Vizsla Royalties
Vizsla Royalties Corp. is a Canadian precious metals royalty company holding uncapped Net Smelter Return royalties on Vizsla Silver's Panuco silver-gold project in Mexico — the world's largest undeveloped high-grade primary silver resource — with first production targeted for H2 2027.
- Company typePublic
- Founded2024
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Vizsla Royalties does
Vizsla Royalties Corp. is a Canadian precious metals royalty company that was spun out from Vizsla Silver Corp. in 2024 and trades on the TSX Venture Exchange (VROY), OTCQX Best Market, and the Frankfurt Stock Exchange. The company's sole revenue-generating instrument is a Net Smelter Return (NSR) royalty on Vizsla Silver's flagship Panuco silver-gold project in Mexico, comprising a 3.5% NSR on Silverstone concessions covering 100% of Copala and a 2.0% NSR on Rio Panuco concessions, plus a Right of First Refusal (ROFR) on royalties on additional property acquisitions within the Panuco district for 24 months post-spinout. Panuco is characterized in company materials as the world's largest undeveloped high-grade primary silver resource, and a positive Feasibility Study was announced in November 2025 with first silver production targeted for H2 2027.
The company operates under a passive royalty/streaming financial model: it earns a fixed percentage of mine revenue with no operational or capital-expenditure obligations. Revenue mechanics are simple — royalty payment equals the contracted NSR rate multiplied by mine revenue, less permitted deductions — and is paid as production occurs. The core customer/counterparty is a single entity: Vizsla Silver Corp., which both operates the mine and holds a 17% strategic stake in Vizsla Royalties. Distribution is via public equity markets (TSX-V, OTCQX, FSE), supported by coverage from Canaccord, Raymond James, and CIBC, and a small management team (1-10 employees) based in Vancouver.
As of May 14, 2026, Elemental Royalty Corporation announced a definitive agreement to acquire Vizsla Royalties in an all-share-or-cash transaction valued at approximately C$327 million (US$239 million), offering 0.15 Elemental shares or C$4.13 in cash per Vizsla share, with cash consideration capped at 25% of the deal. The transaction is expected to close in Q3 2026 subject to shareholder, court, and regulatory (including Mexico antitrust) approvals. Until Panuco reaches production, the company is pre-revenue; upon acquisition close by Elemental, the combined entity is expected to realize approximately 7,500 gold-equivalent ounces annually from Panuco.
Vizsla Royalties firmographics
Firmographics- Name
- Vizsla Royalties
- Legal name
- Vizsla Royalties Corp.
- Website
- https://vizslaroyalties.com
- Company type
- Public
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Vizsla Royalties Corp. is a Canadian precious metals royalty company holding uncapped Net Smelter Return royalties on Vizsla Silver's Panuco silver-gold project in Mexico — the world's largest undeveloped high-grade primary silver resource — with first production targeted for H2 2027.
- Ownership category
- akta.pro rank
Vizsla Royalties industry classification
Industry- Product category
- Mining Royalties
- NAICS
- Coal and Other Mineral and Ore Merchant Wholesalers (42352), Coal and Other Mineral and Ore Merchant Wholesalers (423520)
- SIC
- Mineral Royalty Traders (6795), Oil Royalty Traders (6792)
- akta.pro primary industry
- Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)
Keywords
Where Vizsla Royalties is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Vizsla Royalties business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Revenue model
- Net Smelter Return (NSR) Royalties: Vizsla Royalties generates revenue through NSR royalty agreements on mining projects. The company holds a 3.5% NSR on production from Silverstone concessions (covering 100% of Copala) and a 2.0% NSR on production from Rio Panuco concessions. Royalty payments are calculated as a percentage of mine revenue after deducting certain costs, providing exposure to commodity prices while generating predictable cash flow from production. The Panuco project targets first silver in H2 2027.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | NSR Royalty on Panuco Project - 3.5% on Silverstone/ Copala concessions, 2.0% on Rio Panuco concessions |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Vizsla Royalties product offering
Product offeringCore offering
Vizsla Royalties Corp. is a precious metals royalty company that holds Net Smelter Return (NSR) royalties on Vizsla Silver Corp.'s flagship Panuco Project in Mexico. The royalty portfolio includes a 3.5% NSR on Silverstone concessions covering 100% of the Copala mine area and a 2.0% NSR on Rio Panuco concessions, plus a right of first refusal (ROFR) on future property acquisitions within the district. The company generates passive royalty income without operating mines, with first silver production from Panuco targeted for H2 2027.
Product overview
Vizsla Royalties Corp. is a precious metals-focused royalty company with a single core product offering: a Net Smelter Royalty (NSR) on the Panuco Project in Mexico. The royalty portfolio includes a 3.5% NSR on the Silverstone concessions covering 100% of the Copala mine area and a 2.0% NSR on Rio Panuco concessions, plus a right of first refusal (ROFR) on future property acquisitions within the district. The Panuco Project represents the world's largest undeveloped high-grade primary silver resource, with first silver production targeted for H2 2027.
Differentiator
Problem solved
Functional benefit
Products and services
- Net Smelter Royalty (NSR) on Panuco Project Net Smelter Royalty (NSR) on Vizsla Silver Corp.'s flagship Panuco Project in Mexico, covering the entire Panuco District with a 3.5% NSR on Silverstone concessions (covering 100% of Copala) and a 2.0% NSR on Rio Panuco concessions. Royalty payments are calculated as a percentage of mine revenue after deducting certain costs, providing exposure to silver and gold commodity prices.
- Right of First Refusal (ROFR) on Panuco District Acquisitions Right of First Refusal (ROFR) on royalties on property acquisitions made by Vizsla Silver within 24 months of spinout, providing additional upside on future expansion within the Panuco district. Designed to allow Vizsla Royalties to acquire royalties on any new properties Vizsla Silver adds within the district before third parties.
Quantifiable outcome
- Post-tax NPV(5%) of US$1,137M and IRR of 85.7% for the Panuco Project
- +3 more outcomes
Companies that use Vizsla Royalties
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Vizsla Royalties technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Vizsla Royalties partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Elemental Royalty CorporationcoreElemental Royalty announced acquisition of Vizsla Royalties through a court-approved plan of arrangement valued at approximately C$327 million (US$239 million). The all-share or cash election offer provides Vizsla shareholders with 0.15 Elemental shares or C$4.13 in cash per share. Cash consideration is capped at 25% of the deal structure. The transaction was expected to close in Q3 2026 pending shareholder, court, and regulatory approvals.
- Vizsla Silver Corp.coreVizsla Royalties holds a Net Smelter Royalty (NSR) on Vizsla Silver Corp.'s flagship Panuco Project in Mexico. The royalty covers the entire Panuco district: 3.5% NSR on Silverstone concessions covering 100% of Copala, and 2.0% NSR on Rio Panuco concessions. Vizsla Silver operates the mine and pays royalties to Vizsla Royalties based on production revenue. Vizsla Silver holds 17% ownership in Vizsla Royalties.
Scale indicators7 records
Recent moves9 records
Expansion highlights6 records
Vizsla Royalties competitors and assessment
Company assessmentBroad incumbents
- Wheaton Precious Metals: World's largest precious metals streaming company with a diversified portfolio of gold and silver streaming agreements on operating mines. Highly comparable as a senior precious-metals royalty/streaming business model, though significantly larger and more diversified than Vizsla Royalties' single-asset silver focus.
- Franco-Nevada Corporation: Leading gold-focused royalty and streaming company with the industry's largest and most diversified portfolio. Comparable through its precious-metals royalty business model and exposure to underlying mine economics, though vastly larger scale and broader commodity mix than Vizsla Royalties.
- Royal Gold, Inc. Major precious metals royalty and streaming company with a portfolio spanning gold, silver, copper, and other metals. Directly comparable as a precious-metals royalty investor with NSR/streaming structures on producing and development-stage mines, though more diversified than Vizsla Royalties' single Panuco asset.
Direct peers
- Osisko Gold Royalties: Mid-tier precious metals royalty and streaming company with a portfolio of gold and silver royalties. Closely comparable as a North America-listed royalty company focused on precious metals royalties, with similar mid-cap scale and royalty-driven cash flow profile.
- Sandstorm Gold Royalties: Gold royalty and streaming company with a portfolio of over 200 royalties and streams. Comparable through its precious-metals royalty business model and emphasis on streaming/NSR structures on operating and development-stage mines, with a similar mid-cap market profile.
- Elemental Royalty Corporation: Diversified precious and base metals royalty company that has agreed to acquire Vizsla Royalties. Most directly comparable as a peer royalty company actively consolidating royalty streams, including the Panuco silver-gold royalty that motivates the Vizsla Royalties transaction.
- Metalla Royalty & Streaming: Precious metals royalty and streaming company focused on acquiring and holding royalties on gold and silver projects. Highly comparable through its growth-stage royalty model and exposure to development-stage precious-metals assets, though typically holds smaller, more diversified positions than Vizsla Royalties' single-asset focus.
- Vox Royalty Corp. Growth-oriented precious metals royalty company with a portfolio of over 50 royalties. Comparable through its precious-metals royalty acquisition model and TSX-V listing, though operating at a smaller scale and with a more diversified portfolio than Vizsla Royalties.
- EMX Royalty Corporation: Precious and base metals royalty company generating revenue from a global portfolio of royalties. Comparable as a royalty-focused issuer with a TSX-V listing and exposure to development-stage mining assets, with a similar small-mid cap scale to Vizsla Royalties.
- Gold Royalty Corp. Royalty company focused on acquiring gold royalties, with a portfolio including the Côté Lake royalty and other gold assets. Comparable through its precious-metals royalty model and development-stage asset exposure, though predominantly gold-focused versus Vizsla Royalties' silver-tilted Panuco royalty.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks7 records
Key highlights7 records
Customer concentration
Vizsla Royalties social profiles
Digital presenceVizsla Royalties financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vizsla Royalties leadership team
Management profileNumber of profiles
Profiles7 records
Vizsla Royalties funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vizsla Royalties M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vizsla Royalties
What does Vizsla Royalties do?
Vizsla Royalties Corp. is a precious metals royalty company that holds Net Smelter Return (NSR) royalties on Vizsla Silver Corp.'s flagship Panuco Project in Mexico. The royalty portfolio includes a 3.5% NSR on Silverstone concessions covering 100% of the Copala mine area and a 2.0% NSR on Rio Panuco concessions, plus a right of first refusal (ROFR) on future property acquisitions within the district. The company generates passive royalty income without operating mines, with first silver production from Panuco targeted for H2 2027.
Is Vizsla Royalties a public or private company?
Vizsla Royalties is a public company. It is classified as public and is currently operating.
When was Vizsla Royalties founded?
Vizsla Royalties was founded in 2024. It employs 1 to 10 people.
Where is Vizsla Royalties based?
Vizsla Royalties is headquartered in Vancouver, Canada, in the North America region.
How does Vizsla Royalties make money?
One revenue line is on record: net Smelter Return (NSR) Royalties.
Who are Vizsla Royalties's main competitors?
Broad incumbents on record are Wheaton Precious Metals, Franco-Nevada Corporation and Royal Gold, Inc.. Direct peers are Osisko Gold Royalties, Sandstorm Gold Royalties, Elemental Royalty Corporation, Metalla Royalty & Streaming, Vox Royalty Corp., EMX Royalty Corporation and Gold Royalty Corp..
Does Vizsla Royalties have an API?
No public API is recorded for Vizsla Royalties.
What industry is Vizsla Royalties in?
Vizsla Royalties's product category is Mining Royalties. Its primary akta.pro industry code is IMAKAEAF, Precious Metals Streaming, Royalties & Offtake. Its NAICS code is 42352 and its SIC code is 6795.