Canadian mineral exploration and development company Vizsla Silver has signed an agreement with Canaccord Genuity to sell 33.34 million common shares at $3 each to raise approximately $100m.

Facilitated by Canaccord Genuity as the sole bookrunner, this offering is expected to close around 26 June 2025, pending regulatory approvals.

The net proceeds from this offering are earmarked for the advancement of Vizsla Silver's 100%-owned Panuco silver-gold project, in Sinaloa, Mexico, encompassing exploration, drilling, and development activities.

The funds will also support working capital and general corporate purposes.

The underwriters have been granted an overallotment option, which allows them to purchase up to an additional 15% of the offering within 30 days post-closing to manage overallotments.

In the event this option is fully exercised, the gross proceeds could reach approximately $115m.

The common shares are being offered in Canada, excluding Quebec, through a prospectus supplement, as part of Vizsla Silver's base shelf prospectus dated 28 April 2025.

Vizsla Silver concluded a preliminary economic study for its Panuco project in July 2024, demonstrating significant potential with an estimated annual production of 15.2 million ounces (moz) of silver equivalent over an initial mine life of 10.6 years.

The study forecasts a post-tax net present value (NPV) at a 5% discount rate of $1.1bn, an internal rate of return (IRR) of 86%, and a rapid payback period of nine months, based on silver and gold prices of $26/oz and $1,975/oz, respectively.

The company is pursuing a dual-track development strategy at Panuco, focusing on advancing mine development while simultaneously and cost-effectively conducting district-scale exploration to become the preeminent silver producer globally.

In April 2024, Vizsla Silver announced the acquisition of two significant claims, located south of the Panuco project, expanding its exploration potential in the Panuco–San Dimas corridor.