 34.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured & Indicated lead resource row from the January 9, 2025 Panuco estimate. - Positive factor: Lead grade and contained metal are explicitly stated for the Panuco M&I resource. - Positive factor: Byproduct lead is included alongside silver and gold, showing polymetallic value. - Negative factor: This is not a new estimate in the current release. - Negative factor: Contained metal is presented in a summary table rather than a standalone technical release. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-3) Panuco project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a36207eb52052dbc40d4 #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 0.85 - Grade Unit: % - Contained Metal: 110.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured & Indicated zinc resource row from the January 9, 2025 Panuco estimate. - Positive factor: Zinc grade and contained metal are explicitly stated for the Panuco M&I resource. - Positive factor: The estimate includes a polymetallic metal-equivalent framework. - Negative factor: Restated historical resource information inside an MD&A reduces novelty. - Negative factor: The announcement does not present a new resource update on this date. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-4) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:132d691706472e442cfb #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 219 - Grade Unit: g/t - Contained Metal: 73621 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Inferred silver resource row from the January 9, 2025 Panuco estimate. - Positive factor: Large inferred tonnage with substantial silver contained metal is disclosed. - Positive factor: Useful for district-scale inventory despite lower confidence. - Negative factor: Inferred category carries lower geological confidence. - Negative factor: Historical restatement inside the MD&A limits novelty. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-5) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:132d691706472e442cfb #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 660 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Inferred gold resource row from the January 9, 2025 Panuco estimate. - Positive factor: Gold grade and contained ounces are explicitly tabulated for the inferred resource. - Positive factor: The project remains a significant silver-gold system. - Negative factor: Inferred-only portion is less reliable than indicated material. - Negative factor: This is a restated estimate within an MD&A. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-6) Panuco project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:132d691706472e442cfb #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 31.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Inferred lead resource row from the January 9, 2025 Panuco estimate. - Positive factor: Lead grade and contained metal are disclosed for the inferred resource. - Positive factor: Adds byproduct detail to the inventory. - Negative factor: Inferred category lowers confidence. - Negative factor: Historical restatement rather than a fresh estimate. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-7) Panuco project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:132d691706472e442cfb #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 106.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Inferred zinc resource row from the January 9, 2025 Panuco estimate. - Positive factor: Zinc grade and contained metal are clearly shown for the inferred resource. - Positive factor: Supports the polymetallic nature of the deposit. - Negative factor: Inferred category reduces confidence. - Negative factor: Restated in a quarterly MD&A rather than as new news. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-8) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57402b9a6c13112600dd - Deposit or zone: Total Measured #### Resource Data - Category: indicated - Tonnes: 2240000 - Grade: 397 - Grade Unit: g/t - Contained Metal: 28597 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 640 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured total row for silver within the vein summary. - Positive factor: Very high-grade measured portion with large contained silver ounces. - Positive factor: Zone-level breakdown gives additional context on grade distribution. - Negative factor: Historical restatement in the MD&A. - Negative factor: This row is a subtotal, not a separate new estimate. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-9) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57402b9a6c13112600dd - Deposit or zone: Total Measured #### Resource Data - Category: indicated - Tonnes: 2240000 - Grade: 2.97 - Grade Unit: g/t - Contained Metal: 214 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 8.22 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured total row for gold within the vein summary. - Positive factor: Strong gold grade within the measured portion. - Positive factor: Contained ounces are explicitly shown. - Negative factor: Historical in this MD&A. - Negative factor: Subtotal context reduces standalone interpretive value. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-10) Panuco project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57402b9a6c13112600dd - Deposit or zone: Total Measured #### Resource Data - Category: indicated - Tonnes: 2240000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 3.3 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 640 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured total row for lead within the vein summary. - Positive factor: Lead grade is explicitly shown for the measured portion. - Positive factor: Polymetallic metal inventory is reported. - Negative factor: Restated historical row. - Negative factor: Lead is a byproduct relative to the main silver-gold focus. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-11) Panuco project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57402b9a6c13112600dd - Deposit or zone: Total Measured #### Resource Data - Category: indicated - Tonnes: 2240000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 7.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 640 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured total row for zinc within the vein summary. - Positive factor: Measured zinc inventory is explicitly disclosed. - Positive factor: Adds polymetallic context to the estimate. - Negative factor: Historical restatement in MD&A. - Negative factor: Not a current standalone resource update. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-12) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57402b9a6c13112600dd - Deposit or zone: Total Measured #### Resource Data - Category: indicated - Tonnes: 2240000 - Grade: 640 - Grade Unit: g/t - Contained Metal: 46056 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 640 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured total AgEq row within the vein summary. - Positive factor: High-grade AgEq value is explicitly stated for the measured total. - Positive factor: Useful summary metric for valuation comparisons. - Negative factor: This is a metal-equivalent grade, not an additional metal assay. - Negative factor: Historical restatement inside the MD&A. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-13) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:57402b9a6c13112600dd - Deposit or zone: Total Measured #### Resource Data - Category: indicated - Tonnes: 2240000 - Grade: 8.22 - Grade Unit: g/t - Contained Metal: 592 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 8.22 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Measured total AuEq row within the vein summary. - Positive factor: Measured total AuEq is explicitly disclosed. - Positive factor: Shows substantial gold-equivalent contained ounces. - Negative factor: Metal equivalent does not replace underlying metal grades. - Negative factor: Historical restatement. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-14) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:08d4315427e2c6e558fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 10720000 - Grade: 288 - Grade Unit: g/t - Contained Metal: 99222 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 512 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total indicated silver row from the vein summary. - Positive factor: Large indicated silver resource with explicit contained ounces. - Positive factor: Indicated category supports higher geological confidence than inferred. - Negative factor: Restated historical estimate in this MD&A. - Negative factor: Not a new drill or resource announcement. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-15) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:08d4315427e2c6e558fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 10720000 - Grade: 2.39 - Grade Unit: g/t - Contained Metal: 822 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 6.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total indicated gold row from the vein summary. - Positive factor: Large indicated gold resource with substantial contained ounces. - Positive factor: Indicated classification is more robust than inferred. - Negative factor: Historical restatement inside the MD&A. - Negative factor: No new data are provided in this release. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-16) Panuco project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:08d4315427e2c6e558fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 10720000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 31.6 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 512 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total indicated lead row from the vein summary. - Positive factor: Lead inventory is explicitly tabulated for the indicated resource. - Positive factor: Useful for polymetallic valuation. - Negative factor: Historical restatement in MD&A. - Negative factor: Lead remains a byproduct commodity. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-17) Panuco project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:08d4315427e2c6e558fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 10720000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 102.3 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 512 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total indicated zinc row from the vein summary. - Positive factor: Zinc inventory is explicitly stated for the indicated resource. - Positive factor: Enhances the polymetallic resource picture. - Negative factor: Historical restatement. - Negative factor: Byproduct-style commodity relative to silver-gold emphasis. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-18) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:08d4315427e2c6e558fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 10720000 - Grade: 512 - Grade Unit: g/t - Contained Metal: 176306 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 512 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total indicated AgEq row from the vein summary. - Positive factor: AgEq grade and contained metal are explicitly tabulated. - Positive factor: Provides a concise summary of the indicated inventory. - Negative factor: Equivalent grade is not a substitute for the underlying metals. - Negative factor: This is historical disclosure in an MD&A. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-19) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:08d4315427e2c6e558fd - Deposit or zone: Total Indicated #### Resource Data - Category: indicated - Tonnes: 10720000 - Grade: 6.23 - Grade Unit: g/t - Contained Metal: 2147 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 6.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total indicated AuEq row from the vein summary. - Positive factor: Substantial gold-equivalent ounces are disclosed for the indicated resource. - Positive factor: Useful benchmark for valuation and planning. - Negative factor: Historical restatement in MD&A. - Negative factor: Equivalent grade should be read with the underlying metal table. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-20) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:9f9476536511a9c93bd3 - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 219 - Grade Unit: g/t - Contained Metal: 73621 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total inferred silver row from the vein summary. - Positive factor: Total inferred silver inventory is explicitly shown. - Positive factor: Contains substantial ounces even at lower confidence. - Negative factor: Inferred category lowers certainty. - Negative factor: Historical restatement. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-21) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:9f9476536511a9c93bd3 - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 660 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total inferred gold row from the vein summary. - Positive factor: Gold inventory is explicitly tabulated for the inferred resource. - Positive factor: Supports district-scale optionality. - Negative factor: Inferred category only. - Negative factor: Restated historical estimate in an MD&A. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-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 #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:9f9476536511a9c93bd3 - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 31.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total inferred lead row from the vein summary. - Positive factor: Lead inventory is explicitly disclosed for the inferred resource. - Negative factor: Inferred category and historical restatement reduce confidence and novelty. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-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 #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:9f9476536511a9c93bd3 - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 106.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total inferred zinc row from the vein summary. - Positive factor: Zinc inventory is tabulated for the inferred resource. - Negative factor: Historical restatement and inferred confidence limit novelty. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-24) Panuco project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:9f9476536511a9c93bd3 - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 412 - Grade Unit: g/t - Contained Metal: 138711 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total inferred AgEq row from the vein summary. - Positive factor: AgEq grade and contained ounces are explicitly provided. - Positive factor: Useful consolidated figure for comparison. - Negative factor: Equivalent grade only; not a substitute for underlying metals. - Negative factor: Historical restatement. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-resource-facts-25) Panuco project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco project - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2025-01-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:9f9476536511a9c93bd3 - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 4.91 - Grade Unit: g/t - Contained Metal: 1654 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-01-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: third-party laboratory #### Location - Loc. Confidence: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-09T00:00:00.000Z Reasoning: Total inferred AuEq row from the vein summary. - Positive factor: Gold-equivalent ounces are explicitly tabulated for the inferred resource. - Positive factor: Adds scale context for the project. - Negative factor: Historical restatement. - Negative factor: Equivalent metric requires careful interpretation. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit. 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: The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-2-filed-by-newsfilecorp-com--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-metallurgical-facts-26) 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: gravity concentration - Sample: Knelson Concentrate #### Recovery - Recovery: 29 % - Recovery Basis: actual\_test - Head Grade Unit: g/t #### 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 metallurgy result restated in the MD&A. - Positive factor: Pilot-style flowsheet comparison includes a gravity concentration result. - Positive factor: The program reports both recovery and product grade information. - Negative factor: Historical metallurgy first announced on February 17, 2023. - Negative factor: The document does not state a complete, current test-work program. #### 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 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: Actual measured process recovery below the weak band for the commodity and processing route in RECOVERY\_BANDS. Do not compare theoretical recovery, design assumptions or analytical assay ratios against an actual-process recovery ladder. Why it applies: 29% 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--9fb50c0b-fa80-4921-8fc8-bd08f9cb7878#fact-metallurgical-facts-27) 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: gravity concentration - Sample: Tabled Knelson Conc #### Recovery - Recovery: 12 % - Recovery Basis: actual\_test - Head Grade Unit: g/t #### 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 metallurgy result restated in the MD&A. - Positive factor: Additional gravity result is disclosed for the same historical Napoleon program. - Negative factor: Historical restatement. - Negative factor: Very low recovery on this circuit relative to the reported Knelson concentrate. #### 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 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: Actual measured process recovery below the weak band for the commodity and processing route in RECOVERY\_BANDS. Do not compare theoretical recovery, design assumptions or analytical assay ratios against an actual-process recovery ladder. Why it applies: 12% is below the weak band \(75%\) ## 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.