New Risk • Feb 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$132.0m (US$96.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (288% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$132.0m market cap, or US$96.5m). Announcement • Feb 06
Vizsla Copper Corp. Commences Major Drill Program At the Thira Discovery, Poplar Project Vizsla Copper Corp. reported drilling is now underway at the Poplar Project (the "Poplar Project" or "Poplar"), central British Columbia. Up to 8,000 meters of drilling is planned with two drill rigs focused on expanding the recently discovered Thira porphyry copper-molybdenum system and evaluating additional high-priority porphyry targets across the broader Thira alteration corridor. Significant drill program has commenced: Winter drilling has commenced at the Poplar Project with up to 8,000 metres of drilling planned in approximately 16 drill holes, targeting expansion of the Thira copper-molyssdenum discovery and evaluating additional high-priority Porphyry targets. Expansion of the Thira discovery: Drilling at Thira is designed to evaluate the lateral and vertical extent of the porphyry-related mineralization discovered in 2025, as well as the geological and structural controls on higher-grade zones. Targets are supported by coincident chargeability and conductivity anomalies, extensive hydrothermal alteration, and geochemical signatures consistent with porphyry copper-morybdenum systems. Drill Plans: The Phase 1, 2026 winter drill program at the Poplar Project will consist of up to 8,000 meters of core drilling across ~16 drill holes within the extensive Thira alteration corridor. Two diamond drill rigs have mobilised to site and are advancing the first two drill holes. The drill program will consist of: A series of step-out holes designed to investigate the lateral and vertical extent of known porphyry-related copper-molybdenUM mineralization at the Thira Discovery (e.g., 237.3 meters of 0.51% CuEq* (0.36% Cu, 0.02% Mo, 1.19 g/t Ag, and 0.06 g/t Au from 117.7 meters downhole in TH25-145) within the Thira porphyry system. A series of exploration drill holes designed to test for porphyry-related copper -molybdenum mineralization at two recently defined high-priority targets (Copper Pond and Camp Lake) situated along trend from the Thira discovery. The area highlighted around the apparent conductivity-high anomaly marks the footprint of the Thira alteration corridor which is the focus of the upcoming 8,000 meter drill program. Map showing chargeability results (100 meter depth plan) from the new 3D inverted chargeability model with data compiled from 2024 and 2025 DCIP surveys across the Thira alteration corridor. Priority drill targets to be evaluated include Thira, Camp Lake and Copper Pond. Announcement • Jan 27
Vizsla Copper Corp Outlines 2026 Exploration Plans At the Palmer Project Vizsla Copper Corp. announced the exploration planning for the 2026 field season is currently being finalized and is expected to include up to 10,000 metres of diamond drilling, focused on expanding known zones of mineralization and testing high-priority exploration targets across the Palmer Project. Vizsla Copper has secured More Core Diamond Drilling Services Ltd. as its diamond drilling contractor for the 2026 season. More Core has operated on the Palmer Project for several years and brings a strong safety culture, extensive site familiarity, and proven operational performance. Diamond drilling efficiencies have improved materially year over year, reflecting contractor continuity, improved logistics, and increasingly refined drill targeting. In parallel with drilling preparations, Vizsla Copper is advancing a comprehensive technical rebuild of the Palmer geological framework. Working in combination with its in-house geological team, the Company has engaged Convolutions Geoscience to spearhead the compilation and reinterpretation of all geophysical datasets, including historical and recent airborne, ground, and borehole geophysical surveys. This work is focused on refining drill targets, helping to prioritize untested anomalies, and improving confidence in subsurface interpretations. At the same time, Rangefront Mining Services has been retained to lead the lithological, structural, and geochemical compilation and analysis. Rangefront will integrate historical datasets with modern three-dimensional modeling and interpretation techniques. Together, these efforts are designed to rebuild the Palmer geological model at both the deposit and district scale, strengthening exploration targeting and supporting future resource growth. Barite represents a key strategic component of the Palmer Project and will be included in ongoing technical work. The January 2025 mineral resource estimate confirms substantial barite mineralization is associated with Palmer's polymetallic VMS system; however, barite is not currently factored in mineral resource cutoff grade calculations. 2018 metallurgical test work has demonstrated that barite at Palmer can be recovered as a premium-quality, market-ready concentrate meeting API and EPA specifications for oilfield drilling-grade barite, with recoveries exceeding 90% and high specific gravity. Barite recovery can be achieved through a relatively simple flowsheet as a co-product of copper and zinc processing, offering the potential to enhance project economics while reducing waste. Vizsla Copper is completing the technical work required to support the formal inclusion of barite into future mineral resource cutoff calculations, including refinement of geological and specific gravity models, confirmatory sampling and assaying, and updated market and economic analysis. Incorporating barite is expected to further strengthen Palmer's positioning as a multi-critical-mineral asset aligned with U.S. domestic supply priorities. An in-depth review of additional critical minerals is underway across the Palmer Project. To date, more than 15 mineralized showings have been identified, with historical work primarily focused on base and precious metal resource evaluation. The current program expands this scope by assessing the presence and distribution of critical elements such as cobalt, germanium, and gallium. This work aims to determine their potential significance for future exploration and resource development. 
