CIBC Cuts Vizsla Silver Target to C$10 After $1.8 B NPV Feasibility Study
CIBC cut Vizsla Silver’s price target to C$10 from C$10.50 after a feasibility study projected 17.4 Moz annual silver-equivalent over 9.4 years with a $1.8 billion after-tax NPV. Vizsla secured C$300 million via 5%-coupon convertible notes and will drill 60,000 meters in 2026 targeting first silver output in H2 2027.
1. Analyst Lowers Price Target
On February 4 CIBC lowered Vizsla Silver’s price target to C$10 from C$10.50 while retaining its Outperformer rating, reflecting updated project economics.
2. Feasibility Study Highlights
A November 2025 feasibility study projected annual silver-equivalent production of 17.4 million ounces over a 9.4-year mine life, with an after-tax NPV of $1.8 billion and a 111% IRR at $35.50/oz silver and $3,100/oz gold.
3. Project Financing Secured
Vizsla Silver raised C$300 million through five-year convertible notes carrying a 5% coupon and a C$10.54 conversion price to fund development of the Panuco project.
4. 2026 Work Program and Production Timeline
The company plans detailed engineering, a 60,000-meter diamond drilling program and test mining in 2026, expects environmental permitting by mid-year and targets first silver output in the second half of 2027.