Vizsla Silver has awarded an engineering, procurement and construction management (EPCM) contract to M3 Engineering & Technology and a mine design contract to Mining Plus for the Panuco silver-gold project in Sinaloa, Mexico.
The company, alongside its partners, will focus on off-site detailed design, construction planning and equipment procurement for the Panuco project, while also developing long-term security strategies.
It confirmed that main development activities are progressing as scheduled.
Vizsla Silver president and CEO Michael Konnert said: “The appointment of key engineering and mine design partners represents an important step in advancing our Panuco Project.
“We are pleased to partner with M3 and Mining Plus as we move towards mobilisation.”
M3 Engineering, a mineral processing and infrastructure company, has contributed to various mining projects in Mexico, including Mercedes, Los Gatos and Peñasquito.
The EPCM contract, valued at around $170m, includes the process plant and surface infrastructure.
The company is finalising the definitive agreement with M3 Engineering.
M3 Engineering president and CEO Alberto Bennett said: “M3 Engineering & Technology is proud to contribute our technical expertise to support Vizsla Silver in advancing the development of the Panuco silver-gold project.
“We look forward to continuing working closely with Vizsla Silver’s team to deliver another successful project in Mexico, on time and on budget.”
Mining Plus, a mining services company under the Byrnecut Group, has collaborated with Vizsla Silver since the completion of the Panuco preliminary economic assessment in July 2024.
The company has assisted in mine design, planning, scheduling and geotechnical work, contributing to the Morgan Test Mine at Panuco.
The mine design contract involves approximately $50m for development capital and around $40m for ore development over two years of pre-production.
Key milestones in the mining schedule include awarding the mining contract in the second quarter of 2026 and commencing operations upon receiving the MIA environmental permit.
An infill drilling programme will also be implemented over two years to prepare for plant commissioning.
Mining Plus CEO Vahid Haydari said: “Mining Plus is pleased to continue its partnership with Vizsla Silver as the Panuco project advances toward production.
“Since our initial involvement following the preliminary economic assessment, we have worked closely with the team on mine design and planning.
“This next phase focuses on detailed planning and disciplined execution as this high-grade, technically compelling project advances toward commercial production.”
In September 2025, Vizsla Silver secured a project finance mandate with Macquarie Bank as lead arranger for up to $220m to support the development of the Panuco project.
