Elemental Royalty Corporation has completed its acquisition of all issued and outstanding common shares of Vizsla Royalties Corp. by way of a court-approved plan of arrangement.

Through the transaction, Elemental has acquired Vizsla Royalties' 2.0% to 3.5% net smelter returns royalties on Vizsla Silver Corp.’s Panuco silver-gold project in Mexico. The royalties are life-of-mine interests with no caps, buybacks or step-downs, covering the entire existing resources at Panuco. Prior to the transaction, Elemental held nil common shares of Vizsla Royalties. Following completion, Elemental holds 100% of the issued and outstanding common shares.

Under the terms of the arrangement, Elemental paid approximately C$82 million in cash and issued approximately 8,107,478 common shares to former Vizsla Royalties shareholders, who now own approximately 11.19% of the outstanding Elemental common shares.

“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

Vizsla Royalties common shares are scheduled to be delisted from the TSX Venture Exchange on or about September 16, 2026, and will cease to be quoted on the OTCQX, with applications to follow to cease being a reporting issuer in applicable Canadian jurisdictions.

Vizsla Silver previously reported a positive feasibility study for the Panuco project in November 2025, outlining an after-tax NPV5% of US$1.8 billion and an IRR of 111%. Production at the project is scheduled to start in late 2027 over an initial 9.4-year mine life.

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