Vizsla Royalties (VROY ) Q4 2025 earnings summary

Executive summary

• Completed a major spinout transaction and share consolidation, resulting in new share and warrant issuances and a TSX Venture Exchange listing.

• Ended the year with a working capital surplus of $7.7M, up from a deficit of $1.4M the prior year.

• Net loss for the year increased to $3.4M from $0.18M, mainly due to share-based compensation and transaction costs.

• Acquired and expanded royalty interests on the Panuco-Copala properties in Mexico.

• Subsequent to year-end, completed a $40M royalty acquisition and raised $63M in equity financing.

Financial highlights

• Net loss for the year was $3,376,383, compared to $183,632 in the prior year.

• Comprehensive loss for the year was $3,412,543, up from $164,957 year-over-year.

• Cash and cash equivalents increased to $7,727,605 from $22,596 year-over-year.

• Total assets rose to $7,841,526 from $288,428 year-over-year.

• Share-based compensation expense was $2,164,296, compared to nil in the prior year.

Outlook and guidance

• Expects to incur further losses as the business develops and will require additional financing to meet obligations.

• Proceeds from recent equity financing will be used for royalty acquisitions and general corporate purposes.