Vizsla Silver Corp 6-K, filed Mar 9, 2023

Vizsla Silver Corp. (VZLA)

6-K 2023-03-09 For: 2023-01-31

View Original

Added on April 11, 2026

About this 6-K

Vizsla Silver Corp filed this 6-K on March 9, 2023.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

	VIZSLA SILVER CORP.
	(Registrant)

Date March 9, 2023	By	/s/ Michael Konnert
		Michael Konnert
		Chief Executive Officer

Exhibit		Description of Exhibit

99.1		Unaudited Condensed Consolidated Financial Interim Statements for the nine months ended January 31, 2023

99.2		Management Discussion and Analysis for the nine months ended January 31, 2023

99.3		Certification of Interim Filings CEO dated March 9, 2023

99.4		Certification of Interim Filings CFO dated March 9, 2023

As at	Note	January 31, 2023		April 30, 2022
		$		$
ASSETS
Current assets
Cash and cash equivalents		18,978,238		30,482,269
Taxes receivable	4	14,498,662		13,110,777
Other receivables		352,714		340,917
Prepaid expenses		2,444,423		2,855,677
Due from related party	9	-		50,000
Total current assets		36,274,037		46,839,640

Non-current assets
Property, plant and equipment	5	436,611		304,866
Intangible asset	6	443,930		-
Investment	6	1,254,220		-
Exploration and evaluation assets	7	146,680,650		118,789,742
Total non-current assets		148,815,411		119,094,608
Total assets		185,089,448		165,934,248

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		1,967,474		10,127,266
Due to related party	9	43,013		21,875

Total liabilities		2,010,487		10,149,141

SHAREHOLDERS' EQUITY
Share capital	8	196,370,048		163,972,960
Reserves		27,360,190		23,691,609
Accumulated other comprehensive loss		(716,052	)	(368,411	)
Deficit	8	(39,935,225	)	(31,511,051	)

Total shareholders' equity		183,078,961		155,785,107
Total liabilities and shareholders' equity		185,089,448		165,934,248

"Michael Konnert"	"Craig Parry"
Director, CEO	Director, Chairman

			Three Months			Three Months			Nine Months			Nine Months
	Note		January 31, 2023			January 31, 2022			January 31, 2023			January 31, 2022
General and administrative expenses
Amortization		$	74,174		$	25,778		$	187,403		$	53,202
Consulting fees			656,271			768,689			1,165,437			917,429
Directors fees	9		83,333			110,000			245,833			290,000
Foreign exchange loss/(gain)			(425,816	)		467,835			(1,194,297	)		327,040
Insurance			174,532			17,089			533,140			17,089
Management fees	9		287,500			231,493			462,500			612,500
Marketing			828,053			739,619			2,349,825			2,555,845
Office and miscellaneous	9		314,082			579,401			966,098			1,358,660
Professional fees			288,555			206,497			613,159			408,286
Share based compensation	8		398,455			2,679,637			2,530,128			9,976,054
Transaction costs			-			-			-			1,122,356
Transfer agent and filing			276,382			46,966			424,490			213,895
Travel and promotion			91,942			68,805			307,459			251,559

		$	(3,047,463	)	$	(5,941,809	)	$	(8,591,175	)	$	(18,103,915	)
Other income / (loss)
Interest income			228,656			22,752			326,006			114,013
Revaluation loss on investment in equity instruments	6		(159,005	)		-			(159,005	)		-
Net loss		$	(2,977,812	)	$	(5,919,057	)	$	(8,424,174	)	$	(17,989,902	)
Other comprehensive loss
Items that will be reclassified subsequently
Translation gain/(loss) on foreign operations			(338,918	)		1,112,694			(347,641	)		547,871
Comprehensive loss		$	(3,316,730	)	$	(4,806,363	)	$	(8,771,815	)	$	(17,442,031	)
Basic and diluted loss per share		$	(0.02	)	$	(0.04	)	$	(0.05	)	$	(0.13	)

Weighted average number of common shares
Basic and diluted			175,112,075			148,151,268			161,645,755			135,046,983

For the nine months ended	Note	January 31, 2023		January 31, 2022
		$		$
Operating activities
Net loss for the period		(8,424,174	)	(17,989,902	)
Items not affecting cash:
Amortization	5	187,403		53,202
Foreign exchange gain		(6,462	)	(640,293	)
Share-based compensation	8	2,530,128		9,976,054
Revaluation loss on investment in equity instruments	6	159,005		-

Changes in non-cash working capital items:
Accounts payable and accrued liabilities		(8,159,792	)	6,278,749
Due to/(from) related parties		71,138		(4,838	)
Taxes recoverable		(1,387,885	)	(9,076,301	)
Other receivable		(11,797	)	(402,626	)
Prepaid expenses		411,254		(1,390,154	)

Net cash flows used in operating activities		(14,631,182	)	(13,196,109	)

Investing activities
Purchase of exploration and evaluation assets		(6,855,468	)	(17,764,259	)
Exploration and evaluation expenditures		(21,420,929	)	(18,304,328	)
Purchase of equipment		(274,838	)	(133,359	)
Strategic investment expenditures		(500,000	)	-

Net cash flows used in investing activities		(29,051,235	)	(36,201,946	)

Financing activities
Cash proceeds of common shares issued net of issuance costs		31,974,386		68,857,632
Issuance of common shares - option exercise		204,000		545,930
Issuance of common shares - warrants exercise		-		1,837,805

Net cash flows provided by financing activities		32,178,386		71,241,367

Effects of foreign exchange		-		547,871

(Decrease) / Increase in cash and cash equivalents		(11,504,031	)	21,843,312

Cash and cash equivalents, beginning of period		30,482,269		19,398,272

Cash and cash equivalents, end of period		18,978,238		41,789,455


Supplemental cash flow
Issuance of common shares for strategic investment	6	1,357,155		-
Share issuance costs - finders warrants		1,138,453		1,530,056
Shares issued for E&E acquisition		-		43,772,500

	Common shares
							Other
					Share to		comprehensive
	Number	Amount		Reserves	be issued		income (loss)		Deficit		Total
		$		$	$		$		$		$
Balance, April 30, 2021	94,068,744	45,962,344		8,148,730	308,594		5,476		(16,240,495	)	38,184,649
Shares issued pursuant to private placement and prospectus	29,290,000	71,152,150		2,072,850	-		-		-		73,225,000
Shares issued pursuant to property acquisition	17,940,574	43,772,500		-	-		-		-		43,772,500
Shares issued pursuant to exercise of warrants and options	6,989,039	2,383,735		-	-		-		-		2,383,735
Share issuance costs - cash	-	(4,367,368	)	-	-		-		-		(4,367,368	)
Share issuance costs - finders warrants	-	(1,530,056	)	1,530,056	-		-		-		-
Stock based compensation	-	-		9,976,054	-		-		-		9,976,054
Contingent consideration adjustment	-	-		-	(166,641	)	-		-		(166,641	)
Transfer of exploration and evaluation assets pursuant to spin-out	-	-		-	-		-		(1,493,798	)	(1,493,798	)
Net loss and comprehensive loss for the period	-	-		-	-		547,871		(17,989,902	)	(17,442,031	)

Balance, January 31, 2022	148,288,357	157,373,305		21,727,690	141,953		553,347		(35,724,195	)	144,072,100

Balance, April 30, 2022	154,875,802	163,972,960		23,691,609	-		(368,411	)	(31,511,051	)	155,785,107
Shares issued pursuant to private placement and prospectus	23,805,000	34,517,250		-	-		-		-		34,517,250
Shares issued pursuant to strategic investment	1,000,000	1,357,155		-	-		-		-		1,357,155
Shares issued pursuant to exercise of warrants and options	625,347	204,000		-	-		-		-		204,000
Share issuance costs - cash	-	(2,542,864	)	-	-		-		-		(2,542,864	)
Share issuance costs - finders warrants	-	(1,138,453	)	1,138,453	-		-		-		-
Stock based compensation	-	-		2,530,128	-		-		-		2,530,128
Net loss and other comprehensive gain for the period	-	-		-	-		(347,641	)	(8,424,174	)	(8,771,815	)

Balance, January 31, 2023	180,306,149	196,370,048		27,360,190	-		(716,052	)	(39,935,225	)	183,078,961

Entity	Principal activities	Country of incorporation and operation	Ownership interest as at January 31, 2023	Ownership interest as at April 30, 2022
Vizsla Copper Corp. (formerly Northbase Resources Inc.) *	Exploring evaluating mineral properties	Canada	0%	0%
Canam Alpine Ventures Ltd.	Holding Co	Canada	100%	100%
Minera Canam S.A. DE C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Operaciones Canam Alpine S.A. DE C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Vizsla Royalty Corp. (formerly Vizsla Copper Corp. and 1283303 B.C. Ltd.)	Royalty Company	Canada	100%	100%
Canam Royalties Mexico, S.A. de C.V.	Royalty Company	Mexico	100%	100%

	January 31, 2023	April 30, 2022
	$	$
Goods and Service Tax (GST) recoverable	133,891	103,785
Mexican Value Added Tax (IVA) recoverable	14,364,771	13,006,992
Total	14,498,662	13,110,777

	Computer	Computer	Office		Mining	Office	Total
	equipment	software	equipment		equipment	improvements	Total

Cost	$	$	$		$	$	$
Balance - April 30, 2021	14,463	-	3,526		66,830	37,404	122,223
Additions	24,829	-	36,340		75,091	144,218	280,478
Disposal	-	-	(748	)	-	-	(748	)
Effect of change in exchange rate	624	-	755		2,677	3,789	7,845
Balance - April 30, 2022	39,916	-	39,873		144,598	185,411	409,798
Additions	24,667	55,212	8,529		159,432	26,998	274,838
Disposal	-	-	-		-	-	-
Effect of change in exchange rate	5,677	-	5,704		26,176	25,903	63,460
Balance - January 31, 2023	70,260	55,212	54,106		330,206	238,312	748,096

Accumulated depreciation
Balance - April 30, 2021	5,338	-	730		14,818	-	20,886
Depreciation	9,545	-	7,237		37,882	28,000	82,664
Disposal	-	-	-		-	-	-
Effect of change in exchange rate	122	-	154		599	507	1,382
Balance - April 30, 2022	15,005	-	8,121		53,299	28,507	104,932
Depreciation	11,135	38,648	18,671		38,142	80,807	187,403
Disposal	-	-	-		-	-	-
Effect of change in exchange rate	1,537	-	2,301		6,222	9,090	19,150
Balance - January 31, 2023	27,677	38,648	29,093		97,663	118,404	311,485

Carrying amounts
As at April 30, 2021	9,125	-	2,796		52,012	37,404	101,337
As at April 30, 2022	24,911	-	31,752		91,299	156,904	304,866
As at January 31, 2023	42,583	16,564	25,013		232,543	119,908	436,611

As at Jan 6, 2023	DLOM
Date	Vizsla	Prismo
06-Jul-23	10.6%	21.3%
06-Jan-24	15.9%	28.1%
06-Jul-24	18.0%	30.1%
06-Jan-25	20.4%	31.4%

	Right of first	Total
	refusal	Total
Cost	$	$
Balance - April 30, 2022	-	-
Additions	443,930	443,930
Disposal	-	-
Effect of change in exchange rate	-	-
Balance - January 31, 2023	443,930	443,930

Carrying amounts
As at April 30, 2022	-	-
As at January 31, 2023	443,930	443,930

	Strategic		Total
	investment		Total
	$		$
Balance - April 30, 2022	-		-
Additions	1,413,225		1,413,225
Disposal	-		-
Gain (loss) from fair value adjustment	(159,005	)	(159,005	)

Fair value - January 31, 2023	1,254,220		1,254,220

		Balance April 30, 2021			Additions			Balance April 30, 2022			Additions			Balance January 31, 2023
Acquisition costs
Cash	$	1,012,761		$	18,731,540		$	19,744,301		$	6,396,000		$	26,140,301
Contingent consideration		308,595			(308,595	)		-			-			-
Concession		-			-			-			459,468			459,468
Effective settlement of loans receivables		1,064,647			125,377			1,190,024			-			1,190,024
Shares		1,896,987			56,250,001			58,146,988			-			58,146,988
Transaction cost		125,190			(125,190	)		-			-			-
Subtotal	$	4,408,180		$	74,673,133		$	79,081,313		$	6,855,468		$	85,936,781


		Balance April 30, 2021			Additions			Balance April 30, 2022			Additions			Balance January 31, 2023
Exploration costs
Analysis	$	1,366,574		$	3,800,021		$	5,166,595		$	1,770,034		$	6,936,629
Depreciation		3,563			20,388			23,951			38,142			62,093
Drilling		5,971,422			14,964,594			20,936,016			10,843,411			31,779,427
Ejido Rights		80,901			340,342			421,243			-			421,243
Engineering consulting		-			671,537			671,537			24,397			695,934
Equipment		382,265			924,121			1,306,386			974,555			2,280,941
Field Cost		2,092,112			2,250,098			4,342,210			1,264,773			5,606,983
Geological consulting		1,641,356			2,561,712			4,203,068			2,889,100			7,092,168
GIS management		-			-			-			107,190			107,190
Geophysical survey		-			-			-			75,662			75,662
Maintenance		315,435			81,504			396,939			374,590			771,529
Rent of land		86,099			153,596			239,695			-			239,695
Travel and miscellaneous		774,751			1,600,910			2,375,661			3,059,075			5,434,736
Subtotal	$	12,714,478		$	27,368,823		$	40,083,301		$	21,420,929		$	61,504,230

	17,122,658			$	102,041,956		$	119,164,614		$	28,276,397		$	147,441,011

Effect of change in exchange rate		(92,276	)		(282,596	)		(374,872	)		(385,489	)		(760,361	)

Total	$	17,030,382		$	101,759,360		$	118,789,742		$	27,890,908		$	146,680,650

		Balance April 30, 2021	Additions		Transfer to Vizsla Copper			Balance April 30, 2022 and January 31, 2023

Acquisition costs
Cash	$	20,000	-	$	(20,000	)	$	-

Exploration costs								-
Geophysical consulting		-	16,710		(16,710	)

Balance	$	20,000	16,710	$	(36,710	)		-

		Balance April 30, 2020		Additions		Balance April 30, 2021		Additions		Transfer to Vizsla Copper			Balance April 30, 2022 and January 31, 2023
Acquisition costs
Shares	$	1,357,467	$	-	$	1,357,467	$	-	$	(1,357,467	)	$	-
		1,357,467		-		1,357,467		-		(1,357,467	)		-
Exploration costs
Analysis		15,365		-		15,365		-		(15,365	)		-
Equipment		13,800		-		13,800		-		(13,800	)		-
Geophysical consulting		45,499		-		45,499		-		(45,499	)		-
Project management		6,130		-		6,130		-		(6,130	)		-
Travel, supplies and field expenses		19,625		-		19,625		-		(19,625	)		-
Subtotal		100,419		-		100,419		-		(100,419	)		-

Balance	$	1,457,886	$	-	$	1,457,886	$	-	$	(1,457,886	)	$	-

	January 31, 2023				April 30, 2022
	Number of warrants		Weighted average exercise price $		Number of warrants		Weighted average exercise price $
Warrants outstanding, beginning of the period	32,424,902		2.68		22,757,961		1.86
Issued	13,330,800		1.79		16,222,400		3.06
Exercised	-		-		(6,555,459	)	0.52
Expired	(32,424,902	)	(2.68	)	-		-
Warrants outstanding, end of the period	13,330,800		1.94		32,424,902		2.68

Expiry date	Exercise price $	Number of warrants outstanding and exercisable
15-Nov-24	2.00	11,902,500
15-Nov-24	1.45	1,428,300
		13,330,800

	January 31, 2023	April 30, 2022
Risk Free Interest Rate	3.86%	0.43%
Expected Dividend Yield	-	-
Expected Volatility	101.32%	100% - 103.90%
Expected Term in Years	2 years	1 year

	January 31, 2023				April 30, 2022
			Weighted average				Weighted average
	Number of		exercise price		Number of		exercise price
	options		$		options		$
Options outstanding, beginning of the period	14,640,472		1.64		9,090,000		1.07
Issued	590,000		1.74		6,974,000		2.25
Cancelled	(658,153	)	(2.06	)	(152,500	)	(2.23	)
Exercised	(625,347	)	(0.33	)	(1,271,028	)	(0.41	)
Options outstanding, end of the period	13,946,972		1.69		14,640,472		1.64
Options exercisable, end of the period	12,810,472		1.66		10,486,542		1.46

Expiry date	Exercise price $	*Adjusted exercise price $	Number of Options outstanding	Number of Options exercisable
27-Feb-29	0.15	0.14	655,000	655,000
13-Jun-24	0.17	0.16	350,000	350,000
30-Dec-24	0.69	0.66	875,000	875,000
07-Jan-25	0.72	0.69	75,000	75,000
29-Jun-25	0.79	0.76	1,156,250	1,146,250
06-Aug-25	2.15	2.07	1,490,000	1,490,000
27-Aug-25	1.76	1.69	75,000	75,000
01-Oct-25	1.46	1.40	125,000	93,750
01-Dec-25	1.46	1.40	100,000	50,000
12-Jan-26	1.71	1.64	60,000	60,000
17-Feb-26	1.50	1.44	2,007,722	2,007,722
22-Jun-26	2.31	2.22	3,784,000	3,784,000
12-Jul-26	2.44	2.34	220,000	165,000
27-Jul-26	2.44	2.34	139,000	139,000
24-Sep-26	2.25	2.25	1,945,000	1,458,750
01-Feb-27	2.45	2.45	300,000	150,000
02-Jun-27	1.74	1.74	590,000	236,000
			13,946,972	12,810,472

	For the nine-months period ended
	January 31, 2023	January 31, 2022
Risk Free Interest Rate	2.89%	0.79% - 0.85%
Expected Dividend Yield	-	-
Expected Volatility	101.32%	100% - 103.90%
Expected Term in Years	5 years	5 years

Classification	Tonnes	Average Grade						Contained Metal
	Tonnes	Ag	Au	Pb	Zn	AgEq	Au Eq	Ag	Au	Pb	Zn	AgEq	AuEq
	(Mt)	(g/t)	(g/t)	(%)	(%)	(g/t)	(g/t)	(koz)	(koz)	(kt)	(kt)	(koz)	(koz)
Indicated	7.5	243	2.12	0.23	0.71	437	5.83	58,330	508	17	53	104,793	1,397
Inferred	7.2	304	2.14	0.19	0.54	491	6.55	70,672	496	14	39	114,113	1,521

Classification COG AgEq	Tonnes	Average Grade					Contained Metal
	Tonnes	Ag	Au	Pb	Zn	AgEq	Ag	Au	Pb	Zn	AgEq
	(Mt)	(g/t)	(koz)	(%)	(%)	(g/t)	(koz)	(koz)	(kt)	(kt)	(koz)
Indicated:
>=300 ppm	3.8	380	3.28	0.24	0.70	661	45,989	397	9.1	26.5	79,969
>=250 ppm	4.6	339	2.92	0.24	0.73	594	49,543	428	10.8	33.2	86,858
>=200 ppm	5.7	294	2.54	0.24	0.73	520	53,574	464	13.4	41.4	94,831
>=150 ppm	7.5	243	2.12	0.23	0.71	437	58,330	508	17.0	53.3	104,793
>=120 ppm	9.0	213	1.86	0.22	0.69	386	61,400	537	19.5	61.7	111,255
>100 ppm	10.2	194	1.70	0.21	0.66	354	63,419	554	21.1	67.3	115,469
Inferred:
>=300 ppm	4.0	456	3.13	0.20	0.47	716	59,148	406	8.3	18.9	92,784
>=250 ppm	4.8	410	2.83	0.20	0.48	647	62,677	433	9.6	23.1	98,968
>=200 ppm	5.7	362	2.51	0.20	0.52	576	66,412	461	11.1	29.5	105,757
>=150 ppm	7.2	304	2.14	0.19	0.54	491	70,672	496	13.6	39.3	114,113
>=120 ppm	8.6	268	1.89	0.18	0.53	436	73,709	519	15.3	45.5	119,802
>100 ppm	9.8	241	1.71	0.17	0.52	394	75,803	538	17.1	50.7	124,190

Process Option	Stage	Mass Recovery (%)	Global Recovery (%)				Product Grade (% or g/t)
Process Option	Stage	Mass Recovery (%)	Ag	Au	Pb	Zn	Ag	Au	Pb	Zn

Whole Ore Leach	Direct Cyanidation Leach	100	87	93	-	-	-	-	-	-

Bulk Sulfide Flotation*	Rougher Conc.	17.0	93	90	94	94	666	16	6.8	5.8
	1 Stage Cleaner Conc	7.1	89	88	87	90	1,524	36	15.1	13.2
	2 Stage Cleaner Conc	5.6	87	86	82	87	1888	45	18.1	16.2

Sequential Flotation*	Lead Rougher Conc	6.0	79	80	93	24	1,804	40	18.3	4.4
	Zinc Rougher Conc	6.2	9	8	3	72	194	4	0.5	12.8

	Lead Rougher Conc	6.0	79	80	93	24	1,804	40	18.3	4.4
	1 Stage Cleaner Conc	2.1	71	76	87	12	4,656	110	49.1	6.3
	2 Stage Cleaner Conc	1.7	68	74	83	9	5,550	134	58.4	5.7

	Zinc Rougher Conc	6.2	9	8	3	72	194	4	0.5	12.8
	1 Stage Cleaner Conc	1.7	8	7	2	71	628	13	1.4	47.2
	2 Stage Cleaner Conc	1.4	7	7	1	71	692	15	1.2	56.2

Gravity Concentration	Knelson Concentrate	3.6	29	40	28	12	1,087	31	8.9	3.5
Gravity Concentration	Tabled Knelson Conc	0.6	12	26	13	2	2,670	122	24.8	2.9

	Nine months ended		Nine months ended
	January 31, 2023		January 31, 2022	Variance
	$		$	$
Amortization	187,403		53,202	134,201
Consulting fees	1,165,437		917,429	248,008
Directors fees	245,833		290,000	(44,167	)
Exploration investigation	-		-	-
Foreign exchange (gain)/loss	(1,194,297	)	327,040	(1,521,337	)
Insurance	533,140		17,089	516,051
Management fees	462,500		612,500	(150,000	)
Marketing	2,349,825		2,555,845	(206,020	)
Office and miscellaneous	966,098		1,358,660	(392,562	)
Professional fees	613,159		408,286	204,873
Share based compensation	2,530,128		9,976,054	(7,445,926	)
Transaction costs	-		1,122,356	(1,122,356	)
Transfer agent and filing	424,490		213,895	210,595
Travel and promotion	307,459		251,559	55,900

	Three months ended		Three months ended
	January 31, 2023		January 31, 2022	Variance
	$		$	$
Amortization	74,174		25,778	48,396
Consulting fees	656,271		768,689	(112,418	)
Directors fees	83,333		110,000	(26,667	)
Foreign exchange (gain)/loss	(425,816	)	467,835	(893,651	)
Insurance	174,532		17,089	157,443
Management fees	287,500		231,493	56,007
Marketing	828,053		739,619	88,434
Office and miscellaneous	314,082		579,401	(265,319	)
Professional fees	288,555		206,497	82,058
Share based compensation	398,455		2,679,637	(2,281,182	)
Transfer agent and filing	276,382		46,966	229,416
Travel and promotion	91,942		68,805	23,137

		Q3 January 31, 2023			Q2 October 31, 2022			Q1 July 31, 2022			Q4 April 30, 2022			Q3 January 31, 2022			Q2 October 31, 2021			Q1 July 31, 2021			Q4 April 30, 2021
Interest income	$	228,656		$	62,167		$	35,183		$	25,851		$	22,752		$	40,182		$	51,079		$	38,790
Net loss / (income)	$	2,977,812		$	2,096,124		$	3,350,238		$	(2,770,425	)	$	5,919,057		$	6,956,005		$	5,165,919		$	1,985,381
Loss per common share	$	(0.02	)	$	(0.01	)	$	(0.02	)	$	(0.04	)	$	(0.04	)	$	(0.05	)	$	(0.05	)	$	(0.02	)

		Three months ended				Nine months ended
		January 31, 2023		January 31, 2022		January 31, 2023		January 31, 2022
CEO fees	$	237,500	$	437,500	$	462,500	$	612,500
CFO fees		205,000		153,000		314,997		204,000
COO fees		273,000		207,900		398,000		306,900
Other Executives salaries and fees		358,384		365,800		514,633		671,478
	$	1,073,884	$	1,164,200	$	1,690,130	$	1,794,878