Elemental Royalty Corporation has completed its acquisition of Vizsla Royalties Corp. under a court-approved plan of arrangement, securing life-of-mine royalties across the Panuco silver-gold project in Mexico.

The transaction gives Elemental ownership of 2.0% to 3.5% net smelter returns royalties covering the entire existing resource base at Panuco, with no caps, buybacks or step-downs. Elemental funded the deal through approximately C$82 million in cash and the issuance of roughly 8.1 million common shares to former Vizsla Royalties shareholders, who now hold an 11.19% stake in the company.

Elemental entered into the definitive agreement for the acquisition on May 14, 2026, and subsequently obtained antitrust clearance from Mexico's Comisión Nacional Antimonopolio on September 8, 2026, clearing the path to final completion.

“Closing the acquisition of Vizsla Royalties is another major step in Elemental's growth and adds one of the sector's most compelling development royalties to our portfolio. The Panuco Royalties provide uncapped, life-of-mine exposure to a high-grade, large-scale silver-gold project with a clear path toward production and significant district-scale exploration potential. We are delighted to welcome former Vizsla Royalties shareholders to Elemental and look forward to partnering with the Vizsla Silver team as it advances Panuco and continues to unlock the broader district.”

— David M. Cole, Chief Executive Officer

Following the completion of the arrangement, Vizsla Royalties common shares are scheduled to be delisted from the TSX Venture Exchange and cease trading on the OTCQX on September 16, 2026. The company will also apply to terminate its reporting issuer status across applicable Canadian jurisdictions.

Read the full announcement: Elemental Royalty Completes the Acquisition of Vizsla Royalties and Its 2-3.5% NSR Royalties on the Panuco Project