$VZLA

Vizsla Silver Corp.

CIK:0001796073|SEC Filings

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Profit or loss [Abstract]
Exploration and evaluation expenses	$ (26)	$ 0
General and administrative expenses
Office and administrative	(2,714)	(1,458)
Professional fees	(11,512)	(3,967)
Marketing and communication	(1,542)	(4,474)
Regulatory and transfer agent	(463)	(413)
Share-based compensation	(10,878)	(6,943)
Project holding costs	(5,148)	0
Depreciation	(125)	(179)
Loss from operations	(32,382)	(17,434)
Other income (expense)
Interest and finance income	11,338	2,260
Finance costs	(27,224)	0
Foreign exchange gain (loss)	5,010	(872)
Unrealized gain (loss) on investments at FVTPL	2,783	(331)
Gain on debt settlement of Vizsla Royalties	0	231
Gain on spin out of Vizsla Royalties	0	9,868
Share of income of share of Vizsla Royalties Corp.	1,936	354
Financing termination fees	(642)	0
Other income	955	104
Loss before income taxes	(38,252)	(5,820)
Current income tax	(433)	0
Net loss for the year	(38,685)	(5,820)
Items that will be reclassified subsequently
Translation gain (loss) on foreign operations	24,472	(10,260)
Comprehensive loss	$ (14,213)	$ (16,080)
Basic loss per share	$ (0.11)	$ (0.02)
Diluted loss per share	$ (0.11)	$ (0.02)
Weighted average number of common shares
Basic	338,886,497	267,326,705
Diluted	338,886,497	267,326,705

Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2026 USD ($)	Apr. 30, 2025 USD ($)
Operating activities
Net loss for the year	$ (38,685)	$ (5,820)
Items not affecting cash:
Depreciation	125	179
Share-based compensation	10,878	6,943
Unrealized gain (loss) on investments at FVTPL	(2,783)	331
Share of income of Vizsla Royalties Corp.	(1,936)	(354)
Gain on debt settlement from Vizsla Royalties Corp.	0	(231)
Income taxes	433	0
Gain on spin out of royalty interest	0	(9,868)
Loss on Capped Call Options	20,455	0
Revaluation gain on Derivative Liabilities	(4,175)	0
Interest expense on Convertible Note	6,545	0
Accretion expense on Convertible Note	4,399	0
Changes in working capital items	(6,454)	3,621
Net cash flows used in operating activities	(11,198)	(5,199)
Investing activities
Payments for exploration and evaluation assets	(32,752)	(19,842)
Payments for property plant and equipment	(216)	(356)
Purchase of capped call derivative options	(47,490)	0
Proceeds from disposals of investments	111	0
Purchase of investments in equity instruments	(1,064)	(134)
Purchase of investments in warrants investments	(826)	0
Short-term investments in Guaranteed Investment Certificate (“GIC”)	8,670	(8,545)
Net cash flows used in investing activities	(73,567)	(28,877)
Financing activities
Common shares proceeds - net of share issuance	117,508	77,595
Proceeds from exercise warrants	0	20,775
Proceeds from exercise of stock options	9,180	6,261
Proceeds from convertible notes, net of transaction costs	286,613	0
Net cash flows provided by financing activities	413,301	104,631
Effects of exchange rate changes on cash and cash equivalents	2,758	(1,855)
Increase in cash and cash equivalents	331,294	68,700
Cash and cash equivalents, beginning of year	96,016	27,316
Cash and cash equivalents, end of year	$ 427,310	$ 96,016

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2024
Current assets
Cash and cash equivalents	$ 427,310	$ 96,016	$ 27,316
Short-term investments	0	8,620	0
Value-added tax receivable	0	11,074	11,178
Other receivables	1,514	634	464
Prepaids and other expenses	1,037	1,674	1,614
Total current assets	429,861	118,018	40,572
Non-current assets
Exploration and evaluation assets	244,208	174,869	151,933
Property, plant, and equipment	472	503	428
Investment in Vizsla Royalties Corp.	7,371	5,361	0
Investments in equity instruments	3,668	240	440
Warrants investments	1,138	0	0
Long-term value-added tax receivable	17,765	1,420	4,256
Capped call derivative options	27,016	0	0
Other non-current assets	0	12	930
Total non-current assets	301,638	182,405	157,987
Total assets	731,499	300,423	198,559
Current liabilities
Accounts payable and accrued liabilities	6,154	3,179	1,840
Interest payable	6,558	0	0
Due to related parties	482	285	836
Income tax payable	107	0	0
Total current liabilities	13,301	3,464	2,676
Non-current liabilities
Convertible notes	237,355	0	0
Derivative liabilities	49,482	0	0
Non-current accounts payable	0	1,164	0
Total liabilities	300,138	4,628	2,676
SHAREHOLDERS' EQUITY
Share capital	456,910	320,764	211,498
Shares to be issued	8,954	5,813	654
Reserves	45,462	34,998	28,647
Accumulated other comprehensive income	16,779	(7,693)	2,567
Deficit	(96,744)	(58,087)	(47,483)
Total shareholders' equity	431,361	295,795	195,883
Total liabilities and shareholders' equity	$ 731,499	$ 300,423	$ 198,559