Panuco

The Panuco Silver-Gold Project is located in the historic Panuco mining district in southern Sinaloa, Mexico, along the western margin of the Sierra Madre Occidental and approximately 80 km from the San Dimas mine. Elemental’s royalty interests cover the majority of the Panuco district across an approximately 9,800-hectare area of interest, including the high-grade Copala and Napoleon deposits.

The Project benefits from established mining infrastructure, including all-weather road access, high-voltage power, water, a skilled local workforce and proximity to the deep-water port of Mazatlán.

The 2025 Feasibility Study outlines a high-grade underground operation producing an average 17.4 Moz AgEq annually over an initial 9.4-year mine life, including approximately 20.1 Moz AgEq per annum over the first five years. The mine plan is centred on the Copala and Napoleon deposits and contemplates an initial 3,300 tpd processing rate, expanding to 4,000 tpd in Year 4. Ore would be processed on site through three-stage crushing and grinding, followed by leaching and Merrill-Crowe recovery to produce silver-gold doré.

Panuco retains significant district-scale exploration potential beyond the areas incorporated into the current mine plan. Vizsla continues to highlight the limited level of systematic exploration across the broader district, with numerous mapped epithermal vein targets remaining untested and mineralisation at several established deposits remaining open along strike and at depth.

The test mine on site is already delivering metallurgical, geophysical, and geotechnical data while stockpiling high-grade ore, providing substantial de-risking. Vizsla continues to advance Panuco towards development, targeting first silver production in the second half of 2027.