Vizsla Silver Corp

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%.

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

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

• Silver gold mining
• Precious metals exploration
• Mineral project development
• Underground mine construction
• Feasibility study minerals

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. 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

Core 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

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and strategic.

• FLSmidthcoreTechnology or Integration · 16 June 2026Equipment 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.coreImplementation/ SI/ Consulting Partner · 23 April 2026EPCM (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 PluscoreImplementation/ SI/ Consulting Partner · 23 April 2026Mine 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 or Co-development Partner · 24 November 2022Strategic 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

Direct 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

• Xx.com/VizslaSilver
• LinkedInlinkedin.com/company/vizsla-silver

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vizsla Silver Corp