Vizsla Royalties (VROY ) Emerging Growth Conference 88 summary

Investment thesis and project overview

• Focuses on a single royalty on the Panuco silver-gold project in Mexico, offering a straightforward investment thesis with three main value drivers: project development, exploration upside, and timing amid a strong commodity price environment.

• Holds a 3.5% net smelter return (NSR) royalty on 98% of the proposed mine plan, with an additional 2% NSR on select concessions, ensuring significant exposure to future production.

• The Panuco project benefits from excellent infrastructure, including proximity to Mazatlán, deep-sea ports, airports, rail, highways, and high-voltage transmission lines.

Project development and exploration potential

• Updated feasibility study targets first silver production by late 2027, with a well-capitalized operator and over twice the required initial CapEx secured.

• Resource base has grown rapidly, with significant measured, indicated, and inferred resources, and ongoing drilling expected to further expand and upgrade resources.

• Only 8% of the known 93 km of vein strike is currently included in project economics, leaving substantial room for new discoveries and resource growth.

• Recent world-class discovery at the Animas target highlights ongoing exploration success, with all 12 resource structures open for expansion.

Financial structure and shareholder alignment

• Raised $40 million in June to acquire an additional 3% NSR, strengthening royalty coverage and financial position.

• Shares a closely aligned management team and shareholder base with the project operator, with 79 million shares outstanding and a market cap over CAD 300 million.

• Analyst coverage from Canaccord, Raymond James, and CIBC, with current trading above some analyst targets due to strong commodity prices.

• Vizsla Silver retains a 17% stake in the royalty company, maintaining strategic alignment.