Vizsla Royalties (VROY ) investor relations material

Strategic positioning and asset overview

• Holds royalties on the Panuco silver-gold district, covering both Rio Panuco (2% NSR) and Silverstone (3.5% NSR) concessions, with district-scale exposure.

• Panuco is the world's largest undeveloped high-grade silver primary resource, advancing toward production with first silver targeted for H2 2027.

• Less than 28% of known vein targets have been drill tested, indicating significant exploration upside.

• Feasibility study completed in Q4 2025; project is fully funded and permitted for a test mine.

• Operator has robust financial capacity, with ~$480M available, more than double initial capex requirements.

Resource growth and production profile

• Measured and indicated resources increased 43% to 222 Moz AgEq in 2024, with a 4.5% grade improvement.

• First measured resource estimation achieved in 2025, with 30% of indicated resources converted to measured.

• Average annual production projected at 17.4 Moz AgEq over a 9.4-year mine life, with 20.1 Moz AgEq in the first five years.

• Low operating costs: AISC of $10.61/oz AgEq and initial capex of $239M.

• Post-tax NPV (5%) of $1.8B and IRR of 111%, with a payback period of 0.6 years at base case prices.

Exploration and development timeline

• Ongoing drilling and recent discoveries, such as at Animas, highlight new mineralization potential outside the feasibility study area.

• Resource expansion targets include Copala, La Luisa, and several district-scale veins.

• Development timeline targets first silver production in H2 2027, with construction commencing after permits in 2026.

• Only a small portion of the district is covered by the feasibility study, leaving substantial upside.