Vizsla Royalties (VROY ) Corporate Presentation summary

Strategic opportunity and asset overview

• Holds a tier 1 silver-gold royalty on the Panuco Project, the world's largest undeveloped high-grade silver primary resource, advancing toward feasibility in H2 2025 and targeting first silver in H2 2027.

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

• Increased exposure to the most prospective concessions of the Panuco Project, consolidating the district and growing the royalty portfolio.

• Principal asset is a net smelter return (NSR) royalty covering the entire Panuco district: 3.5% NSR on Silverstone concessions and 2.0% NSR on Rio Panuco concessions.

• Right of first refusal on royalties for property acquisitions by Vizsla Silver within 24 months of spinout.

Project development, resources, and production profile

• Panuco is a past-producing district in Mexico, now over 30,000 ha, with significant infrastructure and over 375,000m drilled.

• Resources have grown from 61 Moz AgEq in 2022 to 222 Moz AgEq in 2024, with only 30% of known vein targets explored.

• 2025 updated MRE shows an 11% increase in global contained ounces and a 43% increase in M&I AgEq ounces, with 30% of indicated resource converted to measured.

• 2024 PEA projects 15.2 Moz AgEq average annual production over 11 years, with initial capital of US$224M, AISC of US$9.4/oz AgEq, and post-tax NPV (5%) of US$1,137M.

• Fully permitted, fully funded test mine commenced in Q4 2024 to de-risk initial production.

Exploration upside and growth potential

• Less than 30% of known vein targets have been drill tested; recent discoveries at Animas and high-grade intercepts at La Luisa North highlight further upside.

• Ongoing drilling includes 10,000m at underexplored Central and East Panuco areas.

• PEA covers only a small portion of the district, with multiple resource expansion and district-scale targets identified.

• Development timeline targets first silver in H2 2027, with feasibility study and construction decision in 2025-2026.