Vizsla Royalties (VROY ) Emerging Growth Conference 85 summary

Project updates and development plans

• Vizsla Royalties holds a 3.5% NSR royalty on the Panuco Project mine plan and 2% on exploration upside, with first silver and gold production targeted for the second half of 2027.

• The Panuco Project's feasibility study is expected in the second half of this year, with construction to follow permit approval.

• Star Gold is advancing its main zone in Mexico, focusing on permitting and production, with a plan of operations filed and final permit expected within two years.

• Star Gold's project features 100,000 oz recoverable gold and significant silver, with updated economics showing NPV over $100 million at $2,700 gold.

Exploration and resource potential

• Vizsla Silver has mapped 93 km of vein strikes, with only 8% included in the current mine plan, indicating substantial exploration upside.

• The Panuco Project resource base exceeds 360 million oz silver equivalent, with all key structures open for further expansion.

• Star Gold's deposit contains fine gold veinlets, with additional ore potential below the main zone and high recovery rates from leach pad testing.

Financial position and market context

• Vizsla Silver is well funded with $200 million in the bank, supporting non-dilutive project advancement and a modest $224 million CapEx.

• Vizsla Royalties is trading at 1.1x price to NAV, below the sector average, and could be valued at CAD 350–400 million based on precedent transactions.

• Star Gold is primarily funded by directors and officers, with $3–4 million needed to complete permitting and move to production.