Vizsla Silver Corp. has secured an Engineering, Procurement and Construction Management (EPCM) contract with M3 Engineering & Technology Corp. and a mine design contract with Mining Plus for its flagship Panuco silver‑gold project in southern Sinaloa, Mexico. The agreements, announced on April 23 2026, are a key step toward the company’s goal of first production in the second half of 2027, as they enable detailed engineering, equipment procurement and mine layout refinement before construction begins.
The EPCM contract, valued at approximately US$170 million, covers the design, procurement and construction of the process plant and surface infrastructure. M3 Engineering, which has delivered similar projects in Mexico—including Mercedes, Los Gatos, Peñasquito, Camino Rojo and Terronera—will lead the effort, bringing regional expertise and a proven track record of delivering complex mining facilities on time and within budget.
The mine design contract, valued at about US$50 million for development capital and an additional US$40 million for ore development over two years, focuses on detailed planning, scheduling and geotechnical work for the underground operation. Mining Plus, a global mining services firm that has supported Vizsla since the Preliminary Economic Assessment, will provide the technical expertise needed to navigate the regulatory and operational environment of the Panuco district.
The Panuco Project, described as the world’s largest undeveloped high‑grade silver primary resource, completed its Feasibility Study in November 2025 and its Preliminary Economic Assessment in July 2024. The study projects an after‑tax Net Present Value of US$1.8 billion and an Internal Rate of Return of 111%, with an average annual production of 17.4 million ounces of silver equivalent over an initial 9.4‑year mine life.
Vizsla’s balance sheet remains robust, with more than US$450 million in cash and cash equivalents as of early 2026, providing ample liquidity to fund the development of the Panuco Project and support its dual‑track strategy of advancing the flagship asset while pursuing district‑scale exploration.
President and CEO Michael Konnert said, "The appointment of key engineering and mine design partners represents an important step in advancing our Panuco Project." He added, "We are pleased to partner with M3 and Mining Plus as we move toward mobilization." M3’s President and CEO Alberto Bennett noted, "M3 Engineering & Technology Corp. is proud to contribute our technical expertise to support Vizsla Silver in advancing the development of the Panuco Silver‑Gold Project." Mining Plus’s CEO Vahid Haydari stated, "Mining Plus is pleased to continue its partnership with Vizsla Silver as the Panuco Project advances toward production."
By securing these contracts, Vizsla is de‑risking the project through detailed engineering, conversion drilling, a test mine and experienced contractors, positioning the company to meet its H2 2027 first‑production target. The agreements also signal confidence in the project’s economics and the company’s ability to mobilize capital and expertise in a complex regulatory environment.
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