VZLA is running hard with the silver sector, and is up 194% this year. Market cap at $2.5B is now big enough to attract some new attention. It has lots of cash but currently no revenue, losses and negative cash flow. Production is expected in 2027. Insiders own 2.6% but have sold some this year. Vizsla owns 100% of the Panuco silver‑gold district in southern Sinaloa, a past‑producing camp with extensive historic workings, road access, nearby power and proximity to Mazatlán. A 2025 Feasibility Study for a 100%‑owned operation outlines an after‑tax NPV(5%) of about US$1.8B, an after‑tax IRR around 111% and a payback of roughly seven months at base‑case prices, which is exceptionally strong for a primary silver project. The capital cost is very high, but the return very impressive here. As it gets closer to production, the stock 'should' continue to show strength. Often, though, share price may pause as investors await to see if the mine performs as expected. This is something to be aware of later next year.
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