34
PANUCO SILVER-GOLD DISTRICT Corporate Presentation September 2019
PANUCO SILVER-GOLD DISTRICTCorporate Presentation
September 2019
2
disclaimerCautionary StatementsForward-Looking StatementsThis presentation contains “forward-looking statements” regarding Vizsla Resources Corp. (the “Company”) within the meaning of applicableCanadian securities legislation. These include, without limitation, statements with respect to: possible events, conditions or financialperformance that is based on assumptions about future economic conditions and courses of action; the strategic plans, timing, costs andexpectations for the Company’s future exploration and development activities on the Panuco property; information with respect to high gradeareas and size of veins projected from underground sampling results and drilling results; and the accessibility of future mining at the Panucoproperty. Assumptions have been made regarding, among other things: the reliability of historical information, the conditions in generaleconomic and financial markets; availability and costs of mining equipment and skilled labour; operations not being disrupted or delayed byunusual geological or technical problems; ability to explore and develop the Panuco property; and effects of regulation by governmentalagencies. The actual results could differ materially from those anticipated in these forward forward-looking looking statements as statements asa result of the risk factors set forth below and elsewhere in this presentation: fluctuations in precious metals prices, price of consumedcommodities and currency markets; uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertaintythat exploration and development activities will result in profitable mining operations; risks related to mineral resource figures being estimatesbased on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; theinterpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles;environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; and general market and industryconditions. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may proveto be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of thedate the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in thispresentation, except as otherwise required by applicable law.Qualified PersonUnder National Instrument 43-101 - Standards of Disclosure for Mineral Projects, the Qualified Person for this presentation is Michelle Robinsonfor the Company, who has reviewed and approved its contents.Technical DisclosureA qualified person has not done sufficient work to classify the historical estimates contained in this presentation as current mineral resources ormineral reserves. At this time the Company is unaware of how much of the above historical estimates has been exploited.The properties described in the figure on slide 29 are not directly comparable to Panuco as they have established mineral resource and/ormineral reserves and/or recent production documented. The figure presents a plan vein of the surface expressions of the vein systems of therespective properties and may not have any bearing on the quantities and/or grade of any mineralization that may or may not be hosted on therespective properties.
3
THE VIZSLA APPROACH
Focus on Mexico
Experienced Management
Leveraging Strengths
Strategic asset in a newly consolidated
district
Proven track record of delivering
shareholder returns
Building value through
exploration –moving towards
production
Creating the go toinvestment vehiclefor silver and gold
World Class Asset with Shortcut to Production
Team & Company
5
VIZSLA: WHO WE ARE
Vizsla Resources was formed with the objective of acquiring outstanding Canadian and Mexican precious
metals projects
Experienced team and Board of Directors –
Ausenco, Tigers Realm Minerals, EMR Capital,
Teck and NexGen Energy
Strong access to capital with the team having been involved in over
$200m in financings in the past five years
Focused on new discoveries, value-added acquisitions, development and
production in Mexico historic precious metal
districts
6
MANAGEMENT, DIRECTORS & ADVISORS
CRAIG PARRYChairman
• Senior Advisor and former and founding director of Nexgen Energy• Chairman Skeena Resources –Golden Triangle focused developer of Eskay Creek and Snip mines• CEO and founder of IsoEnergy, a successful uranium exploration company focused on Canadian Assets• Founding shareholder and Senior Advisor to EMR Captial• Partner of Inventa Captial – a private natural resources investment company• 10 years at Rio Tinto
MICHAEL KONNERTPresident, CEO & Director
• Founder, President and CEO of Vizsla Resources Corp.• Former CEO and co-founder of Cobalt One Energy –Aquired by Blackstone Minerals (ASX-BSX)• Partner in Inventa Capital with nearly 10 years of experience in mining and capital markets• Bachelor of Commerce from Royal Roads University
CHARLES FUNKVP Exploration
• More than 13 years of industry experience including; Former Vice President of New opportunities and Exploration at Evrim Resources, geologist with Newcrest Mining & Oz Minerals focusing on early stage exploration in North and South America
• Bachelor in Space Science from La Trobe University and honours degree in Earth Science from the University of Melbourne
SIMON CMRLECDirector
• Currently President, Americas at Ausenco, one of the world’s foremost EPCM company• Past experience include Olympic Dam Operations for Western Mining, Goro Nickel in New Caledonia and
roles of increasing seniority at Ausenco since joining in 2009• B.Eng (Hons) in Metallurgical Engineering in from the Gartrell School of Mining, Metallurgy and Applied
Geology at the University of South Australia
STUART SMITHPhD. Director
• Former Director of New Projects and Strategy and formerly Specialist Global Copper for Teck• Previously Chief Geologist for Oxiana, G-Resources, Tigers Realm and EMR• 30 years experience in global exploration• BSc (Hons 1) degree from the University of New England, Armidale, Australia and PhD from CODES at the
University of Tasmania, Australia
YALE SIMPSONSpecial Advisor
• More than 40 years experience in global exploration and corporate strategy• Co-Chairman of Exeter and Extorre which were sold to Goldcorp and Yamana respectively• Bachelor of Applied Science (Geological Engineering) from the University of British Columbia
BRYCE ROXBURGHSpecial Advisor
• More than 40 years experience in global exploration and corporate strategy• Co-Chairman of Exeter and Extorre which were sold to Goldcorp and Yamana respectively• Bachelor of Science degree in geology and geophysics from Sydney University
7
VIZSLA - COMPANY SNAPSHOT
Capitalization VZLALast Close (C$/sh) $0.270VWAP10 (C$/sh) $0.271VWAP20 (C$/sh) $0.26552 Week High (C$/sh) $0.33052 Week Low (C$/sh) $0.130Basic Outstanding (M Shares) 33.33Market Capitalization (Basic) (C$M) $9.00Working Captial @ 6/15/2019 (C$M) $2.00Long Term Debt @ 6/15/2019 (C$M) –Enterprize Value (C$M) $7.00Enterprize Value (US$M) (CAD/USD FX: 1.341) $5.27
Warrants & Stock OptionsBasic Shares Outstanding 33,326,164In The Money Warrants 14,129,662In The Money Options 3,328,000Partially Diluted Shares Outstanding 50,783,826Out of The Money Warrants 0Out of The Money Options 0Fully Diluted Shares Outstanding 50,783,826
VZLA –Significant Shareholders Position (M) % OutstandingManagement, Directors, Advisors 7.50 23.0%Institutional Investors & High Net Worth 13.08 40.0%
Capitalization Summary VZLA – Historical Trading Price & Volume
Note: Price data based on September 13, 2019 market close.
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
$0.45
$0.50
Volu
me
Shar
e Pr
ice
(C$)
Volume Closing Price 20 Day Moving Average
Chart1
Volume43376433774337843382433834338443385433884338943390433914339243395433964339743398433994340243403434044340543406434094341043411434124341343416434174341843419434204342343424434254342643427434304343143432434334343443437434384343943440434414344443445434464344743448434514345243453434544345543458434614346243465434674346843469434724347343474434754347643479434804348143482434834348643487434884348943490434934349443495434964349743500435014350243503435044350743508435094351043511435154351643517435184352143522435234352443525435284352943530435314353243535435364353743538435394354243543435444354543546435494355043551435524355343556435574355843559435604356343564435654356643567435704357143572435734357743578435794358043581435844358543586435874358843591435924359343594435954359843599436004360143602436064360743608436094361243613436144361543616436194362043621436224362343626436274362843629436304363343634436354363643637436404364143642436434364443648436494365043651436544365543656436574365843661436624366343664436654366843669436704367143672436754367643677436784367943683436844368543686436894369043691436924369343696436974369843699437004370343704437054370643707437114371243713437144371743718437194372043721296660000000005500165000001000050000015000000300005000001000000020002000000200000000000020003000040000330000000160004000000000000000600000200020000350030001000000000004000000000000000000040000011000000000000000000000000001500040000200000000005000050030000300010000000027500002600000066000466660500010000400003650020000200006850050000440002750060002400002450005000000420001000004700000455002450005000200000443050150000360001200000200000750010000900000002500058100135006600003000016500007833310000485001500060125140000460002400046000601666000501005851400006450011750042500295000Closing Price433764337743378433824338343384433854338843389433904339143392433954339643397433984339943402434034340443405434064340943410434114341243413434164341743418434194342043423434244342543426434274343043431434324343343434434374343843439434404344143444434454344643447434484345143452434534345443455434584346143462434654346743468434694347243473434744347543476434794348043481434824348343486434874348843489434904349343494434954349643497435004350143502435034350443507435084350943510435114351543516435174351843521435224352343524435254352843529435304353143532435354353643537435384353943542435434354443545435464354943550435514355243553435564355743558435594356043563435644356543566435674357043571435724357343577435784357943580435814358443585435864358743588435914359243593435944359543598435994360043601436024360643607436084360943612436134361443615436164361943620436214362243623436264362743628436294363043633436344363543636436374364043641436424364343644436484364943650436514365443655436564365743658436614366243663436644366543668436694367043671436724367543676436774367843679436834368443685436864368943690436914369243693436964369743698436994370043703437044370543706437074371143712437134371443717437184371943720437210.150.150.150.150.150.150.150.150.150.150.160.1850.1850.1850.1850.150.174999999999999990.174999999999999990.174999999999999990.150.150.150.150.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.140000000000000010.140000000000000010.140000000000000010.150.150.150.150.150.150.150.150.150.150.150.150.150.135000000000000010.135000000000000010.160.160.160.160.160.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.150.150.150.195000000000000010.195000000000000010.195000000000000010.180.130.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.130.130.150.150.150.150.150.150.150.150.160.130.140000000000000010.140000000000000010.140000000000000010.195000000000000010.195000000000000010.195000000000000010.195000000000000010.195000000000000010.170.170.170.150.150.150.150.140000000000000010.150.150.140000000000000010.150.144999999999999990.160.170.150.140000000000000010.140000000000000010.140000000000000010.140000000000000010.165000000000000010.170.170.170.170.1550.1550.1550.1550.160.160.160.160.160.1550.1550.1550.170.170.170.190.190.180.180.180.220.180.180.180.210.210.230.210.190.190.190.190.190.220.220.220.220.190.190.195000000000000010.210.210.220.220.220.230.240.250.250.250.250.250.30.330.270.289999999999999980.275000000000000020.270.250.250.260.270.2720 Day Moving Average433764337743378433824338343384433854338843389433904339143392433954339643397433984339943402434034340443405434064340943410434114341243413434164341743418434194342043423434244342543426434274343043431434324343343434434374343843439434404344143444434454344643447434484345143452434534345443455434584346143462434654346743468434694347243473434744347543476434794348043481434824348343486434874348843489434904349343494434954349643497435004350143502435034350443507435084350943510435114351543516435174351843521435224352343524435254352843529435304353143532435354353643537435384353943542435434354443545435464354943550435514355243553435564355743558435594356043563435644356543566435674357043571435724357343577435784357943580435814358443585435864358743588435914359243593435944359543598435994360043601436024360643607436084360943612436134361443615436164361943620436214362243623436264362743628436294363043633436344363543636436374364043641436424364343644436484364943650436514365443655436564365743658436614366243663436644366543668436694367043671436724367543676436774367843679436834368443685436864368943690436914369243693436964369743698436994370043703437044370543706437074371143712437134371443717437184371943720437210.161249999999999950.161249999999999950.161249999999999950.161249999999999950.160999999999999980.160749999999999980.160499999999999980.160249999999999980.160.159750.15950.158750.156750.154750.15250.150250000000000020.149750000000000020.148500000000000020.147250000000000020.145999999999999990.145999999999999990.145999999999999990.145999999999999990.145999999999999960.146249999999999960.146499999999999960.146749999999999960.146999999999999960.147249999999999940.147499999999999940.146999999999999940.146499999999999940.147249999999999960.147999999999999960.148999999999999970.150.151000000000000020.150249999999999990.149500000000000020.148749999999999990.147999999999999960.147249999999999960.146499999999999940.145749999999999910.144999999999999930.144249999999999930.143499999999999910.142749999999999930.141999999999999960.141249999999999960.141249999999999960.141999999999999960.141499999999999960.140999999999999990.142749999999999990.144499999999999960.146249999999999960.148499999999999990.148249999999999970.148749999999999990.149249999999999990.149749999999999990.150249999999999990.150750.151250000000000020.151750.152250000000000020.1530.153750.15450.155250.155249999999999970.155249999999999970.155249999999999940.152999999999999970.150749999999999970.148499999999999970.146999999999999960.147999999999999960.148249999999999940.148499999999999940.148749999999999940.148999999999999970.149249999999999940.149499999999999940.149749999999999940.149999999999999970.150499999999999970.150999999999999970.15150.1520.152500000000000020.153000000000000020.153500000000000030.154000000000000030.154500000000000030.155000000000000030.155500000000000030.156000000000000030.156500000000000030.157000000000000030.157500000000000030.158000000000000030.158500000000000030.159000000000000030.159500000000000030.160000000000000030.160000000000000030.160000000000000030.160000000000000030.160000000000000030.158500000000000030.1570.15650.155999999999999970.155499999999999970.154999999999999970.154499999999999940.153999999999999970.153499999999999940.152999999999999970.152999999999999970.151499999999999970.150499999999999970.149499999999999990.148499999999999990.150249999999999990.151999999999999970.153749999999999970.155499999999999970.157249999999999950.159249999999999950.161249999999999950.162249999999999980.162249999999999980.162249999999999980.162249999999999980.162249999999999980.161750.161750.161750.160750.161750.161999999999999980.162999999999999980.164499999999999980.162249999999999980.159499999999999980.156750.1540.151250000000000020.151000000000000020.151000000000000020.1510.1520.1530.153250.15350.154249999999999970.154499999999999970.154999999999999970.155999999999999970.156499999999999970.157249999999999970.157250.156500000000000030.156750.157500000000000030.1590.160499999999999980.161999999999999980.163249999999999950.164249999999999950.164749999999999980.165249999999999980.165750000000000010.169000000000000010.170250000000000040.171500000000000040.172750000000000040.175250000000000040.177750000000000020.181250000000000020.183750000000000020.185250.1870.188749999999999970.190499999999999970.191499999999999950.193999999999999980.196499999999999980.198000000000000010.199500000000000010.200000000000000040.200500000000000040.201250000000000010.200750000000000040.202250000000000040.204249999999999990.206249999999999990.206750000000000040.207750000000000020.208249999999999990.210249999999999990.213250000000000020.216250.219250000000000030.222250.227750000000000040.233250000000000010.235749999999999990.239249999999999960.242000000000000050.2460.249000000000000030.251750000000000030.254249999999999980.257249999999999980.259749999999999930.259699999999999990.25960.259500000000000010.259400000000000020.259299999999999970.259149999999999990.25910.259000000000000010.265000000000000010.275000000000000020.270.279000000000000030.259699999999999990.259749999999999930.265000000000000010.260.260.265000000000000010.26750000000000002
Share Price (C$)
Volume
VZLA Snapshot
Capitalization Summary
CapitalizationVZLACAD/USD FX1.329
Last Close (C$/sh)$ 0.270
VWAP10 (C$/sh)$ 0.271
VWAP20 (C$/sh)$ 0.265
52 Week High (C$/sh)$ 0.330
52 Week Low (C$/sh)$ 0.130
Basic Outstanding (M Shares)33.33
Market Capitalization (Basic) (C$M)$ 9.00
Working Capital @ 6/15/2019 (C$M)$ 2.00
Long Term Debt @ 06/15/2019 (C$M)$ - 0
Enterprise Value (C$M)$ 7.00
Enterprise Value (US$M) (CAD/USD FX: 1.329)$ 5.27
Reserves & Resources (M lbs Cu)
Proven & Probable N/A
Measured & Indicated
Blueberry ProjectN/A
Inferred
Blueberry ProjectN/A
Total Mineral Inventory ("TMI")N/A
Enterprise Value / Pound (US$)
Proven & Probable N/A
Measured & IndicatedN/A
Total Mineral Inventory ("TMI")N/A
0
VZLA Share Price Chart
Historical Trading Price & VolumeVZLA PRICE DATA
DatePX_LASTMOV_AVG_20DVolume10 Day VWAP0.271
3-Oct-180.15$ 0.16296663020 Day VWAP0.265
4-Oct-180.15$ 0.160
5-Oct-180.15$ 0.160
9-Oct-180.15$ 0.160
10-Oct-180.15$ 0.160
11-Oct-180.15$ 0.160
12-Oct-180.15$ 0.160
15-Oct-180.15$ 0.160
16-Oct-180.15$ 0.160
17-Oct-180.15$ 0.160
18-Oct-180.16$ 0.165500
19-Oct-180.185$ 0.1616500
22-Oct-180.185$ 0.160
23-Oct-180.185$ 0.150
24-Oct-180.185$ 0.150
25-Oct-180.15$ 0.1510000
26-Oct-180.175$ 0.155000
29-Oct-180.175$ 0.150
30-Oct-180.175$ 0.150
31-Oct-180.15$ 0.1515000
1-Nov-180.15$ 0.150
2-Nov-180.15$ 0.150
5-Nov-180.15$ 0.150
6-Nov-180.145$ 0.153000
7-Nov-180.145$ 0.150
8-Nov-180.145$ 0.155000
9-Nov-180.145$ 0.150
12-Nov-180.145$ 0.150
13-Nov-180.145$ 0.1510000
14-Nov-180.145$ 0.150
15-Nov-180.145$ 0.150
16-Nov-180.145$ 0.150
19-Nov-180.145$ 0.152000
20-Nov-180.14$ 0.1520000
21-Nov-180.14$ 0.150
22-Nov-180.14$ 0.150
23-Nov-180.15$ 0.152000
26-Nov-180.15$ 0.150
27-Nov-180.15$ 0.150
28-Nov-180.15$ 0.150
29-Nov-180.15$ 0.150
30-Nov-180.15$ 0.150
3-Dec-180.15$ 0.150
4-Dec-180.15$ 0.150
5-Dec-180.15$ 0.140
6-Dec-180.15$ 0.140
7-Dec-180.15$ 0.142000
10-Dec-180.15$ 0.143000
11-Dec-180.15$ 0.140
12-Dec-180.135$ 0.144000
13-Dec-180.135$ 0.140
14-Dec-180.16$ 0.1433000
17-Dec-180.16$ 0.140
18-Dec-180.16$ 0.140
19-Dec-180.16$ 0.140
20-Dec-180.16$ 0.140
21-Dec-180.135$ 0.1516000
24-Dec-180.135$ 0.154000
27-Dec-180.135$ 0.150
28-Dec-180.135$ 0.150
31-Dec-180.135$ 0.150
2-Jan-190.135$ 0.150
3-Jan-190.135$ 0.150
4-Jan-190.135$ 0.150
7-Jan-190.135$ 0.150
8-Jan-190.135$ 0.150
9-Jan-190.135$ 0.150
10-Jan-190.135$ 0.150
11-Jan-190.135$ 0.150
14-Jan-190.135$ 0.150
15-Jan-190.15$ 0.166000
16-Jan-190.15$ 0.160
17-Jan-190.15$ 0.160
18-Jan-190.195$ 0.162000
21-Jan-190.195$ 0.152000
22-Jan-190.195$ 0.150
23-Jan-190.18$ 0.153500
24-Jan-190.13$ 0.153000
25-Jan-190.145$ 0.1510000
28-Jan-190.145$ 0.150
29-Jan-190.145$ 0.150
30-Jan-190.145$ 0.150
31-Jan-190.145$ 0.150
1-Feb-190.145$ 0.150
4-Feb-190.145$ 0.150
5-Feb-190.145$ 0.150
6-Feb-190.15$ 0.154000
7-Feb-190.15$ 0.150
8-Feb-190.15$ 0.150
11-Feb-190.15$ 0.150
12-Feb-190.15$ 0.150
13-Feb-190.15$ 0.150
14-Feb-190.15$ 0.150
15-Feb-190.15$ 0.150
19-Feb-190.15$ 0.150
20-Feb-190.15$ 0.150
21-Feb-190.15$ 0.160
22-Feb-190.15$ 0.160
25-Feb-190.15$ 0.160
26-Feb-190.15$ 0.160
27-Feb-190.15$ 0.160
28-Feb-190.15$ 0.160
1-Mar-190.15$ 0.160
4-Mar-190.15$ 0.164000
5-Mar-190.15$ 0.160
6-Mar-190.15$ 0.160
7-Mar-190.16$ 0.1611000
8-Mar-190.16$ 0.160
11-Mar-190.16$ 0.160
12-Mar-190.16$ 0.160
13-Mar-190.16$ 0.160
14-Mar-190.16$ 0.160
15-Mar-190.16$ 0.160
18-Mar-190.16$ 0.160
19-Mar-190.16$ 0.160
20-Mar-190.16$ 0.160
21-Mar-190.16$ 0.150
22-Mar-190.16$ 0.150
25-Mar-190.16$ 0.150
26-Mar-190.16$ 0.150
27-Mar-190.16$ 0.150
28-Mar-190.16$ 0.150
29-Mar-190.16$ 0.150
1-Apr-190.16$ 0.150
2-Apr-190.16$ 0.150
3-Apr-190.16$ 0.150
4-Apr-190.16$ 0.150
5-Apr-190.16$ 0.150
8-Apr-190.16$ 0.150
9-Apr-190.16$ 0.160
10-Apr-190.13$ 0.161500
11-Apr-190.13$ 0.160
12-Apr-190.15$ 0.1640000
15-Apr-190.15$ 0.1620000
16-Apr-190.15$ 0.160
17-Apr-190.15$ 0.160
18-Apr-190.15$ 0.160
22-Apr-190.15$ 0.160
23-Apr-190.15$ 0.160
24-Apr-190.15$ 0.160
25-Apr-190.16$ 0.1650000
26-Apr-190.13$ 0.16500
29-Apr-190.14$ 0.163000
30-Apr-190.14$ 0.160
1-May-190.14$ 0.163000
2-May-190.195$ 0.1610000
3-May-190.195$ 0.160
6-May-190.195$ 0.160
7-May-190.195$ 0.160
8-May-190.195$ 0.150
9-May-190.17$ 0.1527500
10-May-190.17$ 0.150
13-May-190.17$ 0.150
14-May-190.15$ 0.1526000
15-May-190.15$ 0.150
16-May-190.15$ 0.150
17-May-190.15$ 0.150
21-May-190.14$ 0.1566000
22-May-190.15$ 0.1546666
23-May-190.15$ 0.150
24-May-190.14$ 0.155000
27-May-190.15$ 0.1610000
28-May-190.145$ 0.1640000
29-May-190.16$ 0.1636500
30-May-190.17$ 0.1620000
31-May-190.15$ 0.1620000
3-Jun-190.14$ 0.1668500
4-Jun-190.14$ 0.1650000
5-Jun-190.14$ 0.159044000
6-Jun-190.14$ 0.160527500
7-Jun-190.165$ 0.16206000
10-Jun-190.17$ 0.163224000
11-Jun-190.17$ 0.16420
12-Jun-190.17$ 0.164724500
13-Jun-190.17$ 0.16520
14-Jun-190.155$ 0.165850000
17-Jun-190.155$ 0.16900
18-Jun-190.155$ 0.17030
19-Jun-190.155$ 0.171542,000
20-Jun-190.16$ 0.172810,000
21-Jun-190.16$ 0.17530
24-Jun-190.16$ 0.177847,000
25-Jun-190.16$ 0.18130
26-Jun-190.16$ 0.18380
27-Jun-190.155$ 0.185345,500
28-Jun-190.155$ 0.187024,500
2-Jul-190.155$ 0.18870
3-Jul-190.17$ 0.19055,000
4-Jul-190.17$ 0.191520,000
5-Jul-190.17$ 0.19400
8-Jul-190.19$ 0.196544,305
9-Jul-190.19$ 0.19800
10-Jul-190.18$ 0.19951,500
11-Jul-190.18$ 0.20000
12-Jul-190.18$ 0.20050
15-Jul-190.22$ 0.201336,000
16-Jul-190.18$ 0.200812,000
17-Jul-190.18$ 0.20230
18-Jul-190.18$ 0.20430
19-Jul-190.21$ 0.206320,000
22-Jul-190.21$ 0.20680
23-Jul-190.23$ 0.20787,500
24-Jul-190.21$ 0.208310,000
25-Jul-190.19$ 0.21039,000
26-Jul-190.19$ 0.21330
29-Jul-190.19$ 0.21630
30-Jul-190.19$ 0.21930
31-Jul-190.19$ 0.22230
1-Aug-190.22$ 0.22782,500
2-Aug-190.22$ 0.23330
6-Aug-190.22$ 0.235858,100
7-Aug-190.22$ 0.239213,500
8-Aug-190.19$ 0.242066,000
9-Aug-190.19$ 0.24600
12-Aug-190.195$ 0.249030,000
13-Aug-190.21$ 0.2518165,000
14-Aug-190.21$ 0.2543- 0
15-Aug-190.22$ 0.257378,333
16-Aug-190.22$ 0.25971,000
19-Aug-190.22$ 0.2597- 0
20-Aug-190.23$ 0.259648,500
21-Aug-190.24$ 0.259515,000
22-Aug-190.25$ 0.259460,125
23-Aug-190.25$ 0.259314,000
26-Aug-190.25$ 0.2592- 0
27-Aug-190.25$ 0.259146,000
28-Aug-190.25$ 0.259024,000
29-Aug-190.3$ 0.265046,000
30-Aug-190.33$ 0.275060,166
3-Sep-190.27$ 0.27006,000
4-Sep-190.29$ 0.279050,100
5-Sep-190.275$ 0.25975,851
6-Sep-190.27$ 0.259740,000
9-Sep-190.25$ 0.265064,500
10-Sep-190.25$ 0.2600117,500
11-Sep-190.26$ 0.260042,500
12-Sep-190.27$ 0.265029,500
13-Sep-190.27$ 0.2675- 0
Volume43376433774337843382433834338443385433884338943390433914339243395433964339743398433994340243403434044340543406434094341043411434124341343416434174341843419434204342343424434254342643427434304343143432434334343443437434384343943440434414344443445434464344743448434514345243453434544345543458434614346243465434674346843469434724347343474434754347643479434804348143482434834348643487434884348943490434934349443495434964349743500435014350243503435044350743508435094351043511435154351643517435184352143522435234352443525435284352943530435314353243535435364353743538435394354243543435444354543546435494355043551435524355343556435574355843559435604356343564435654356643567435704357143572435734357743578435794358043581435844358543586435874358843591435924359343594435954359843599436004360143602436064360743608436094361243613436144361543616436194362043621436224362343626436274362843629436304363343634436354363643637436404364143642436434364443648436494365043651436544365543656436574365843661436624366343664436654366843669436704367143672436754367643677436784367943683436844368543686436894369043691436924369343696436974369843699437004370343704437054370643707437114371243713437144371743718437194372043721296660000000005500165000001000050000015000000300005000001000000020002000000200000000000020003000040000330000000160004000000000000000600000200020000350030001000000000004000000000000000000040000011000000000000000000000000001500040000200000000005000050030000300010000000027500002600000066000466660500010000400003650020000200006850050000440002750060002400002450005000000420001000004700000455002450005000200000443050150000360001200000200000750010000900000002500058100135006600003000016500007833310000485001500060125140000460002400046000601666000501005851400006450011750042500295000Closing Price433764337743378433824338343384433854338843389433904339143392433954339643397433984339943402434034340443405434064340943410434114341243413434164341743418434194342043423434244342543426434274343043431434324343343434434374343843439434404344143444434454344643447434484345143452434534345443455434584346143462434654346743468434694347243473434744347543476434794348043481434824348343486434874348843489434904349343494434954349643497435004350143502435034350443507435084350943510435114351543516435174351843521435224352343524435254352843529435304353143532435354353643537435384353943542435434354443545435464354943550435514355243553435564355743558435594356043563435644356543566435674357043571435724357343577435784357943580435814358443585435864358743588435914359243593435944359543598435994360043601436024360643607436084360943612436134361443615436164361943620436214362243623436264362743628436294363043633436344363543636436374364043641436424364343644436484364943650436514365443655436564365743658436614366243663436644366543668436694367043671436724367543676436774367843679436834368443685436864368943690436914369243693436964369743698436994370043703437044370543706437074371143712437134371443717437184371943720437210.150.150.150.150.150.150.150.150.150.150.160.1850.1850.1850.1850.150.174999999999999990.174999999999999990.174999999999999990.150.150.150.150.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.140000000000000010.140000000000000010.140000000000000010.150.150.150.150.150.150.150.150.150.150.150.150.150.135000000000000010.135000000000000010.160.160.160.160.160.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.135000000000000010.150.150.150.195000000000000010.195000000000000010.195000000000000010.180.130.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.144999999999999990.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.150.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.160.130.130.150.150.150.150.150.150.150.150.160.130.140000000000000010.140000000000000010.140000000000000010.195000000000000010.195000000000000010.195000000000000010.195000000000000010.195000000000000010.170.170.170.150.150.150.150.140000000000000010.150.150.140000000000000010.150.144999999999999990.160.170.150.140000000000000010.140000000000000010.140000000000000010.140000000000000010.165000000000000010.170.170.170.170.1550.1550.1550.1550.160.160.160.160.160.1550.1550.1550.170.170.170.190.190.180.180.180.220.180.180.180.210.210.230.210.190.190.190.190.190.220.220.220.220.190.190.195000000000000010.210.210.220.220.220.230.240.250.250.250.250.250.30.330.270.289999999999999980.275000000000000020.270.250.250.260.270.2720 Day Moving Average433764337743378433824338343384433854338843389433904339143392433954339643397433984339943402434034340443405434064340943410434114341243413434164341743418434194342043423434244342543426434274343043431434324343343434434374343843439434404344143444434454344643447434484345143452434534345443455434584346143462434654346743468434694347243473434744347543476434794348043481434824348343486434874348843489434904349343494434954349643497435004350143502435034350443507435084350943510435114351543516435174351843521435224352343524435254352843529435304353143532435354353643537435384353943542435434354443545435464354943550435514355243553435564355743558435594356043563435644356543566435674357043571435724357343577435784357943580435814358443585435864358743588435914359243593435944359543598435994360043601436024360643607436084360943612436134361443615436164361943620436214362243623436264362743628436294363043633436344363543636436374364043641436424364343644436484364943650436514365443655436564365743658436614366243663436644366543668436694367043671436724367543676436774367843679436834368443685436864368943690436914369243693436964369743698436994370043703437044370543706437074371143712437134371443717437184371943720437210.161249999999999950.161249999999999950.161249999999999950.161249999999999950.160999999999999980.160749999999999980.160499999999999980.160249999999999980.160.159750.15950.158750.156750.154750.15250.150250000000000020.149750000000000020.148500000000000020.147250000000000020.145999999999999990.145999999999999990.145999999999999990.145999999999999990.145999999999999960.146249999999999960.146499999999999960.146749999999999960.146999999999999960.147249999999999940.147499999999999940.146999999999999940.146499999999999940.147249999999999960.147999999999999960.148999999999999970.150.151000000000000020.150249999999999990.149500000000000020.148749999999999990.147999999999999960.147249999999999960.146499999999999940.145749999999999910.144999999999999930.144249999999999930.143499999999999910.142749999999999930.141999999999999960.141249999999999960.141249999999999960.141999999999999960.141499999999999960.140999999999999990.142749999999999990.144499999999999960.146249999999999960.148499999999999990.148249999999999970.148749999999999990.149249999999999990.149749999999999990.150249999999999990.150750.151250000000000020.151750.152250000000000020.1530.153750.15450.155250.155249999999999970.155249999999999970.155249999999999940.152999999999999970.150749999999999970.148499999999999970.146999999999999960.147999999999999960.148249999999999940.148499999999999940.148749999999999940.148999999999999970.149249999999999940.149499999999999940.149749999999999940.149999999999999970.150499999999999970.150999999999999970.15150.1520.152500000000000020.153000000000000020.153500000000000030.154000000000000030.154500000000000030.155000000000000030.155500000000000030.156000000000000030.156500000000000030.157000000000000030.157500000000000030.158000000000000030.158500000000000030.159000000000000030.159500000000000030.160000000000000030.160000000000000030.160000000000000030.160000000000000030.160000000000000030.158500000000000030.1570.15650.155999999999999970.155499999999999970.154999999999999970.154499999999999940.153999999999999970.153499999999999940.152999999999999970.152999999999999970.151499999999999970.150499999999999970.149499999999999990.148499999999999990.150249999999999990.151999999999999970.153749999999999970.155499999999999970.157249999999999950.159249999999999950.161249999999999950.162249999999999980.162249999999999980.162249999999999980.162249999999999980.162249999999999980.161750.161750.161750.160750.161750.161999999999999980.162999999999999980.164499999999999980.162249999999999980.159499999999999980.156750.1540.151250000000000020.151000000000000020.151000000000000020.1510.1520.1530.153250.15350.154249999999999970.154499999999999970.154999999999999970.155999999999999970.156499999999999970.157249999999999970.157250.156500000000000030.156750.157500000000000030.1590.160499999999999980.161999999999999980.163249999999999950.164249999999999950.164749999999999980.165249999999999980.165750000000000010.169000000000000010.170250000000000040.171500000000000040.172750000000000040.175250000000000040.177750000000000020.181250000000000020.183750000000000020.185250.1870.188749999999999970.190499999999999970.191499999999999950.193999999999999980.196499999999999980.198000000000000010.199500000000000010.200000000000000040.200500000000000040.201250000000000010.200750000000000040.202250000000000040.204249999999999990.206249999999999990.206750000000000040.207750000000000020.208249999999999990.210249999999999990.213250000000000020.216250.219250000000000030.222250.227750000000000040.233250000000000010.235749999999999990.239249999999999960.242000000000000050.2460.249000000000000030.251750000000000030.254249999999999980.257249999999999980.259749999999999930.259699999999999990.25960.259500000000000010.259400000000000020.259299999999999970.259149999999999990.25910.259000000000000010.265000000000000010.275000000000000020.270.279000000000000030.259699999999999990.259749999999999930.265000000000000010.260.260.265000000000000010.26750000000000002
Share Price (C$)
Volume
https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-24https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-11https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-10https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-09https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-08https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-05https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-04https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-03https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-02https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-28https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-27https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-23https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-26https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-25https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-24https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-21https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-20https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-19https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-18https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-06-17https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-09https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-08https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-22https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-07https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-06https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-02https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-01https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-31https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-30https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-29https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-26https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-25https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-13https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-19https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-12https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-11https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-10https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-09https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-06https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-05https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-04https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-09-03https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-30https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-29https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-18https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-28https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-27https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-26https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-23https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-22https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-21https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-20https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-19https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-16https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-15https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-17https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-14https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-13https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-08-12https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-16https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-15https://www.stockwatch.com/Quote/Trades.aspx?symbol=C:VZLA&date=2019-07-12
VZLA Capital Structure
Warrants & Stock Options
Basic Shares Outstanding33,326,164
In The Money Warrants14,129,662
In The Money Options3,328,000
Partially Diluted Shares Outstanding50,783,826
Out Of The Money Warrants0
Out Of The Money Options0
Fully Diluted Shares Outstanding50,783,826
Warrants
Number of WarrantsExerciseExpiryExpiry (in yrs)Est. ExerciseProceeds RealizedTerm (yrs)Stock PriceExercise PriceRisk Free RateVolatilityWarrant ValueTotal ValueFD Proceeds
355,8330.15September 19, 20201.0355,83353,3751.010.270.152.17%81%1.15625960480.34293764960.8762125070.63417731650.14053,375
581,0000.25June 6, 20211.7581,000145,2501.720.270.252.17%81%0.6388133101-0.42366092810.73852780580.33590655690.120145,250
13,192,8290.25June 6, 20211.713,192,8293,298,2071.720.270.252.17%81%0.6388133101-0.42366092810.73852780580.33590655690.1203,298,207
14,129,66214,129,6623,496,83203,496,832
Options
Number of OptionsExerciseExpiry Expiry (in yrs)Est. ExerciseProceeds RealizedTerm (yrs)Stock PriceExercise PriceRisk Free RateVolatilityOption ValueTotal ValueFD Proceeds
2,010,0000.15February 28, 20299.52,010,000301,5009.460.270.152.17%81%1.5638526702-0.92714877880.94107391410.17692464640.230301,500
1,318,0000.17June 13, 20244.71,318,000224,0604.740.270.172.17%81%1.202583275-0.5613701770.88543118850.28727260510.200224,060
3,328,0003,328,000525,5600525,560
Total Dilutive Liability0
Variables
DateSeptember 17, 2019
Risk Free Rate (3 Mo Tbill)2.17%
Volatility (1yr)81.0%
Stock Price0.27
WHY SILVER?
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
Apr-
68Ap
r-69
Apr-
70
Apr-
71
Apr-
72
Apr-
73
Apr-
74
Apr-
75
Apr-
76
Apr-
77
Apr-
78
Apr-
79
Apr-
80
Apr-
81
Apr-
82
Apr-
83
Apr-
84
Apr-
85
Apr-
86
Apr-
87
Apr-
88
Apr-
89
Apr-
90
Apr-
91
Apr-
92
Apr-
93
Apr-
94
Apr-
95
Apr-
96
Apr-
97
Apr-
98
Apr-
99
Apr-
00
Apr-
01
Apr-
02
Apr-
03
Apr-
04
Apr-
05
Apr-
06
Apr-
07
Apr-
08
Apr-
09
Apr-
10
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11
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17
Apr-
18
Apr-
19
GOLD/SILVER RATIO SINCE 1968Currently the gold/silver ratio sits at 90, well above the historical average of 56
Source: The Perth Mint 9
Ag +83%
Ag +182% Ag +407%
Ag +?%
Gold/Silver Ratio
Average
Silver is set up for a major rally as the gold/silver ratio trends back to the historical
average of 56
Historical Gold/Silver Ratio Average of 56
METALS MOST IMPACTED BY NEW TECHNOLOGYA Rio Tinto funded MIT study predicted silver to be the 4th most impacted metal by new technology
Source: Rio Tinto & MIT
Tin Lithium Cobalt Silver
Nickel Gold
Tungsten Vanadium
Graphite Niobium
Zinc PGM (Pt, Pd)
Salt
AUTONOMOUS & ELECTRIC VEHICLES
ADVANCED ROBOTICS
RENEWABLE ENERGY
ADVANCED COMPUTATION &IT
ENERGYSTORAGE
ADVANCEDOIL &GAS
AV/EV
Robotics
Renew-ables
Oil & Gas
EnergyStorage
IT
Other
Electrical Contact MaterialsTin, Silver, Gold
Battery MaterialsLithium, Cobalt, Nickel
(Tin, Silver, Vanadium, Graphite, Zinc)
10
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Met
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$0
$400
$800
$1200
$1600
$2000
$2400
$2800
$3200
$3600
$4000
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
Silver Producers – Market Cap. & EV/Oz AgEq. (US$)The largest silver producers continue to grow via acquisitions demonstrating a willingness to pay a
premium for strategic assets such as newly consolidated districts
ACQUIRED TAHOE RESOURCES (FEB 2019)
ACQUIRED PRIMERO MINING (JAN 2018)
AVERAGE US$2.01 EV/OZ AGEQ.
ACQUIRED KLONDEX MINES (JULY 2018)
Ente
rpriz
e Va
lue
/ Tot
al M
iner
al In
vent
ory
(US$
/ Ag
Eq.O
z)
Mar
ket C
apta
lizat
ion
(US$
M)
Producer Market Cap (US$M)
Average US$ EV/Oz AgEq.
US$ EV/Oz AgEq.
Note: Price data based on August 9, 2019 market close. TMI: Total Mineral Inventory = Measured + Indicated + Inferred. Source of resources are company technical reports. 11
MAG
Silv
er
Silv
erCr
estM
etal
s
Alex
co
Bear
Cree
k
Trea
sury
Met
als
Aurc
ana
Gold
enAr
row
Dolly
Vare
n
Vizs
laRe
sour
es
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1000
$1100
$0
$0.40
$0.80
$1.20
$1.60
$2.00
$2.40
$2.80
$3.20
$3.60
$4.00
$4.40
Silver Developers – Market Cap. & EV/Oz AgEq. (US$)Developers with Tier-1 assets in Mexico such as MAG Silver & SilverCrest enjoy premium valuations relative to their peer group. Vizsla has consolidated a renowned silver-gold producing district which
would cause a significant rerating of the Company.
Note: Price data based on August 9, 2019 market close. TMI: Total Mineral Inventory = Measured+ Indicated + Inferred. Source of resources are company technical reports.
12
Ente
rpriz
e Va
lue
/ Tot
al M
iner
al In
vent
ory
(US$
/ Ag
Eq.O
z)
Mar
ket C
apita
lizat
ion
(US$
M)
Developer Market Cap (US$M)
Average US$ EV/Oz AgEq.
US$ EV/Oz AgEq.
AVERAGE US$1.12 EV/OZ AGEQ.
SILVER OVERVIEW MEXICO
14
Significance of Silver in Mexico
• Mexico hosts large and low cost silver producing mines which makes Mexico the #1 producer of silver in the world
• Producing silver mines in Mexico boast world class resources sizes averaging 48Moz AgEq. per deposit & resource grades averaging 362 g/t AgEq.
• Major silver miners have a presence in Mexico such as Pan American, First Majestic, Couer, and Hecla
• Silver production from mines in Mexico average 5.2Moz AgEq per year
• Mexico is the world’s premier silver jurisdiction, offering a rare combination of both large deposits with high grade making it the jurisdiction for investors seeking silver exposure
• All In Sustaining Costs (AISC) average US$11.50/Oz AgEq for producing silver mines in Mexico highlighting the profitability of silver producers
PANUCO DISTRICT
Mex
ico Peru
Ch
ina
Ru
ssia
Ch
ile
Boliv
ia
Pola
nd
Aust
ralia
Uni
ted
Stat
es
Arge
ntin
a
Cana
daIn
dia
Re
st o
f the
Wor
ldKa
sakh
stan
Sw
eede
n
Indo
nesia
M
oroc
co
Turk
ey
Arm
enia
Iran
Do
min
ican
Repu
blic
0
200
180
160
140
120
100
80
60
40
20
TOP 20 SILVER PRODUCING COUNTRIESMexico produced 197Moz of silver in 2018, representing 23% of global production
Silv
er P
rodu
ctio
n (a
vgM
oz)
2018 Output (avg Moz)
Source: The Silver Institute 15
EXN
: LaP
lato
sa
FR:S
anDi
mas
GPR
:Top
ia
GPR
:Gua
naju
ato
ASM
:San
Gonz
alo
EDR:
Guan
acev
i
HL:S
anSe
bast
ian
PAAS
:La
Colo
rado
CDE:
Palm
arej
o
SMT:
Cusi
FR:S
anta
Elen
a
FR:L
aEn
cant
ada
USA
:ElC
ajon
ASM
:Avi
no
USA
:San
Rafa
el
PAAS
:Dol
ores
400
300
200
100
0
500
1100
1000
900
800
700
600
Prolific Silver Region – MexicoProducing silver mines in Mexico boast world class Measured & Indicated grades averaging 362 g/t AgEq.
Mea
sure
d &
Indi
cate
d Gr
ade
(AgE
q.g/
t)
16
Grade (AgEq. g/t) Average
M&I AgEq.Grade
Ageq. m&i Grade – Select Mexican silver Mines
Source: Company technical reports, MD&A, & Public Filings.
AVERAGE M&I GRADE 362G/T
4
2
0
6
PAAS
:Dol
ores
CDE:
Palm
arej
o
FR: S
anDi
mas
PAAS
: LaC
olor
ado
FR: S
anta
Elen
a
USA:
Cosa
la
HL: S
anSe
bast
ian
FR: L
aEnc
anta
da
EDR:
Guan
acev
i
EXN:
LaPl
atos
a
GPR:
Topi
a
ASM
:Avi
no
GPR:
Guan
ajua
to
SMT:
Cusi
ASM
: San
Gonz
alo
Prolific Silver Region – Mexico
17
E2019 Production (Moz AgEq.)
Average Production (Moz AgEq.)
Major silver miners have a presence in Mexico such as Pan American, First Majestic, Couer, and HeclaSilver production from mines in Mexico range from 0.3Moz AgEq. – 15.6Moz AgEq., averaging 5.2Moz AgEq. per year
e2019 ageg. Production outlook – select mexican silver mines16
14
12
10
8AVERAGE AGEQ.
PRODUCTION5.2MOZ
PANUCO SILVER-GOLD DISTRICT
19
Panuco – A re-emerging district in southern Sinaloa
• Vizsla has consolidated the historic and producing Panuco district in southern Sinaloa
• Producing mines in Sinaloa operated by; McEwen Mining,Americas Silver, and Mako Mining
• Sinaloa is re-emerging as a significant miningjurisdiction with development projects beingadvanced by;McEwen Mining, Americas Silver, Prime Mining, and Goldplay Exploration
Source: Company technical reports & Public Filings.
20
PANUCO SUMMARY
Vizsla has acquired an option over a never-before-been consolidated major silver-gold district in Sinaloa, Mexico
Panuco is a prolific precious metals district that has been producing silver and gold from high-grade veins for over 450 years
For the first time in its history the majority of the district – 10,542 hectares – has been amalgamated
The deal includes 2 producing silver-gold mines, a mill, tailings facilities, permits, roads, equipment and infrastructure
Significant production has only occurred from one vein on the property – the Animas vein. 19 other veins are mapped with very little exploration
Over 31 historic workings are known with drilling restricted to only eight of these areas
21
PANUCO DISTRICT – NEWLY CONSOLIDATED
CLAIM DISTRIBUTIONExploitation limited by working
and veins crossing claim boundaries
Silverstone claimpackage
Rio Panuco claim package
SAN PETER VEIN
LA ONZA VEIN
CORDON DEL ORO VEIN
LA MUNECA VEIN
ANIMAS-REFUGIO VEIN
SAN JACK VEIN
TAJITOS VEIN
LA COLORADA VEIN
CINCO SENORES VEIN
22
PANUCO INFRASTRUCTURE
Highway and Power
El Coco Mill
500 Tonne per daymill
Four lane highway and High-tension power- lines cross
the project
San Carlos Mine
Operating undergroundmine
Mine Development
Over 35km of underground development across multiple
small scale mines
23
PANUCO EXPLORATION POTENTIAL
ANIMAS VEINDrilled from 2007-2008 by
CapstoneHOLE SCC-07-09;
2.0 metres true width grading1,634 g/t silver and 10.38g/tgold from 22 metres downhole
LA COLORADA DEPOSIT
COPALA MINE
Mined until the Mexican Revolution in 1910
Historic production on oreshoots at Mariposa, La Pipa,
Dolores and Refugio
CLEMENS-EL MUERTO
Drilled from 2005-2007 by Capstone and subsequently
mined
Hole CC-06-26;4.23 metres true width of 2,235 g/t silver and 9.5 g/t goldfrom
46.5 metres downhole
Hole SC-07-72;11.33 metres true width of 288 g/t silver and 1.65 g/t goldfrom
22.5 metres downhole
SAN CARLOS MINECurrently producing small scale
mine
24
PANUCO UNTESTED POTENTIAL
WORKINGS
FIELD SIZE DRILLING
• More than 31 historic workings (labelled below) across 9 of the veins known in the district
• Over 35 km ofunderground development estimated to date
• More than 20 veins known across the project
• Over 75 km ofcumulative strike length
• District over 15 by 8 km in size
• Significant drilling completed between Clemens-El Muerto and Animas and at La Colorada deposits
• Limited drilling at Animas, El Piojo, Faisan, Santa Rosa
• No drilling on other veins in district!
25
PANUCO GEOLOGY AND ALTERATION
Mapping on the project is limited to regional government mapping
• Basement rocks belongto Guerrero CompositeTerrane (GCT; purple).
• The GCT is unconformably overlain by Tarahumara Formation volcanics (orange and peach) with diorite, granodiorite and granite intrusions (red).
• Eocene redbeds mark a major unconformity (not shown)
• Oligocene rhyolitic ignimbrites and intercalated mafic volcanic rocks cap the redbeds (pink)
PROPERTY GEOLOGY
Large alterationzones
ORE SHOOT CONTROLS
Dilation zones or vein intersections create oreshoots
with multiple phases of vein formation
Intense disseminated pyrite alteration along road to La
Colorada
26
• First records of production from the district around 1560• Village of Concordia was settled in 1665 to support mining activity in the
district• In 1992 the Consejo de Recursos Minerales (CRM) described the Panuco
district as the most productive in the State, because of the four existingmills in the district
• Capstone Mining Corp. optioned fragments of the district in early 2000’sand drilled around historic workings generating two resources;
• Indicated resource estimated from Capstone’s drilling in the Clemens-El Muerto underground target at a 90 g/t silver cut-off totals 656,000tonnes at a grade of 204 g/t silver and 1.1 g/t gold
• This zone also has an estimated inferred resource (at the same cut-offof 90 g/t silver) of 345,000 tonnes at a grade of 145 g/t silver and 0.8g/t gold
• An inferred resource was estimated from Capstone’s drilling in a smallpart of La Colorada at a 20 g/t silver equivalent cut-off grade totals2.5 million tonnes at a grade of 80 g/t silver and 0.4 g/t gold
• Capstone used a lower cutoff at La Colorada due to the shallow nature of the deposit
• The Clemens-El Muerto resource was subsequently mined by Capstone
Capstone resource estimates and drilling intercepts in this presentation are sourced from: Christopher, P. andSim,R.,2008, Technical Report on the Copala Project, Sinaloa State, Mexico; Silverstone Resources Corp., 100p. Thereader is cautioned these are historical resources and drilling intercepts and have not been verified by Vizsla. Some ofthe resources have been mined out.
PANUCO HISTORY
Mining at La Pipa
Vein in drilling
Bladed textures in SCC-08-54
27
ORESHOOTS ALONG ANIMAS VEINLongsection included in historic data indicating oreshoot development and mining along the Animas vein
Workings have stopped around 550-600 metres of elevation due to the water tableMapping and sampling these and similar workings for extensions will be an early priority of the exploration program
900m
800m
700m
600m
500m
400m
ROSARITO MINE VEIN
LA ESPERANZA BRECCIA
DOLORES BRECCIA
MARIPOSA ORESHOOTS
LAPIPA MINE
28
HISTORIC SECTION FROM ANIMAS VEIN
2.45 METRES @ 2.4G/T AU AND 232.00G/T Ag
4.50 METRES @3.23G/T AU AND 1,654.78 G/T Ag
6.00 METRES @ 6.18G/T AU AND 836.2 G/T Ag
14.00 METRES @ 11.22G/T AU AND 1,803.9 G/T Ag
3.00 METRES @ 1.8G/T AU AND 309.6G/T Ag
• Historic cross-section through the Mariposa oreshoot looking to the northwest
The reader is cautioned that a qualified person has not been able to confirm the historical assayresults displayed in the figure and the vein is now mined out. Vizsla plans on conducting anexploration program at Panuco to establish the grades and widths of vein targets on the property.
PANUCO – Vizsla Resources SAN DIMAS – First Majestic ZACATECAS – Fresnillo PLC
FRESNILLO – Fresnillo PLC GUANAJUATO – Various Owners LAS CHISPAS – Silvercrest
29
SIZE COMPARISON TO MEXICAN VEIN FIELDS
Unknown historic production75.9 km of cumulative vein strike
712 Million ounces of silver12171.2 km of cumulative vein strike
1.0 Billion ounces of silver348.5 km of cumulative vein strike
1.55 Billion ounces of silver347.2 km of cumulative vein strike
1.3 Billion ounces of silver386.2 km of cumulative vein strike
108 Million ounces of silver equiv.433.8 km of cumulative vein strike
1 – Primero Mining, 2014, San Dimas Property, San Dimas District, Durango and Sinaloa states, Mexico, Technical Report2 – First Majestic, 2018, Measured, Indicated and Inferred Mineral Resources with an effective date of December 31, 2018
3 – McGaw, P.K., 2010, Discovery of the Silver-Rich Juanicipio-Valdecañas Vein Zone, Western Fresnillo District, Zacatecas, Mexico in SEG Special Pub. No. 15 p116. 4 – Silvercrest, 2019, Technical Report and Preliminary Economic Assessment for the Las Chispas Property, Sonora, Mexico
30
TERMS: OPTION ON TURNKEY PRODUCTION
CANAM Acquisition Terms
• Vizsla will acquire Canam for a total staged consideration of 18,000,000 common shares of Vizlsa (the “Shares”) as follows:
• (a) 6,000,000 Shares will be issued on closing of the Acquisition (the “Payment Shares”),
• (b) 6,500,000 Shares will be issued upon definition of a NI 43-101 resource greater than 200,000 gold equivalent ounces, and
• (c) 5,500,000 Shares will be issued upon exercise of the Options.
• The Payment Shares will be subject to voluntary pooling restrictions, with 12.5% released each quarter.
Underlying Option Terms
• Following is a summary of the terms of exercising the Options:
• Canam has the right to accelerate exercise of the Options at any time during the option period.
• Upon exercise of the options Canam will have rights to all existing mining operations including a mill, grid power to site, tailings facilities, mine permits, mining equipment and ejido agreements.
Milestone Work Commitment (USD) Payment (USD)
On signing $700,000
12 mth signing anniversary $450,000
24 mth signing anniversary $3,423,000 $5,184,500
36 mth signing anniversary $6,846,000
48 mth signing anniversary $8,557,500
60 mth signing anniversary $9,269,000
72 mth signing anniversary $11,907,425
Total $3,423,000 $43,000,000
31
DEAL TERMS COMPARISON: VIZSLA VS. SILVERCRESTVizsla provides exposure to an undervalued, newly consolidated district, which offers significant
discovery potential for silver and gold coupled with already built production upside.
(TSXV: VZLA)COMPARISON
(TSXV: SIL)
Market Capitalization: CAD $10M VZLA undervalued Market Capitalization: CAD $701M
District Size: 15,000m X 8,000m VZLA significatly larger District Size: 4,000m X 2,500m
Drilling: 22,500m in 208 historic holes VZLA less explored Drilling: 117,000m (14 rigs May 2019)
Roads: 65km paved Both have good access Roads: 10km dirt, 220km paved
Resources: 0.0 VZLA resource size TBD Resources: 1M tonnes @ 1,234g/t AgEq Ind.
Power: Connected to grid power VZLA cheaper power Power: Diesel
Permit: Production VZLA permitted for production Permit: Exploration
Concession area: 10,542Ha VZLA over 7x larger package Concession area: 1,401 Ha
Ejidos: Agreements in placeBoth have agreements in
place Ejidos: Agreements in place
Property/assets cost: US$40M (Includes mill) SIL 10x cheaper but no mill Property/assets cost: US$4M
Exploration cost: Unknown VZLA exploration TBDExploration cost: US$38M (10km undg rehab, map-drill)
Production Capex: less than $US10M VZLA 10x cheaper Production Capex: US$100M
CONCLUSION
33
THE OPPORTUNITY IS IMMENSE
Vizsla has consolidated a prolific precious metals district for the first time ever
There is significant potential for brand-new discoveries of very high-grade silver and gold
Over the two-year option period, define significant high-grade silver resources in greenfield and brownfield discoveries to justify the purchase price of production
Vizsla may then decide to rapidly become a silver producer by exercising the option to purchase production
This would lead to a clear rerating as a silver producer in a rising metal price environment
CONTACT DETAILS
Michael KonnertChief Executive Officer, President
604.838.43271030 West Georgia Street, Suite 1001
Vancouver, BC, V6E 2Y3 [email protected]
vizslaresources.com
mailto:[email protected]
Slide Number 1disclaimerTHE VIZSLAAPPROACHTeam & CompanyVIZSLA: WHO WE AREMANAGEMENT, DIRECTORS & ADVISORSVIZSLA - COMPANY SNAPSHOTWHY SILVER?GOLD/SILVER RATIO SINCE 1968Currently the gold/silver ratio sits at 90, well above the historical average of 56METALS MOST IMPACTED BY NEW TECHNOLOGYA Rio Tinto funded MIT study predicted silver to be the 4th most impacted metal by new technologySilver Producers – Market Cap. & EV/Oz AgEq. (US$)The largest silver producers continue to grow via acquisitions demonstrating a willingness to pay a premium for strategic assets such as newly consolidated districtsSilver Developers – Market Cap. & EV/Oz AgEq. (US$)Developers with Tier-1 assets in Mexico such as MAG Silver & SilverCrest enjoy premium valuations relative to their peer group. Vizsla has consolidated a renowned silver-gold producing district which would cause a significant rerating of the Company.SILVER OVERVIEW MEXICOSignificance of Silver in MexicoTOP 20 SILVER PRODUCING COUNTRIESMexico produced 197Moz of silver in 2018, representing 23% of global productionProlific Silver Region – MexicoProducing silver mines in Mexico boast world class Measured & Indicated grades averaging 362 g/t AgEq.Prolific Silver Region – MexicoPANUCO SILVER-GOLD DISTRICTPanuco – A re-emerging district in southern SinaloaPANUCO SUMMARYPANUCO DISTRICT – NEWLY CONSOLIDATEDPANUCO INFRASTRUCTUREPANUCO EXPLORATION POTENTIALPANUCO UNTESTED POTENTIALPANUCO GEOLOGY AND ALTERATIONPANUCO HISTORYORESHOOTS ALONG ANIMAS VEINHISTORIC SECTION FROM ANIMAS VEINSIZE COMPARISON TO MEXICAN VEIN FIELDSTERMS: OPTION ON TURNKEY PRODUCTIONDEAL TERMS COMPARISON: VIZSLA VS. SILVERCRESTVizsla provides exposure to an undervalued, newly consolidated district, which offers significant discovery potential for silver and gold coupled with already built production upside.CONCLUSIONTHE OPPORTUNITY IS IMMENSECONTACT DETAILS
