Past year: ▼ 15%(4.38 – 7.52 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
16 June 2026contract award▲ GoodMajor
Awarded FLSmidth the equipment supply agreement covering eight major packages across crushing, grinding, thickening, counter-current decantation, Merrill Crowe and refining - specified for the 3,300 tonne-per-day first phase and the planned 4,000 tonne-per-day expansion. Formal notice to proceed, which starts manufacturing, is still to come.
26 May 2026regulatory community update▲ Good
Vizsla's Mexican subsidiary Minera Canam, which holds Panuco, signed an unsecured MXN$173 million (about US$10 million) five-year working capital loan with FIFOMI, a Mexican government-backed mining lender. The agreement is dated 26 February 2026, and FIFOMI's credit committee approved it on 4 May 2026. Interest is the TIIE rate plus 4.6681%, principal has a two-year grace period, and there is a 1.0% one-time fee. It is small next to the US$250 million convertible notes, and the release repeats that no production decision has been made.
23 Apr 2026contract award▲ GoodMajor
Awarded the engineering, procurement and construction management contract to M3 Engineering and entered a mine design contract with Mining Plus. Both will work off site on design and procurement while the company continues advancing long-term security plans for Panuco, and the definitive M3 agreement was still being finalized.
5 Mar 2026regulatory community update▼ BadMajor
Vizsla updated on the Concordia crisis: two more families have had a death confirmed, and three of the ten colleagues taken from the project site remain missing. The company says it is cooperating with Mexican authorities and reviewing its security protocols, and still believes in Panuco's long-term potential; it gave no date for site work to resume.
12 Feb 2026drilling progress report▼ BadMajor
Five of the colleagues taken from the Concordia site in February 2026 remained unaccounted for at this date, with others confirmed dead. The company reaffirmed its safety and governance practices while supporting the families; it gave no restart date for site work.
9 Feb 2026regulatory community update▼ BadMajor
Vizsla said families had told it that colleagues taken from the company's project site in Concordia had been found dead; it was awaiting confirmation from Mexican authorities, and others remained missing. This opens the February 2026 security crisis recorded in the context, with later confirmation of at least seven deaths.
20 Jan 2026drilling progress report● Neutral
Year in review: the January resource update with a 43% lift in measured and indicated, the November feasibility study, and the US$250 million convertible. The company describes 2025 as a dual track of building the first project while hunting for the next one.
13 Jan 2026drilling result▲ Good
Eleven of the 29 oriented geotechnical holes drilled through the resource areas between May and August 2025 also returned ore-grade assays: 1,800 g/t silver-equivalent over 3.80 metres true width in DDH-CAP-008B and 840 g/t over 6.50m in DDH-CAP-003A. Holes drilled to test rock strength, not grade.
19 Dec 2025asset acquisition disposition▲ Good
Agreed to buy ten claims covering 2,378 hectares from Fresnillo, seven of them directly adjoining Panuco and covering possible extensions of known veins, for US$2 million cash and US$4 million in shares. Buying out a major's position next door removes the most obvious constraint on expanding the mine plan.
9 Dec 2025resource reserve update● Neutral
Filed the feasibility study technical report, effective 4 November 2025, prepared by Ausenco with Mining Plus and SGS.
2 Dec 2025material agreement termination● NeutralMajor
Posted a webinar on the feasibility study and confirmed that the convertible notes replace the Macquarie project finance mandate announced in September. The company swapped a secured bank facility for unsecured converts within three months of signing the mandate.
20 Nov 2025debt financing▲ GoodMajor
Priced US$250 million of convertible senior unsecured notes due 2031 at a 5.00% cash coupon, converting at about US$5.84 a share - a 25% premium to the US$4.67 close the day before - with an option for a further US$50 million and part of the proceeds spent on capped calls to blunt the dilution. Unsecured, and issued eight days after the feasibility study.
12 Nov 2025resource reserve update▲ GoodMajor
The feasibility study came in ahead of last year's economic assessment: US$173 million to build against US$224 million, after-tax net present value of US$1.8 billion at a 5% discount against US$1,137 million, a 111% return and a seven-month payback, on more than 20 million ounces silver-equivalent a year for the first five years and 17.4 million over the life of mine. Costs are broadly in line with the earlier study - the improvement comes from more production in the early years and higher assumed metal prices, US$35.50 silver and US$3,100 gold. Production is targeted for the second half of 2027.
3 Oct 2025auditor change● Neutral
Shareholders passed everything at the annual meeting, including re-appointing MNP LLP - and then the company replaced MNP with Deloitte the same day, saying the change was needed to support its growth and regulatory requirements. MNP's reports for the two years to April 2025 carried no modifications and there were no reportable events.
29 Sept 2025regulatory community update● Neutral
Vizsla released its third annual sustainability report: US$205,300 invested in the community this period (over US$600,000 cumulative), about 5,000 native trees planted, and the ESR distinction renewed for a fourth year. The release also says no production decision has been made and that one will follow only after a feasibility study, which was later published in November 2025.
5 Sept 2025material agreement▲ GoodMajor
Signed a mandate letter with Macquarie as lead arranger and sole underwriter for a senior secured project finance facility of up to US$220 million, with an initial US$25 million available for early development. A mandate is not committed money: it depends on definitive credit documents and conditions, and Macquarie would keep 70% and syndicate the rest.
29 July 2025drilling progress report▲ Good
An electromagnetic survey over the Copala and Napoleon corridors threw up new targets near the planned mine, and first field work began on the newly acquired Santa Fe ground to the south. The company frames this as the continuing hunt for a second project behind the one it is about to build.
14 July 2025capital raising announcement▲ Good
Underwriters exercised the over-allotment in full for a further 5,000,100 shares and US$15.0 million, taking the June offering to US$115.0 million gross.
26 June 2025capital raising announcement▲ GoodMajor
Raised US$100.0 million gross, selling 33,334,000 shares at US$3.00 - the first offering priced in US dollars in this record, against C$2.60 nine months earlier.
What it means for a shareholder
33.3m new shares at US$3.00 to raise about US$100m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held US$1,000 of shares (333 at the issue price), your slice goes from 0.000112% to 0.0001% of the company. To keep it you'd need 37 more shares - about US$111 at the issue price.
Create a free account to see this worked out for your own holding.
18 June 2025drilling progress report▲ GoodMajor
The Copala portal is advancing to plan with ventilation and ground support installed, and will become the main access for the mine itself if a construction decision follows. Test mining resumed after the security pause of early April.
15 May 2025asset acquisition disposition▲ GoodMajor
Agreed to acquire the Santa Fe project 22km southeast of Panuco - 12,229 hectares including a permitted, operating 350 tonne-per-day flotation mill that processed 370,366 tonnes at 203 g/t silver and 2.17 g/t gold between 2020 and 2024. The production concessions come by option, earned over five years with US$4.0 million of exploration spending and US$1.5 million of cash payments. The producing mine and known veins are only about 12% of the property.
30 Apr 2025capital raising announcement● Neutral
Doubled the at-the-market facility from US$100 million to US$200 million. Still capacity rather than money raised, but it is the amount of dilution the company has pre-authorised itself to take.
4 Apr 2025drilling progress report▼ BadMajor
Paused all field work at Panuco because of security conditions in the area, putting test-mine development, geotechnical drilling and exploration contractors on standby. Engineering for the feasibility study continues off site and the company does not expect a material budget effect.
31 Mar 2025drilling result▲ GoodMajor
A single hole six kilometres northeast of Copala, on the Animas vein below old workings, returned 897 g/t silver-equivalent over 5.85 metres true width including 2,256 g/t over 1.13m - the first real hit from the hunt for a second deposit in the east of the district.
20 Feb 2025resource reserve update● Neutral
Filed the technical report behind January's resource update, effective 9 September 2024, prepared by SGS with Ausenco.
28 Jan 2025drilling progress report● Neutral
Year in review: the January 2024 resource update fed July's economic assessment, and the year's drilling went into de-risking Copala and Napoleon rather than finding new ground. The company describes 2024 as the year it moved from exploration to early-stage development.
21 Jan 2025drilling progress report▼ BadMajor
Restarted limited work at Panuco eleven days after a landslide on an exploration drill pad killed a contractor's employee and critically injured another. The accident site remains shut, with a site-by-site inspection and full re-induction before each area restarts.
10 Jan 2025regulatory community update▼ BadMajor
A landslide hit a drill pad at Panuco on January 9, 2025, killing an employee of contractor Bylsa Drilling and critically injuring a second. Activities at the project were suspended until the cause is determined, which interrupts the drilling underway after the January 2025 resource update.
6 Jan 2025resource reserve update▲ GoodMajor
Third annual resource update, and the first with a measured category: 46.1 million ounces silver-equivalent measured at 640 g/t, plus 176.3 million indicated, taking measured and indicated up 43% to 222.4 million ounces. Inferred fell 18% to 138.7 million ounces, largely because it converted upward. The estimate still covers under 10% of the district's known vein strike.
16 Dec 2024drilling progress report▲ GoodMajor
Started a fully funded and permitted test mine and bulk sample at Copala, to check the geotechnical model, reconcile the resource model against actual mined grades and tonnes, and give the team operating experience. This is the point at which the company stops only drilling and starts moving rock.
