Vizsla Royalties (VROY ) Corporate Presentation summary

Investment highlights

• Holds royalties on the Panuco Project, the world's largest undeveloped high-grade silver primary resource, advancing toward feasibility in 2025 and targeting first silver in H2 2027.

• Royalties include a 2.0% NSR on Rio Panuco concessions and a 3.5% NSR on Silverstone concessions, covering key high-grade zones.

• Royalty model provides insulation from operating costs, organic growth, and stable P/NAV premiums, offering leverage to rising metal prices.

• Panuco Project is fully permitted, well-funded with $450M in financial capacity, and has a low initial CapEx of $224M.

• Less than 30% of known vein targets have been drill tested, indicating significant exploration upside.

Project development and resource growth

• Resource upgrades in 2025 include a 43% increase in M&I AgEq ounces to 222.4 Moz and a 4.5% increase in average grade.

• Only 30% of known targets have been explored, with new discoveries such as Animas expanding potential.

• Ongoing drilling and test mining commenced in Q4 2024 to de-risk initial production.

• Updated MRE shows 11% increase in global contained ounces and significant conversion of resources to higher confidence categories.

• High-grade discoveries continue to be made, with Copala and La Luisa open for expansion.

Financials and capital structure

• Market capitalization as of October 2025 is C$296M, with 69.9M shares outstanding and no warrants.

• Fully funded for construction, with a $220M debt facility mandate and $200M cash position.

• Analyst coverage includes Canaccord, Raymond James, and CIBC.

• Major royalty companies trade at over 2x NAV, positioning the asset for a premium valuation.

• Royalty companies benefit from higher and more stable P/NAV multiples compared to operators.