Vizsla Silver secures $10 million Mexico-backed credit facility
Vizsla Silver Corp. [VZLA-TSX, NYSE, 0G3 Frankfurt] has secured a government-backed loan in Mexico to help advance its Panuco silver-gold project. The Vancouver-based miner’s Mexican subsidiary, Minera Canam, has signed an unsecured working capital credit facility worth $10 million. The loan is with Fideicomiso de Fomento Minero (Fifomi), a Mexican government-backed financial institution that specializes in the mining sector.
The facility received approval from Fifomi’s internal credit committee on May 4, 2026. Vizsla CEO Michael Konnert said the agreement represents an important step in the endorsement and validation of Panuco as an economically important development project.
On Tuesday, Vizsla were unchanged at $4.83. The shares trade in a 52-week range of $9.82 and $3.77.
The newly-consolidated Panuco gold-silver project is an emerging high-grade discovery located in southern Sinaloa, near the city of Mazatlan. The company completed a feasibility study for Panuco in November, 2025, which highlights 17.4 million ounces of silver equivalent (AgEq) of annual production over an initial 9.4-year mine life, an after-tax NPV (5.0%) of US$1.88 billion, 111% IRR and 7.0-month payback at US$35.50 an ounce silver and US$3,100 an ounce gold.
Vizsla Silver aims to position itself as a leading silver company by implementing a dual-track development approach at Panuco, advancing mine development while continuing district-scale exploration through low-cost means.
Vizsla recently said it had awarded the Engineering, Procurement and Construction Management (EPCM) contract to M3 Engineering & Technology Corp. and has entered into a Mine Design contract with Mining Plus (part of the Byrnecut Group). Both contacts will support the advancement of the Panuco project.
Since publishing the feasibility study, Vizsla Silver has worked with M3 Engineering to support the planning and development of the project. The EPCM scope of work covers the process plant and surface infrastructure, valued at approximately US$170 million.
Mining Plus has supported the mine design, planning, scheduling and geotechnical work, including contributions to the development of the company’s Morgan Test Mine at Panuco. The mining design scope of work covers approximately US$50 million in development capital and approximately US$40 million in ore development over the next two years of pre-production.
Vizsla Silver has said it is now fully funded to develop and construct the Panuco project, after finishing 2025 with more than US$450 million in cash (almost twice the initial capital expenditure requirement as stated in the feasibility study). In November, 2025, the company announced a US$300 million project financing facility, structured as a five-year, cash-settled cash call convertible notes issuance, which carries a 5.0% coupon and an effected conversion price of US$10.50 per share. This represented the largest ever financing of this structure completed by a Canadian silver-focused development company.
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