After-Tax NPV (5%) of US$1,137 million, After-Tax IRR of 85.7%, Initial Capex of US$224
million, Average Annual Production of 15.2 million oz AgEq at AISC of US$9.40 per oz AgEq
Vancouver, British Columbia (July 24, 2024) – Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt:
0G3) (“Vizsla Silver” or the “Company”) is pleased to announce the results from the independent
preliminary economic assessment (“PEA”) on its 100%-owned flagship Panuco silver-gold project
("Panuco" or the “Panuco Project”) located in Mexico.
The PEA, completed by Ausenco Engineering Canada ULC (“Ausenco”), supported by Entech Mining Ltd.
(“Entech”) and SGS Canada Inc. (“SGS”), provides a robust base case assessment for developing Panuco
as a long-life, high-margin underground precious metals mine with low initial capital requirements and a
fast timeline to production.
“An estimated after-tax NPV (5%) of more than US$1.1 billion, an after-tax IRR of 85.7% and a payback
period of approximately nine months, helps solidify Panuco as a world class development project in the
precious metals space,” commented Michael Konnert, President and CEO. “The PEA, based on
conservative metals prices of US$26/oz silver and US$1,975/oz gold, outlines a high-margin, underground
silver primary mine with substantial silver-gold production of 162.1 million silver-equivalent ounces over
an initial 11-year mine life. Annually, the mine is projected to produce an average of 15.2 million silverequivalent ounces, providing exceptional free cash flow, particularly in the early years, allowing for a very
rapid payback of the estimated low initial Capex of US$224 million. It’s important to note, that this PEA
represents only a snapshot of the potential value of Panuco, as we have only explored less than 30% of the
known targets in the district. Furthermore, ongoing drilling with two drill rigs continues to expand and
convert high-grade veins in and around the proposed mine plan, enhancing the potential for improved
economics in a feasibility study planned for the second half of 2025. Panuco benefits from excellent access
to existing infrastructure, significant exploration upside potential to discover new mineralized centers and
potentially new standalone projects hosting similar economics to that outlined in today’s study. As such,
it’s becoming increasingly clear that Panuco will be a meaningful contributor to the silver industry for
decades to come. I would like to thank everyone at Vizsla Silver, our stakeholders and community members
for all the hard work over the years to reach this monumental milestone.”
The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral
resources that are considered too speculative geologically to have economic consideration applied to
them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. see & read more on
https://vizslasilvercorp.com/site/assets/files/7709/vzla_news_release_pea_final_july_2024_2.pdf