New Targets, Bigger Drill Plan: Geophysics Uncovers Untested Zones

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Vizsla Copper Corp. (VCU:TSXV; VCUFF:OTCQB) has released results from a recent geophysical survey at its Poplar project in central British Columbia, identifying multiple new high-priority drill targets along the Thira alteration corridor. The company also confirmed that a second phase of drilling is scheduled to begin in the first quarter of 2026.

The newly reported results stem from a 39.8-line-kilometer direct current induced polarization (DCIP) survey across 15 lines spaced 400 meters apart. According to Vizsla Copper, the data revealed several chargeability anomalies consistent in scale and geophysical signature with the Thira discovery, where drill hole TH25-145 intersected 237.3 meters grading 0.51% copper equivalent. The mineralization in that hole included 0.36% copper, 0.02% molybdenum, 1.19 grams per tonne silver, and 0.06 grams per tonne gold, from a depth of 117.7 meters.

"These results reinforce our view that the Thira corridor is large enough to host multiple porphyry centers," said Steve Blower, vice-president of exploration, in the news release. "Our team is eagerly awaiting the next phase of drilling in the first quarter of 2026."

The DCIP survey expanded upon a 2024 program that had focused on the central portion of the corridor. The new data highlight two additional target zones, referred to as Copper Pond and Camp Lake. Each area features moderate chargeability centers encircled by strong-chargeability halos, patterns interpreted to reflect mineralized potassic and phyllic alteration zones. Neither target has been systematically drill tested to date.

Modelling of the 2024 and 2025 data is ongoing. The resulting 3D chargeability and resistivity models will be integrated with soil geochemical and other geophysical data sets to refine the upcoming drill program.

The Poplar project spans approximately 44,200 hectares and is considered prospective for porphyry-related copper and gold mineralization. In addition to the Thira target, it hosts the near-surface Poplar deposit. Vizsla Copper holds an option to acquire 100% of the property through a series of staged payments and exploration expenditures through 2027.

In conjunction with these exploration updates, Vizsla Copper has also confirmed that it will proceed with a share consolidation and increased financing to support its ongoing exploration programs.

The company's 10-for-1 share consolidation will take effect on Thursday, December 4, 2025. Following the consolidation, approximately 34.4 million shares will be outstanding. Vizsla Copper's ticker symbol, VCU, remains unchanged.

The company is also increasing its non-brokered private placement from US$42 million to approximately US$44.2 million. The offering now includes up to 23.1 million LIFE shares priced at US$1.08 for gross proceeds of US$25 million, 7.6 million common shares at the same price for US$8.2 million, and 8.9 million flow-through shares at US$1.24 for US$11 million. The closing is expected on or about December 4, subject to regulatory approval.

Funds raised will be used for continued exploration at the Poplar and Palmer projects, the completion of the Palmer acquisition, and general corporate purposes. The flow-through component will be directed toward qualifying Canadian exploration expenditures under current tax guidelines. Eventus Capital Corp. has been appointed as a finder for the offering.

Supply Disruptions and Rising Prices Shape Market Conditions

On November 24, Reuters reported that UBS raised its copper price outlook and increased its deficit forecasts, citing persistent mine disruptions and robust demand from electrification and clean energy. The bank lifted its December 2026 target to US$13,000 per metric ton and adjusted its 2025 deficit projection from 53,000 tons to 230,000 tons. UBS stated that "falling inventories and persistent supply risks will keep conditions tight." It noted operational disruptions in Indonesia, Chile, and Peru, alongside slower output recovery and declining grades, as key contributors to constrained supply. The bank also revised down its refined copper production growth estimates to 1.2% for 2025 and 2.2% for 2026, while projecting 2.8% demand growth in both years.

According to a December 1 article from Bloomberg, copper advanced to a new record on the London Metal Exchange as concerns mounted over a potential global supply crunch. The piece stated that "a rush to get copper to America ahead of possible import tariffs looks set to exacerbate shortfalls elsewhere as miners struggle to keep up with demand." Futures on the Comex surged as much as 1.7% during the same period.

Bloomberg further reported on December 3 that copper rallied to another all-time high following a spike in withdrawal requests from London Metal Exchange warehouses, with particularly strong activity noted in Taiwan and South Korea. "Requests to withdraw metal from London Metal Exchange warehouses surged by the most since 2013," the article stated. It added that speculation over looming shortages and continuing supply disruptions had been major drivers of the recent rally, with copper reaching US$11,400.50 per ton and registering a year-to-date gain of approximately 30%.

Experts Underscore Scale, Mineralization, and Market Discount

On September 10, Taylor Combaluzier, P.Geo., Vice President and Mining Analyst at Red Cloud Securities, described Vizsla Copper's Thira drilling update as a confirmation and expansion of the porphyry-related copper-molybdenum-silver-gold system at the Poplar project. He stated that "all the new drill holes returned porphyry-related mineralization, at grades consistent with typical BC porphyries, spanning their entire drill hole lengths." Combaluzier observed that the mineralization extended more than 800 meters east-west and remained open in all directions. He added that the grade consistency across 400-meter intervals "suggests that Thira hosts a very large mineralizing system."

He also commented on the company's valuation at the time, noting that Vizsla Copper had an enterprise value of CA$31.5 million, compared to an average of CA$79.2 million among its peer group. Red Cloud believed that "positive exploration results should help re-rate the stock."

In a November 14 update, Combaluzier highlighted Vizsla Copper's proposed acquisition of the Palmer VMS project in Alaska as a significant addition to its portfolio. Palmer, which hosts 330 million lbs of copper and 1.58 billion lbs of zinc (plus silver, gold, and barite), would add high-grade exposure to Vizsla's pipeline and complement its Thira porphyry discovery in British Columbia.

The proposed terms include CA$15 million in shares and two milestone payments totaling another CA$15 million. Combaluzier noted Palmer's strategic location within a 1,000-kilometer-long mineral belt and near active infrastructure.

Clark concluded by expressing confidence in the company's multi-pronged exploration strategy and outlook for 2026, writing, "Build a position on down days. Next year should be a strong one for this company and the stock price."

Red Cloud reported that most of Vizsla's CA$25 million post-consolidation financing would fund exploration at Palmer and Poplar. The firm called Vizsla undervalued compared to peers, with an enterprise value of CA$39.4 million versus an average of CA$88.1 million. Combaluzier cited several 2026 catalysts, including drill results from Thira and Woodjam and the anticipated close of the Palmer acquisition.

According to Jeff Clark's Gold Advisor on October 20, Vizsla Copper's recent drill results at Thira were "another strong hole of copper mineralization," which he said reinforced confidence in "a discovery in the making." He highlighted results such as 237 meters grading 0.51% copper equivalent and 77 meters of 0.55% copper equivalent as evidence of meaningful progress. Clark noted that the final four holes of the Phase 1 program all intersected porphyry-style mineralization, defining a system measuring at least 800 meters east-west and 500 meters north-south.

He remarked that the stock had doubled year to date and attributed the move to investor response following the company's drilling updates. Clark stated that it was "not too late to buy," given Vizsla Copper's market capitalization of approximately CA$41.8 million at the time. He concluded by reaffirming his outlook, writing that he remained "overweight the stock" and continued to rate it a "Buy on any weakness."

In an updated November 26 note, Jeff Clark highlighted Vizsla Copper as part of his coverage of junior explorers, following the company's announcement of additional geophysical anomalies at the Thira discovery within its Poplar project in British Columbia.

Clark noted that the company had completed a direct current induced polarization (DCIP) survey, which outlined two new untested target areas — Copper Pond and Camp Lake — complementing the earlier Thira discovery. He emphasized that "red and orange are the strongest readings," referring to the geophysical map included in his note, and pointed out that the new targets appeared to exhibit similar geophysical signatures to those associated with previously drilled, mineralized zones.

He quoted Vizsla Copper's VP of Exploration, Steve Blower, who said: "We have always thought that the 8 x 2 kilometer footprint is large enough to host multiple porphyry centers, and this survey supports that interpretation." Clark added that the company planned to integrate the DCIP data into a three-dimensional model alongside other geophysical and soil geochemical datasets to generate drill targets for a winter 2026 program.

Commenting on the company's capital position and valuation, Clark stated that Vizsla Copper was "seriously cashed up" and described its CA$42 million market capitalization as still in "Buy territory." He noted that the stock was up over 125% year-to-date at the time of writing and said he remained overweight in the position, also confirming his participation in the ongoing private placement. "That tells you what I think of the potential here," he wrote, adding that the company's leadership team, led by Craig Parry, had previously created three billion-dollar companies.

Clark concluded by expressing confidence in the company's multi-pronged exploration strategy and outlook for 2026, writing, "Build a position on down days. Next year should be a strong one for this company and the stock price."

Multi-Asset Development Strategy Across Two Mining Jurisdictions

Vizsla Copper's near-term activities are focused on two core projects: Poplar in British Columbia and Palmer in Alaska. Both are situated in established mining regions with access to infrastructure and government support for critical minerals.

The Palmer project, which the company is in the process of acquiring, hosts an indicated resource of 4.8 million tonnes at 3.5% copper-equivalent and an inferred resource of 12.0 million tonnes at 3.1% copper-equivalent. Drill highlights from 2023 include intercepts such as 44 meters at 8.22% copper-equivalent and 24 meters at 11.15% copper-equivalent. 

At Poplar, the newly identified targets at Copper Pond and Camp Lake mark a significant expansion of the Thira discovery zone, which already measures approximately 800 by 500 meters and remains open in multiple directions. Exploration is supported by the project's location near existing roads, powerlines, and past-producing mines.

Together, these projects position Vizsla Copper with a diversified portfolio of copper and gold exploration assets across North America, aligned with increasing demand for critical minerals.

Ownership and Share Structure¹

6.8% of Vizsla Copper is held by management and insiders. Of them, CEO Craig Perry holds the most at 4.82%. The rest is retail.

Vizsla Copper has 318.52 million free float shares, a market cap of CA$51.3 million, and, according to Yahoo Finance, a 52-week range of CA$0.1250 and CA$1.6.