Vizsla Silver Corp
Vizsla Silver Corp is a Canadian development-stage mining company advancing its 100%-owned Panuco silver-gold project in Sinaloa, Mexico, targeting 17.4 Moz AgEq annual production by H2 2027 for sale to global smelters and refiners.
- Company typePublic
- Founded2018
- HeadquartersVancouver, Canada
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Vizsla Silver Corp does
Vizsla Silver Corp is a Canadian development-stage mining company headquartered in Vancouver, British Columbia, focused exclusively on advancing its 100%-owned Panuco silver-gold project in Concordia, Sinaloa, Mexico. The company was incorporated in 2018 as Vizsla Resources Corp., rebranded in 2021, and is now dual-listed on the NYSE and TSX under ticker VZLA (graduated from the TSX Venture Exchange in November 2024). Its sole material asset is the Panuco district, which contains 61.1 Moz AgEq indicated and 45.6 Moz AgEq inferred mineral resources across an 86 km vein extent, supported by 210,000+ metres of drilling and pre-existing infrastructure including a 500 tpd mill and 35 km of underground development.
The November 2025 Feasibility Study establishes the project's economic profile: 17.4 Moz AgEq annual production over a 9.4-year initial mine life, a US$1.8 billion after-tax NPV (5%), a 111% IRR, and a 7-month payback at US$35.50/oz silver and US$3,100/oz gold. Processing is based on conventional underground silver-gold mining with Merrill Crowe and refining circuits, with equipment supplied by FLSmidth and EPCM execution by M3 Engineering. Vizsla is pre-revenue and targeting first silver production in H2 2027, with a Phase 2 expansion planned to 4,000 tpd beyond the initial 3,300 tpd Phase 1.
The business model is B2B commodity sales targeting global precious metals smelters, refineries, and traders for doré bars and concentrate, with no offtake contracts disclosed to date. The company has raised cumulative capital exceeding C$184 million in equity (led by Canaccord Genuity, Eric Sprott, and Raymond James) plus US$240 million in convertible debt, holding over US$450 million in cash to fund development. CEO Michael Konnert holds approximately 20% of shares, with Eric Sprott (via 2176423 Ontario Ltd.) holding approximately 9.9%.
Vizsla Silver Corp firmographics
Firmographics- Name
- Vizsla Silver Corp
- Legal name
- Vizsla Silver Corp
- Website
- https://vizslasilvercorp.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Vizsla Silver Corp is a Canadian development-stage mining company advancing its 100%-owned Panuco silver-gold project in Sinaloa, Mexico, targeting 17.4 Moz AgEq annual production by H2 2027 for sale to global smelters and refiners.
- Ownership category
- akta.pro rank
Vizsla Silver Corp industry classification
Industry- Product category
- Precious Metals Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Silver Mining (IMAKAEAB)
- akta.pro secondary industry
- Precious Metals Exploration & Project Development (IMAKAEAI)
Keywords
Where Vizsla Silver Corp is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Vizsla Silver Corp 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: Pre-revenue development stage company targeting silver-gold production from Panuco project. Revenue will come from selling silver and gold extracted from mining operations upon achieving commercial production targeted for H2 2027.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Vizsla Silver Corp product offering
Product offeringCore offering
Vizsla Silver Corp is a development-stage mining company advancing the 100%-owned Panuco silver-gold project in Sinaloa, Mexico. The company will produce silver and gold from underground mining using Merrill Crowe and refining process infrastructure, targeting 17.4 Moz AgEq annual production over an initial 9.4-year mine life, with first silver production targeted for H2 2027.
Product overview
Vizsla Silver Corp is a Canadian development company with a single primary focus: the Panuco silver-gold project, a 100%-owned development-stage asset in Sinaloa, Mexico. The company's product portfolio centers on this project, which includes the process plant and surface infrastructure (supplied by FLSmidth), mine development planning (via M3 Engineering and Mining Plus contracts), and concurrent district-scale exploration. The company is not yet in production; it is advancing toward first silver production targeting the second half of 2027. There are no separate software products, modules, or ancillary offerings—the company operates as a single-asset developer.
Differentiator
Problem solved
Functional benefit
Products and services
- Panuco Silver-Gold Project A 100%-owned silver-gold development project located in Sinaloa, Mexico, targeting 17.4 million ounces of annual silver equivalent production over an initial 9.4-year mine life per the November 2025 Feasibility Study. The asset is being advanced toward first silver production in H2 2027 for sale to global smelters, refineries, and precious metals traders.
Quantifiable outcome
- 17.4 Moz AgEq annual production over 9.4-year initial mine life
- +2 more outcomes
Companies that use Vizsla Silver Corp
Customer profileSegments1 record
Ideal customer profiles2 records
Vizsla Silver Corp technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Vizsla Silver Corp partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and strategic.
- FLSmidthcoreEquipment supply agreement covering eight major process plant equipment packages across crushing, grinding, thickening, Merrill Crowe, and refining circuits for the Panuco project. Limited Notice to Proceed issued with formal NTP expected. Equipment designed for Phase 1 (3,300 tpd) and Phase 2 expansion (4,000 tpd).
- M3 Engineering & Technology Corp.coreEPCM (Engineering, Procurement and Construction Management) contract covering process plant and surface infrastructure valued at approximately US$170 million for the Panuco silver-gold project in Sinaloa, Mexico.
- Mining PluscoreMine Design contract covering approximately US$50 million in development capital and US$40 million in ore development over two years of pre-production. Both contractors advancing detailed design, construction planning, and equipment procurement.
- Prismo Metals Inc.strategicStrategic investment of C$2 million including cash payment of C$500,000 and 1,000,000 shares, plus right of first refusal on Palos Verdes project. Technical committee formed for district-scale exploration of Panuco silver-gold district.
Scale indicators9 records
Recent moves9 records
Expansion highlights5 records
Vizsla Silver Corp competitors and assessment
Company assessmentDirect peers
- First Majestic Silver Corp. Senior silver producer with multiple Mexican mines (San Dimas, Santa Elena, La Encantación). Comparable primary-silver producer profile and the principal precedent for Mexican silver district operators.
- Hecla Mining Company: Largest U.S.-based silver producer with Greens Creek and Lucky Friday mines. Useful benchmark for primary-silver underground mining economics and silver-equivalent reserve valuation.
- Fortuna Mining Corp. Mid-tier precious metals producer with Mexican silver-gold operations (San Jose Mine, recently expanded). Strong operational comparator for an underground silver-gold producer in Mexico.
- Gatos Silver, Inc. Mexican-focused silver-zinc-lead producer at the Cerro Los Gatos mine in Chihuahua. Closest operating peer to Vizsla given jurisdiction, mineralogy (silver-dominant base metal system), and project scale.
- SilverCrest Metals Inc. Canadian developer-producer of high-grade silver-gold in Mexico (Las Chispas). Recent transition from developer to producer makes SilverCrest a near-perfect template for Vizsla's planned H2 2027 production trajectory.
- Endeavour Silver Corp. Mid-tier silver producer operating multiple underground mines in Mexico (Guanaceví, Bolañitos). Provides a benchmark for what a producing silver-focused mid-cap looks like once Vizsla reaches commercial production.
- MAG Silver Corp. Advanced silver developer with the Juanicipio project in Mexico (joint venture with Fresnillo). Direct comparator as a high-grade Mexican silver project advancing from feasibility to production.
Emerging players
- Dolly Varden Silver Corporation: Junior silver developer advancing high-grade Kitsault Valley project in British Columbia. Comparable as a Canadian-listed silver developer transitioning from exploration toward feasibility, though in a different jurisdiction.
Broad incumbents
- Coeur Mining, Inc. U.S.-based silver and gold producer with the Palmarejo mine in Mexico. Relevant production-cost and capital-allocation benchmark for silver-gold underground operations.
- Pan American Silver Corp. Major diversified silver and gold producer with operations across the Americas, including Mexican assets. Relevant as a multiple-driver and benchmark for silver-dominant revenue streams.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Vizsla Silver Corp social profiles
Digital presenceVizsla Silver Corp financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vizsla Silver Corp leadership team
Management profileNumber of profiles
Profiles5 records
Vizsla Silver Corp subsidiaries and ownership
Company hierarchySubsidiaries1 record
Vizsla Silver Corp funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vizsla Silver Corp 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 Silver Corp
What does Vizsla Silver Corp do?
Vizsla Silver Corp is a development-stage mining company advancing the 100%-owned Panuco silver-gold project in Sinaloa, Mexico. The company will produce silver and gold from underground mining using Merrill Crowe and refining process infrastructure, targeting 17.4 Moz AgEq annual production over an initial 9.4-year mine life, with first silver production targeted for H2 2027.
Is Vizsla Silver Corp a public or private company?
Vizsla Silver Corp is a public company. It is classified as public and is currently operating.
When was Vizsla Silver Corp founded?
Vizsla Silver Corp was founded in 2018. It employs 51 to 100 people.
Where is Vizsla Silver Corp based?
Vizsla Silver Corp is headquartered in Vancouver, Canada, in the North America region.
How does Vizsla Silver Corp make money?
One revenue line is on record: silver and Gold Production.
Who are Vizsla Silver Corp's main competitors?
Direct peers on record are First Majestic Silver Corp., Hecla Mining Company, Fortuna Mining Corp., Gatos Silver, Inc., SilverCrest Metals Inc., Endeavour Silver Corp. and MAG Silver Corp.. Dolly Varden Silver Corporation is listed as an emerging player. Broad incumbents are Coeur Mining, Inc. and Pan American Silver Corp..
Does Vizsla Silver Corp have an API?
No public API is recorded for Vizsla Silver Corp.
What industry is Vizsla Silver Corp in?
Vizsla Silver Corp's product category is Precious Metals 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 21222 and its SIC code is 1040.