# Vizsla Silver Corp.: Exhibit 99.3 - Filed by newsfilecorp.com Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33 Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299325012973/exhibit99-3.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-07T15:24:40.584Z Atlas analysis updated: 2026-11-07T15:24:40.584Z - Company: Vizsla Silver Corp. - Ticker: VZLA - Exchange: TSX - Region: Sinaloa, Mexico - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc - Document categories: Other, Resource update, Drill results, Metallurgy - Extracted: 2026-11-07 15:24:40 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Vizsla Silver filed its annual MD&A for the year ended April 30, 2025, covering corporate, financial and project updates. The document includes an updated Panuco resource estimate, a new discovery at Animas, and summaries of prior metallurgical testwork and test-mining progress. It is mostly a corporate/annual-report disclosure rather than a standalone technical news release. Reasoning: This is primarily an annual MD&A/corporate disclosure, but it contains substantial resource, drill and metallurgy information. The resource update and new discovery are material positives, though much of the technical content is contextual or historical. - Positive factor: MD&A reports an updated NI 43-101 mineral resource estimate for Panuco with Measured & Indicated and Inferred tonnes and grades - Positive factor: Release also discloses a new high-grade discovery at Animas in hole AM-25-90 - Positive factor: The document includes metallurgical testwork summaries and exploration/test mining progress - Negative factor: Annual report / MD&A format mixes many historical disclosures and financial boilerplate - Negative factor: Several technical results are restated from prior releases rather than being wholly new - Negative factor: No new assay table is provided for the discovery hole beyond the headline interval - Rubric flag: resource\_update completeness — The document contains a resource estimate table with multiple grade columns. Separate facts were created for each commodity column and for the sensitivity rows, but some analytical consumers may prefer only the headline estimate rows; do not drop the sensitivity rows in downstream filtering if full traceability is required. - Rubric flag: historical metallurgy — Metallurgical results in the MD&A are explicitly historical restatements from 2023 releases. They were tagged historical and should not be treated as fresh testwork. Facts used in scoring: 76 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Panuco resource update is stated to be prepared in accordance with NI 43-101, not JORC, so this tag does not apply; instead the document shows a compliant NI 43-101 technical report. Evidence · text > prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report for the updated mineral resource estimate is explicitly said to be prepared in accordance with NI 43-101. Evidence · text > prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The discovery is positioned six kilometres northeast of the Copala resource area and along the Animas Vein system below historic mine workings. Evidence · text > approximately six kilometers to the northeast of the Copala resource area **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The new discovery is described along the Animas Vein system beyond the Copala resource area, indicating extension of known mineralization. Evidence · text > approximately six kilometers to the northeast of the Copala resource area **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The La Garra sampling paragraph names standards, blanks and duplicates, and the resource update notes a qualified person and NI 43-101 report. Evidence · text > quality controls \(standards, blanks, and duplicates\) **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The new discovery interval reports 2,256 g/t AgEq over 1.13 metres, which is exceptionally high grade. Evidence · text > 2,256 g/t AgEq over 1.13 meters **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The AM-25-90 discovery is reported as a downhole interval without true width or orientation details in the excerpt. Evidence · text > 897 g/t AgEq over 5.85 meters including 2,256 g/t AgEq over 1.13 meters **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The Copala program is described as infill and resource expansion drilling that converted indicated resources into measured resources. Evidence · text > The infill and resource expansion drilling program in Copala **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource tables state the cut-off as 150 g/t AgEq or 1.97 g/t AuEq, and the sensitivity table lists multiple cut-offs. Evidence · text > \(150 g/t AgEq cut-off\) or \(1.97 g/t AuEq cut-off\) **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: AgEq and AuEq formulas are disclosed with price assumptions, so the equivalent is not opaque; this tag is therefore not applied. Evidence · text > Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc. **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: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 4 distinct composites were tested ## Extracted facts Stored fact records: 76. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### AM-25-90 [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-drill-facts-52) Panuco #### Identity - Hole ID: AM-25-90 - Project: Panuco - Region: mexico - Reported Region: mexico #### Geometry - Intercept: 5.85 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: underground #### Location - Location: Animas Vein system - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards, blanks, duplicates #### Metal Equivalent - Metal Eq. Grade: 897 - Metal Eq. Unit: g/t Ag-Eq #### Review - Needs Review: No - Interp. Status: scored - Historical: No Reasoning: This is the headline Animas discovery interval reported for hole AM-25-90. - Positive factor: New discovery in ongoing exploration drill program - Positive factor: Very high AgEq over a meaningful 5.85 m interval - Positive factor: Located in the Animas Vein system - Negative factor: Only AgEq is reported in the headline interval; individual metal breakdown is not provided here - Negative factor: No hole depth or from/to depths are stated in the excerpt #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: an equivalent grade is reported without its assumptions **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "The rhyolite-dacite dome in the Animas zone, adjacent to the El Muerto mine shows sericite alteration and silicification" ### AM-25-90 [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-drill-facts-53) Panuco #### Identity - Hole ID: AM-25-90 - Project: Panuco - Region: mexico - Reported Region: mexico #### Geometry - Intercept: 1.13 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: underground #### Location - Location: Animas Vein system - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards, blanks, duplicates #### Metal Equivalent - Metal Eq. Grade: 2256 - Metal Eq. Unit: g/t Ag-Eq #### Review - Needs Review: No - Interp. Status: scored - Historical: No Reasoning: This is the higher-grade subinterval included within the AM-25-90 discovery headline. - Positive factor: Subinterval is exceptionally high grade - Positive factor: Included within the broader discovery interval - Negative factor: Only AgEq is reported in the headline interval; individual metal breakdown is not provided here #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: an equivalent grade is reported without its assumptions **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "The rhyolite-dacite dome in the Animas zone, adjacent to the El Muerto mine shows sericite alteration and silicification" ## Resource Estimates (52) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-0) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:fc0fae7eefee2792a2db - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 307 - Grade Unit: g/t - Contained Metal: 127819 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the headline resource row for the Panuco project's measured and indicated resource at the stated cut-off. - Positive factor: Updated NI 43-101 resource estimate is explicitly disclosed - Positive factor: M&I resource is substantial at 12.96 Mt - Positive factor: Metal equivalent assumptions are stated in the footnote - Negative factor: The release is an MD&A summary rather than the full technical report - Negative factor: No cut-off sensitivity basis beyond the headline estimate is required here #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-1) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:fc0fae7eefee2792a2db - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 2.49 - Grade Unit: g/t - Contained Metal: 1036 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 6.58 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the gold component of the Panuco measured and indicated resource row. - Positive factor: Updated NI 43-101 resource estimate is explicitly disclosed - Positive factor: Grade and contained metal are both stated - Positive factor: Metal equivalent assumptions are stated in the footnote - Negative factor: The release is an MD&A summary rather than the full technical report #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-2) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:fc0fae7eefee2792a2db - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 34.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.85 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead grade disclosed in the Panuco measured and indicated resource table. - Positive factor: Lead grade and contained metal are explicitly reported - Positive factor: Resource estimate is NI 43-101 compliant - Negative factor: Lead is a byproduct within a silver-gold resource table #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-3) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:fc0fae7eefee2792a2db - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 12960000 - Grade: 0.85 - Grade Unit: % - Contained Metal: 110.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 6.58 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc grade disclosed in the Panuco measured and indicated resource table. - Positive factor: Zinc grade and contained metal are explicitly reported - Positive factor: Resource estimate is NI 43-101 compliant - Negative factor: Zinc is a byproduct within a polymetallic resource #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-4) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 219 - Grade Unit: g/t - Contained Metal: 73621 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver component of the Panuco resource estimate. - Positive factor: Inferred resource is explicitly stated with tonnes and grade - Positive factor: NI 43-101 report and QP completion are stated - Negative factor: Inferred category is lower confidence than indicated/measured #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-5) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 660 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold component of the Panuco resource estimate. - Positive factor: Inferred gold grade and contained metal are explicitly stated - Positive factor: Compliant technical report is referenced - Negative factor: Inferred category lowers confidence #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-6) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 31.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 1.01 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the inferred lead grade reported in the Panuco resource table. - Positive factor: Lead grade and contained metal are explicitly reported - Negative factor: Inferred category and byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-7) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 106.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the inferred zinc grade reported in the Panuco resource table. - Positive factor: Zinc grade and contained metal are explicitly reported - Negative factor: Inferred category and byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-8) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:67c561948ab48572a30e - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 442 - Grade Unit: g/t - Contained Metal: 26744 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 684 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured silver resource for the Copala vein. - Positive factor: Measured resource row is explicitly stated - Positive factor: High silver grade and contained metal - Positive factor: Resource estimate is compliant and signed off #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-9) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:67c561948ab48572a30e - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 3.09 - Grade Unit: g/t - Contained Metal: 187 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 8.92 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured gold resource for the Copala vein. - Positive factor: Measured gold grade is clearly stated - Positive factor: Contained metal is also provided #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-10) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:67c561948ab48572a30e - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 0.08 - Grade Unit: % - Contained Metal: 1.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.15 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead grade in the measured Copala row. - Positive factor: Lead grade is explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-11) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:67c561948ab48572a30e - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1880000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 2.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.15 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc grade in the measured Copala row. - Positive factor: Zinc grade is explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-12) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:1d70cffdcb494859ed5c - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 161 - Grade Unit: g/t - Contained Metal: 1853 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 404 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured silver resource for the Napoleon vein. - Positive factor: Measured Napoleon silver resource is stated - Positive factor: Contained metal is explicitly given #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-13) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:1d70cffdcb494859ed5c - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 2.34 - Grade Unit: g/t - Contained Metal: 27 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.55 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured gold resource for the Napoleon vein. - Positive factor: Measured gold grade is stated - Positive factor: Contained metal is provided #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-14) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:1d70cffdcb494859ed5c - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 0.51 - Grade Unit: % - Contained Metal: 1.8 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.51 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead grade in the measured Napoleon row. - Positive factor: Lead grade is explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-15) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:1d70cffdcb494859ed5c - Deposit or zone: Napoleon - Mining method: underground #### Resource Data - Category: measured - Tonnes: 360000 - Grade: 1.41 - Grade Unit: % - Contained Metal: 5.1 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.55 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc grade in the measured Napoleon row. - Positive factor: Zinc grade is explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-16) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:5cffd043e8859cda6b3a - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 512 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the total indicated silver resource for Panuco. - Positive factor: Total indicated resource is explicitly stated - Positive factor: Contained silver metal is substantial #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-17) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:5cffd043e8859cda6b3a - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 6.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the total indicated gold resource for Panuco. - Positive factor: Total indicated gold resource is explicitly stated - Positive factor: Contained gold is substantial #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-18) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:5cffd043e8859cda6b3a - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.95 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the total indicated lead resource for Panuco. - Positive factor: Lead grade and contained metal are explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-19) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:5cffd043e8859cda6b3a - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 6.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the total indicated zinc resource for Panuco. - Positive factor: Zinc grade and contained metal are explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-20) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 219 - Grade Unit: g/t - Contained Metal: 73621 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the total inferred silver resource for Panuco. - Positive factor: Total inferred resource is explicitly stated - Positive factor: Contained silver metal is substantial - Negative factor: Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-21) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 660 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the total inferred gold resource for Panuco. - Positive factor: Total inferred gold resource is explicitly stated - Negative factor: Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-22) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 31.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 1.01 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the total inferred lead resource for Panuco. - Positive factor: Lead grade and contained metal are explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-23) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 106.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the total inferred zinc resource for Panuco. - Positive factor: Zinc grade and contained metal are explicitly reported - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-24) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:f555219d37ccdeda431a - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 640 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured silver total for Copala and Napoleon combined. - Positive factor: Measured vein total is explicitly stated - Positive factor: High silver grade and contained metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-25) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:f555219d37ccdeda431a - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 8.22 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured gold total for the combined Copala/Napoleon measured resource. - Positive factor: Measured gold total is explicitly stated #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-26) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:f555219d37ccdeda431a - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.35 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured lead total for the combined measured resource. - Positive factor: Lead total is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-27) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:f555219d37ccdeda431a - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.35 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the measured zinc total for the combined measured resource. - Positive factor: Zinc total is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-28) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:17f162c524f8d5f92003 - Deposit or zone: Copala - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 512 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver total for the combined resource table. - Positive factor: Total indicated resource is explicitly stated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-29) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:17f162c524f8d5f92003 - Deposit or zone: Copala - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 6.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold total for the combined resource table. - Positive factor: Total indicated gold resource is explicitly stated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-30) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:17f162c524f8d5f92003 - Deposit or zone: Copala - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.95 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead total for the indicated resource. - Positive factor: Lead total is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-31) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:17f162c524f8d5f92003 - Deposit or zone: Copala - Mining method: underground #### 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: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 6.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc total for the indicated resource. - Positive factor: Zinc total is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-32) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:32d127392da585c812cc - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 219 - Grade Unit: g/t - Contained Metal: 73621 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the total inferred silver figure repeated in the summary table. - Positive factor: Total inferred resource is explicitly stated - Negative factor: Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-33) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:32d127392da585c812cc - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.96 - Grade Unit: g/t - Contained Metal: 660 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the total inferred gold figure repeated in the summary table. - Positive factor: Total inferred resource is explicitly stated - Negative factor: Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-34) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:32d127392da585c812cc - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 31.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 1.01 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead total in the inferred resource row. - Positive factor: Lead total is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-35) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:32d127392da585c812cc - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 106.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc total in the inferred resource row. - Positive factor: Zinc total is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-36) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:927e281e5833b220f1e0 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1610000 - Grade: 505 - Grade Unit: g/t - Contained Metal: 26174 - Contained Unit: koz - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 803 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the sensitivity-table measured silver row at 300 g/t AgEq cut-off. - Positive factor: Higher cut-off sensitivity row is explicitly stated - Positive factor: Very high silver grade #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-37) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:927e281e5833b220f1e0 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1610000 - Grade: 3.7 - Grade Unit: g/t - Contained Metal: 192 - Contained Unit: koz - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 10.37 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the sensitivity-table measured gold row at 300 g/t AgEq cut-off. - Positive factor: Higher cut-off sensitivity row is explicitly stated - Positive factor: Gold grade is very strong #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-38) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:927e281e5833b220f1e0 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1610000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 2.4 - Contained Unit: kt - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.33 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Lead grade is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-39) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:927e281e5833b220f1e0 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: measured - Tonnes: 1610000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 5.4 - Contained Unit: kt - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.33 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Zinc grade is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-40) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:0fcb5930ccfbf0f3b125 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 6450000 - Grade: 409 - Grade Unit: g/t - Contained Metal: 84819 - Contained Unit: koz - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 707 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated silver sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Sensitivity row shows stronger silver grade at higher cut-off - Positive factor: Contained silver remains very large #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-41) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:0fcb5930ccfbf0f3b125 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 6450000 - Grade: 3.32 - Grade Unit: g/t - Contained Metal: 689 - Contained Unit: koz - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 8.77 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the indicated gold sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Sensitivity row shows stronger gold grade at higher cut-off #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-42) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:0fcb5930ccfbf0f3b125 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 6450000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 21.2 - Contained Unit: kt - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 1.01 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Lead grade is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-43) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:0fcb5930ccfbf0f3b125 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 6450000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 65.3 - Contained Unit: kt - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 8.77 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Zinc grade is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-44) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:36afa23b1389f63ebfb9 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 4980000 - Grade: 336 - Grade Unit: g/t - Contained Metal: 53734 - Contained Unit: koz - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 615 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Sensitivity row includes inferred silver at 300 g/t cut-off - Positive factor: Contained metal remains substantial - Negative factor: Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-45) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:36afa23b1389f63ebfb9 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 4980000 - Grade: 2.94 - Grade Unit: g/t - Contained Metal: 471 - Contained Unit: koz - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 7.43 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Sensitivity row includes inferred gold at 300 g/t cut-off - Negative factor: Inferred category #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-46) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:36afa23b1389f63ebfb9 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 4980000 - Grade: 0.39 - Grade Unit: % - Contained Metal: 19.5 - Contained Unit: kt - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 1.25 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the lead sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Lead sensitivity row is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-47) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:36afa23b1389f63ebfb9 - Deposit or zone: Copala - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 4980000 - Grade: 1.25 - Grade Unit: % - Contained Metal: 62.4 - Contained Unit: kt - Cutoff Grade: 300 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 7.43 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This captures the zinc sensitivity row at 300 g/t AgEq cut-off. - Positive factor: Zinc sensitivity row is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-48) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:39ee7dea67b367b72845 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 169 - Grade Unit: g/t - Contained Metal: 2101 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 327 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred silver row for Animas. - Positive factor: Animas is separately listed in the inferred resource - Positive factor: Contains meaningful silver ounces #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-49) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:39ee7dea67b367b72845 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 1.68 - Grade Unit: g/t - Contained Metal: 21 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.37 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred gold row for Animas. - Positive factor: Animas gold grade is explicitly stated #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-50) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:39ee7dea67b367b72845 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 1.1 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 0.6 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred lead row for Animas. - Positive factor: Lead grade is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-resource-facts-51) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:39ee7dea67b367b72845 - Deposit or zone: Animas - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 0.6 - Grade Unit: % - Contained Metal: 2.3 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 4.37 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ActLabs #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: This is the inferred zinc row for Animas. - Positive factor: Zinc grade is explicitly stated - Negative factor: Byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ## Metallurgical Results (22) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-54) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 93 % - Recovery Basis: actual\_test - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the historical Napoleon flotation recovery result restated in the MD&A. - Positive factor: Preliminary metallurgical test work completed - Positive factor: Flotation results and mass pull are disclosed - Positive factor: Third-party laboratory and consulting company are named - Negative factor: Results were announced on February 17, 2023 and are restated here - Negative factor: This is historical testwork rather than new metallurgical data #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 93% is at or above the exceptional band \(90%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-55) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the historical Napoleon gold flotation recovery result restated in the MD&A. - Positive factor: Preliminary metallurgical test work completed - Positive factor: Flotation results are disclosed - Negative factor: Restated historical result - Negative factor: No new metallurgy in this release #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-56) Panuco · lead Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the historical Napoleon lead flotation result restated in the MD&A. - Positive factor: Lead recovery is disclosed from flotation testwork - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-57) Panuco · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Napoleon ore body #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test - Mass Pull: 17 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the historical Napoleon zinc flotation result restated in the MD&A. - Positive factor: Zinc recovery is disclosed from flotation testwork - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-58) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Copala ore body #### Recovery - Recovery: 76.3 % - Recovery Basis: actual\_test - Mass Pull: 7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-16T00:00:00.000Z Reasoning: This is the Copala flotation-concentrate silver recovery restated from the August 16, 2023 news release. - Positive factor: Historical testwork result is explicitly restated - Positive factor: Mass pull and recovery are both stated - Negative factor: Historical restatement - Negative factor: No new metallurgy #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-59) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Copala ore body #### Recovery - Recovery: 74.9 % - Recovery Basis: actual\_test - Mass Pull: 7 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-16T00:00:00.000Z Reasoning: This is the Copala flotation-concentrate gold recovery restated from the August 16, 2023 news release. - Positive factor: Historical testwork result is explicitly restated - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 74.9% is below the weak band \(80%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-60) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Copala ore body #### Recovery - Recovery: 90.6 % - Recovery Basis: actual\_test - Mass Pull: 100 % #### 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: 2023-08-16T00:00:00.000Z Reasoning: This is the total silver recovery for the Copala flotation-plus-cyanide-leach route restated in the MD&A. - Positive factor: Total flotation-plus-leach recovery is explicitly stated - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 90.6% is at or above the exceptional band \(90%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-61) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: bulk sulfide flotation - Sample: Copala ore body #### Recovery - Recovery: 93.7 % - Recovery Basis: actual\_test - Mass Pull: 100 % #### 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: 2023-08-16T00:00:00.000Z Reasoning: This is the total gold recovery for the Copala flotation-plus-cyanide-leach route restated in the MD&A. - Positive factor: Total flotation-plus-leach recovery is explicitly stated - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-62) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: cyanidation of flotation concentrate and tails - Sample: Diorite MC #### Recovery - Recovery: 90.3 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the diorite composite silver extraction result from the previously reported Tajitos metallurgical program. - Positive factor: Combined cyanidation extraction is disclosed - Negative factor: Historical testwork restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 90.3% is at or above the exceptional band \(90%\) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-63) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: cyanidation of flotation concentrate and tails - Sample: Diorite MC #### Recovery - Recovery: 89.7 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the diorite composite gold extraction result from the previously reported Tajitos metallurgical program. - Positive factor: Combined cyanidation extraction is disclosed - Negative factor: Historical testwork restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-64) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: salable concentrate / cyanidation on tails - Sample: Diorite MC #### Recovery - Recovery: 87.3 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the diorite composite silver result for the salable concentrate / cyanidation on tails route. - Positive factor: Combined float/CN extraction is disclosed - Negative factor: Historical testwork restatement - Negative factor: Asterisked estimated values #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-65) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: salable concentrate / cyanidation on tails - Sample: Diorite MC #### Recovery - Recovery: 89.4 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the diorite composite gold result for the salable concentrate / cyanidation on tails route. - Positive factor: Combined float/CN extraction is disclosed - Negative factor: Historical testwork restatement - Negative factor: Asterisked estimated values #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-66) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: cyanidation of flotation concentrate on tails - Sample: Andesite MC #### Recovery - Recovery: 94.2 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1.4 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the andesite composite silver result from the previously reported Tajitos program. - Positive factor: High silver extraction is stated - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 94.2% is at or above the exceptional band \(90%\) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-67) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: cyanidation of flotation concentrate on tails - Sample: Andesite MC #### Recovery - Recovery: 87.3 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 1 kg/t - Lime: 1.4 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the andesite composite gold result from the previously reported Tajitos program. - Positive factor: Gold extraction is stated - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-68) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: salable concentrate / cyanidation on tails - Sample: Andesite MC #### Recovery - Recovery: 94.1 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the andesite composite silver result for the salable concentrate / cyanidation on tails route. - Positive factor: Combined float/CN extraction is disclosed - Negative factor: Historical restatement - Negative factor: Asterisked estimated values #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 94.1% is at or above the exceptional band \(90%\) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-69) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: salable concentrate / cyanidation on tails - Sample: Andesite MC #### Recovery - Recovery: 89.8 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.5 kg/t - Lime: 0.8 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the andesite composite gold result for the salable concentrate / cyanidation on tails route. - Positive factor: Combined float/CN extraction is disclosed - Negative factor: Historical restatement - Negative factor: Asterisked estimated values #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-70) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: cyanidation of flotation concentrate and tails - Sample: Andesite Low MnOX MC #### Recovery - Recovery: 90.1 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.9 kg/t - Lime: 0.8 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the Andesite Low MnOX composite silver result from the previously reported Tajitos program. - Positive factor: Silver extraction is disclosed - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 90.1% is at or above the exceptional band \(90%\) ### cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-71) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: cyanidation of flotation concentrate and tails - Sample: Andesite Low MnOX MC #### Recovery - Recovery: 80.8 % - Recovery Basis: actual\_test #### Reagents - Cyanide: 0.9 kg/t - Lime: 0.8 kg/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-10T00:00:00.000Z Reasoning: This is the Andesite Low MnOX composite gold result from the previously reported Tajitos program. - Positive factor: Gold extraction is disclosed - Negative factor: Historical restatement #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-72) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body #### Recovery - Recovery: 40 % - Recovery Basis: actual\_test - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the Napoleon gravity concentrate silver recovery restated from the historical metallurgical summary. - Positive factor: Gravity concentrate result is disclosed - Negative factor: Historical restatement #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 40% is below the weak band \(75%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-73) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body #### Recovery - Recovery: 29 % - Recovery Basis: actual\_test - Mass Pull: 3.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the Napoleon gravity concentrate gold recovery restated from the historical metallurgical summary. - Positive factor: Gravity concentrate result is disclosed - Negative factor: Historical restatement #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 29% is below the weak band \(80%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-74) Panuco · silver Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body #### Recovery - Recovery: 26 % - Recovery Basis: actual\_test - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the Napoleon tabling Knelson silver recovery restated in the MD&A. - Positive factor: Tabled Knelson concentrate result is disclosed - Negative factor: Historical restatement #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 26% is below the weak band \(75%\) ### gravity [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-3-filed-by-newsfilecorp-com--7c856393-43dd-4eb6-b2d1-a600df68ae33#fact-metallurgical-facts-75) Panuco · gold Historical result Needs review: historical\_restatement #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity concentration - Sample: Napoleon ore body #### Recovery - Recovery: 12 % - Recovery Basis: actual\_test - Mass Pull: 0.6 % #### Lab - Laboratory: third-party laboratory - Consultant: consulting company with experts in the field #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-17T00:00:00.000Z Reasoning: This is the Napoleon tabling Knelson gold recovery restated in the MD&A. - Positive factor: Tabled Knelson concentrate result is disclosed - Negative factor: Historical restatement #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 12% is below the weak band \(80%\) ## 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.