Vizsla Silver Corp 6-K, filed Mar 13, 2025

Vizsla Silver Corp. (VZLA)

6-K 2025-03-13 For: 2025-01-31

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Added on April 11, 2026

About this 6-K

Vizsla Silver Corp filed this 6-K on March 13, 2025.

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Exhibit		Description

99.1		Condensed Consolidated Interim Financial Statements for the period ended January 31, 2025
99.2		Management Discussion and Analysis for the period ended January 31, 2025
99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4		Form 52-109F2 Certification of Interim Filings Full Certificate - CFO

	VIZSLA SILVER CORP.
	(Registrant)

Date: March 12, 2025	By:	/s/ Michael Konnert

		Michael Konnert
	Title:	Chief Executive Officer

As at	Note	January 31, 2025		April 30, 2024 (audited)
		$		$
ASSETS
Current assets
Cash and cash equivalents	3	126,125,355		37,548,304
Taxes receivable	4	8,715,192		15,463,595
Other receivables		424,058		527,432
Prepaid expenses		3,728,581		2,218,609
Total current assets		138,993,186		55,757,940

Non-current assets
Long-term prepaid expenses		16,248		22,729
Long-term taxes receivable	4	8,365,848		5,846,416
Property, plant, and equipment	5	739,110		588,444
Investment	6	862,000		605,394
Investment in associate	7	8,003,693		-
Exploration and evaluation assets	8a, 8b	216,507,042		208,706,494
Deferred payment	8b	-		1,255,515
Total non-current assets		234,493,941		217,024,992
Total assets		373,487,127		272,782,932

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	8b	3,456,350		2,527,373
Due to related parties	9	294,123		1,148,600
Total current liabilities		3,750,473		3,675,973

Non-current liabilities
Non-current accounts payable	8b	1,607,041		-
Total liabilities		5,357,514		3,675,973

SHAREHOLDERS' EQUITY
Share capital	10	390,022,494		270,775,104
Shares to be issued	8b, 8c	9,710,524		882,830
Reserves		44,499,801		36,572,860
Accumulated other comprehensive (loss) income		(6,793,757	)	21,927,333
Deficit		(69,309,449	)	(61,051,168	)
Total shareholders' equity		368,129,613		269,106,959
Total liabilities and shareholders' equity		373,487,127		272,782,932

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

		For the three months ended				For the nine months ended
	Note	January 31, 2025		January 31, 2024		January 31, 2025		January 31, 2024
		$		$		$		$
General and administrative expenses
Amortization	5	82,323		52,732		219,676		226,873
Consulting fees		592,019		742,073		1,607,501		1,279,725
Directors' fees	9	136,750		88,941		311,750		243,940
Exploration investigation		-		135,050		-		135,050
Foreign exchange (gain) loss		(657,571	)	140,680		(55,775	)	390,296
Insurance		202,105		156,619		510,141		533,382
Management fees		728,805		200,000		928,805		375,000
Marketing		2,443,208		1,275,111		4,241,573		2,682,314
Office and miscellaneous		474,817		230,693		1,290,556		743,341
Professional fees		453,944		283,797		1,251,015		514,068
Share-based compensation	10e, f	2,024,462		1,402,977		8,108,239		5,664,247
Transaction costs		-		-		112,997		-
Transfer agent and filing		195,155		49,832		451,584		239,317
Travel and promotion		8,678		(39,664	)	30,928		81,686

		(6,684,695	)	(4,718,841	)	(19,008,990	)	(13,109,239	)

Other income (loss)
Interest income		970,144		725,333		2,108,842		1,152,266
Other income		77,543		-		77,543		-
Revaluation gain (loss) on investment in equity instruments	6	(148,796	)	(80,695	)	69,606		(714,224	)
Gain on debt settlement	7	-		-		321,862		-
Gain on spin out of royalty interest	7	-		-		13,749,421		-
Share of loss of associate and deemed disposal gain	7	1,654,039		-		1,092,519		-
Net loss		(4,131,765	)	(4,074,203	)	(1,589,197	)	(12,671,197	)

Other comprehensive loss
Items that will be reclassified subsequently
Translation gain (loss) on foreign operations		2,923,092		1,386,593		(28,721,090	)	3,094,358
Comprehensive loss		(1,208,673	)	(2,687,610	)	(30,310,287	)	(9,576,839	)
Basic and diluted loss per share		(0.01	)	(0.02	)	(0.01	)	(0.06	)

Weighted average number of common shares
Basic and diluted		284,372,312		208,033,701		259,531,533		207,988,528

For the nine months ended	January 31, 2025		January 31, 2024
	$		$
Operating activities
Net loss for the period	(1,589,197	)	(12,671,197	)
Items not affecting cash:
Amortization	219,676		226,873
Share-based compensation	8,108,239		5,664,247
Revaluation (gain) loss on investment in equity instruments	(69,606	)	714,224
Share of loss of associate and deemed disposal gain	(1,092,519	)	-
Gain on debt settlement	(321,862	)	-
Gain on spin out of royalty interest	(13,749,421	)	-

Changes in non-cash working capital items:
Accounts payable and accrued liabilities	1,878,043		(2,254,475	)
Due to related parties	(854,477	)	(134,718	)
Taxes receivable	6,734,703		(3,249,055	)
Other receivables	103,374		435,601
Prepaid expenses	(1,503,491	)	1,744,487
Net cash flows used in operating activities	(2,136,538	)	(9,524,013	)

Investing activities
Exploration and evaluation expenditures	(21,201,790	)	(23,033,398	)
Purchase of equipment (net of disposal)	(454,124	)	(386,756	)
Strategic investment expenditures	(187,000	)	-
Maturity of guaranteed investment certificates	-		40,115,000
Net cash flows (used in) provided by investing activities	(21,842,914	)	16,694,846

Financing activities
Issuance of common shares for over-allotment options, bought deal and at-the-market offering ("ATM")	88,912,770		-
Issuance of common shares - warrants exercise	28,132,138		1,019,598
Issuance of common shares - option exercise	5,245,580		32,550
Share issuance costs	(5,919,077	)	-
Net cash flows provided by financing activities	116,371,411		1,052,148

Effects of foreign exchange	(3,814,908	)	(2,555,948	)
Increase in cash and cash equivalents	92,391,959		8,222,981
Cash and cash equivalents, beginning of period	37,548,304		12,608,704
Cash and cash equivalents, end of period	126,125,355		18,275,737

Supplemental cash flow
Shares issued pursuant to property acquisition	2,694,681		-
Shares to be issued pursuant to property acquisition	8,827,694		-
Shares issued for RSUs	181,298		-

		Common shares
	Note	Number	Share Capital		Reserves		Share to be issued	Accumulated other comprehensive income (loss)		Deficit		Total
		#	$		$		$	$		$		$

Balance, April 30, 2023		207,938,329	237,460,259		30,324,553		-	9,465,293		(45,102,779	)	232,147,326
Shares issued pursuant to exercise of warrants and options	10b	788,170	1,052,148		-		-	-		-		1,052,148
Stock-based compensation - options	10e	-	-		4,819,654		-	-		-		4,819,654
Stock-based compensation - RSUs	10f	-	-		844,593		-	-		-		844,593
Net loss and other comprehensive income for the period		-	-		-		-	3,094,358		(12,671,197	)	(9,576,839	)
Balance, January 31, 2024		208,726,499	238,512,407		35,988,800		-	12,559,651		(57,773,976	)	229,286,882
Shares issued pursuant to private placement and prospectus		23,000,000	34,500,000		-		-	-		-		34,500,000
Shares issued pursuant to property acquisition		-	-		-		882,830	-		-		882,830
Shares issued pursuant to strategic investment		-	-		-		-	-		-		-
Shares issued pursuant to exercise of warrants, options, and RSUs		915,536	1,404,557		(330,858	)	-	-		-		1,073,699
Share issuance costs - cash		-	(2,899,442	)	-		-	-		-		(2,899,442	)
Share issuance costs - finders warrants		-	(742,418	)	742,418		-	-		-		-
Stock based compensation - options		-	-		240,079		-	-		-		240,079
Stock based compensation - RSUs		-	-		(67,579	)	-	-		-		(67,579	)
Net loss and other comprehensive income for the year		-	-		-		-	9,367,682		(3,277,192	)	6,090,490
Balance, April 30, 2024		232,642,035	270,775,104		36,572,860		882,830	21,927,333		(61,051,168	)	269,106,959
Shares issued pursuant to property acquisition	10b	1,182,264	2,694,681		-		8,827,694	-		-		11,522,375
Shares issued pursuant to over-allotment options, bought deal and ATM	10b	33,593,600	88,912,770		-		-	-		-		88,912,770
Shares issued pursuant to exercise of warrants, options, and RSUs	10b	19,198,870	33,559,016		(181,298	)	-	-		-		33,377,718
Share issuance costs - cash	10b	-	(5,919,077	)	-		-	-		-		(5,919,077	)
Stock-based compensation - options	10e	-	-		6,929,105		-	-		-		6,929,105
Stock-based compensation - RSUs	10f	-	-		1,179,134		-	-		-		1,179,134
Distribution to shareholders	7	-	-		-		-	-		(6,669,084	)	(6,669,084	)
Net loss and other comprehensive loss for the period		-	-		-		-	(28,721,090	)	(1,589,197	)	(30,310,287	)
Balance, January 31, 2025		286,616,769	390,022,494		44,499,801		9,710,524	(6,793,757	)	(69,309,449	)	368,129,613

Entity	Principal activities	Country of incorporation and operation	Functional currency	Ownership interest as at January 31, 2025	Ownership interest as at April 30, 2024

Canam Alpine Ventures Ltd.	Holding Co	Canada	CAD	100%	100%

Minera Canam S.A. de C.V.	Exploring evaluating mineral properties	Mexico	MXN	100%	100%

Operaciones Canam Alpine S.A. de C.V.	Exploring evaluating mineral properties	Mexico	MXN	100%	100%

Panuco Royalty Corp. (formerly Vizsla Royalty Corp., Vizsla Copper Corp., and 1283303 B.C. Ltd.) ⁽¹⁾	Royalty Company	Canada	CAD	32.92%	100%

Canam Royalties Mexico, S.A. de C.V.⁽¹⁾	Royalty Company	Mexico	MXN	32.92%	100%

Vizsla Royalties Corp. ⁽¹⁾	Royalty Company	Canada	CAD	32.92%	100%

Goanna Resources, S.A.P.I. de C.V. ⁽²⁾	Exploring evaluating mineral properties	Mexico	MXN	100%	0%

Panuco Silver Resources Corp. ⁽³⁾	Holding Co	Canada	CAD	100%	0%

Sinaloa Minerals Exploration Corp. ⁽³⁾	Holding Co	Canada	CAD	100%	0%

La Garra Resources Corp. ⁽³⁾	Holding Co	Canada	CAD	100%	0%

	January 31, 2025	April 30, 2024
	$	$
Goods and Service Tax (GST) recoverable	191,446	108,542
Mexican Value Added Tax (IVA) recoverable *	8,523,746	15,355,053
Total current taxes receivable	8,715,192	15,463,595

	Computer equipment		Computer software	Office equipment		Mining equipment		Office improvements		Total
Cost	$		$	$		$		$		$
Balance - April 30, 2023	79,234		55,212	57,443		355,514		253,196		800,599
Additions	7,197		37,003	69,579		389,398		-		503,177
Disposal	-		-	-		-		-		-
Effect of change in exchange rate	4,909		-	4,860		32,128		17,012		58,909
Balance - April 30, 2024	91,340		92,215	131,882		777,040		270,208		1,362,685
Additions	45,370		-	26,200		258,928		132,803		463,301
Disposal	(13,110	)	-	-		-		-		(13,110	)
Reclassification	-		-	(44,892	)	44,892		-		-
Effect of change in exchange rate	(11,719	)	-	(16,419	)	(107,215	)	(39,305	)	(174,658	)
Balance - January 31, 2025	111,881		92,215	96,771		973,645		363,706		1,638,218

Accumulated Amortization
Balance - April 30, 2023	36,022		55,212	42,360		128,653		153,624		415,871
Amortization	20,808		37,003	82,016		85,565		103,584		328,976
Disposal	-		-	-		-		-		-
Effect of change in exchange rate	2,353		-	4,936		9,145		12,960		29,394
Balance - April 30, 2024	59,183		92,215	129,312		223,363		270,168		774,241
Amortization	18,961		-	24,753		170,392		5,570		219,676
Disposal	(3,933	)	-	-		-		-		(3,933	)
Reclassification	-		-	(83,695	)	83,695		-		-
Effect of change in exchange rate	(6,995	)	-	(14,755	)	(34,038	)	(35,088	)	(90,876	)
Balance - January 31, 2025	67,216		92,215	55,615		443,412		240,650		899,108

Carrying amounts
As at April 30, 2023	43,212		-	15,083		226,861		99,572		384,728
As at April 30, 2024	32,157		-	2,570		553,677		40		588,444
As at January 31, 2025	44,665		-	41,156		530,233		123,056		739,110

	Strategic Investment
	$
Balance - April 30, 2023	1,297,098
Loss from fair value adjustment	(691,704	)
Balance - April 30, 2024	605,394
Additions	187,000
Gain from fair value adjustment	69,606
Balance - January 31, 2025	862,000

	January 31, 2025	April 30, 2024
Date	DLOM	DLOM
06-Jul-23	Issued	Issued
06-Jan-24	Issued	Issued
06-Jul-24	Issued	10.87%
06-Jan-25	Issued	19.90%

	January 31, 2025	April 30, 2024
Risk Free Interest Rate	4.45%	4.45%
Expected Dividend Yield	Nil	Nil
Expected Volatility	113.64%	113.64%
Expected Term in Years	0.69 years	0.69 years

Risk Free Interest Rate		3.94%
Expected Dividend Yield		-
Expected Volatility		73.71%
Expected Term in Years		0.47 years

	Spinco
	$
Balance - April 30, 2023 and 2024	-
Addition of associate	6,911,174
Share of loss of associate	(651,408	)
Deemed disposal gain ⁽¹⁾	1,743,927
Balance - January 31, 2025	8,003,693

	Balance	Additions		Balance	Additions		Balance
	April 30, 2023			April 30, 2024			January 31, 2025
Acquisition costs	$	$		$	$		$
Cash	26,140,301	-		26,140,301	-		26,140,301
Effective settlement of loans receivables	1,190,024	-		1,190,024	-		1,190,024
Shares	58,146,988	882,830 ⁽¹	⁾	59,029,818	-		59,029,818
Subtotal	85,477,313	882,830		86,360,143	-		86,360,143

	Balance	Additions		Balance	Additions		Balance
	April 30, 2023			April 30, 2024			January 31, 2025
Exploration costs	$	$		$	$		$
Analysis	8,302,436	3,069,729		11,372,165	932,418		12,304,583
Depreciation	77,662	94,996		172,658	158,261		330,919
Drilling	35,608,933	12,867,027		48,475,960	3,095,016		51,570,976
Ejido rights	421,243	-		421,243	-		421,243
Engineering consulting	1,184,053	47,252		1,231,305	70,003		1,301,308
Equipment	2,400,740	1,590,199		3,990,939	485,342		4,476,281
Field cost	6,053,420	2,754,630		8,808,050	382,959		9,191,009
Geological consulting	8,133,775	5,571,329		13,705,104	3,042,221		16,747,325
Geophysical survey	158,542	3,693		162,235	-		162,235
Geotech	-	182,599		182,599	5,533		188,132
GIS management	203,054	164,414		367,468	112,327		479,795
Land and reclamation fees	-	20,727		20,727	-		20,727
Maintenance	849,862	811,532		1,661,394	1,246,833		2,908,227
Metallurgical testing	-	134,005		134,005	907,408		1,041,413
Other consulting	-	42,760		42,760	46,417		89,177
Project development	-	5,391,840		5,391,840	5,004,554		10,396,394
Rent of land	386,648	-		386,648	328,575		715,223
Special project	-	43,408		43,408	42,390		85,798
Test mine	-	-		-	505,221		505,221
Travel and miscellaneous	7,051,471	645,381		7,696,852	408,808		8,105,660
Subtotal	70,831,839	33,435,521		104,267,360	16,774,286		121,041,646
	156,309,152	34,318,351		190,627,503	16,774,286		207,401,789
Effect of change in exchange rate	6,422,573	11,656,418		18,078,991	(27,303,784	)	(9,224,793	)
Total	162,731,725	45,974,769		208,706,494	(10,529,498	)	198,176,996

	Cash	Shares
	US$	#
Signing of nonbinding LOI ⁽ⁱ⁾	100,000	-
Closing of the transaction⁽ⁱⁱ⁾	-	257,937
October 30, 2024 ⁽ⁱⁱⁱ⁾	150,000	-
3 months from effective date⁽ⁱ^v⁾	-	476,190
January 30, 2025 ^(v)	275,000	-
6 months from effective date	-	535,714
April 30, 2025	225,000	-
9 months from effective date	-	595,238
July 30, 2025	350,000	-
12 months from effective date	-	714,286
October 30, 2025	300,000	-
15 months from effective date	-	833,333
January 30, 2026	375,000	-
18 months from effective date	-	952,381
July 30, 2026	1,300,000	-
24 months from effective date	-	1,190,476
	3,075,000	5,555,555

	January 31, 2025			April 30, 2024
	Number of warrants		Weighted average exercise price	Number of warrants		Weighted average exercise price
	#		$	#		$
Warrants outstanding, beginning of the period	15,437,163		1.89	14,771,833		1.91
Issued	-		-	1,380,000		1.50
Exercised	(14,987,837	)	1.90	(714,670	)	(1.46	)
Expired	(83,915	)	1.52	-		-
Warrants outstanding, end of the period	365,411		1.53	15,437,163		1.89

Expiry date	Exercise price ⁽¹⁾	Number of warrants outstanding and exercisable
	$	#
February 9, 2025	1.63	106,858
February 28, 2026	1.48	258,553
		365,411

Risk Free Interest Rate	4.18%
Expected Dividend Yield	-
Expected Volatility	61.35%
Expected Term in Years	2 years

	January 31, 2025			April 30, 2024
	Number of options		Weighted average exercise price	Number of options		Weighted average exercise price
	#		$	#		$
Options outstanding, beginning of the period	18,803,722		1.66	15,926,972		1.69
Issued	6,050,000		2.24	4,500,000		1.57
Cancelled	(160,000	)	1.62	(841,000	)	(1.85	)
Exercised	(4,097,722	)	1.28	(782,250	)	(1.38	)
Options outstanding, end of the period	20,596,000		1.91	18,803,722		1.66
Options exercisable, end of the period	15,796,000		1.84	15,469,222		1.68

Expiry date	Exercise price	Adjusted exercise price	Adjusted exercise price ⁽¹⁾	Number of Options outstanding	Number of Options exercisable
	$	$	$	#	#
29-Jun-25	0.79	0.76	0.75	360,000	360,000
06-Aug-25	2.15	2.07	2.05	1,390,000	1,390,000
01-Dec-25	1.46	1.4	1.39	100,000	100,000
18-Dec-25	1.53	1.53	1.52	250,000	250,000
12-Jan-26	1.71	1.64	1.63	60,000	60,000
17-Feb-26	1.5	1.44	1.43	1,418,000	1,418,000
22-Jun-26	2.31	2.22	2.20	2,725,000	2,725,000
12-Jul-26	2.44	2.34	2.32	220,000	220,000
27-Jul-26	2.44	2.34	2.32	139,000	139,000
24-Sep-26	2.25	2.25	2.23	1,585,000	1,585,000
01-Feb-27	2.45	2.45	2.43	200,000	200,000
02-Jun-27	1.74	1.74	1.72	442,000	442,000
10-Feb-28	1.6	1.6	1.59	1,668,000	1,311,000
19-May-28	1.6	1.6	1.59	3,189,000	2,536,000
15-Nov-28	1.36	1.6	1.59	320,000	160,000
27-Feb-29	0.15	0.14	0.14	480,000	480,000
12-Jun-29	2.26	2.26	2.24	6,050,000	2,420,000
				20,596,000	15,796,000

	January 31, 2025	January 31, 2024
Risk Free Interest Rate	2.84%-4.01%	3.29%-3.99%
Expected Dividend Yield	-	-
Expected Volatility	60-75%	63.00%-96.24%
Expected Term in Years	3-5 years	2-5 years

	January 31, 2025			April 30, 2024
	Number of RSUs		Weighted average exercise price	Number of RSUs		Weighted average exercise price
	#		$	#		$
RSUs outstanding, beginning of the period	1,044,073		1.69	1,133,572		1.60
Issued	775,000		2.34	318,000		1.89
Exercised and converted to shares	(113,311	)	1.60	(206,786	)	(1.60	)
Cancelled	(48,994	)	1.60	(200,713	)	(1.60	)
RSUs outstanding, end of the period	1,656,768		1.99	1,044,073		1.69

Grant date	Exercise price	Number of RSUs outstanding	Number of RSUs exercisable
	$	#	#
10-Feb-23	1.60	563,770	10,103
01-Apr-24	1.89	318,000	-
12-Jun-24	2.34	774,998	-
		1,656,768	10,103

Use of Proceeds	Fiscal 2023		Fiscal 2024		Fiscal 2025		Warrants and options exercised	Total
	$		$		$		$	$
Gross proceeds	45,021,982		34,500,000		88,912,770		35,503,565	203,938,317
Share issue costs	(3,023,679	)	(2,228,139	)	(5,919,077	)	-	(11,170,895	)
Net proceeds	41,998,303		32,271,861		82,993,693		35,503,565	192,767,422

Allocation
Exploration and development expenses on the Panuco-Copala project	(26,462,590	)	(17,806,623	)	-		-	(44,269,213	)
Potential future acquisition	-		(2,668,009	)	-		-	(2,668,009	)
General and administrative expenses	(15,535,713	)	(4,169,132	)	-		-	(19,704,845	)
	(41,998,303	)	(24,643,764	)	-		-	(66,642,067	)
Total	-		7,628,097		82,993,693		35,503,565	126,125,355

Classification	Tonnes	Average Grade						Contained Metal
	Tonnes	Ag	Au	Pb	Zn	AgEq	Au Eq	Ag	Au	Pb	Zn	¹AgEq	²AuEq
	(Mt)	(g/t)	(g/t)	(%)	(%)	(g/t)	(g/t)	(koz)	(koz)	(kt)	(kt)	(koz)	(koz)
Measured & Indicated	12.96	307	2.49	0.27	0.85	534	6.58	127,819	1036	34.9	110.2	222,362	2,739
Inferred	10.50	219	1.96	0.30	1.01	412	4.91	73,621	660	31.2	106.2	138,711	1,654

Vein	Tonnes	Average Grade						Contained Metal
	Tonnes	Ag	Au	Pb	Zn	AgEq	Au Eq	Ag	Au	Pb	Zn	¹AgEq	²AuEq
	(Mt)	(g/t)	(g/t)	(%)	(%)	(g/t)	(g/t)	(koz)	(koz)	(kt)	(kt)	(koz)	(koz)
Measured
Copala	1.88	442	3.09	0.08	0.15	684	8.92	26,744	187	1.4	2.9	41,418	540
Napoleon	0.36	161	2.34	0.51	1.41	404	4.55	1,853	27	1.8	5.1	4,638	52
Total Measured	2.24	397	2.97	0.15	0.35	640	8.22	28,597	214	3.3	7.9	46,056	592
Indicated
Copala	4.29	402	2.50	0.09	0.17	600	7.80	55,374	345	3.8	7.2	82,781	1,076
Tajitos	0.72	380	2.34	0.14	0.25	571	7.36	8,833	55	1.0	1.8	13,277	171
Cristiano	0.36	610	3.67	0.25	0.45	912	11.73	7,102	43	0.9	1.6	10,614	137
Copala Area Total	5.37	413	2.56	0.11	0.20	617	8.01	71,309	443	5.7	10.6	106,672	1,384
Napoleon	3.78	150	2.25	0.52	1.78	399	4.32	18,184	273	19.4	67.2	48,404	525
Napoleon HW	0.99	217	2.09	0.47	1.64	448	5.04	6,885	66	4.6	16.2	14,206	160
Luisa	0.49	143	2.12	0.31	1.44	364	4.08	2,238	33	1.5	7.0	5,693	64
Josephine	0.06	230	2.54	0.38	1.09	473	5.64	452	5	0.2	0.7	928	11
Cruz	0.03	145	2.01	0.38	2.01	380	4.03	154	2	0.1	0.7	403	4
NP Area Total	5.34	163	2.21	0.49	1.72	405	4.44	27,913	379	25.9	91.7	69,634	763
Total Indicated	10.72	288	2.39	0.30	0.95	512	6.23	99,222	822	31.6	102.3	176,306	2,147
Measured & Indicated
Total M&I	12.96	307	2.49	0.27	0.85	534	6.58	127,819	1,036	34.9	110.2	222,362	2,739
Inferred
Copala	2.32	322	1.83	0.16	0.27	476	6.09	24,014	137	3.7	6.2	35,452	454
Tajitos	0.89	346	2.08	0.27	0.43	527	6.66	9,936	60	2.4	3.9	15,132	191
Cristiano	0.34	460	2.49	0.16	0.31	665	8.57	4,959	27	0.5	1.0	7,168	92
Copala Area Total	3.55	341	1.96	0.19	0.31	507	6.48	38,909	224	6.7	11.1	57,752	739
Napoleon	2.28	159	1.46	0.44	1.63	340	3.64	11,637	107	10.0	37.1	24,941	267
Napoleon HW	0.59	202	2.12	0.64	2.15	458	4.91	3,800	40	3.7	12.6	8,619	92
Luisa	2.83	132	2.24	0.28	1.24	355	4.05	12,049	204	8.1	35.2	32,307	369
Josephine	0.21	176	1.81	0.34	1.01	360	4.19	1,180	12	0.7	2.1	2,406	28
Cruz	0.35	171	3.58	0.30	1.64	510	5.92	1,907	40	1.0	5.7	5,676	66
NP Area Total	6.25	152	2.00	0.38	1.48	368	4.09	30,573	403	23.5	92.6	73,949	822
*San Antonio	0.30	226	1.30	0.01	0.03	325	4.33	2,038	12	0.0	0.1	2,936	39
*Animas	0.40	169	1.68	0.29	0.60	327	4.37	2,101	21	1.1	2.3	4,074	54
Total Inferred	10.50	219	1.96	0.30	1.01	412	4.91	73,621	660	31.2	106.2	138,711	1,654

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

Composite	Flowsheet	Displayed Values (%)	Extraction - percent		Reagent Cons. - kg/tonne feed
Composite	Flowsheet	Displayed Values (%)	Ag	Au	NaCN	Lime

Diorite MC	Cyanidation of Flotation Concentrate and Tails	Combined CN Extractions	90.3	89.7	1.0	1.0
Diorite MC	Salable Concentrate/ Cyanidation on Tails	Combined Float/CN	87.3*	89.4*	0.4-0.6*	0.8*

Andesite MC	Cyanidation of Flotation Concentrate on Tails	Combined CN Extractions	94.2	87.3	1.0	1.4
Andesite MC	Salable Concentrate / Cyanidation on Tails	Combined Float/CN	94.1*	89.8*	0.4-0.6*	0.8*

Andesite Low MnOX MC	Cyanidation of Flotation Concentrate and Tails	Combined CN Extractions	90.1	80.8	0.9	0.8

Process Option	Stage	Mass Recovery	Recovery (%)
Process Option	Stage	(%)	Ag	Au

Flotation Concentrate	Flotation + regrind +Cyanide Leach	7.0	76.3	74.9

Rougher Tails	Cyanide Leach	93.0	14.2	18.8

Flotation Plus Cyanide Leach	Total	100	90.6	93.7

	Nine months ended		Nine months ended
	January 31, 2025		January 31, 2024		Variance
	$		$		$
General and administrative expenses
Amortization	219,676		226,873		(7,197	)
Consulting fees	1,607,501		1,279,725		327,776
Directors' fees	311,750		243,940		67,810
Exploration investigation	-		135,050		(135,050	)
Foreign exchange (gain) loss	(55,775	)	390,296		(446,071	)
Insurance	510,141		533,382		(23,241	)
Management fees	928,805		375,000		553,805
Marketing	4,241,573		2,682,314		1,559,259
Office and miscellaneous	1,290,556		743,341		547,215
Professional fees	1,251,015		514,068		736,947
Share-based compensation	8,108,239		5,664,247		2,443,992
Transaction costs	112,997		-		112,997
Transfer agent and filing	451,584		239,317		212,267
Travel and promotion	30,928		81,686		(50,758	)

Other income (loss)
Interest income	2,108,842		1,152,266		956,576
Other income	77,543		-		77,543
Revaluation gain (loss) on investment in equity instruments	69,606		(714,224	)	783,830
Gain on debt settlement	321,862		-		321,862
Gain on spin out of royalty interest	13,749,421		-		13,749,421
Share of loss of associate and deemed disposal gain	1,092,519		-		1,092,519

	Three months ended		Three months ended
	January 31, 2025		January 31, 2024		Variance
	$		$		$
General and administrative expenses
Amortization	82,323		52,732		29,591
Consulting fees	592,019		742,073		(150,054	)
Directors' fees	136,750		88,941		47,809
Exploration investigation	-		135,050		(135,050	)
Foreign exchange (gain) loss	(657,571	)	140,680		(798,251	)
Insurance	202,105		156,619		45,486
Management fees	728,805		200,000		528,805
Marketing	2,443,208		1,275,111		1,168,097
Office and miscellaneous	474,817		230,693		244,124
Professional fees	453,944		283,797		170,147
Share-based compensation	2,024,462		1,402,977		621,485
Transaction costs	-		-		-
Transfer agent and filing	195,155		49,832		145,323
Travel and promotion	8,678		(39,664	)	48,342

Other income (loss)
Interest income	970,144		725,333		244,811
Other income	77,543		-		77,543
Revaluation gain (loss) on investment in equity instruments	(148,796	)	(80,695	)	(68,101	)
Gain on debt settlement	-		-		-
Gain on spin out of royalty interest	-		-		-
Share of loss of associate and deemed disposal gain	1,654,039		-		1,654,039

	Q3 2025	Q2 2025	Q1 2025		Q4 2024
	$	$	$		$
Interest income	970,144	797,528	341,170		480,694
Net loss (income)	4,131,765	5,381,559	(7,924,127	)	3,277,192
Net loss (income) per common share	0.01	0.02	(0.03	)	0.02

	Q3 2024	Q2 2024	Q1 2024	Q4 2023
	$	$	$	$
Interest income	725,333	312,089	114,844	633,734
Net loss	4,074,203	4,194,386	4,402,608	5,167,554
Net loss per common share	0.02	0.02	0.02	0.03

	For the nine months ended
Cash compensation	January 31, 2025	January 31, 2024
	$	$
CEO fees	908,750	375,000
CFO fees	416,739	206,247
COO fees	827,917	273,438
SVP Business Development and Strategy fees	383,597	226,000
VP Exploration fees	290,091	194,926
Director fees	311,750	235,417
	3,138,844	1,511,028

	For the nine months ended
Stock-based compensation	January 31, 2025	January 31, 2024
	$	$
CEO fees	1,420,037	1,127,355
CFO fees	691,040	476,993
COO fees	1,100,775	575,774
SVP Business Development and Strategy fees	389,105	429,167
VP Exploration fees	365,137	366,362
Director fees	1,460,634	575,735
	5,426,728	3,551,386