News Summary
The most recent news, dated December 10, 2025, announces that Vizsla Royalties Corp. has graduated to trade on the OTCQX Best Market in the U.S. under the ticker VROYF, while continuing its listing on the TSX Venture Exchange (VROY). The company’s CEO, Michael Pettingell, stated that this move is an “important milestone” reflecting the company’s asset growth and team strength, aimed at broadening visibility, supporting greater trading liquidity, and making it easier for U.S.-based investors to participate. This news was also corroborated by a separate release from OTC Markets Group Inc. confirming VROY’s qualification to trade on the OTCQX, upgrading from the OTCQB Venture Market.
Material Impact
This graduation to the OTCQX Best Market is a positive corporate development, primarily focused on enhancing market visibility and liquidity for U.S. investors. While beneficial for broadening the investor base and potentially improving trading volume and valuation, it does not represent a material change to the company’s underlying assets, financial position, or operational outlook. It is a logical progression following its earlier listing on the OTCQB in April 2025 and aligns with the company’s strategy of increasing capital markets presence, as evidenced by previous investor relations and marketing agreements.
The actual material impacts on Vizsla Royalties have stemmed from earlier news:
1. Panuco Feasibility Study (November 18, 2025): This was a highly significant event. The Feasibility Study for Vizsla Silver’s Panuco project (the cornerstone asset for VROY’s royalties) reported an after-tax NPV(5%) of US$1.8 billion and an IRR of 111% at base case metal prices. This significantly exceeded the previous Preliminary Economic Assessment (PES) results from July 2024 (NPV of US$1.1 billion, IRR of 86%). This implies a much stronger projected cash flow from VROY’s 3.5% NSR royalty on Panuco’s key high-grade concessions, estimating approximately 560,000 oz AgEq annually. This constitutes a *Material – Game Changer* event.
2. Macquarie Project Financing (September 8, 2025): The securing of a US$220 million project finance mandate from Macquarie Bank for the Panuco project was another *Material – Positive* de-risking event for the underlying asset, directly supporting its advancement towards production. This validated the quality of the Panuco asset and the operational team.
3. Acquisition of Additional 3% NSR on Panuco-Copala (June 12, 2025): The closing of this acquisition, increasing Vizsla Royalties’ interest on the Silverstone concessions (where the highest-grade ore is found) to 3.5%, was a *Material – Positive* strategic move, consolidating a more substantial royalty on the core asset. The associated US$63.02 million bought deal offering at $2.00 per share provided the necessary capital and indicated strong market demand.
In the context of these prior, more impactful developments, the OTCQX graduation is a Routine – Positive event. It reinforces the company’s commitment to investor accessibility but does not fundamentally alter its intrinsic value or future cash flow projections, which have already been significantly enhanced by the Panuco project’s positive Feasibility Study and financing milestones.
Catalysts
– Panuco Permitting: The CEO’s statement in the November 18, 2025, news release mentioned environmental permits for Panuco are expected in the first half of 2026. This is a critical near-term catalyst for Vizsla Silver and thus for Vizsla Royalties.
– Panuco Production Decision: Following permitting and the feasibility study, a final construction and production decision for Panuco is anticipated. This will solidify the timeline for royalty cash flows.
– Exploration/Development Updates from Vizsla Silver: Continued progress reports from Vizsla Silver on the Panuco project, including further drilling results or infrastructure development.
– Royalty Portfolio Expansion: Any news regarding new royalty acquisitions by Vizsla Royalties would be significant, as the company aims to strengthen its royalty portfolio.
– First Royalty Revenue Guidance: As Panuco approaches production, specific guidance on anticipated royalty revenues from Vizsla Royalties will be crucial.
Materiality Conclusion
The graduation to the OTCQX Best Market is a Routine – Positive event. While it offers enhanced visibility and liquidity for U.S. investors, it is a capital markets listing upgrade rather than a change in the fundamental value drivers of the company. The material impacts on Vizsla Royalties’ valuation have already been delivered by the highly positive Panuco Feasibility Study results and the securing of project financing by Vizsla Silver. This news confirms the company’s continued growth in its capital markets presence but does not alter the investment thesis as significantly as the preceding project milestones.
