Vizsla Silver (NYSE:VZLA) provided a comprehensive 2025 year-end summary and 2026 outlook for its flagship Panuco silver-gold project in Sinaloa, Mexico.
Key 2025 highlights included a 43% increase in measured and indicated mineral resources, underpinned by successful infill and expansion drilling.
The completed feasibility study delivered compelling economics: an after-tax NPV(5%) of US$1.8 billion, an IRR of 111%, and a 7-month payback period, with average annual production of 20.1 million silver equivalent ounces in years 1–5 and 17.4 million silver equivalent ounces over the 9.4-year mine life.
The company also strengthened its balance sheet, ending 2025 with more than US$450 million in cash and securing project finance, including a US$300 million capped-call convertible note facility.
Meanwhile, exploration and development progress featured a 21,000-metre drill program in 2025, which included the discovery of a new high-grade zone at Animas (897 g/t AgEq over 5.85 metres).
The company also advanced its test mine program and continued permitting efforts.
Looking to 2026, Vizsla plans a district-wide exploration drill program of approximately 60,000 metres to further expand resources and test new targets.
The company is targeting a construction decision following receipt of key permits, with first production anticipated in the second half of 2027.
Details on Animas Discovery