Vizsla Silver trading at ~1.5x feels like a gift

Vizsla Silver looks mispriced at current silver prices. It is trading around $6.16 with a $2.2B market cap. Silver is at $100/oz but the stock is priced like we’re still at $35. The market seems to be betting on mean reversion and ignoring how much leverage this asset has to higher prices. **Looking at downside firs**t: the November 2025 feasibility study shows all-in sustaining costs around $10.60/oz. If silver crashes 65% back to $35, the project still has a net present value of $1.8B. So at today’s price you’re paying roughly 1.2x a very conservative valuation. **Now the upside math gets interesting**. They’re projecting about 17M ounces per year. At $100 silver minus $10.60 costs, that’s nearly **$90/oz profit which** works out to around $1.5B in annual free cash flow. The whole company trades for $2.2B. That’s about 1.5x free cash flow when most producers trade at 8-12x. On the risk side, **they’ve already secured a $300M convertible note so capital costs are covered and dilution isn’t a concern**. Main overhang is permits expected mid-2026. Mexico jurisdiction is always worth mentioning but Sinaloa is mining-friendly and this is an underground operation. If silver collapses to $22 the thesis breaks, but with costs at $10.60 they stay profitable through most scenarios. Feels like a classic case where the market doesn’t believe $100 silver is here to stay so the equities haven’t caught up. Long $VZLA