Vizsla Silver
Vizsla Silver Corp. is a Vancouver-based Canadian mineral exploration and development company advancing its 100%-owned Panuco silver-gold project in Sinaloa, Mexico, targeting 17.4 Moz AgEq annual production over a 9.4-year mine life with first silver output planned for 2H 2027.
- Company typePublic
- Founded2017
- HeadquartersVancouver, Canada
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Vizsla Silver does
Vizsla Silver Corp. is a Canadian mineral exploration and development company headquartered in Vancouver, British Columbia, publicly listed on the NYSE American and TSX under the ticker VZLA. The company is focused on the acquisition, exploration, and advancement of precious-metals mineral resource properties, with its flagship 100%-owned Panuco silver-gold project located in Sinaloa, Mexico. Panuco is a high-grade silver-gold district where the Copala zone carries measured resources of 41.4 Moz AgEq at 684 g/t AgEq, validated through 10,578 metres of oriented geotechnical and infill drilling, and the company has additional exploration exposure to the La Garra-Metates district and the Santa Fe project in Mexico.
The technology stack is conventional mining and mineral processing: Vizsla has awarded FLSmidth the process plant equipment contract covering crushing, grinding, thickening, Merrill Crowe process, and refining circuits for an initial 3,300 tpd operation with design headroom for a 4,000 tpd expansion, and the equipment package is engineered to allow future integration of the Napoleon mine. M3 Engineering & Technology Corp. holds the EPCM mandate and Mining Plus holds the mine design contract for development capital of approximately US$50 million and US$40 million in ore development over two years of pre-production. Existing infrastructure includes the Morgan ramp advanced to the 460 level and underground test-mine workings providing rock mechanics and structural data.
The business model is a pre-production commodity developer: revenue, once generated, will be derived from one-time sales of silver-gold doré bars and concentrate to commodity buyers, precious metals traders, and industrial offtake counterparties at prevailing COMEX/LBMA market prices. The company has raised over US$1 billion cumulatively through public equity, convertible senior notes, a Macquarie Bank project finance mandate, and a Mexican government-backed FIFOMI working capital facility, and ended 2025 with over US$450 million in cash against stated initial capex of US$173–238.7 million. The November 2025 Feasibility Study underpins the commercial thesis with a projected 17.4 Moz AgEq annual production over a 9.4-year initial mine life, US$1.8 billion after-tax NPV at 5% discount, 111% IRR, and a 7-month payback at conservative commodity prices, with first silver production targeted for the second half of 2027.
Vizsla Silver firmographics
Firmographics- Name
- Vizsla Silver
- Legal name
- Vizsla Silver Corp.
- Website
- https://vizslasilvercorp.ca
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Vizsla Silver Corp. is a Vancouver-based Canadian mineral exploration and development company advancing its 100%-owned Panuco silver-gold project in Sinaloa, Mexico, targeting 17.4 Moz AgEq annual production over a 9.4-year mine life with first silver output planned for 2H 2027.
- Ownership category
- akta.pro rank
Vizsla Silver industry classification
Industry- Product category
- Silver-Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Silver Mining (IMAKAEAB)
- akta.pro secondary industries
- Precious Metals Exploration & Project Development (IMAKAEAI), Precious Metals Smelting & Refining (IMAKAEAE), Gold Mining (IMAKAEAA)
Keywords
Where Vizsla Silver is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Vizsla Silver business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D
Revenue model
- Silver and Gold Production Sales: Vizsla Silver generates revenue from the sale of silver and gold extracted from its Panuco project. Once in production, the company will sell silver-gold concentrate and doré bars to commodity buyers and precious metals traders at market prices.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Vizsla Silver product offering
Product offeringCore offering
Vizsla Silver is a mineral exploration and development company focused on the acquisition, exploration, and advancement of precious metals mineral resource properties. Its flagship asset is the 100%-owned Panuco silver-gold project in Sinaloa, Mexico, which is a feasibility-stage mining operation projected to produce approximately 17.4 million ounces of silver equivalent annually over a 9.4-year initial mine life. Revenue is generated through the future sale of silver-gold concentrate and doré bars to commodity buyers at market prices.
Differentiator
Problem solved
Functional benefit
Products and services
- Panuco silver-gold project A fully owned silver-gold mining project in Sinaloa, Mexico, expected to produce approximately 17.4 million ounces of silver equivalent annually over a 9.4-year initial mine life with an after-tax NPV of US$1.8 billion and 111% IRR. The project will sell silver-gold concentrate and doré bars to commodity buyers and precious metals traders at market prices.
- La Garra-Metates district
Quantifiable outcome
- 17.4 million oz AgEq annual production over 9.4-year initial mine life
- +4 more outcomes
Companies that use Vizsla Silver
Customer profileSegments1 record
Ideal customer profiles2 records
Vizsla Silver technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Vizsla Silver partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- FLSmidthcoreVizsla Silver awarded an equipment supply contract to FLSmidth for its Panuco silver-gold project. The deal covers engineering and provision of major process plant equipment including crushing, grinding, thickening, Merrill Crowe process and refining circuits, specified for both the initial 3,300 tpd operation and future expansion to 4,000 tpd. Engineering work will start immediately with a formal notice to proceed expected in the coming months, and the contract is structured to accommodate future integration of the Napoleon mine.
- M3 Engineering & Technology Corp.coreVizsla Silver awarded the Engineering, Procurement and Construction Management (EPCM) contract for its flagship Panuco silver-gold project to M3 Engineering & Technology Corp. The EPCM contract covers the process plant and surface infrastructure valued at approximately US$170 million. M3 will advance detailed design, construction planning, and equipment procurement as the project moves toward mobilization and eventual production.
- Mining PluscoreVizsla Silver entered into a Mine Design contract with Mining Plus for its Panuco silver-gold project. The scope covers approximately US$50 million in development capital and US$40 million in ore development over two years of pre-production. Mining Plus will advance detailed mine design work as part of the project development.
- Fresnillo plcminorVizsla Silver acquired 10 strategic mineral claims from Fresnillo plc in the Panuco–San Dimas corridor for US$2 million in cash and US$4 million in shares. The claims cover 1,734 Ha adjacent to Vizsla's existing Panuco project and contain prospective mineralized veins, expanding the project's exploration and resource potential.
Scale indicators16 records
Recent moves6 records
Expansion highlights6 records
Vizsla Silver competitors and assessment
Company assessmentDirect peers
- First Majestic Silver Corp. Pure-play silver producer with multiple producing mines in Mexico, including operations in Sinaloa. Directly comparable to Vizsla Silver in target commodity (silver), geography (Mexico), and growth-from-development profile. Notably, former Vizsla Corporate Secretary Susy Horna came from First Majestic.
- MAG Silver Corp. Silver-focused development and mining company with flagship Juanicipio project in Mexico (joint venture with Fresnillo). Highly comparable to Vizsla Silver given the silver focus, Mexico jurisdiction, and the Fresnillo relationship that connects both companies.
- Endeavour Silver Corp. Mid-tier silver producer operating multiple mines in Mexico, with a portfolio of high-grade silver-gold assets. Closely comparable to Vizsla in commodity focus (silver), geography (Mexico), and grade profile.
- Gatos Silver, Inc. Silver producer with the Cerro Los Gatos mine in Mexico. Comparable to Vizsla Silver as a silver-focused company with Mexico operations; former Vizsla Corporate Secretary Susy Horna previously served as Corporate Secretary at Gatos Silver.
- SilverCrest Metals Inc. Silver-gold developer and producer with Las Chispas mine in Sonora, Mexico. Highly comparable to Vizsla in high-grade silver-gold resource profile, Mexico jurisdiction, and producer/developer transition.
Broad incumbents
- Fresnillo plc: World's largest primary silver producer with multiple mines in Mexico, including the San Dimas district adjacent to Vizsla's Panuco project. Comparable as both a strategic partner (sold claims to Vizsla) and the dominant silver incumbent in the same Mexican mining belt.
- Pan American Silver Corp. Major precious metals producer with diversified silver and gold mining operations across the Americas, including Mexico. Comparable as a large-scale silver-gold producer, though more diversified and established than the development-stage Vizsla.
- Hecla Mining Company: Largest U.S.-based silver producer with operations across North America. Comparable as a primary silver producer, though more diversified and focused on operating mines rather than development-stage projects like Vizsla's Panuco.
- Coeur Mining, Inc. U.S.-based precious metals producer with silver and gold operations in Mexico and the U.S. Comparable in commodity mix and Mexican exposure, though operating rather than development-stage like Vizsla.
- Fortuna Mining Corp. Mid-tier precious metals producer with silver and gold mines in Mexico and West Africa. Comparable as a silver-gold producer with significant Mexican operations, though more diversified geographically than Vizsla.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Vizsla Silver social profiles
Digital presenceVizsla Silver financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vizsla Silver leadership team
Management profileNumber of profiles
Profiles9 records
Vizsla Silver subsidiaries and ownership
Company hierarchySubsidiaries1 record
Vizsla Silver funding detail
Funding detailFunding overview
Funding rounds12 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vizsla Silver M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vizsla Silver
What does Vizsla Silver do?
Vizsla Silver is a mineral exploration and development company focused on the acquisition, exploration, and advancement of precious metals mineral resource properties. Its flagship asset is the 100%-owned Panuco silver-gold project in Sinaloa, Mexico, which is a feasibility-stage mining operation projected to produce approximately 17.4 million ounces of silver equivalent annually over a 9.4-year initial mine life. Revenue is generated through the future sale of silver-gold concentrate and doré bars to commodity buyers at market prices.
Is Vizsla Silver a public or private company?
Vizsla Silver is a public company. It is classified as public and is currently operating.
When was Vizsla Silver founded?
Vizsla Silver was founded in 2017. It employs 51 to 100 people.
Where is Vizsla Silver based?
Vizsla Silver is headquartered in Vancouver, Canada, in the North America region.
How does Vizsla Silver make money?
One revenue line is on record: silver and Gold Production Sales.
Who are Vizsla Silver's main competitors?
Direct peers on record are First Majestic Silver Corp., MAG Silver Corp., Endeavour Silver Corp., Gatos Silver, Inc. and SilverCrest Metals Inc.. Broad incumbents are Fresnillo plc, Pan American Silver Corp., Hecla Mining Company, Coeur Mining, Inc. and Fortuna Mining Corp..
Does Vizsla Silver have an API?
No public API is recorded for Vizsla Silver.
What industry is Vizsla Silver in?
Vizsla Silver's product category is Silver-Gold Mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKAEAI, Precious Metals Exploration & Project Development. Its NAICS code is 212220 and its SIC code is 1040.