VZLA has nearly doubled this year, enjoying the party in the sector. It is pre-revenue, but has $144M cash. Cash flow is negative (but just by $7M in the past year). As it is transitioning from exploration to development, targeting first silver production from its main project in the second half of 2027, it 'should' continue to see interest. Its flagship Panuco project (Mexico) has seen an increase in reserves and there is significant exploration potential. The mine is fully funded and we would consider management good. Construction could start as early as the first half of 2026. The main non-commodity-price risks are construction delays, increases in costs, and the mine needs to perform as expected. The feasibility study was strong but problems can always emerge. Stocks sometimes 'flat-line' as investors wait for a mine to be built and to see commercial production.
5i Research Answer: