Vizsla Royalties Provides Update ON Principal Asset
www.vizslaroyalties.com | 1
FOR IMMEDIATE RELEASE JANUARY 8, 2025
VIZSLA ROYALTIES PROVIDES UPDATE ON PRINCIPAL ASSET
Vancouver, British Columbia (January 8, 2025) – Vizsla Royalties Corp. (TSX-V: VROY) (“Vizsla Royalties”
or the “Company”) is pleased to provide an update on the development of its principal asset. The
Company holds a net smelter return royalty on the Panuco silver-gold project located in Western Mexico
owned by Vizsla Silver Corp (TSX: VZLA, NYSE: VZLA) (“Vizsla Silver”).
On January 6, 2025, Vizsla Silver reported an updated mineral resource for Panuco, highlighting an
estimated combined measured and indicated mineral resource of 222.4 million ounces (“Moz”) silver
equivalent (“AgEq”) grading 534 g/t AgEq, and an Inferred mineral resource of 138.7 Moz AgEq grading
412 g/t AgEq).
Highlights of Vizsla Silver’s Updated Mineral Resource Estimate, including a comparison to the previous
mineral resource estimate released in January 2024:
• 43% increase in combined measured and indicated mineral resources from 155.8 to 222.4 Moz
AgEq
• Added 46 Moz AgEq in new measured resources and 176 Moz AgEq in new indicated resources
o 9.4% increase in combined measured and indicated grade at Copala (580 g/t to 635 g/t
AgEq)
o 4.5% increase in global indicated grade (511 g/t to 534 g/t AgEq)
• 18% decrease in inferred mineral resources from 169.6 to 138.7 Moz AgEq mostly due to
conversion to indicated resources
o 4.9% decrease in inferred grade (433 g/t to 412 g/t AgEq)
Key Statistics:
• The Updated Mineral Resource represents less than 10% of the known vein strike of the newly
consolidated Panuco district
• 91% of the value of the Updated Mineral Resource Estimate is comprised of precious metals,
including 56% from silver
• A total of 11 epithermal veins were included in the Updated Mineral Resource Estimate
• Total all-in exploration cost of US$0.41/oz AgEq discovered
The full news release is available on Vizsla Silver’s website here.
“As the principal holder of a net smelter returns royalty on the Panuco Project, I’m thrilled with the progress
Vizsla Silver has made.” commented, Michael Pettingell, CEO. “Vizsla Silver’s drilling efforts throughout
2024, targeting the Copala and Napoleon areas, has significantly increased resource confidence with
measured and indicated resources now totaling an impressive 222.4 Moz AgEq at an average grade of 534
g/t AgEq. This marks a 43% increase in contained ounces and a 4.5% increase in average grade from their
previous mineral resource estimate. Notably, Vizsla Silver announced its first-ever measured resource
www.vizslaroyalties.com | 2
estimate, containing 46 Moz at an exceptional average grade of 640 g/t AgEq, with the majority located
at Copala in areas earmarked for initial mining. These results continue to build on previous resource
estimates and highlight the remarkable mineralized continuity across the western portion of the Panuco
district. I’m excited to see what 2025 will bring as Vizsla Silver continues to de-risk the Panuco Project and
advance towards a production decision.”
Table 1: Panuco Project Measured, Indicated and Inferred Mineral Resource Summary by Vein (150 g/t
AgEq cut-off)
Vein Tonnes Average Grade Contained Metal
Ag Au Pb Zn AgEq Au Eq Ag Au Pb Zn 1AgEq 2AuEq
(Mt) (g/t) (g/t) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (koz) (koz)
Measured
Copala 1.88 442 3.09 0.08 0.15 684 8.92 26,744 187 1.4 2.9 41,418 540
Napoleon 0.36 161 2.34 0.51 1.41 404 4.55 1,853 27 1.8 5.1 4,638 52
Total
Measured 2.24 397 2.97 0.15 0.35 640 8.22 28,597 214 3.3 7.9 46,056 592
Indicated
Copala 4.29 402 2.50 0.09 0.17 600 7.80 55,374 345 3.8 7.2 82,781 1,076
Tajitos 0.72 380 2.34 0.14 0.25 571 7.36 8,833 55 1.0 1.8 13,277 171
Cristiano 0.36 610 3.67 0.25 0.45 912 11.73 7,102 43 0.9 1.6 10,614 137
Copala Area
Total 5.37 413 2.56 0.11 0.20 617 8.01 71,309 443 5.7 10.6 106,672 1,384
Napoleon 3.78 150 2.25 0.52 1.78 399 4.32 18,184 273 19.4 67.2 48,404 525
Napoleon HW 0.99 217 2.09 0.47 1.64 448 5.04 6,885 66 4.6 16.2 14,206 160
Luisa 0.49 143 2.12 0.31 1.44 364 4.08 2,238 33 1.5 7.0 5,693 64
Josephine 0.06 230 2.54 0.38 1.09 473 5.64 452 5 0.2 0.7 928 11
Cruz 0.03 145 2.01 0.38 2.01 380 4.03 154 2 0.1 0.7 403 4
NP Area Total 5.34 163 2.21 0.49 1.72 405 4.44 27,913 379 25.9 91.7 69,634 763
Total
Indicated 10.72 288 2.39 0.30 0.95 512 6.23 99,222 822 31.6 102.3 176,306 2,147
Measured & Indicated
Total M&I 12.96 307 2.49 0.27 0.85 534 6.58 127,819 1,036 34.9 110.2 222,362 2,739
Inferred
Copala 2.32 322 1.83 0.16 0.27 476 6.09 24,014 137 3.7 6.2 35,452 454
Tajitos 0.89 346 2.08 0.27 0.43 527 6.66 9,936 60 2.4 3.9 15,132 191
Cristiano 0.34 460 2.49 0.16 0.31 665 8.57 4,959 27 0.5 1.0 7,168 92
Copala Area
Total 3.55 341 1.96 0.19 0.31 507 6.48 38,909 224 6.7 11.1 57,752 739
Napoleon 2.28 159 1.46 0.44 1.63 340 3.64 11,637 107 10.0 37.1 24,941 267
Napoleon HW 0.59 202 2.12 0.64 2.15 458 4.91 3,800 40 3.7 12.6 8,619 92
Luisa 2.83 132 2.24 0.28 1.24 355 4.05 12,049 204 8.1 35.2 32,307 369
Josephine 0.21 176 1.81 0.34 1.01 360 4.19 1,180 12 0.7 2.1 2,406 28
Cruz 0.35 171 3.58 0.30 1.64 510 5.92 1,907 40 1.0 5.7 5,676 66
NP Area Total 6.25 152 2.00 0.38 1.48 368 4.09 30,573 403 23.5 92.6 73,949 822
*San Antonio 0.30 226 1.30 0.01 0.03 325 4.33 2,038 12 0.0 0.1 2,936 39
*Animas 0.40 169 1.68 0.29 0.60 327 4.37 2,101 21 1.1 2.3 4,074 54
www.vizslaroyalties.com | 3
Note:
1AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $26.00/oz
silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.
2AuEq = Au ppm + (((Ag ppm x Ag price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Au price/gram). Metal price assumptions are $26.00/oz
silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.
*Animas and San Antonio use metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,425/t lead and $2,976/t zinc.
Vizsla Silver will be hosting a webcast to discuss the Updated Mineral Resource Estimate at 10:00am
PT on Thursday, January 9, 2025. To register, please click here.
Qualified Person
In accordance with NI 43-101, Jesus Velador, Ph.D. MMSA QP, is the independent Qualified Person who
has reviewed and approved the technical and scientific content of this news release.
About Vizsla Royalties Corp.
Vizsla Royalties Corp. is a precious metals focused royalty company. The Company’s principal asset is a
Net Smelter Return Royalty on Vizsla Silver Corp.’s (TSX: VZLA, NYSE: VZLA) flagship Panuco Project located
in Mexico. Panuco is a world-class silver and gold development project actively advancing towards
production. A Preliminary Economic Study for Panuco was published in July 2024 which highlights 15.2
Moz AgEq of annual production over an initial 10.6-year mine life, an after-tax NPV5% of US$1.1B, 86%
IRR and a 9-month payback at US$26/oz Ag and US$1,975/oz Au.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Michael Pettingell, Chief Executive Officer
Tel: (604) 364-2215
Email: [email protected]
Website: www.vizslaroyalties.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities
laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”,
“forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward-looking
statements or information.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity,
enhanced value and capital markets profile of Vizsla Royalties, future growth potential for Vizsla Royalties and its
business, and future exploration plans are based on management’s reasonable assumptions, estimates,
expectations, analyses and opinions, which are based on management’s experience and perception of trends,
current conditions and expected developments, and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding,
among other things, the price of silver, gold, and other metals; costs of exploration and development; the estimated
Total Inferred 10.50 219 1.96 0.30 1.01 412 4.91 73,621 660 31.2 106.2 138,711 1,654
www.vizslaroyalties.com | 4
costs of development of exploration projects; Vizsla Silver’s ability to operate in a safe and effective manner and its
ability to obtain financing on reasonable terms.
These statements reflect Vizsla Royalties’ respective current views with respect to future events and are necessarily
based upon a number of other assumptions and estimates that, while considered reasonable by management, are
inherently subject to significant business, economic, competitive, polit ical and social uncertainties and
contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements
to be materially different from the results, performance or achievements that are or may be expressed or implied
by such forward-looking statements or forward-looking information and Vizsla Royalties has made assumptions and
estimates based on or related to many of these factors. Such factors include, without limitation: the Company’s
dependence on one asset; precious metals price volatility; risks associated with the conduct of Vizsla Silver’s mining
activities in Mexico; regulatory, consent or permitting delays; risks rela ting to reliance on the Company’ s
management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability
to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks
regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity
issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources,
metallurgical recoveries and capital and operating costs of such projects; contests over title to properties,
particularly title to undeveloped properties; laws and regulations governing the environment, health and safety;
operating or technical difficulties in connection with mining or development activities; employee relations, labour
unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the
Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development,
including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among
certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors
identified under the caption “Risk Factors” in Vizsla Royalties’ management discussion and analysis. Readers are
cautioned against attributing undue certainty to forward-looking statements or forward -looking information.
Although Vizsla Royalties has attempted to identify important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be anticipated, estimated or intended. Vizsla
Royalties does not intend, and does not assume any obligation, to update these forward-looking statements or
forward-looking information to reflect changes in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by applicable law.