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Vizsla Silver - 2026 Roadmap: Construction Decisions, Drilling Growth & Cash Flow Vision

The KE Report Jan 23, 2026

Summary

Vizsla's $400M raise lets it bypass conditional project debt and trigger Panuco construction as soon as the MIA permit arrives, targeted mid-2026.

A 60,000-meter 2026 drill program will convert inferred resources at Napoleon and La Luisa and test new targets like Santa Fe and Animas.

Feasibility study economics — a 9.4-year mine life at $10.60 AISC with rapid capex payback — underwrite a 50Moz silver-equivalent production target by 2035.

Bringing Fresnillo onto the share register via the year-end property deal deepens Vizsla's Mexican stakeholder base and validates district consolidation.

Three future production centers across the Panuco district are planned to grow the project beyond its initial nine-year mine life.

Key points on Fresnillo

  • Joined Vizsla's shareholder register at the end of 2025 through a property deal that added the Santa Fe and San Enrique projects.
  • Described by Vizsla's CEO as the most recent of four Mexican property deals, none of whose vendors (including Fresnillo) have sold any shares received in those transactions.

Key points on Vizsla Silver

  • Construction decision expected around mid-2026, gated by receipt of the MIA permit; earthworks on the tailings and mill facilities would begin immediately after.
  • Raised over $400 million US in what the CEO describes as the largest cap-call convertible offering by a silver company, putting Vizsla in a position to self-finance construction.
  • Planning 60,000 metres of diamond drilling in 2026 — split between underground and surface drilling to upgrade the ~25 million oz of inferred mineralization close to the mine plan and to test district-scale exploration targets.
  • Targeting 50 million oz of silver-equivalent production by 2035, with growth centred on near-mine areas (La Luisa, Napoleon), Animas in the central-east, and Project #2 at Santa Fe.
  • Feasibility study cited as a 2025 highlight: $10.60 AISC at a $95 silver price with ~20 million oz of annual production and a 9.4-year base-case mine life that is expected to grow with drilling.

Michael Konnert's takeaways

  • Top takeaway Argues a formal construction decision at Panuco is realistically mid-2026, gated by the MIA permit, with the board already prepared to approve and roughly $20 million in long-lead orders already placed.
  • Frames the broader district as a 'true billion-ounce district' analogous to San Dimas 80 km to the north, citing deep vein extents, an immature La Luisa vein with ~40 million oz, and numerous untested targets.
  • Outlines a 10-year vision of three separate production centres across the district (Panuco, Animas, Santa Fe) rather than trucking ore on local highways, with Project #2 expected to leverage Santa Fe's existing mine, tailings capacity, power and staff.
  • Describes the 2025 feasibility study results as 'eye-watering' against current prices and cites $10.60 AISC at $95 silver and ~20 million oz of annual production as the basis for the cash-flow thesis.
  • Notes that Vizsla has completed four large property deals with Mexican counterparties, broadening the Mexican-domiciled shareholder base, and that none of the vendors (including Fresnillo) have sold any shares received in those deals.

Cory Fleck's takeaways

  • Top takeaway Frames 2025 as an inflection year — 'share price went up over 200%' alongside an updated mineral resource, feasibility study, test-mining start and additional project acquisitions — then pivots to interrogating 2026 catalysts around construction, drilling and growth.
  • Presses the CEO on whether a formal construction decision is even necessary given Vizsla is already cashed up and ordering long-lead items, and later on the realistic pace of moving Project #2 (Santa Fe) toward a second production centre.