Vizsla Silver Is Maintained at Outperform by National Bank

A major bond financing provides full funding and flexibility for rapid project execution, with a feasibility study confirming top-tier economics and robust margins. Permitting and procurement are on track, exploration is expanding, and community support is strong.

Based on Vizsla Silver Corp. [VZLA] Status Update Audio Transcript — Nov. 24 2025

Closed a $300M bond, fully funding the Panuco project with flexible, low-dilution capital. Feasibility study confirms top-tier economics: $1.8B NPV, 111% IRR, and low costs. Permitting is on track for mid-2026, with first silver targeted by end-2027 and strong growth potential.

Based on Vizsla Silver Corp. [VZLA] Status Update Audio Transcript — Nov. 24 2025

The feasibility study outlines a high-margin, low-capex silver-gold project with a $1.8B after-tax NPV, 111% IRR, and a 7-month payback. Annual production is projected at 17.4 Moz AgEq over 9.4 years, with robust economics and strong community agreements in place.

Original document: Vizsla Silver Corp. [VZLA] Press release — Nov. 24 2025

 
                              GAINERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
Appili Therapeutics         APLI     0.025     0.01     25.00         1,000 
RTG Mining                   RTG      0.03     0.01     20.00       241,143 
Black Iron                   BKI      0.12     0.02     14.29       278,436 
Stingray Group Variable    RAY.B     15.47     1.47     10.50         5,229 
Wallbridge Mining             WM      0.08     0.01     10.34       900,600 
Enthusiast Gaming Hldgs     EGLX     0.055     0.01     10.00       152,140 
Genesis Land Development     GDC      3.25     0.24      7.97         5,700 
Medipharm Labs              LABS      0.07     0.01      7.69        49,707 
Stack Capital Group         STCK     13.00     0.89      7.35        17,762 
Condor Energies              CDR      1.72     0.11      6.83       237,554 
 
                              LOSERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
Karnalyte Resources          KRN      0.11    -0.02    -15.38         6,015 
Energy Fuels                 EFR     18.59    -3.18    -14.61     1,761,713 
Vizsla Silver               VZLA      5.62    -0.95    -14.46     5,314,926 
Charlotte's Web Holdings    CWEB      0.12    -0.02    -14.29        25,839 
Accord Financial             ACD      2.42    -0.40    -14.06        35,913 
Star Diamond                DIAM     0.035    -0.01    -12.50        77,591 
Mountain Province Diamond   MPVD     0.035    -0.01    -12.50        37,000 
Coppernico Metals           COPR      0.23    -0.03    -11.54        81,675 
Euro Sun Mining              ESM     0.205    -0.03    -10.87       928,065 
Robinhood Markets CDR       HOOD     17.75    -2.12    -10.67       122,404 
 
 
Only includes stocks with at least 1,000 shares traded today. 
 
Data are delayed at least 15 minutes. 
 
Source: Dow Jones Market Data 
 

By Robb M. Stewart

Vizsla Silver's shares look set for a sharply weaker open after the Canadian silver explorer priced a $250 million offering of convertible notes, raising funds to develop its flagship project in Mexico and to prepare for possible future acquisitions.

In premarket trading in New York, the shares were down 13% after last closing at $4.67. The shares were last at C$6.57 on the Toronto Stock Exchange, up 14% so far this month and 44% higher over the last three months.

The Vancouver, British Columbia, company is offering convertible senior unsecured notes due 2031. The initial purchasers have a 13-day option from the date the notes are first issued to buy up to a total of $50 million more of the notes.

The notes will bear cash interest semi-annually at a rate of 5% per annum. The initial conversion rate for the notes will be 171.3062 shares per $1,000 of notes, equivalent to an initial conversion price of roughly $5.84 a share, a roughly 25% premium to Wednesday's closing price on NYSE American.

Vizsla said a portion of the proceeds from the offering will used to purchase cash-settled capped calls, which is intended to compensate for economic dilution.

The company this month released an independent feasibility study for its Panuco silver-gold project in Sinaloa, Mexico, which projects average annual production of 17.4 million ounces of silver equivalent at an all-in sustaining cost of $10.61 an ounce.

Write to Robb M. Stewart at robb.stewart@wsj.com