Vizsla Royalties (VROY ) Emerging Growth Conference 2025 summary

Strategic positioning and asset overview

• Holds a 3.5% NSR royalty on a high-grade, undeveloped silver-gold project in Mexico, with additional 2% NSR on exploration concessions.

• Project is considered among the largest and highest-grade undeveloped silver resources globally.

• Right of first refusal on new royalties created within 24 months of spin-out.

• Project area spans 14 km by 7 km, with significant high-grade mineralization potential.

• Royalty model allows for non-dilutive exposure to exploration and development upside.

Project development and resource growth

• Project is advancing from PEA (2024) to feasibility study, targeting first production in H2 2027.

• Resource base exceeds 365 million ounces silver equivalent, with 156–222 million ounces in mine plan.

• Pending feasibility study foundation represents a 43% resource increase at 5% higher grade over PEA.

• Only 30% of known targets tested; mine plan covers about 10% of outlined veins, indicating large exploration upside.

• All 11 resource structures remain open for further expansion.

Financial strength and market context

• Project owner holds over $200 million in cash, no debt, and a mandate for up to $200 million in project finance.

• Low CapEx requirement of $224 million supports de-risking and project advancement.

• Silver prices at 15-year highs ($42/oz) and gold at all-time highs provide a favorable market backdrop.

• Royalty companies trade at significant premiums, with recent M&A multiples averaging 1.6x NAV.

• Current trading at 1.1x NAV suggests potential for a value re-rate as project de-risks.