Past year: ▼ 15%(4.38 – 7.52 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2024listing compliance notice▲ Good
Graduated from the TSX Venture Exchange to the main Toronto Stock Exchange from 7 November 2024, keeping its NYSE American listing. A step up in the quality of index and institutional money that can hold the stock.
29 Oct 2024regulatory community update▲ Good
Vizsla's Mexican subsidiary Minera CANAM received Mexico's Socially Responsible Company Distinction for the third year since 2022, plus a Safe and Healthy Work Environments Distinction. It is a recognition award with no effect on the project economics; the release restates the July 2024 PEA figures (US$1.1B after-tax NPV5%, 86% IRR).
17 Oct 2024business combination▲ GoodMajor
Closed the La Garra-Metates acquisition announced in March, for US$3,075,000 cash and 5,555,555 shares at a deemed US$1.26, both paid out over time. The sellers are at arm's length.
1 Oct 2024drilling result▲ Good
Eleven more infill holes in the first production area returned 4,573 g/t silver-equivalent over 5.65 metres true width in CS-24-393 and 3,368 g/t over 5.80m in CS-24-390.
26 Sept 2024regulatory community update● Neutral
Vizsla released its second annual sustainability report, citing about 4,000 native trees cultivated, health fairs for nearly 550 community members, and nearly CA$100,000 invested locally (over CA$400,000 cumulative). It repeats the January 2024 resource figures and the 17,856.5-hectare district size; no new financial or resource information.
25 Sept 2024capital raising announcement▲ Good
Underwriters took up the over-allotment in full, adding 3,750,000 shares and C$9.75 million to bring the September bought deal to C$74.75 million gross.
19 Sept 2024capital raising announcement▲ GoodMajor
Raised C$65 million gross, selling 25,000,000 shares at C$2.60 - a 73% higher price than the C$1.50 paid in February, the re-rating coming between the January resource update and July's economic assessment.
What it means for a shareholder
25.0m new shares at C$2.60 to raise about C$65.0m. That's 9.7% dilution: every existing holder's slice gets 9.7% smaller. If you held C$1,000 of shares (385 at the issue price), your slice goes from 0.000165% to 0.000149% of the company. To keep it you'd need 41 more shares - about C$107 at the issue price.
Create a free account to see this worked out for your own holding.
16 Sept 2024capital raising announcement● Neutral
Put a US$100 million at-the-market facility in place with Canaccord, CIBC, National Bank and BMO, allowing shares to be sold into the market as needed. Capacity, not cash raised.
4 Sept 2024resource reserve update● Neutral
Filed the technical report behind July's economic assessment, effective 24 July 2024, prepared by Ausenco with Entech and SGS.
28 Aug 2024drilling progress report● Neutral
With the mine plan defined in the west of the district, the company set out a 10,000-metre program to hunt for a second deposit in the central and eastern areas, having drilled over 350,000 metres at Panuco since the Napoleon discovery.
28 Aug 2024drilling result▲ GoodMajor
Twenty-two infill holes in the part of Copala earmarked for the first two years of mining returned 6,270 g/t silver-equivalent over 6.25 metres true width in CS-24-381A and 1,212 g/t over 14.20m in CS-24-375. This is grade control ahead of a mine, not exploration.
24 July 2024resource reserve update▲ GoodMajor
The first economic study of Panuco: US$224 million to build, after-tax net present value of US$1,137 million at a 5% discount, an 85.7% return, and average production of 15.2 million ounces silver-equivalent a year at US$9.40 an ounce all-in sustaining cost. Two and a half years after the maiden resource, the ounces now have a number attached to them.
9 July 2024drilling result▲ Good
Six infill holes returned 2,398 g/t silver-equivalent over 7.00 metres true width in CS-24-366, with new high grade on the Copala 3 hangingwall splay - more rock than the resource model currently carries in the first production area.
26 June 2024drilling result▲ GoodMajor
Five infill holes at Copala produced the highest-grade intercept the company has reported at Panuco: 9,920 g/t silver and 663 g/t gold over 0.64 metres true width, inside 8,817 g/t silver-equivalent over 4.20 metres in CS-24-356, with visible gold in core.
20 June 2024security holder rights change● NeutralMajor
The spinout took effect on 24 June 2024. The old Vizsla Silver shares were delisted on 21 June and new ones began trading under a new CUSIP, with the Panuco royalty now sitting in a separately owned company.
20 June 2024security holder rights change▲ Good
The British Columbia court approved the spinout; closing set for 24 June. Shareholders receive one new Vizsla Silver share plus one third of a Vizsla Royalties share and one third of a warrant for each share held.
12 June 2024drilling result▲ GoodMajor
Twelve infill holes near surface at Copala returned 1,017 g/t silver and 8.19 g/t gold (1,503 g/t silver-equivalent) over 13.00 metres true width in CS-24-354 and 1,363 g/t over 8.70m in CS-24-344 - thick, high-grade rock in the part of the deposit closest to surface.
11 June 2024security holder rights change● Neutral
Set out the spinout timetable: shareholder vote 17 June, court approval to follow, record date around 21 June and closing about 24 June, with each share carrying one third of a Vizsla Royalties share and one third of a warrant.
5 June 2024security holder rights change▲ Good
Both ISS and Glass Lewis told shareholders to vote for the royalty spinout ahead of the 17 June meeting.
22 May 2024drilling result▲ Good
Sixteen holes on Napoleon returned 2,561 g/t silver-equivalent over 2.40 metres true width in NP-24-431 and 696 g/t over 6.50m in NAP-2023-004, as part of a 30,000-metre program aimed at converting inferred resources to higher confidence categories rather than finding new ground.
8 May 2024drilling result● Neutral
Six holes at La Luisa returned 788 g/t silver-equivalent over 1.30 metres true width in NP-24-430 and 1,038 g/t over 0.75m in NP-24-433, with one very narrow 7,307 g/t interval. Continuity is holding but the widths are a fraction of Copala's.
6 May 2024asset acquisition disposition▲ Good
Issued 448,137 shares to Inca Azteca Gold to settle the San Enrique purchase - roughly C$0.7 million of paper for 10,667 hectares, a token price relative to the C$34.5 million raised three months earlier.
16 Apr 2024asset acquisition disposition▲ Good
Agreed to buy the El Richard-San Enrique claims, 10,667 hectares immediately south of Panuco on the same corridor - almost 50% more ground than Panuco itself, already covered by LiDAR and partly by airborne magnetics.
28 Mar 2024security holder rights change● Neutral
Executed the arrangement agreement splitting the business in two, with the royalty spinout needing approval by two-thirds of votes cast at a shareholder meeting yet to be scheduled.
28 Mar 2024business combination▲ GoodMajor
Agreed to buy the past-producing La Garra-Metates district under a share purchase agreement - 16,962 hectares, more than twice the area of Panuco, in the same silver-gold corridor running to San Dimas. The ground has centuries of small-scale production but has never been drilled, and reconnaissance found two vein systems 2.6km and 1.8km long.
20 Mar 2024drilling result▲ Good
Twenty-seven infill and expansion holes confirmed continuity through Copala and pushed it about 100 metres further down dip to the southeast, on 703 g/t silver-equivalent over 6.00 metres true width in CS-24-342 and 332 g/t over 13.60m in COP-2023-001.
4 Mar 2024capital raising announcement● NeutralMajor
Raised C$34.5 million gross, selling 23,000,000 shares at C$1.50 with the over-allotment taken in full. The same gross amount as the November 2022 deal, at a slightly higher price and this time with no warrant attached - but still below the C$1.65 paid in February 2023, despite the resource having roughly tripled since the maiden estimate.
What it means for a shareholder
23.0m new shares at C$1.50 to raise about C$34.5m. That's 10.0% dilution: every existing holder's slice gets 10.0% smaller. If you held C$1,000 of shares (667 at the issue price), your slice goes from 0.000321% to 0.000289% of the company. To keep it you'd need 74 more shares - about C$111 at the issue price.
Create a free account to see this worked out for your own holding.
13 Feb 2024drilling result● Neutral
Seven shallow holes extended La Luisa southeast but at modest tenor - the best was 498 g/t silver-equivalent over 1.30 metres true width in NP-23-425, with most intervals between 264 and 652 g/t. La Luisa keeps growing in size rather than in grade.
12 Feb 2024security holder rights change● Neutral
Set the terms of the royalty spinout: one third of a Vizsla Royalties share and one third of a warrant for each Vizsla Silver share held on the record date, with an arrangement agreement to follow within 45 days.
17 Jan 2024security holder rights change● NeutralMajor
Announced an intention to spin out Vizsla Royalties, which holds a 2.0% net smelter royalty on certain unencumbered Panuco concessions and 0.5% on concessions with a pre-existing 3.0% royalty. Vizsla Silver would keep about 49% and distribute the rest pro-rata to shareholders, subject to approvals.
