Vizsla Silver Corp. (NYSE: VZLA) announced it has awarded an Engineering, Procurement and Construction Management contract to M3 Engineering & Technology Corp. and entered into a mine design contract with Mining Plus for its Panuco silver-gold project in Sinaloa, Mexico.

The EPCM contract covers the process plant and surface infrastructure, valued at approximately $170 million. M3 Engineering has experience with several mining projects in Mexico, including Mercedes, Los Gatos, and Peñasquito. The company and M3 Engineering are finalizing terms for the definitive EPCM agreement.

Mining Plus will handle mine design work covering approximately $50 million in development capital and $40 million in ore development over the next two years of pre-production. The company has worked with Vizsla Silver since the Panuco Preliminary Economic Assessment was published in July 2024.

Key mining schedule items include awarding a mining contract in the second quarter of 2026 and beginning mining operations upon receipt of the MIA permit. The company plans to implement an infill drilling program over an initial two-year period to support ramp-up and stockpiling ahead of process plant commissioning.

"The appointment of key engineering and mine design partners represents an important step in advancing our Panuco Project," said Michael Konnert, President and CEO.

Vizsla Silver completed a feasibility study for Panuco in November 2025, which outlined 17.4 million ounces of silver equivalent annual production over an initial 9.4-year mine life, with an after-tax net present value of $1.8 billion and a 111% internal rate of return.

The Vancouver-based mineral exploration and development company stated that key development activities continue to progress in line with previously disclosed timelines, according to the press release.