40-F/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 40-F/A
(Amendment No. 2)

[ ]	Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
	or
[X]	Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended April 30, 2022 Commission File Number 001-41225

Vizsla Silver Corp.
(Exact name of Registrant as specified in its charter)

N/A
(Translation of Registrant's name into English (if applicable))

British Columbia, Canada	1040	N/A
(Province or other jurisdiction of	(Primary Standard Industrial Classification	(I.R.S. Employer
incorporation or organization)	Code Number)	Identification Number)

Suite 700, 1090 West Georgia Street
Vancouver, BC V6E 3V7
(604)-364-2215
(Address and telephone number of Registrant's principal executive offices)

Cogency Global Inc.

122 East 42nd Street, 18th Floor

New York, NY 10168

1-800-221-0102
(Name, address (including zip code) and telephone number (including
area code) of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares, no par value	VZLA	NYSE American LLC

Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:

[X]  Annual information form [X]  Audited annual financial statements

Indicate the number of outstanding shares of each of the registrant's classes of capital or common stock as of the close of the period covered by the annual report: 154,875,802 outstanding as of April 30, 2022.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.
[X]  Yes  [  ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[X]  Yes  [   ]  No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

[X]  Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  [ ]

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [ ]

EXPLANATORY NOTE

This Amendment No. 2 to the Annual Report on Form 40-F (“Amendment No. 2”) amends the Annual Report on Form 40-F of Vizsla Silver Corp. (the “Registrant”) for the year ended April 30, 2022, which was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 22, 2022 (the “Original Annual Report”) and as amended by Amendment No. 1 on Form 40-F/A on July 28, 2022 (“Amendment No. 1”). This Amendment No. 2 is being filed to revise the Audit Report of the Registrant’s Auditor to the Consolidated Financial Statements for the fiscal year ended April 30, 2022 (filed as Exhibit 99.2 to this Amendment No. 2) to comply with SEC Rules and Regulations.

Except as described above, the Original Annual Report remains unchanged. This Amendment No. 2 does not reflect events occurring after the filing of the Original Annual Report or modify or update those disclosures. Accordingly, this Amendment No. 2 should be read in conjunction with the Original Annual Report and the Registrant’s other SEC filings.

1930

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Amendment No. 2 to the Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VIZSLA SILVER CORP.
By:	/s/ Michael Konnert
	Name: Michael Konnert
	Title: Chief Executive Officer

Date: July 29, 2022

EXHIBIT INDEX

EXHIBIT	DESCRIPTION OF EXHIBIT
99.1*	The Registrant's Annual Information Form for the fiscal year ended April 30, 2022
99.2**	Audited Consolidated Financial Statements for the fiscal year ended April 30, 2022
99.3*	Management's Discussion and Analysis for the year ended April 30, 2022
99.4**	Certification by the Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) or 15d-14 of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.5**	Certification by the Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) or 15d-14 of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.6**	Certification by the Chief Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.7**	Certification by the Chief Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.8**	Consent of MNP LLP
101**	XBRL Document
101.INS**	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH**	Inline XBRL Taxonomy Extension Schema Document
101.CAL**	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE**	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104**	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Previously filed.

** Filed herewith.

EX-99.2

   Consolidated Financial Statements

(Expressed in Canadian Dollars)

For the year ended April 30, 2022

Independent Auditor's Report

To the Shareholders of Vizsla Silver Corp:

Opinion

We have audited the consolidated financial statements of Vizsla Silver Corp and its subsidiaries (the "Company"), which comprise the consolidated statements of financial position as at April 30, 2022 and April 30, 2021, and the consolidated statements of loss and comprehensive loss, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at April 30, 2022 and April 30, 2021, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audits of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

Management is responsible for the other information. The other information comprises Management’s Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audits of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audits or otherwise appears to be materially misstated. We obtained Management’s Discussion and Analysis prior to the date of this auditor’s report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audits and significant audit findings, including any significant deficiencies in internal control that we identify during our audits.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Jenny Lee.

Vancouver, British Columbia
July 20, 2022	Chartered Professional Accountants

VIZSLA SILVER CORP.
Consolidated Statements of Financial Position       
Expressed in Canadian dollars

 

As at	Note	April 30, 2022		April 30, 2021
		$		$
ASSETS
Current assets
Cash and cash equivalents		30,482,269		19,398,272
Tax receivables	6	13,110,777		1,344,511
Other receivables		340,917		6,846
Prepaid expenses		2,855,677		116,136
Due from related party	10	50,000		-
Total current assets		46,839,640		20,865,765
Property, plant and equipment	7	304,866		101,337
Exploration and evaluation assets	8	118,789,742		18,508,268
Total assets		165,934,248		39,475,370
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		10,127,266		1,290,721
Due to related party	10	21,875		-
Total liabilities		10,149,141		1,290,721
SHAREHOLDERS' EQUITY
Share capital	9	163,972,960		45,962,344
Reserves		23,691,609		8,148,730
Share to be issued	9	-		308,594
Accumulated other comprehensive income (loss)		(368,411	)	5,476
Deficit		(31,511,051	)	(16,240,495	)
Total shareholders' equity		155,785,107		38,184,649
Total liabilities and shareholders' equity		165,934,248		39,475,370

   

Note 1 - Nature and continuance of operations

Note 15 - Subsequent events

They are signed on the Company's behalf by:

"Michael Konnert"	"Craig Parry"
Director, CEO	Director, Chairman

   The accompanying notes are an integral part of these consolidated financial statements

Page | 2

VIZSLA SILVER CORP. 

Consolidated Statements of Loss and Comprehensive Loss

Expressed in Canadian dollars

 

For the years ended	Note	April 30, 2022		April 30, 2021
		$		$
General and administrative expenses
Amortization		62,294		11,103
Consulting fees		1,032,014		851,396
Directors fees	10	401,806		242,486
Exploration investigation		114		157,040
Foreign exchange (gain)/loss		(589,288	)	647,207
Insurance		200,777		42,102
Management fees	10	700,000		336,667
Marketing		3,257,966		2,089,259
Office and miscellaneous	10	1,790,275		1,268,328
Professional fees		619,653		598,205
Share based compensation	9e	11,939,973		4,661,744
Transfer agent and filing		252,007		163,319
Travel and promotion		509,241		69,206
		(20,176,832	)	(11,138,062	)
Other income
Gain on spin-out of mining interest	5	(4,766,412	)	-
Interest income		(139,864	)	(38,790	)
Net loss		(15,270,556	)	(11,099,272	)
Other Comprehensive Income (Loss)
Items that will be reclassified subsequently
Translation (loss) / gain on foreign operations		(373,887	)	5,476
Comprehensive loss		(15,644,443	)	(11,093,796	)
Basic and diluted loss per share		(0.11	)	(0.13	)
Weighted average number of common shares
Basic and diluted		138,115,136		84,865,057

The accompanying notes are an integral part of these consolidated financial statements

Page | 3

VIZSLA SILVER CORP. 

Consolidated Statements of Cash Flows

Expressed in Canadian dollars

 

For the years ended	Note	April 30, 2022		April 30, 2021
		$		$
Operating activities
Net loss for the year		(15,270,556	)	(11,099,272	)
Items not affecting cash:	7
Amortization		62,294		11,103
Foreign exchange (gain) loss		(113,105	)	118,257
Gain on spin-out of mining interest	9	(4,766,412	)	-
Shares issued for services		-		41,468
Share-based compensation		11,939,973		4,661,744
Changes in non-cash working capital items:
Accounts payable and accrued liabilities		8,831,707		985,631
Due to/from related party		(23,287	)	(25,248	)
Taxes receivable		(11,766,266	)	(1,079,212	)
Other receivable		(334,071	)	-
Prepaid expenses		(2,739,541	)	(7,651	)
Net cash flows used in operating activities		(14,179,264	)	(6,393,180	)
Investing activities
Purchase of exploration and evaluation assets		(18,731,540	)	-
Exploration and evaluation expenditures		(27,348,453	)	(11,797,800	)
Purchase of equipment	5	(280,478	)	(73,125	)
Expenditures on spin-out		(1,122,356	)	-
Net cash flows used in investing activities		(47,482,827	)	(11,870,925	)
Financing activities
Cash proceeds of common shares issued net of issuance costs		68,857,632		32,542,817
Issuance of common shares - option exercise		545,930		759,470
Issuance of common shares - warrants exercise		3,342,526		1,776,180
Net cash flows provided by financing activities		72,746,088		35,078,467
Increase in cash and cash equivalents		11,083,997		16,814,362
Cash and cash equivalents, beginning of year		19,398,272		2,583,910
Cash and cash equivalents, end of year		30,482,269		19,398,272

The accompanying notes are an integral part of these consolidated financial statements

Page | 4

VIZSLA SILVER CORP. 

Consolidated Statements of Changes in Equity

Expressed in Canadian dollars, except for number of shares

 

		Common shares						Other
		Number	Amount		Reserves	Share to be		comprehensive		Deficit		Total
						issued		income (loss)
	Note		$		$	$		$		$		$
Balance, April 30, 2020		58,895,348	12,202,496		2,126,899	308,594		-		(5,141,223	)	9,496,766
Shares issued pursuant to private placement and prospectus		27,035,500	35,072,785		-	-		-		-		35,072,785
Shares issued pursuant to exercise of warrants and options		8,109,388	2,535,650		-	-		-		-		2,535,650
Shares issued for services		28,508	41,468		-	-		-		-		41,468
Share issuance costs - cash		-	(2,529,968	)	-	-		-		-		(2,529,968	)
Share issuance costs - finders warrants		-	(1,360,087	)	1,360,087	-		-		-		-
Stock based compensation		-	-		4,661,744	-		-		-		4,661,744
Net loss and other comprehensive income for the year		-	-		-	-		5,476		(11,099,272	)	(11,093,796	)
Balance, April 30, 2021		94,068,744	45,962,344		8,148,730	308,594		5,476		(16,240,495	)	38,184,649
								-
Shares issued pursuant to private placement and prospectus		29,290,000	71,152,150		2,072,850	-		-		-		73,225,000
Shares issued pursuant to property acquisition		23,690,574	56,250,001		-	-		-		-		56,250,001
Shares issued pursuant to exercise of warrants and options		7,826,484	3,888,456		-	-		-		-		3,888,456
Share issuance costs - cash		-	(4,367,369	)	-	-		-		-		(4,367,369	)
Share issuance costs - finders warrants		-	(1,530,056	)	1,530,056	-		-		-		-
Stock based compensation	9	-	-		11,939,973	-		-		-		11,939,973
Contingent consideration adjustment	8	-	-		-	(308,594	)	-		-		(308,594	)
Transfer of exploration and evaluation assets pursuant to spin-out	5	-	(7,382,566	)	-	-		-		-		(7,382,566	)
Net loss and other comprehensive loss for the year		-	-		-	-		(373,887	)	(15,270,556	)	(15,644,443	)
Balance, April 30, 2022		154,875,802	163,972,960		23,691,609	-		(368,411	)	(31,511,051	)	155,785,107

The accompanying notes are an integral part of these consolidated financial statements

Page | 5

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

1. Nature and Continuance of Operations

The Company was incorporated on September 26, 2017, under the Business Corporations Act (British Columbia) under the name Vizsla Capital Corp. On March 6, 2018, the Company changed its name to Vizsla Resources Corp. The Company's principal business activity is the exploration of mineral properties. The Company currently conducts substantially all of its operations in Canada and Mexico in one business segment. On February 8, 2021, the Company change its name to Vizsla Silver Corp. (the "Company", "Vizsla Silver"). It is trading on the venture exchange under the symbol VZLA.

On January 21, 2022, Vizsla Silver Corp was listed on the NYSE American and commenced trading under the symbol "VZLA".

The head office and principal address of the Company is located at 700 - 1090 West Georgia Street, Vancouver, B.C., V6E 3V7.

The Company has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts shown for mineral properties and exploration costs is dependent upon the existence of economically recoverable ore reserves, the ability of the Company to obtain necessary financing to complete the exploration and development of its properties, and upon future profitable production or proceeds from the disposal of properties.

These consolidated financial statements have been prepared using accounting principles applicable to a going concern which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation.

The recent outbreak of the coronavirus, also known as "COVID-19", has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures may have an adverse impact on global economic conditions as well as on the Company's business activities as it can result in operating, supply chain and project development delays that can materially adversely affect the operations of the Company. Operations at the Panuco-Copala property could be further suspended as actions are taken in an effort to combat the spread of COVID-19. If the exploration or development of the Panuco-Copala property is further suspended or delayed, it may have a material adverse impact on Vizsla's results of operations, financial condition and the trading price of its common shares. The extent to which the coronavirus may impact the Company's business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in Canada and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine their financial impact at this time.

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VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

2. Basis of Presentation

The consolidated financial statements have been prepared in accordance with International Accounting Standard ("IFRS") issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at their fair value as explained in the accounting policies set out below.

In addition, these consolidated financial statements have been prepared using the accrual basis of accounting other than the consolidated statements of cash flows. The consolidated financial statements were approved by the Board of Directors of the Company on July 20, 2022.

3. Significant Accounting Policies

The significant accounting policies set out below have been applied consistently to all periods presented in the consolidated financial statements.

a) Basis of consolidation

These consolidated financial statements incorporate the financial statements of the Company and the subsidiaries controlled by the Company.

The principal subsidiaries of the Company, which are accounted for under the consolidation method, are as follows:

Entity	Principal activities	Country of incorporation and operation	Ownership interest as at April 30, 2022	Ownership interest as at April 30, 2021
Vizsla Copper Corp. (formerly Northbase Resources Inc.)*	Exploring evaluating mineral properties	Canada	0%	100%
Canam Alpine Ventures Ltd.	Holding company	Canada	100%	100%
Minera Canam S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Operaciones Canam Alpine S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Vizsla Royalty Corp. (formerly Vizsla Copper Corp. and 1283303 B.C. Ltd.)	Royalty Company	Canada	100%	100%
Canam Royalties Mexico, S.A. de C.V.	Royalty Company	Mexico	100%	100%

*The Company spun-out Vizsla Copper Corp. on September 20, 2021 (Note 5).

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. All significant intercompany transactions and balances have been eliminated.

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VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

3. Significant Accounting Policies (continued)

b) Foreign Currency Translation

i) Functional and Presentation Currency

Items included in the financial statements of each consolidated entity in Vizsla Silver Corp.'s group are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the Company and its Canadian subsidiaries is Canadian dollars ("CAD"), the functional currency of the Company's Mexican subsidiaries is Mexican Peso ("MXD"). The consolidated financial statements are presented in Canadian dollars ("CAD"), which is the Company's presentation currency.

For the purpose of presenting these consolidated financial statements, entities that have a functional currency different from the presentation currency ("foreign operations") are translated into CAD as follows:

- Assets and liabilities: at the closing rate at the date of the statement of financial position; and

- Income and expenses: at the average rate for the period (as this is considered a reasonable approximation of actual rates prevailing at the transaction dates).

Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity. When an entity disposes of its entire interest in a foreign operation, or loses control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests.

ii) Transactions and Balances

In preparing the financial statements of each individual Vizsla Silver Corp. entity and subsidiary, transactions in currencies other than the entity's functional currency ("foreign currency") are recognized at the rates of exchange prevailing at the date of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for the exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

c) Cash and cash equivalents

Cash consists of cash on hand, deposits in banks with no restrictions and highly liquid savings accounts. Cash equivalents include other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The Company's cash and cash equivalents are invested with major financial institutions in business accounts.

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VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

3. Significant Accounting Policies (continued)

d) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably.

The major categories of property, plant and equipment are depreciated on a straight-line basis as follows:

Mining Equipment	30%
Office Equipment	30%
Computer Equipment	30%
Office improvements	2 years

Impairment losses are included as part of other gains and losses on the consolidated statements of loss and comprehensive loss.

e) Exploration and evaluation assets

The Company is in the exploration stage with respect to its investment in mineral interests. Accordingly, once a license to explore an area has been secured, the Company follows the practice of capitalizing all costs relating to the acquisition of, exploration for and development of exploration and evaluation assets. Such costs, include, but are not limited to, geological and geophysical studies, exploratory drilling and sampling. At such time as commercial production commences, these costs will be charged to operations on a unit-of-production method based on proven and probable resources. The aggregate costs, related to abandoned exploration and evaluation assets are charged to operations at the time of any abandonment or when it has been determined that there is evidence of a permanent impairment.

f) Provision for restoration and rehabilitation

A provision for restoration and rehabilitation is recognized when there is a present legal or constructive obligation as a result of exploration and development activities undertaken; it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the provision can be measured reliably. The estimated future obligation includes the cost of removing facilities, abandoning sites and restoring the affected areas. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the reporting date. The estimated cost is capitalized into the cost of the related asset and amortized on the same basis as the related assets. If the estimated cost does not relate to an asset, it is charged to earnings in the period in which the event giving raises to the liability occurs.

As at April 30, 2022, and 2021, the Company did not have any provision for restoration and rehabilitation.

g) Related party transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Page | 9

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

3. Significant Accounting Policies (continued)

h) Share capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share purchase warrants are recognized as a deduction from equity, net of any tax effects.

i) Share issue costs

Professional, consulting, regulatory and other costs directly attributable to equity financing transactions are recorded as share issue costs when the financing transactions are completed if the completion of the transaction is considered likely. Otherwise, they are expensed as incurred. Share issue costs are charged to share capital when the related shares are issued. Deferred share issue costs related to financing transactions that are not completed are charged to expenses.

j) Warrants

Proceeds from issuances by the Company of units consisting of shares and warrants are allocated based on the residual method, whereby the carrying amount of the warrants is determined based on any difference between gross proceeds and the estimated fair market value of the shares. If the proceeds from the offering are less than or equal to the estimated fair market value of shares issued, a nil carrying amount is assigned to the warrants.

k) Share based payments

The Company grants share-based compensation to directors, officers, employees and service providers. Each tranche in an award is considered a separate award with its own vesting period. The Company applies the fair value method of accounting for share-based payments and the fair value is calculated using the Black-Scholes option pricing model.

Share-based payments for employees and others providing similar services are determined based on the grant date fair value. Share-based payments for non-employees are determined based on the fair value of the goods/services received or fair value of the share-based payment measured at the date on which the Company obtains such goods/services. Compensation expense is recognized over each tranche's vesting period, in earnings or capitalized as appropriate, based on the number of awards expected to vest.

l) Income taxes

Income tax expense comprises current and deferred tax. Income tax is recognized in the statement of loss and comprehensive loss except to the extent it relates to items recognized directly in equity.

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

Page | 10

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

3. Significant Accounting Policies (continued)

l) Income taxes (continued)

Deferred tax is recognized using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss). In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

m) Earning (Loss) per share

Basic earnings per share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings per share amounts are calculated giving effect to the potential dilution that would occur if securities or other contracts to issue common shares were exercised or converted to common shares using the treasury stock method. If the Company incurs net losses in a fiscal year, basic and diluted losses per share are the same.

n) Financial Instruments

Financial assets

The Company classifies its financial assets in the following categories:

- Fair value through profit or loss (FVTPL)

- Fair value through other comprehensive income (FVTOCI)

- Amortized cost

The determination of the classification of financial assets is made at initial recognition. The Company's accounting policy for each of the categories is as follows:

Financial assets at FVTPL

Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of financial assets held at FVTPL are included in the consolidated statements of loss and comprehensive loss.

Financial assets at FVTOCI

Financial assets carried at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive loss.

Page | 11

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

3. Significant Accounting Policies (continued)

n) Financial Instruments (continued)

Financial assets at amortized cost

A financial asset is measured at amortized cost if the objective is to hold the financial asset for the collection on contractual cash flows and the asset's contractual cash flows are comprised solely of payments of principal and interest. The financial asset is classified as current or non-current based on its maturity date and is initially recognized at fair value and subsequently carried at amortized cost less any impairment. The Company classifies cash and due from related parties, other receivables and loan receivables in this category.

Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost.

Financial liabilities

The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was incurred. The Company's accounting policy for each category is as follows:

Financial liabilities at FVTPL

This category comprises derivatives or liabilities acquired or incurred principally for the purpose of selling or repurchasing in the near term. They are carried in the statement of financial position at fair value with changes in fair value recognized in the statements of loss and comprehensive loss.

Other financial liabilities

This category includes accounts payable and accrued liabilities and due to related parties, which are recognized at amortized cost using the effective interest method.

The effective interest method calculates the amortized cost of a financial liability and allocates interest expense over the corresponding period. The effective interest rate is the rate that discounts estimated future cash receipts over the expected life of the financial liability, or, where appropriate, a shorter period. Transaction costs in respect of financial liabilities at fair value through profit or loss are recognized in the statements of operations and comprehensive loss immediately while transaction costs associated with other financial liabilities are included in the initial measurement of the financial liability.

The financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognized when its contractual obligations are discharged, cancelled or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Page | 12

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

3. Significant Accounting Policies (continued)

o) Reclassification

Certain comparative numbers have been reclassified to reflect the current year presentation.

p) Standards issued but not yet effective

The new standards or amendments issued but not yet effective are either not applicable or not expected to have a significant impact on the Company's consolidated financial statements.

4. Significant Accounting Judgments and Estimates

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, and related disclosure. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgment is used mainly in determining how a balance or transaction should be recognized in the financial statements. Estimates and assumptions are used mainly in determining the measurement of recognized transactions and balances. Actual results may differ from these estimates.

Significant areas where management's judgment has been applied include:

- Impairment of exploration and evaluation assets (E&E assets)

In accordance with the Company's accounting policy, the Company's E&E assets are evaluated every reporting period to determine whether there are any indications of impairment. If any such indication exists, which is often judgmental, a formal estimate of recoverable amount is performed and an impairment loss is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of an asset or cash generating group of assets is measured at the higher of fair value less costs to sell and value in use.

The evaluation of asset carrying values for indications of impairment includes consideration of both external and internal sources of information, including such factors as market and economic conditions, metal prices, future plans for the Company's mineral properties and mineral resources and/or reserve estimates.

Management has assessed for impairment indicators for the Company's E&E assets and has concluded that no indicators of impairment were identified, and the Company plans to continue with its objective of developing Panuco - Copala Property.

- The acquisition of a company may result in the reporting of the acquisition as a business combination, or an asset acquisition as defined within IFRS. Judgment is required to determine the basis of accounting for the acquisition.

- These consolidated financial statements have been prepared using International Financial Reporting Standards applicable to a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations for the foreseeable future.

Page | 13

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

4. Significant Accounting Judgments and Estimates (continued)

Significant areas requiring the use of management estimates and assumptions include:

- Fair value calculation of share-based payments

The fair value of share-based payments in relation to the warrants and options granted is calculated using a Black Scholes option pricing model. There are a number of estimates used in the calculation such as the expected option life, rate of forfeiture of options granted, risk-free interest rate used and the future price volatility of the underlying security which can vary from actual future events. The factors applied in the calculation are management's best estimates based on industry average and future forecasts.

- Assessing whether deferred tax assets and liabilities are recognized in accordance with IAS 12, Income taxes.

Provisions for income taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were originally recorded, such differences will affect the tax provisions in the period in which such determination is made.

▪ Acquisition of a company requires substantially all identifiable assets, liabilities and contingent considerations to be recorded at the date of acquisition at their respective fair values which requires significant judgement and estimation. Assumptions have been made by management regarding the likelihood of meeting future milestones. Discount rates applied are consistent with external industry information reflecting the risk associated with the voluntary pooling restrictions.

▪ Tax receivables

Value-added tax ("VAT") receivable is collectible from the government of Mexico. The collection of VAT is subject to risk due to the complex application and collection process and therefore, risk related to the collectability and timing of payment from the Mexican government. The Company uses its best estimates based on the facts known at the time and its experience to determine its best estimate of the collectability and timing of these recoveries. Changes in the assumptions regarding collectability and the timing of collection could impact the valuation and classification of VAT receivable.

Page | 14

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

  5. Plan of Arrangement

On June 20, 2021, the Company announced that at its special meeting of shareholders held on June 15, 2021, all of the resolutions were duly passed, including the special resolution to approve the proposal plan of arrangement (the "Arrangement") pursuant to which Vizsla Silver will spin-out its British Columbia copper exploration assets to Vizsla Copper Corp. ("Vizsla Copper" or "SpinCo"). Also, the Supreme Court of British Columbia approved the Arrangement under the terms of the Business Corporations Act (British Columbia). Common shares of Vizsla Copper (the "SpinCo Shares") will be distributed to shareholders of Vizsla Silver (the "Shareholders") on the basis of one Vizsla Copper share for every three common shares of Vizsla Silver. The Arrangement will not result in any change to a shareholder's ownership of Vizsla Silver. The majority of shareholders (those who hold their shares through their broker) will receive their SpinCo Shares with no further action. Once the Arrangement becomes effective, Shareholders will own shares in both public companies: (i) Vizsla Copper, which will focus on the 100% owned Blueberry copper project located in the Babine porphyry belt of Central British Columbia and the option to acquire a 60% interest in the Carruthers Pass copper property located 200 kilometres north of Smithers, British Columbia, and (ii) Vizsla Silver, which will continue to advance the Panuco Copala silver-gold project in Mexico.

The Arrangement was completed on September 20, 2021, and the Company injected $1,122,356 working capital to Vizsla Copper for the Arrangement. The shares of Vizsla Copper commenced trading on the TSX Venture Exchange ("TSXV") on September 21, 2021, under the symbol - VCU.

On September 20, 2021, the Company transferred its 100% interest in the Blueberry Property and Carruthers Pass Property and completed the Arrangement to spin out the shares of Vizsla Copper to the shareholders of Vizsla Silver. Pursuant to the Arrangement, holders of common shares of Vizsla Silver on September 19, 2021, received one new common share of Vizsla Silver and 0.3333 of a Vizsla Copper share for each common share held.

Under the terms of the Arrangement, each issued and outstanding Vizsla Silver option has been adjusted for the assets spun-out. The exercise prices of the Vizsla Silver replacement stock options were adjusted based on the proportional market value of the two companies after completion of the Arrangement. See Note 6d.

Under the terms of the Arrangement, each issued and outstanding Vizsla Silver warrant has been adjusted for the assets spun-out such that for each of the warrant exercised, the holder is entitled to receive one New Vizsla Share for each Vizsla Share that was issuable upon due exercise of the Vizsla Warrant and one-third of Vizsla Copper share immediately prior to September 20, 2021.

In connection with the Arrangement, the carrying value of Blueberry Property and Carruthers Pass copper property totaling $1,493,798 were derecognized, and the Vizsla Copper shares were treated as a distribution of capital to the shareholders of the Company. In accordance with IFRIC-17, the distribution was valued at $7,382,566 based on fair value of the common shares of Vizsla Copper and the Company recorded a gain on the spin-out totaling $4,766,412 in the consolidated statements of loss and comprehensive loss for the year ended April 30, 2022.

Page | 15

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

6. Taxes Recoverable

	April 30, 2022	April 30, 2021
	$	$
Goods and Service Tax (GST) recoverable	103,785	42,676
Mexican Value Added Tax (IVA) recoverable	13,006,992	1,301,835
Total	13,110,777	1,344,511

7. Property, Plant and Equipment

	Computer	Office		Mining	Office	Total
	equipment	equipment		equipment	improvements
Cost	$	$		$	$	$
Balance - April 30, 2020	5,601	2,111		37,059	-	44,771
Additions	8,830	1,308		29,166	37,404	76,708
Disposal	-	-		-	-	-
Effect of change in exchange rate	32	107		605	-	744
Balance - April 30, 2021	14,463	3,526		66,830	37,404	122,223
Additions	24,829	36,340		75,091	144,218	280,478
Disposal	-	(748	)	-	-	(748	)
Effect of change in exchange rate	624	755		2,677	3,789	7,845
Balance - April 30, 2022	39,916	39,873		144,598	185,411	409,798
Accumulated depreciation
Balance - April 30, 2020	1,751	633		3,618	-	6,002
Depreciation	3,582	65		11,019	-	14,666
Disposal	-	-		-	-	-
Effect of change in exchange rate	5	32		181	-	218
Balance - April 30, 2021	5,338	730		14,818	-	20,886
Depreciation	9,545	7,237		37,882	28,000	82,664
Disposal	-	-		-	-	-
Effect of change in exchange rate	122	154		599	507	1,382
Balance - April 30, 2022	15,005	8,121		53,299	28,507	104,932
Carrying amounts
As at April 30, 2020	3,850	1,478		33,441	-	38,769
As at April 30, 2021	9,125	2,796		52,012	37,404	101,337
As at April 30, 2022	24,911	31,752		91,299	156,904	304,866

Page | 16

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

8. Exploration and Evaluation Assets

Exploration and evaluation assets are summarized in the table below:

		April 30,		April 30,
		2022		2021
Northbase Resources Inc. - Blueberry Property (a)	$	-	$	1,457,886
Canam Alpine Ventures Ltd. - Panuco-Copala property (b)		118,789,742		17,030,382
Vizsla Copper Corp. - Carruthers Pass property (c)		-		20,000
	$	118,789,742	$	18,508,268

a) Northbase Resources Inc. - Blueberry Property

On January 16, 2019, pursuant to a definitive share exchange agreement dated December 17, 2018, the Company acquired all of the issued and outstanding common shares of Northbase Resources Inc. ("Northbase") a private British Columbia company which controls a district-scale (20,265 hectare) land package known as the Blueberry Property in the Babine porphyry copper district in central British Columbia. Under the terms of the acquisition, the holders of Northbase shares received one common share of the Company in exchange for each Northbase share held. NorthBase Resources Inc.'s name was changed to Vizsla Copper Corp. on April 23, 2021.

On September 20, 2021, the Company completed the Arrangement and spin-out Vizsla Copper with its 100% interest of the copper resource at the Blueberry Property (note 5).

Cost related to the properties can be summarized as follows:

		Balance		Additions		Balance	Additions		Transfer to			Balance
		April 30, 2020				April 30, 2021			Vizsla Copper			April 30, 2022
Acquisition costs
Shares	$	1,357,467	$	-	$	1,357,467	-	$	(1,357,467	)	$	-
		1,357,467		-		1,357,467	-		(1,357,467	)		-
Exploration costs
Analysis		15,365		-		15,365	-		(15,365	)		-
Equipment		13,800		-		13,800	-		(13,800	)		-
Geophysical consulting		45,499		-		45,499	-		(45,499	)		-
Project management		6,130		-		6,130	-		(6,130	)		-
Travel, supplies and field expenses		19,625		-		19,625	-		(19,625	)		-
Subtotal		100,419		-		100,419	-		(100,419	)		-
Balance	$	1,457,886	$	-		1,457,886	-	$	(1,457,886	)	$	-

b) Canam Alpine Ventures Ltd. - Panuco-Copala Property

On November 5, 2019, pursuant to a definitive share exchange agreement (the "Agreement") dated September 13, 2019, the Company acquired all of the issued and outstanding common shares of Canam Alpine Ventures Ltd.("Canam"), a private British Columbia company. Canam owns two subsidiaries in Mexico, Minera Canam S.A. de C.V. and Operaciones Canam Alpine S.A. de C.V. According to the Agreement, the Company agreed to pay the consideration of $45,000 cash and issue 6,000,000 common shares (issued) and 12,000,000 Milestone Shares on the occurrence of milestone events as follows:

- Milestone event 1:      Upon exercise of any defined options by Canam, the Company will issue 6,500,000 common shares (issued);

- Milestone event 2: Upon definition of a resource greater than 200,000 gold equivalent ounces, the Company will issue 5,500,000 common shares (issued).

Page | 17

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

8. Exploration and Evaluation Assets (continued)

b) Canam Alpine Ventures Ltd. - Panuco-Copala Property (continued)

In addition, the Company issued 250,000 common shares at the closing of the transaction and agreed to issue an additional 250,000 common shares on each occurrence of Milestone event 1 and 2 for a total of 750,000 common shares as finders' fees. The Company recorded $296,250 and $12,344 as contingent consideration in relation to the two milestone events and related finder's fees, respectively, which represented its fair value at the date of acquisition and was classified as shares to be issued, representing the fair value at the date of acquisition of the fixed number of shares that are required to be issued based on the milestones. The contingent consideration will not be remeasured, and settlement is accounted for in equity. As of April 30, 2022, the milestones have occurred and the shares have been issued. As a result, the full $308,595 of contingent consideration has been reversed.

On August 8, 2019, Canam entered into an option agreement with Minera Rio Panuco S.A. de C.V. ("Panuco") whereby the Company can earn a 100% interest in certain concessions and assets by spending USD$2,000,000 in exploration by the second anniversary date of the agreement and paying a cumulative of USD$23,000,000. The option agreement was amended on May 6, 2020, to extend the schedule of Canam's payment and investment obligations for an additional one year and the Company paid USD$80,000 for the extension.

On September 9, 2019, Canam entered into an option agreement with Silverstone Resources S.A. de C.V. ("Copala") whereby the Company can earn a 100% interest in certain concessions and assets by spending USD$1,423,000 in exploration by the second anniversary date of the agreement and paying a cumulative of USD$20,000,000. Certain claims of Copala are subject to a 3.0% net smelter royalty ("NSR") which can be brought down to 1.5% for 10% interest or property right on the mining concessions.

On July 21, 2021, the Company signed a binding amending agreement (the "Panuco Amending Agreement") with Panuco and has executed a binding option exercise notice ("Copala Exercise Notice") with Copala, which together will constitute the acceleration and exercise of the Company's option to acquire 100% of the Panuco-Copala silver gold district ("Panuco District" or the "Project").

Under the Amending Agreement, Vizsla/Canam and Panuco have agreed to amend the terms of the original Panuco option agreement in order to accelerate the Company's exercise of its option on the Panuco property (the "Panuco Property"). Upon closing of the transactions contemplated by the Panuco Amending Agreement, Vizsla will acquire a 100% ownership interest in the Panuco Property (comprising 43 mining concessions with a combined surface area of 3,839 Ha) and the "El Coco" mill (the "Mill") in consideration for:

• A cash payment of US$4,250,000 (paid) upon signing of the Amending Agreement;
• The issuance of 6,245,902 common shares of Vizsla priced at C$2.44 per share (for a total value of US$12,000,000) upon the completion of the transfer of the Panuco Property on or before August 10, 2021 (issued, Note 9(b)); and
• A cash payment of US$6,100,000, following the refurbishment and transfer of ownership of the mill which is to occur on or before April 30, 2022 (US$250,000 was paid on August 19, 2021; US$850,000 paid on February 1, 2022, for the mineral claims around the Coco mill. US$5,000,000 was paid on May 6^th, 2022, subsequently to the year ended April 30, 2022 (Note 15).

The mineral concessions comprising the Panuco Property include the Napoleon vein corridor, which has seen the majority of Vizsla's exploration.

Page | 18

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

8. Exploration and Evaluation Assets (continued)

b) Canam Alpine Ventures Ltd. - Panuco-Copala Property (continued)

Under the Copala Exercise Notice, Vizsla and Copala have agreed to amend the terms of the original Copala option agreement in order to accelerate the Company's exercise of its option on the Copala property (the "Copala Property"). A definitive agreement was signed on July 20, 2021 (the "Copala Amending Agreement" and, together with the Panuco Amending Agreement, the "Amending Agreements"). Upon closing of the transactions contemplated by the Copala Amending Agreement, Vizsla will acquire a 100% ownership interest in the Copala Property (comprising 64 mining concessions with a combined surface area of 5,547 Ha) in consideration for:

• A cash payment of US$9,500,000 payable to Copala upon the completion of the transfer of the Copala Property on or before August 3, 2021 (paid); and
• The issuance to Copala of 4,944,672 common shares of Vizsla priced at C$2.44 per share upon the completion of the transfer of the Copala Property (issued, Note 8(b)).

Costs related to the properties can be summarized as follows:

		Balance April 30, 2020		Additions		Balance April 30, 2021		Additions			Balance April 30, 2022
Acquisition costs
Cash	$	45,000	$	967,761	$	1,012,761	$	18,731,540		$	19,744,301
Contingent consideration		308,595		-		308,595		(308,595	)	$	-
Effective settlement of loans receivables		1,064,647		-		1,064,647		125,377			1,190,024
Shares		1,896,987		-		1,896,987		56,250,001			58,146,988
Transaction cost		125,190		-		125,190		(125,190	)		-
Subtotal	$	3,440,419	$	967,761	$	4,408,180	$	74,673,133		$	79,081,313

 

		Balance April 30, 2020		Additions			Balance April 30, 2021			Additions			Balance April 30, 2022
Exploration costs
Analysis	$	162,056	$	1,204,518		$	1,366,574		$	3,800,021		$	5,166,595
Depreciation		-		3,563			3,563			20,388			23,951
Drilling		368,376		5,603,046			5,971,422			14,964,594			20,936,018
Ejido Rights		-		80,901			80,901			340,342			421,243
Engineering consulting		-		-			-			671,537			671,537
Equipment		69,283		312,982			382,265			924,121			1,306,386
Field Cost		357,157		1,734,955			2,092,112			2,250,098			4,342,210
Geological Consulting		553,226		1,088,130			1,641,356			2,561,712			4,203,068
Maintenance		174,717		140,718			315,435			81,504			396,939
Rent of land		-		86,099			86,099			153,596			239,695
Travel and miscellaneous		64,595		710,156			774,751			1,600,910			2,375,661
Subtotal	$	1,749,410	$	10,965,068		$	12,714,478		$	27,368,823		$	40,083,303
	$	5,189,829	$	11,932,829		$	17,122,658		$	102,041,956		$	119,164,616
Effect of change in exchange rate			$	(92,276	)		(92,276	)	$	(282,596	)	$	(374,874	)
Total			$	11,840,553		$	17,030,382		$	101,759,360		$	118,789,742

The Company created a 100% owned subsidiary, Canam Royalties Mexico, S.A. de C.V. ("Canam Royalties") through Vizsla Royalty Corp., which is 100% owned by the Company. On February 23, 2022, Vizsla transferred 2% NSR on certain concessions and 0.5% NSR on certain concessions to Canam Royalties.

Page | 19

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

8. Exploration and Evaluation Assets (continued)

c) Carruthers Pass Property, British Columbia

On March 15, 2021, the Company announced entering into an option agreement with Cariboo Rose Resources to earn a 60% interest in the Carruthers Pass copper property. To earn 60% interest the Company has to make $400,000 of stage payments, issue $250,000 worth common shares and incur $3,000,000 worth exploration expenses on the property over period of five years.

The Company paid $20,000 as option payment during the year ended April 30, 2021. Following is a summary of the terms of exercising the option:

Milestone		Work Commitment		Option Payment		Share Issuance
On signing (paid)	$	-	$	20,000	$	-
12-month anniversary of signing		100,000		20,000		10,000
24-month anniversary of signing		300,000		40,000		35,000
36-month anniversary of signing		600,000		75,000		40,000
48-month anniversary of signing		1,000,000		110,000		75,000
60-month anniversary of signing		1,000,000		135,000		90,000
Total	$	3,000,000	$	400,000	$	250,000

On September 20, 2021, the Company completed the Arrangement and transferred its 100% interest of the copper resource at the Carruthers Pass Property to Vizsla Copper (note 5).

Costs related to the property can be summarized as follows:

		Balance April 30, 2021	Additions		Transfer to Vizsla Copper			Balance April 30, 2022
Acquisition costs
Cash	$	20,000	-	$	(20,000	)	$	-
Exploration costs
Geophysical consulting		-	16,710		(16,710	)		-
Balance	$	20,000	16,710	$	(36,710	)		-

Page | 20

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

9. Share Capital

a) Authorized:

Unlimited number of common shares with no par value.

b) Issued and Outstanding

As at April 30, 2022, 154,875,802 (April 30, 2021: 94,068,744) common shares with no par value were issued and outstanding.

During the year ended April 30, 2022, the Company issued common shares of the Company (the "Shares") as follow:

On June 3, 2021, the Company announced closing of the bought deal prospectus offering of 27,600,000 units of the Company (the "Units") at a price of C$2.50 per Unit for aggregate gross proceeds of C$69,000,000, which includes the exercise in full of the underwriter's over-allotment option for 3,600,000 Units (the "Public Offering"). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Company until December 3, 2022, at a price of C$3.25.

In consideration for the services provided by the Underwriters in connection with the Public Offering, on closing the Company paid to the Underwriter a cash commission equal to 6% of the gross proceeds raised under the Public Offering, other than in respect of sales of the Public Offering to the Company's president's list (the "President's List") for which the Company paid a cash commission equal to 3%. As further consideration for the services provided by the Underwriters in connection with the Public Offering, on closing the Company issued broker warrants to the Underwriters, exercisable at any time on or before December 3, 2022, to acquire that number of common shares of the Company which is equal to 6% of the number of Units sold under the Public Offering (3% in respect of the President's List) at an exercise price of C$2.50. The Company paid $4,080,031 and allocated fair value of $1,459,487 for the broker warrants.

On June 21, 2021, the Company announced completion of a non-brokered private placement (the "Private Placement") previously announced on June 3, 2021. The Company issued a total of 1,690,000 units (the "Units") at a price of C$2.50 per unit for gross proceeds of C$4,225,000. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Private Placement Warrant"). Each Private Placement Warrant entitles the holder to acquire one common share of the Company for 18 months from the closing of the Private Placement at a price of C$3.25. The Company paid cash finder's fees equal to 6% of the gross proceeds and issued broker warrants of the Company, exercisable at any time on or before December 18, 2022, to acquire that number of common shares in the capital of the Company which is equal to 6% of the number of Units sold under the Private Placement at an exercise price of C$2.50. The Company paid $287,338 and allocated fair value of $70,569 for the broker warrants.

On September 7, 2021, 6,245,902 common shares were issued to acquire the Panuco and 4,944,672 common shares were issued. The Company issued John Mirko bonus shares of 6,500,000 and finder's fee of 250,000 per milestone event 1 of the Canam agreement (Note 7(b)). On April 27, 2022, the Company issued John Mirko bonus shares of 5,500,000 and finder's fee of 250,000 per milestone event 2 of the Canam agreement (Note 7(b)). There are no shares left to be issued in terms of the Canam agreement.

During the year ended April 30, 2022, 6,555,459 warrants were exercised for proceeds of $3,342,526, and 1,271,028 options were exercised for proceeds of $545,930.

Page | 21

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

9. Share Capital (continued)

c) Escrow shares

As at April 30, 2022, the Company has nil common shares held in escrow (April 30, 2021: 2,032,500).

d) Warrants

As at April 30, 2022, the Company has 32,424,906 warrants exercisable.

The following is a summary of warrant transactions for the years ended April 30, 2022, and 2021:

	April 30, 2022			April 30, 2021
	Number of warrants		Weighted average exercise price $	Number of warrants		Weighted average exercise price $
Warrants outstanding, beginning of the year	22,757,961		1.86	11,040,617		0.20
Issued	16,222,400		3.06	17,890,732		2.30
Exercised	(6,555,459	)	0.52	(6,173,388	)	0.29
Warrants outstanding, end of the year	32,424,902		2.68	22,757,961		1.86

During the year ended April 30, 2022, the weighted average share price on the date of warrant exercise is $2.45. 

The following warrants were outstanding and exercisable April 30, 2022:

Expiry date	*Exercise price	Number of warrants outstanding and exercisable
30-Jul-22	1.87	49,234
30-Jul-22	2.40	240,000
30-Jul-22	2.40	16,019,860
03-Dec-22	3.25	13,800,000
03-Dec-22	2.50	1,369,408
18-Dec-22	3.25	845,000
18-Dec-22	3.25	101,400
		32,424,902

*According to the Arrangement with Vizsla Copper on September 20, 2021, each Vizsla Silver Warrants was exchanged for one Vizsla Silver Replacement Warrant with the exercise price being adjusted accordingly.

As at April 30, 2022, the weighted average remaining contractual life for outstanding warrants is 0.42 years.

Page | 22

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

9. Share Capital (continued)

d) Warrants (continued)

Vizsla Silver is liable to issue shares pursuant to the Arrangement, whereby a holder exercises a Vizsla Silver warrant will be entitled to receive one new Vizsla Silver common share and 0.3333 of a Vizsla Copper common share. The exercise price of the Vizsla Silver warrants will remain the same; however, Vizsla Silver will need to compensate Vizsla Copper for each Vizsla Copper common share that is issued upon exercise of a Vizsla Silver warrant.

The fair value of the warrants granted was calculated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

Risk Free Interest Rate	0.43%
Expected Dividend Yield	-
Expected Volatility	100%- 103.90%
Expected Term in Years	1 year

During the year ended April 30, 2022, the Company recorded fair value of $1,530,056 (April 30, 2021 - $1,360,087) broker warrants and fair value of $2,072,850 (April 30, 2021 - $nil) warrants included in the units against reserves.

e) Options

The Company has adopted a Stock Option Plan (the "Plan") pursuant to which options may be granted to directors, officers and consultants of the Company. Under the terms of the Plan, the Company can issue a maximum of 10% of the issued and outstanding common shares at the time of the grant, a maximum term of 10 years and the exercise price of each option is determined by the directors but may not be less than the closing market price of the Common Shares on the day preceding the date of granting of the option less any available discount, in accordance with TSXV Policies. No option may be granted for a term longer than ten years. Options granted under the Plan including vesting and the term, are determined by, and at the discretion of, the Board of Directors.

The continuity of stock options for the years ended April 30, 2022, and 2021, is as follows:

	April 30, 2022				April 30, 2021
	Number of options		Weighted average exercise price $		Number of options		Weighted average exercise price $
Options outstanding, beginning of the year	9,090,000		1.07		5,343,000		0.35
Issued	6,974,000		2.25		5,838,000		1.51
Cancelled	(152,500	)	(2.23	)	(155,000	)	1.67
Exercised	(1,271,028	)	(0.41	)	(1,936,000	)	0.39
Options outstanding, end of the year	14,640,472		1.64		9,090,000		1.07
Options exercisable, end of the year	10,486,542		1.46		6,509,000		1.00

During the year ended April 30, 2022, the weighted average share price on the date of option exercise is $2.48.

Page | 23

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

9. Share Capital (continued)

e) Options (continued)

The following options were outstanding and exercisable as April 30, 2022:

Expiry date	Exercise price	*Adjusted exercise price	Number of Options outstanding	Number of Options exercisable
27-Feb-29	0.15	0.14	980,000	980,000
13-Jun-24	0.17	0.16	450,000	450,000
30-Dec-24	0.69	0.66	975,000	975,000
07-Jan-25	0.72	0.69	75,000	75,000
29-Jun-25	0.79	0.76	1,256,250	1,246,250
06-Aug-25	2.15	2.07	1,590,000	1,590,000
27-Aug-25	1.76	1.69	75,000	75,000
01-Oct-25	1.46	1.40	125,000	50,000
01-Dec-25	1.46	1.40	100,000	50,000
12-Jan-26	1.71	1.64	60,000	60,000
17-Feb-26	1.50	1.44	2,132,722	1,599,542
22-Jun-26	2.31	2.22	4,057,500	2,028,750
12-Jul-26	2.44	2.34	220,000	110,000
27-Jul-26	2.44	2.34	139,000	69,500
24-Sep-26	2.25	2.25	2,105,000	1,052,500
01-Feb-27	2.45	2.45	300,000	75,000
			14,640,472	10,486,542

*According to the Arrangement with Vizsla Copper on September 20, 2021, each Vizsla Silver Option was exchanged for one Vizsla Silver Replacement Option with the exercise price being adjusted accordingly. The change in the fair value of the options upon replacement was in the amount of $91,688.

As at April 30, 2022, the weighted average remaining contractual life for outstanding options is 3.97 years.

The fair value of the options granted was calculated using the Black-Scholes option pricing model with the following assumptions:

Risk Free Interest Rate	0.79%-1.65%
Expected Dividend Yield	-
Expected Volatility	100% - 104%
Expected Term in Years	5 years

The Company recorded total fair value of $11,939,973 as share-based compensation for the year ended April 30, 2022 (April 30, 2021 - $4,661,744).

Page | 24

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

10. Related Party Transactions

During the years ended April 30, 2022 and 2021, the Company has the following related party transactions:

(a) The Company has incurred $2,128,342 (April 30, 2021: $1,451,749) in salary and consulting fees to the Company's officers and companies owned by the Company's officers as compensation.

(b) The Company has incurred $401,806 (April 30, 2021: $46,667) in director fees to the Company's directors.

(c) The Company has paid $600,000 (April 30, 2021: $300,000) to a company with common directors for rent expenses and administration expenses.

(d) The Company has granted 11,062,500 (April 30, 2021: 3,863,000) stock options in total to officers and directors of the Company (Note 8(e)).

(e) As of April 30, 2022, $21,875 (As of April 30, 2021: $526) was payable to directors and officers of the Company. $50,000 (As of April 30, 2021: $nil) was prepaid to a company with common directors for rent expenses and administration expenses.

These transactions are in the normal course of operations and have been valued in these consolidated financial statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

11. Financial Instruments

Fair value of financial instruments

The Company applied the following fair value hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:

The three levels are defined as follows:

  • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

  • Level 2 - inputs to valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

  • Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company's financial instruments are cash and cash equivalent, other receivables, due from related parties, due to related parties and accounts payable and accrued liabilities. All these financial instruments are carried on the consolidated statements of financial position at amortized cost. The fair values of these financial instruments approximate their carrying value due to their short-term nature.

The Company's financial instruments are exposed to certain financial risks, including liquidity risk, credit risk and interest rate risk.

Page | 25

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

11. Financial Instruments (continued)

Liquidity risk

Liquidity risk is the risk that the Company will not meet its financial obligations as they become due. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2022, the Company had a cash and cash equivalent balance of $30,482,269 to settle accounts payable and accrued liabilities of $10,127,266. All of the Company's financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms.

Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

Market risk

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of commodity price risk and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. The Company is not exposed to significant market risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates. An immaterial amount of interest rate exposure exists in respect of cash balances on the statement of financial position. As a result, the Company is not exposed to material cash flow interest rate risk on its cash balances.

Foreign currency risk

Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar, United States dollar, and Mexican Peso will affect the Company's operations and financial results. The Company and its subsidiaries do not hold significant monetary assets or liabilities in currencies other than their functional currency and as a result, the Company is not exposed to significant currency risk.

The Company measures the effect on total assets or total receipts of reasonably foreseen changes in interest rates and foreign exchange rates. The analysis is used to determine if these risks are material to the financial position of the Company. On the basis of current market conditions, the Company has determined that a 1% change in interest rates or a 10% change in foreign exchange rates would be immaterial. Actual financial results for the coming year will vary since the balances of financial assets are expected to decline as funds are used for Company expenses.

Price risk

This risk relates to fluctuations in commodity and equity prices. The Company closely monitors commodity prices of precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in pricing may be significant.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Company is exposed to credit-related losses in the event of non-performance by the counterparties. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Cash and cash equivalent are held with reputable banks in Canada. The long-term credit rating of these banks, as determined by Standard and Poor's, was A+. As at April 30, 2022, the cash on deposit at these institutions was in excess of federally insured limits. However, management believes credit risk is low given the good credit ratings of the banks.

Page | 26

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

12. Capital Management

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration and development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

The Panuco-Copala property in which the Company currently has an interest are in the exploration stage, as such the Company has historically relied on the equity markets to fund its activities. In order to carry out the planned exploration and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so.

The capital structure of the Company consists of shareholder's equity, comprising issued capital and deficit. The Company is not exposed to any externally imposed requirements. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

Page | 27

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

13. Income Taxes

The following table reconciles the expected income taxes expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the consolidated statements of loss and comprehensive loss for the years ended April 30, 2022 and 2021:

	2022		2021
	$		$
Net loss before tax	(15,270,556	)	(11,099,272	)
Statutory tax rate	27.00%		27.00%
Expected income tax (recovery)	(4,123,050	)	(2,996,803	)
Change in deferred tax assets not recognized	3,225,494		2,609,664
Share issuance costs	(1,592,305	)	(1,050,315	)
Foreign exchange	(162,461	)	115,704
Change in estimate	(221,471	)	44,284
Tax effect of spinout	(461,450	)	-
Non-deductible items and other	3,335,243		1,277,466
Total income tax expense (recovery)	-		-

The deferred taxes assets and liabilities reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values.  The recognized deferred tax liability and assets as at April 30, 2022 and 2021 are comprised of the following:

Page | 28

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

13. Income Taxes (continued)
 

	2022		2021
	$		$
Tax loss carry forwards	3,596,896		369,890
Exploration and evaluation assets	(3,596,896	)	(369,890	)
Net deferred tax asset (liability)	-		-

The unrecognized deductible temporary differences as at April 30, 2022 and 2021 are comprised of the following:

	2022	2021
	$	$
Tax loss carry forwards	17,838,960	9,837,804
Property, plant and equipment	14,653	13,913
Financing costs	2,001,529	3,679,225
Total unrecognized deductible temporary differences	19,855,142	3,898,117

The Company has non-capital loss carry forwards of approximately $17,838,960 (2021: $9,837,804) to apply against future income for Canadian and Mexican income tax purposes, subject to the final determination by taxation authorities, expiring in the following years:

Expiry
	$
2032	1,609,365
2034	39,509
2035	7,865
2036	72
2037	44,719
2038	52,151
2039	285,245
2040	2,620,179
2041	6,645,094
2042	6,534,761
Total	17,838,960

14. Segment Information

The Company has one operating segment, being principally mineral exploration.

Geographic Information

The Company's non-current assets, excluding non-current deposits, by location of assets are as follows:

	April 30, 2022	April 30, 2021
	$	$
Canada	-	6,252,843
Mexico	119,094,608	12,356,762
	119,094,608	18,609,605

Page | 29

 

VIZSLA SILVER CORP. 

Notes to Consolidated Financial Statements

For the years ended April 30, 2022, and 2021

Expressed in Canadian dollars

  15. Subsequent Events

  The Company made a cash payment of US$5,000,000 following the refurbishment and transfer of ownership of the Coco mill on May 6^th, 2022 (Note 8(b)).

On June 2, 2022, the Company granted 590,000 number of options with exercise price of $1.74 and five years useful life. 20% of the options were vested immediately and the remaining of the options will be vested over two years.

Subsequent to year end, 152,500 number of options were cancelled.

Page | 30

EX-99.4

EXHIBIT 99.4

CERTIFICATION

I, Michael Konnert, Chief Executive Officer of Vizsla Silver Corp., certify that;

1.	I have reviewed this Amendment No. 2 to the Annual Report on Form 40-F of Vizsla Silver Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	c)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 29, 2022

By: /s/ Michael Konnert
Name: Michael Konnert
Title: Chief Executive Officer

EX-99.5

EXHIBIT 99.5

CERTIFICATION

I, Mahesh Liyanage, Chief Financial Officer of Vizsla Silver Corp., certify that;

1.	I have reviewed this Amendment No. 2 to the Annual Report on Form 40-F of Vizsla Silver Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	c)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 29, 2022

By: /s/ Mahesh Liyanage____________
Name: Mahesh Liyanage
Title: Chief Financial Officer

EX-99.6

EXHIBIT 99.6

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Konnert, Chief Executive Officer of Vizsla Silver Corp. (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

a.	This Amendment No. 2 to the Annual Report on Form 40-F of the Company for the fiscal year ended April 30, 2022 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
b.	the information contained in the Annual Report fairly presents in all material respects the financial condition and results of operations of the Company.

Date: July 29, 2022

By:

/s/ Michael Konnert                     
Name: Michael Konnert
Title: Chief Executive Officer

EX-99.7

EXHIBIT 99.7

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Mahesh Liyanage, Chief Financial Officer of Vizsla Silver Corp. (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

a.	This Amendment No. 2 to the Annual Report on Form 40-F of the Company for the fiscal year ended April 30, 2022 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
b.	the information contained in the Annual Report fairly presents in all material respects the financial condition and results of operations of the Company.

Date: July 29, 2022

By:

/s/ Mahesh Liyanage                   
Name: Mahesh Liyanage
Title: Chief Financial Officer

EX-99.8

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent the use of our auditor's report dated July 20, 2022, with respect to the consolidated financial statements of Vizsla Silver Corp. and its subsidiaries as at April 30, 2022, as filed with the United States Securities Exchange Commission ("SEC").

We also consent to the incorporation by reference in this Amendment No. 2 to the Registration Statement on Form 40-F, of our auditor's report dated July 20, 2022, with respect to the consolidated financial statements of Vizsla Silver Corp. and its subsidiaries as at April 30, 2022, as filed with the SEC.

Chartered Professional Accountants

July 29, 2022

Vancouver, Canada

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Document and Entity Information	12 Months Ended
	Apr. 30, 2022 shares
Entity Addresses [Line Items]
Entity Registrant Name	Vizsla Silver Corp.
Entity Central Index Key	0001796073
Current Fiscal Year End Date	--04-30
Document Type	40-F/A
Amendment Description	This Amendment No. 2 to the Annual Report on Form 40-F (“Amendment No. 2”) amends the Annual Report on Form 40-F of Vizsla Silver Corp. (the “Registrant”) for the year ended April 30, 2022, which was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 22, 2022 (the “Original Annual Report”) and as amended by Amendment No. 1 on Form 40-F/A on July 28, 2022 (“Amendment No. 1”). This Amendment No. 2 is being filed to revise the Audit Report of the Registrant’s Auditor to the Consolidated Financial Statements for the fiscal year ended April 30, 2022 (filed as Exhibit 99.2 to this Amendment No. 2) to comply with SEC Rules and Regulations. Except as described above, the Original Annual Report remains unchanged. This Amendment No. 2 does not reflect events occurring after the filing of the Original Annual Report or modify or update those disclosures. Accordingly, this Amendment No. 2 should be read in conjunction with the Original Annual Report and the Registrant’s other SEC filings.
Amendment Flag	true
Document Period End Date	Apr. 30, 2022
Entity Common Stock, Shares Outstanding	154,875,802
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Interactive Data Current	Yes
Document Registration Statement	false
Document Annual Report	true
Entity File Number	001-41225
Entity Incorporation, State or Country Code	Z4
Entity Address, Postal Zip Code	V6E 3V7
Entity Address, Address Line One	Suite 700, 1090 West Georgia Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
City Area Code	604
Local Phone Number	364-2215
Title of 12(b) Security	Common Shares
Trading Symbol	VZLA
Security Exchange Name	NYSEAMER
Annual Information Form	true
Audited Annual Financial Statements	true
Auditor Name	Jenny Lee
Auditor Location	Vancouver, British Columbia
Auditor Firm ID	1930
ICFR Auditor Attestation Flag	false
Entity Ex Transition Period	false
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Cogency Global Inc.
Entity Address, Postal Zip Code	10168
Entity Address, Address Line One	122 East 42nd Street
Entity Address, Address Line Two	18th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	800
Local Phone Number	221-0102

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Consolidated Statements of Financial Position - CAD ($)	Apr. 30, 2022	Apr. 30, 2021
Current assets
Cash and cash equivalents	$ 30,482,269	$ 19,398,272
Tax receivables	13,110,777	1,344,511
Other receivables	340,917	6,846
Prepaid expenses	2,855,677	116,136
Due from related party	50,000	0
Total current assets	46,839,640	20,865,765
Property, plant and equipment	304,866	101,337
Exploration and evaluation assets	118,789,742	18,508,268
Total assets	165,934,248	39,475,370
Current liabilities
Accounts payable and accrued liabilities	10,127,266	1,290,721
Due to related party	21,875	0
Total liabilities	10,149,141	1,290,721
SHAREHOLDERS' EQUITY
Share capital	163,972,960	45,962,344
Reserves	23,691,609	8,148,730
Share to be issued	0	308,594
Accumulated other comprehensive income (loss)	(368,411)	5,476
Deficit	(31,511,051)	(16,240,495)
Total shareholders' equity	155,785,107	38,184,649
Total liabilities and shareholders' equity	$ 165,934,248	$ 39,475,370

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Consolidated Statements of Loss and Comprehensive Loss - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
General and administrative expenses
Amortization	$ 62,294	$ 11,103
Consulting fees	1,032,014	851,396
Directors fees	401,806	242,486
Exploration investigation	114	157,040
Foreign exchange (gain)/loss	(589,288)	647,207
Insurance	200,777	42,102
Management fees	700,000	336,667
Marketing	3,257,966	2,089,259
Office and miscellaneous	1,790,275	1,268,328
Professional fees	619,653	598,205
Share based compensation	11,939,973	4,661,744
Transfer agent and filing	252,007	163,319
Travel and promotion	509,241	69,206
Total general and administrative expenses	(20,176,832)	(11,138,062)
Other income
Gain on spin-out of mining interest	(4,766,412)	0
Interest income	(139,864)	(38,790)
Net loss	(15,270,556)	(11,099,272)
Other Comprehensive Income (Loss) - Items that will be reclassified subsequently
Translation (loss) / gain on foreign operations	(373,887)	5,476
Comprehensive loss	$ (15,644,443)	$ (11,093,796)
Basic and diluted loss per share	$ (0.11)	$ (0.13)
Weighted average number of common shares
Basic and diluted	138,115,136	84,865,057

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Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Operating activities
Net loss for the year	$ (15,270,556)	$ (11,099,272)
Items not affecting cash:
Amortization	62,294	11,103
Foreign exchange (gain) loss	(113,105)	118,257
Gain on spin-out of mining interest	(4,766,412)	0
Shares issued for services	0	41,468
Share-based compensation	11,939,973	4,661,744
Changes in non-cash working capital items:
Accounts payable and accrued liabilities	8,831,707	985,631
Due to/from related party	(23,287)	(25,248)
Taxes receivable	(11,766,266)	(1,079,212)
Other receivable	(334,071)	0
Prepaid expenses	(2,739,541)	(7,651)
Net cash flows used in operating activities	(14,179,264)	(6,393,180)
Investing activities
Purchase of exploration and evaluation assets	(18,731,540)	0
Exploration and evaluation expenditures	(27,348,453)	(11,797,800)
Purchase of equipment	(280,478)	(73,125)
Expenditures on spin-out	(1,122,356)	0
Net cash flows used in investing activities	(47,482,827)	(11,870,925)
Financing activities
Cash proceeds of common shares issued net of issuance costs	68,857,632	32,542,817
Issuance of common shares - option exercise	545,930	759,470
Issuance of common shares - warrants exercise	3,342,526	1,776,180
Net cash flows provided by financing activities	72,746,088	35,078,467
Increase in cash and cash equivalents	11,083,997	16,814,362
Cash and cash equivalents, beginning of year	19,398,272	2,583,910
Cash and cash equivalents, end of year	$ 30,482,269	$ 19,398,272

XML

Consolidated Statements of Changes in Equity - CAD ($)	Common shares [Member]	Reserves [Member]	Shares to be issued [Member]	Other comprehensive income (loss) [Member]	Deficit [Member]	Total
Balance at Apr. 30, 2020	$ 12,202,496	$ 2,126,899	$ 308,594	$ 0	$ (5,141,223)	$ 9,496,766
Balance (shares) at Apr. 30, 2020	58,895,348
Shares issued pursuant to private placement and prospectus	$ 35,072,785					35,072,785
Shares issued pursuant to private placement and prospectus (shares)	27,035,500
Shares issued pursuant to exercise of warrants and options	$ 2,535,650					2,535,650
Shares issued pursuant to exercise of warrants and options (shares)	8,109,388
Shares issued for services	$ 41,468					41,468
Shares issued for services (shares)	28,508
Shares issuance costs - cash	$ (2,529,968)					(2,529,968)
Share issuance costs - finders warrants	(1,360,087)	1,360,087
Stock based compensation		4,661,744				4,661,744
Net loss and other comprehensive income for the year				5,476	(11,099,272)	(11,093,796)
Ending balance at Apr. 30, 2021	$ 45,962,344	8,148,730	308,594	5,476	(16,240,495)	$ 38,184,649
Ending balance (shares) at Apr. 30, 2021	94,068,744					94,068,744
Shares issued pursuant to private placement and prospectus	$ 71,152,150	2,072,850				$ 73,225,000
Shares issued pursuant to private placement and prospectus (shares)	29,290,000
Shares issued pursuant to property acquisition	$ 56,250,001					56,250,001
Shares issued pursuant to property acquisition (shares)	23,690,574
Shares issued pursuant to exercise of warrants and options	$ 3,888,456					3,888,456
Shares issued pursuant to exercise of warrants and options (shares)	7,826,484
Shares issuance costs - cash	$ (4,367,369)					(4,367,369)
Share issuance costs - finders warrants	(1,530,056)	1,530,056
Stock based compensation		11,939,973				11,939,973
Contingent consideration adjustment			(308,594)			(308,594)
Transfer of exploration and evaluation assets pursuant to spin-out	(7,382,566)					(7,382,566)
Net loss and other comprehensive income for the year				(373,887)	(15,270,556)	(15,644,443)
Ending balance at Apr. 30, 2022	$ 163,972,960	$ 23,691,609	$ 0	$ (368,411)	$ (31,511,051)	$ 155,785,107
Ending balance (shares) at Apr. 30, 2022	154,875,802					154,875,802

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Nature and Continuance of Operations

12 Months Ended

Apr. 30, 2022

Nature And Continuance Of Operations [Abstract]

Nature and Continuance of Operations [Text Block]

1. Nature and Continuance of Operations

The Company was incorporated on September 26, 2017, under the Business Corporations Act (British Columbia) under the name Vizsla Capital Corp. On March 6, 2018, the Company changed its name to Vizsla Resources Corp. The Company's principal business activity is the exploration of mineral properties. The Company currently conducts substantially all of its operations in Canada and Mexico in one business segment. On February 8, 2021, the Company change its name to Vizsla Silver Corp. (the "Company", "Vizsla Silver"). It is trading on the venture exchange under the symbol VZLA.

On January 21, 2022, Vizsla Silver Corp was listed on the NYSE American and commenced trading under the symbol "VZLA".

The head office and principal address of the Company is located at 700 - 1090 West Georgia Street, Vancouver, B.C., V6E 3V7.

The Company has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts shown for mineral properties and exploration costs is dependent upon the existence of economically recoverable ore reserves, the ability of the Company to obtain necessary financing to complete the exploration and development of its properties, and upon future profitable production or proceeds from the disposal of properties.

These consolidated financial statements have been prepared using accounting principles applicable to a going concern which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation.

The recent outbreak of the coronavirus, also known as "COVID-19", has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures may have an adverse impact on global economic conditions as well as on the Company's business activities as it can result in operating, supply chain and project development delays that can materially adversely affect the operations of the Company. Operations at the Panuco-Copala property could be further suspended as actions are taken in an effort to combat the spread of COVID-19. If the exploration or development of the Panuco-Copala property is further suspended or delayed, it may have a material adverse impact on Vizsla's results of operations, financial condition and the trading price of its common shares. The extent to which the coronavirus may impact the Company's business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in Canada and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine their financial impact at this time.

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Basis of Presentation

12 Months Ended

Apr. 30, 2022

Disclosure Of Basis Of Presentation [Abstract]

Basis of Presentation [Text Block]

2. Basis of Presentation

The consolidated financial statements have been prepared in accordance with International Accounting Standard ("IFRS") issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at their fair value as explained in the accounting policies set out below.

In addition, these consolidated financial statements have been prepared using the accrual basis of accounting other than the consolidated statements of cash flows. The consolidated financial statements were approved by the Board of Directors of the Company on July 20, 2022.

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Significant Accounting Policies

12 Months Ended

Apr. 30, 2022

Significant Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

3. Significant Accounting Policies

The significant accounting policies set out below have been applied consistently to all periods presented in the consolidated financial statements.

a) Basis of consolidation

These consolidated financial statements incorporate the financial statements of the Company and the subsidiaries controlled by the Company.

The principal subsidiaries of the Company, which are accounted for under the consolidation method, are as follows:

Entity	Principal activities	Country of incorporation and operation	Ownership interest as at April 30, 2022	Ownership interest as at April 30, 2021
Vizsla Copper Corp. (formerly Northbase Resources Inc.)*	Exploring evaluating mineral properties	Canada	0%	100%
Canam Alpine Ventures Ltd.	Holding company	Canada	100%	100%
Minera Canam S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Operaciones Canam Alpine S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Vizsla Royalty Corp. (formerly Vizsla Copper Corp. and 1283303 B.C. Ltd.)	Royalty Company	Canada	100%	100%
Canam Royalties Mexico, S.A. de C.V.	Royalty Company	Mexico	100%	100%

*The Company spun-out Vizsla Copper Corp. on September 20, 2021 (Note 5).

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. All significant intercompany transactions and balances have been eliminated.

b) Foreign Currency Translation

i) Functional and Presentation Currency

Items included in the financial statements of each consolidated entity in Vizsla Silver Corp.'s group are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the Company and its Canadian subsidiaries is Canadian dollars ("CAD"), the functional currency of the Company's Mexican subsidiaries is Mexican Peso ("MXD"). The consolidated financial statements are presented in Canadian dollars ("CAD"), which is the Company's presentation currency.

For the purpose of presenting these consolidated financial statements, entities that have a functional currency different from the presentation currency ("foreign operations") are translated into CAD as follows:

- Assets and liabilities: at the closing rate at the date of the statement of financial position; and

- Income and expenses: at the average rate for the period (as this is considered a reasonable approximation of actual rates prevailing at the transaction dates).

Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity. When an entity disposes of its entire interest in a foreign operation, or loses control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests.

ii) Transactions and Balances

In preparing the financial statements of each individual Vizsla Silver Corp. entity and subsidiary, transactions in currencies other than the entity's functional currency ("foreign currency") are recognized at the rates of exchange prevailing at the date of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for the exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

c) Cash and cash equivalents

Cash consists of cash on hand, deposits in banks with no restrictions and highly liquid savings accounts. Cash equivalents include other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The Company's cash and cash equivalents are invested with major financial institutions in business accounts.

d) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably.

The major categories of property, plant and equipment are depreciated on a straight-line basis as follows:

Mining Equipment	30%
Office Equipment	30%
Computer Equipment	30%
Office improvements	2 years

Impairment losses are included as part of other gains and losses on the consolidated statements of loss and comprehensive loss.

e) Exploration and evaluation assets

The Company is in the exploration stage with respect to its investment in mineral interests. Accordingly, once a license to explore an area has been secured, the Company follows the practice of capitalizing all costs relating to the acquisition of, exploration for and development of exploration and evaluation assets. Such costs, include, but are not limited to, geological and geophysical studies, exploratory drilling and sampling. At such time as commercial production commences, these costs will be charged to operations on a unit-of-production method based on proven and probable resources. The aggregate costs, related to abandoned exploration and evaluation assets are charged to operations at the time of any abandonment or when it has been determined that there is evidence of a permanent impairment.

f) Provision for restoration and rehabilitation

A provision for restoration and rehabilitation is recognized when there is a present legal or constructive obligation as a result of exploration and development activities undertaken; it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the provision can be measured reliably. The estimated future obligation includes the cost of removing facilities, abandoning sites and restoring the affected areas. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the reporting date. The estimated cost is capitalized into the cost of the related asset and amortized on the same basis as the related assets. If the estimated cost does not relate to an asset, it is charged to earnings in the period in which the event giving raises to the liability occurs.

As at April 30, 2022, and 2021, the Company did not have any provision for restoration and rehabilitation.

g) Related party transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

h) Share capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share purchase warrants are recognized as a deduction from equity, net of any tax effects.

i) Share issue costs

Professional, consulting, regulatory and other costs directly attributable to equity financing transactions are recorded as share issue costs when the financing transactions are completed if the completion of the transaction is considered likely. Otherwise, they are expensed as incurred. Share issue costs are charged to share capital when the related shares are issued. Deferred share issue costs related to financing transactions that are not completed are charged to expenses.

j) Warrants

Proceeds from issuances by the Company of units consisting of shares and warrants are allocated based on the residual method, whereby the carrying amount of the warrants is determined based on any difference between gross proceeds and the estimated fair market value of the shares. If the proceeds from the offering are less than or equal to the estimated fair market value of shares issued, a nil carrying amount is assigned to the warrants.

k) Share based payments

The Company grants share-based compensation to directors, officers, employees and service providers. Each tranche in an award is considered a separate award with its own vesting period. The Company applies the fair value method of accounting for share-based payments and the fair value is calculated using the Black-Scholes option pricing model.

Share-based payments for employees and others providing similar services are determined based on the grant date fair value. Share-based payments for non-employees are determined based on the fair value of the goods/services received or fair value of the share-based payment measured at the date on which the Company obtains such goods/services. Compensation expense is recognized over each tranche's vesting period, in earnings or capitalized as appropriate, based on the number of awards expected to vest.

l) Income taxes

Income tax expense comprises current and deferred tax. Income tax is recognized in the statement of loss and comprehensive loss except to the extent it relates to items recognized directly in equity.

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recognized using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss). In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

m) Earning (Loss) per share

Basic earnings per share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings per share amounts are calculated giving effect to the potential dilution that would occur if securities or other contracts to issue common shares were exercised or converted to common shares using the treasury stock method. If the Company incurs net losses in a fiscal year, basic and diluted losses per share are the same.

n) Financial Instruments

Financial assets

The Company classifies its financial assets in the following categories:

- Fair value through profit or loss (FVTPL)

- Fair value through other comprehensive income (FVTOCI)

- Amortized cost

The determination of the classification of financial assets is made at initial recognition. The Company's accounting policy for each of the categories is as follows:

Financial assets at FVTPL

Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of financial assets held at FVTPL are included in the consolidated statements of loss and comprehensive loss.

Financial assets at FVTOCI

Financial assets carried at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive loss.

Financial assets at amortized cost

A financial asset is measured at amortized cost if the objective is to hold the financial asset for the collection on contractual cash flows and the asset's contractual cash flows are comprised solely of payments of principal and interest. The financial asset is classified as current or non-current based on its maturity date and is initially recognized at fair value and subsequently carried at amortized cost less any impairment. The Company classifies cash and due from related parties, other receivables and loan receivables in this category.

Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost.

Financial liabilities

The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was incurred. The Company's accounting policy for each category is as follows:

Financial liabilities at FVTPL

This category comprises derivatives or liabilities acquired or incurred principally for the purpose of selling or repurchasing in the near term. They are carried in the statement of financial position at fair value with changes in fair value recognized in the statements of loss and comprehensive loss.

Other financial liabilities

This category includes accounts payable and accrued liabilities and due to related parties, which are recognized at amortized cost using the effective interest method.

The effective interest method calculates the amortized cost of a financial liability and allocates interest expense over the corresponding period. The effective interest rate is the rate that discounts estimated future cash receipts over the expected life of the financial liability, or, where appropriate, a shorter period. Transaction costs in respect of financial liabilities at fair value through profit or loss are recognized in the statements of operations and comprehensive loss immediately while transaction costs associated with other financial liabilities are included in the initial measurement of the financial liability.

The financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognized when its contractual obligations are discharged, cancelled or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

o) Reclassification

Certain comparative numbers have been reclassified to reflect the current year presentation.

p) Standards issued but not yet effective

The new standards or amendments issued but not yet effective are either not applicable or not expected to have a significant impact on the Company's consolidated financial statements.

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Significant Accounting Judgments and Estimates

12 Months Ended

Apr. 30, 2022

Disclosure Of Significant Accounting Judgments And Estimates [Abstract]

Significant Accounting Judgments and Estimates [Text Block]

4. Significant Accounting Judgments and Estimates

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, and related disclosure. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgment is used mainly in determining how a balance or transaction should be recognized in the financial statements. Estimates and assumptions are used mainly in determining the measurement of recognized transactions and balances. Actual results may differ from these estimates.

Significant areas where management's judgment has been applied include:

- Impairment of exploration and evaluation assets (E&E assets)

In accordance with the Company's accounting policy, the Company's E&E assets are evaluated every reporting period to determine whether there are any indications of impairment. If any such indication exists, which is often judgmental, a formal estimate of recoverable amount is performed and an impairment loss is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of an asset or cash generating group of assets is measured at the higher of fair value less costs to sell and value in use.

The evaluation of asset carrying values for indications of impairment includes consideration of both external and internal sources of information, including such factors as market and economic conditions, metal prices, future plans for the Company's mineral properties and mineral resources and/or reserve estimates.

Management has assessed for impairment indicators for the Company's E&E assets and has concluded that no indicators of impairment were identified, and the Company plans to continue with its objective of developing Panuco - Copala Property.

- The acquisition of a company may result in the reporting of the acquisition as a business combination, or an asset acquisition as defined within IFRS. Judgment is required to determine the basis of accounting for the acquisition.

- These consolidated financial statements have been prepared using International Financial Reporting Standards applicable to a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations for the foreseeable future.

Significant areas requiring the use of management estimates and assumptions include:

- Fair value calculation of share-based payments

The fair value of share-based payments in relation to the warrants and options granted is calculated using a Black Scholes option pricing model. There are a number of estimates used in the calculation such as the expected option life, rate of forfeiture of options granted, risk-free interest rate used and the future price volatility of the underlying security which can vary from actual future events. The factors applied in the calculation are management's best estimates based on industry average and future forecasts.

- Assessing whether deferred tax assets and liabilities are recognized in accordance with IAS 12, Income taxes.

Provisions for income taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were originally recorded, such differences will affect the tax provisions in the period in which such determination is made.

▪ Acquisition of a company requires substantially all identifiable assets, liabilities and contingent considerations to be recorded at the date of acquisition at their respective fair values which requires significant judgement and estimation. Assumptions have been made by management regarding the likelihood of meeting future milestones. Discount rates applied are consistent with external industry information reflecting the risk associated with the voluntary pooling restrictions.

▪ Tax receivables

Value-added tax ("VAT") receivable is collectible from the government of Mexico. The collection of VAT is subject to risk due to the complex application and collection process and therefore, risk related to the collectability and timing of payment from the Mexican government. The Company uses its best estimates based on the facts known at the time and its experience to determine its best estimate of the collectability and timing of these recoveries. Changes in the assumptions regarding collectability and the timing of collection could impact the valuation and classification of VAT receivable.

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Plan of Arrangement

12 Months Ended

Apr. 30, 2022

Plan Of Arrangement [Abstract]

Plan of Arrangement [Text Block]

  5. Plan of Arrangement

On June 20, 2021, the Company announced that at its special meeting of shareholders held on June 15, 2021, all of the resolutions were duly passed, including the special resolution to approve the proposal plan of arrangement (the "Arrangement") pursuant to which Vizsla Silver will spin-out its British Columbia copper exploration assets to Vizsla Copper Corp. ("Vizsla Copper" or "SpinCo"). Also, the Supreme Court of British Columbia approved the Arrangement under the terms of the Business Corporations Act (British Columbia). Common shares of Vizsla Copper (the "SpinCo Shares") will be distributed to shareholders of Vizsla Silver (the "Shareholders") on the basis of one Vizsla Copper share for every three common shares of Vizsla Silver. The Arrangement will not result in any change to a shareholder's ownership of Vizsla Silver. The majority of shareholders (those who hold their shares through their broker) will receive their SpinCo Shares with no further action. Once the Arrangement becomes effective, Shareholders will own shares in both public companies: (i) Vizsla Copper, which will focus on the 100% owned Blueberry copper project located in the Babine porphyry belt of Central British Columbia and the option to acquire a 60% interest in the Carruthers Pass copper property located 200 kilometres north of Smithers, British Columbia, and (ii) Vizsla Silver, which will continue to advance the Panuco Copala silver-gold project in Mexico.

The Arrangement was completed on September 20, 2021, and the Company injected $1,122,356 working capital to Vizsla Copper for the Arrangement. The shares of Vizsla Copper commenced trading on the TSX Venture Exchange ("TSXV") on September 21, 2021, under the symbol - VCU.

On September 20, 2021, the Company transferred its 100% interest in the Blueberry Property and Carruthers Pass Property and completed the Arrangement to spin out the shares of Vizsla Copper to the shareholders of Vizsla Silver. Pursuant to the Arrangement, holders of common shares of Vizsla Silver on September 19, 2021, received one new common share of Vizsla Silver and 0.3333 of a Vizsla Copper share for each common share held.

Under the terms of the Arrangement, each issued and outstanding Vizsla Silver option has been adjusted for the assets spun-out. The exercise prices of the Vizsla Silver replacement stock options were adjusted based on the proportional market value of the two companies after completion of the Arrangement. See Note 6d.

Under the terms of the Arrangement, each issued and outstanding Vizsla Silver warrant has been adjusted for the assets spun-out such that for each of the warrant exercised, the holder is entitled to receive one New Vizsla Share for each Vizsla Share that was issuable upon due exercise of the Vizsla Warrant and one-third of Vizsla Copper share immediately prior to September 20, 2021.

In connection with the Arrangement, the carrying value of Blueberry Property and Carruthers Pass copper property totaling $1,493,798 were derecognized, and the Vizsla Copper shares were treated as a distribution of capital to the shareholders of the Company. In accordance with IFRIC-17, the distribution was valued at $7,382,566 based on fair value of the common shares of Vizsla Copper and the Company recorded a gain on the spin-out totaling $4,766,412 in the consolidated statements of loss and comprehensive loss for the year ended April 30, 2022.

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Taxes Recoverable

12 Months Ended

Apr. 30, 2022

Disclosure Of Taxes Recoverable [Abstract]

Taxes Recoverable [Text Block]

6. Taxes Recoverable

	April 30, 2022	April 30, 2021
	$	$
Goods and Service Tax (GST) recoverable	103,785	42,676
Mexican Value Added Tax (IVA) recoverable	13,006,992	1,301,835
Total	13,110,777	1,344,511

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Property, Plant and Equipment

12 Months Ended

Apr. 30, 2022

Property, plant and equipment [abstract]

Property, Plant and Equipment [Text Block]

7. Property, Plant and Equipment

	Computer	Office		Mining	Office	Total
	equipment	equipment		equipment	improvements
Cost	$	$		$	$	$
Balance - April 30, 2020	5,601	2,111		37,059	-	44,771
Additions	8,830	1,308		29,166	37,404	76,708
Disposal	-	-		-	-	-
Effect of change in exchange rate	32	107		605	-	744
Balance - April 30, 2021	14,463	3,526		66,830	37,404	122,223
Additions	24,829	36,340		75,091	144,218	280,478
Disposal	-	(748	)	-	-	(748	)
Effect of change in exchange rate	624	755		2,677	3,789	7,845
Balance - April 30, 2022	39,916	39,873		144,598	185,411	409,798
Accumulated depreciation
Balance - April 30, 2020	1,751	633		3,618	-	6,002
Depreciation	3,582	65		11,019	-	14,666
Disposal	-	-		-	-	-
Effect of change in exchange rate	5	32		181	-	218
Balance - April 30, 2021	5,338	730		14,818	-	20,886
Depreciation	9,545	7,237		37,882	28,000	82,664
Disposal	-	-		-	-	-
Effect of change in exchange rate	122	154		599	507	1,382
Balance - April 30, 2022	15,005	8,121		53,299	28,507	104,932
Carrying amounts
As at April 30, 2020	3,850	1,478		33,441	-	38,769
As at April 30, 2021	9,125	2,796		52,012	37,404	101,337
As at April 30, 2022	24,911	31,752		91,299	156,904	304,866

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Exploration and Evaluation Assets

12 Months Ended

Apr. 30, 2022

Disclosure Of Exploration And Evaluation Assets [Abstract]

Exploration and Evaluation Assets [Text Block]

8. Exploration and Evaluation Assets

Exploration and evaluation assets are summarized in the table below:

		April 30,		April 30,
		2022		2021
Northbase Resources Inc. - Blueberry Property (a)	$	-	$	1,457,886
Canam Alpine Ventures Ltd. - Panuco-Copala property (b)		118,789,742		17,030,382
Vizsla Copper Corp. - Carruthers Pass property (c)		-		20,000
	$	118,789,742	$	18,508,268

a) Northbase Resources Inc. - Blueberry Property

On January 16, 2019, pursuant to a definitive share exchange agreement dated December 17, 2018, the Company acquired all of the issued and outstanding common shares of Northbase Resources Inc. ("Northbase") a private British Columbia company which controls a district-scale (20,265 hectare) land package known as the Blueberry Property in the Babine porphyry copper district in central British Columbia. Under the terms of the acquisition, the holders of Northbase shares received one common share of the Company in exchange for each Northbase share held. NorthBase Resources Inc.'s name was changed to Vizsla Copper Corp. on April 23, 2021.

On September 20, 2021, the Company completed the Arrangement and spin-out Vizsla Copper with its 100% interest of the copper resource at the Blueberry Property (note 5).

Cost related to the properties can be summarized as follows:

		Balance		Additions		Balance	Additions		Transfer to			Balance
		April 30, 2020				April 30, 2021			Vizsla Copper			April 30, 2022
Acquisition costs
Shares	$	1,357,467	$	-	$	1,357,467	-	$	(1,357,467	)	$	-
		1,357,467		-		1,357,467	-		(1,357,467	)		-
Exploration costs
Analysis		15,365		-		15,365	-		(15,365	)		-
Equipment		13,800		-		13,800	-		(13,800	)		-
Geophysical consulting		45,499		-		45,499	-		(45,499	)		-
Project management		6,130		-		6,130	-		(6,130	)		-
Travel, supplies and field expenses		19,625		-		19,625	-		(19,625	)		-
Subtotal		100,419		-		100,419	-		(100,419	)		-
Balance	$	1,457,886	$	-		1,457,886	-	$	(1,457,886	)	$	-

b) Canam Alpine Ventures Ltd. - Panuco-Copala Property

On November 5, 2019, pursuant to a definitive share exchange agreement (the "Agreement") dated September 13, 2019, the Company acquired all of the issued and outstanding common shares of Canam Alpine Ventures Ltd.("Canam"), a private British Columbia company. Canam owns two subsidiaries in Mexico, Minera Canam S.A. de C.V. and Operaciones Canam Alpine S.A. de C.V. According to the Agreement, the Company agreed to pay the consideration of $45,000 cash and issue 6,000,000 common shares (issued) and 12,000,000 Milestone Shares on the occurrence of milestone events as follows:

- Milestone event 1:      Upon exercise of any defined options by Canam, the Company will issue 6,500,000 common shares (issued);

- Milestone event 2: Upon definition of a resource greater than 200,000 gold equivalent ounces, the Company will issue 5,500,000 common shares (issued).

In addition, the Company issued 250,000 common shares at the closing of the transaction and agreed to issue an additional 250,000 common shares on each occurrence of Milestone event 1 and 2 for a total of 750,000 common shares as finders' fees. The Company recorded $296,250 and $12,344 as contingent consideration in relation to the two milestone events and related finder's fees, respectively, which represented its fair value at the date of acquisition and was classified as shares to be issued, representing the fair value at the date of acquisition of the fixed number of shares that are required to be issued based on the milestones. The contingent consideration will not be remeasured, and settlement is accounted for in equity. As of April 30, 2022, the milestones have occurred and the shares have been issued. As a result, the full $308,595 of contingent consideration has been reversed.

On August 8, 2019, Canam entered into an option agreement with Minera Rio Panuco S.A. de C.V. ("Panuco") whereby the Company can earn a 100% interest in certain concessions and assets by spending USD$2,000,000 in exploration by the second anniversary date of the agreement and paying a cumulative of USD$23,000,000. The option agreement was amended on May 6, 2020, to extend the schedule of Canam's payment and investment obligations for an additional one year and the Company paid USD$80,000 for the extension.

On September 9, 2019, Canam entered into an option agreement with Silverstone Resources S.A. de C.V. ("Copala") whereby the Company can earn a 100% interest in certain concessions and assets by spending USD$1,423,000 in exploration by the second anniversary date of the agreement and paying a cumulative of USD$20,000,000. Certain claims of Copala are subject to a 3.0% net smelter royalty ("NSR") which can be brought down to 1.5% for 10% interest or property right on the mining concessions.

On July 21, 2021, the Company signed a binding amending agreement (the "Panuco Amending Agreement") with Panuco and has executed a binding option exercise notice ("Copala Exercise Notice") with Copala, which together will constitute the acceleration and exercise of the Company's option to acquire 100% of the Panuco-Copala silver gold district ("Panuco District" or the "Project").

Under the Amending Agreement, Vizsla/Canam and Panuco have agreed to amend the terms of the original Panuco option agreement in order to accelerate the Company's exercise of its option on the Panuco property (the "Panuco Property"). Upon closing of the transactions contemplated by the Panuco Amending Agreement, Vizsla will acquire a 100% ownership interest in the Panuco Property (comprising 43 mining concessions with a combined surface area of 3,839 Ha) and the "El Coco" mill (the "Mill") in consideration for:

• A cash payment of US$4,250,000 (paid) upon signing of the Amending Agreement;
• The issuance of 6,245,902 common shares of Vizsla priced at C$2.44 per share (for a total value of US$12,000,000) upon the completion of the transfer of the Panuco Property on or before August 10, 2021 (issued, Note 9(b)); and
• A cash payment of US$6,100,000, following the refurbishment and transfer of ownership of the mill which is to occur on or before April 30, 2022 (US$250,000 was paid on August 19, 2021; US$850,000 paid on February 1, 2022, for the mineral claims around the Coco mill. US$5,000,000 was paid on May 6^th, 2022, subsequently to the year ended April 30, 2022 (Note 15).

The mineral concessions comprising the Panuco Property include the Napoleon vein corridor, which has seen the majority of Vizsla's exploration.

Under the Copala Exercise Notice, Vizsla and Copala have agreed to amend the terms of the original Copala option agreement in order to accelerate the Company's exercise of its option on the Copala property (the "Copala Property"). A definitive agreement was signed on July 20, 2021 (the "Copala Amending Agreement" and, together with the Panuco Amending Agreement, the "Amending Agreements"). Upon closing of the transactions contemplated by the Copala Amending Agreement, Vizsla will acquire a 100% ownership interest in the Copala Property (comprising 64 mining concessions with a combined surface area of 5,547 Ha) in consideration for:

• A cash payment of US$9,500,000 payable to Copala upon the completion of the transfer of the Copala Property on or before August 3, 2021 (paid); and
• The issuance to Copala of 4,944,672 common shares of Vizsla priced at C$2.44 per share upon the completion of the transfer of the Copala Property (issued, Note 8(b)).

Costs related to the properties can be summarized as follows:

		Balance April 30, 2020		Additions		Balance April 30, 2021		Additions			Balance April 30, 2022
Acquisition costs
Cash	$	45,000	$	967,761	$	1,012,761	$	18,731,540		$	19,744,301
Contingent consideration		308,595		-		308,595		(308,595	)	$	-
Effective settlement of loans receivables		1,064,647		-		1,064,647		125,377			1,190,024
Shares		1,896,987		-		1,896,987		56,250,001			58,146,988
Transaction cost		125,190		-		125,190		(125,190	)		-
Subtotal	$	3,440,419	$	967,761	$	4,408,180	$	74,673,133		$	79,081,313

 

		Balance April 30, 2020		Additions			Balance April 30, 2021			Additions			Balance April 30, 2022
Exploration costs
Analysis	$	162,056	$	1,204,518		$	1,366,574		$	3,800,021		$	5,166,595
Depreciation		-		3,563			3,563			20,388			23,951
Drilling		368,376		5,603,046			5,971,422			14,964,594			20,936,018
Ejido Rights		-		80,901			80,901			340,342			421,243
Engineering consulting		-		-			-			671,537			671,537
Equipment		69,283		312,982			382,265			924,121			1,306,386
Field Cost		357,157		1,734,955			2,092,112			2,250,098			4,342,210
Geological Consulting		553,226		1,088,130			1,641,356			2,561,712			4,203,068
Maintenance		174,717		140,718			315,435			81,504			396,939
Rent of land		-		86,099			86,099			153,596			239,695
Travel and miscellaneous		64,595		710,156			774,751			1,600,910			2,375,661
Subtotal	$	1,749,410	$	10,965,068		$	12,714,478		$	27,368,823		$	40,083,303
	$	5,189,829	$	11,932,829		$	17,122,658		$	102,041,956		$	119,164,616
Effect of change in exchange rate			$	(92,276	)		(92,276	)	$	(282,596	)	$	(374,874	)
Total			$	11,840,553		$	17,030,382		$	101,759,360		$	118,789,742

The Company created a 100% owned subsidiary, Canam Royalties Mexico, S.A. de C.V. ("Canam Royalties") through Vizsla Royalty Corp., which is 100% owned by the Company. On February 23, 2022, Vizsla transferred 2% NSR on certain concessions and 0.5% NSR on certain concessions to Canam Royalties.

c) Carruthers Pass Property, British Columbia

On March 15, 2021, the Company announced entering into an option agreement with Cariboo Rose Resources to earn a 60% interest in the Carruthers Pass copper property. To earn 60% interest the Company has to make $400,000 of stage payments, issue $250,000 worth common shares and incur $3,000,000 worth exploration expenses on the property over period of five years.

The Company paid $20,000 as option payment during the year ended April 30, 2021. Following is a summary of the terms of exercising the option:

Milestone		Work Commitment		Option Payment		Share Issuance
On signing (paid)	$	-	$	20,000	$	-
12-month anniversary of signing		100,000		20,000		10,000
24-month anniversary of signing		300,000		40,000		35,000
36-month anniversary of signing		600,000		75,000		40,000
48-month anniversary of signing		1,000,000		110,000		75,000
60-month anniversary of signing		1,000,000		135,000		90,000
Total	$	3,000,000	$	400,000	$	250,000

On September 20, 2021, the Company completed the Arrangement and transferred its 100% interest of the copper resource at the Carruthers Pass Property to Vizsla Copper (note 5).

Costs related to the property can be summarized as follows:

		Balance April 30, 2021	Additions		Transfer to Vizsla Copper			Balance April 30, 2022
Acquisition costs
Cash	$	20,000	-	$	(20,000	)	$	-
Exploration costs
Geophysical consulting		-	16,710		(16,710	)		-
Balance	$	20,000	16,710	$	(36,710	)		-

XML

Share Capital

12 Months Ended

Apr. 30, 2022

Disclosure of classes of share capital [abstract]

Share Capital [Text Block]

9. Share Capital

a) Authorized:

Unlimited number of common shares with no par value.

b) Issued and Outstanding

As at April 30, 2022, 154,875,802 (April 30, 2021: 94,068,744) common shares with no par value were issued and outstanding.

During the year ended April 30, 2022, the Company issued common shares of the Company (the "Shares") as follow:

On June 3, 2021, the Company announced closing of the bought deal prospectus offering of 27,600,000 units of the Company (the "Units") at a price of C$2.50 per Unit for aggregate gross proceeds of C$69,000,000, which includes the exercise in full of the underwriter's over-allotment option for 3,600,000 Units (the "Public Offering"). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Company until December 3, 2022, at a price of C$3.25.

In consideration for the services provided by the Underwriters in connection with the Public Offering, on closing the Company paid to the Underwriter a cash commission equal to 6% of the gross proceeds raised under the Public Offering, other than in respect of sales of the Public Offering to the Company's president's list (the "President's List") for which the Company paid a cash commission equal to 3%. As further consideration for the services provided by the Underwriters in connection with the Public Offering, on closing the Company issued broker warrants to the Underwriters, exercisable at any time on or before December 3, 2022, to acquire that number of common shares of the Company which is equal to 6% of the number of Units sold under the Public Offering (3% in respect of the President's List) at an exercise price of C$2.50. The Company paid $4,080,031 and allocated fair value of $1,459,487 for the broker warrants.

On June 21, 2021, the Company announced completion of a non-brokered private placement (the "Private Placement") previously announced on June 3, 2021. The Company issued a total of 1,690,000 units (the "Units") at a price of C$2.50 per unit for gross proceeds of C$4,225,000. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Private Placement Warrant"). Each Private Placement Warrant entitles the holder to acquire one common share of the Company for 18 months from the closing of the Private Placement at a price of C$3.25. The Company paid cash finder's fees equal to 6% of the gross proceeds and issued broker warrants of the Company, exercisable at any time on or before December 18, 2022, to acquire that number of common shares in the capital of the Company which is equal to 6% of the number of Units sold under the Private Placement at an exercise price of C$2.50. The Company paid $287,338 and allocated fair value of $70,569 for the broker warrants.

On September 7, 2021, 6,245,902 common shares were issued to acquire the Panuco and 4,944,672 common shares were issued. The Company issued John Mirko bonus shares of 6,500,000 and finder's fee of 250,000 per milestone event 1 of the Canam agreement (Note 7(b)). On April 27, 2022, the Company issued John Mirko bonus shares of 5,500,000 and finder's fee of 250,000 per milestone event 2 of the Canam agreement (Note 7(b)). There are no shares left to be issued in terms of the Canam agreement.

During the year ended April 30, 2022, 6,555,459 warrants were exercised for proceeds of $3,342,526, and 1,271,028 options were exercised for proceeds of $545,930.

c) Escrow shares

As at April 30, 2022, the Company has nil common shares held in escrow (April 30, 2021: 2,032,500).

d) Warrants

As at April 30, 2022, the Company has 32,424,906 warrants exercisable.

The following is a summary of warrant transactions for the years ended April 30, 2022, and 2021:

	April 30, 2022			April 30, 2021
	Number of warrants		Weighted average exercise price $	Number of warrants		Weighted average exercise price $
Warrants outstanding, beginning of the year	22,757,961		1.86	11,040,617		0.20
Issued	16,222,400		3.06	17,890,732		2.30
Exercised	(6,555,459	)	0.52	(6,173,388	)	0.29
Warrants outstanding, end of the year	32,424,902		2.68	22,757,961		1.86

During the year ended April 30, 2022, the weighted average share price on the date of warrant exercise is $2.45. 

The following warrants were outstanding and exercisable April 30, 2022:

Expiry date	*Exercise price	Number of warrants outstanding and exercisable
30-Jul-22	1.87	49,234
30-Jul-22	2.40	240,000
30-Jul-22	2.40	16,019,860
03-Dec-22	3.25	13,800,000
03-Dec-22	2.50	1,369,408
18-Dec-22	3.25	845,000
18-Dec-22	3.25	101,400
		32,424,902

*According to the Arrangement with Vizsla Copper on September 20, 2021, each Vizsla Silver Warrants was exchanged for one Vizsla Silver Replacement Warrant with the exercise price being adjusted accordingly.

As at April 30, 2022, the weighted average remaining contractual life for outstanding warrants is 0.42 years.

Vizsla Silver is liable to issue shares pursuant to the Arrangement, whereby a holder exercises a Vizsla Silver warrant will be entitled to receive one new Vizsla Silver common share and 0.3333 of a Vizsla Copper common share. The exercise price of the Vizsla Silver warrants will remain the same; however, Vizsla Silver will need to compensate Vizsla Copper for each Vizsla Copper common share that is issued upon exercise of a Vizsla Silver warrant.

The fair value of the warrants granted was calculated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

Risk Free Interest Rate	0.43%
Expected Dividend Yield	-
Expected Volatility	100%- 103.90%
Expected Term in Years	1 year

During the year ended April 30, 2022, the Company recorded fair value of $1,530,056 (April 30, 2021 - $1,360,087) broker warrants and fair value of $2,072,850 (April 30, 2021 - $nil) warrants included in the units against reserves.

e) Options

The Company has adopted a Stock Option Plan (the "Plan") pursuant to which options may be granted to directors, officers and consultants of the Company. Under the terms of the Plan, the Company can issue a maximum of 10% of the issued and outstanding common shares at the time of the grant, a maximum term of 10 years and the exercise price of each option is determined by the directors but may not be less than the closing market price of the Common Shares on the day preceding the date of granting of the option less any available discount, in accordance with TSXV Policies. No option may be granted for a term longer than ten years. Options granted under the Plan including vesting and the term, are determined by, and at the discretion of, the Board of Directors.

The continuity of stock options for the years ended April 30, 2022, and 2021, is as follows:

	April 30, 2022				April 30, 2021
	Number of options		Weighted average exercise price $		Number of options		Weighted average exercise price $
Options outstanding, beginning of the year	9,090,000		1.07		5,343,000		0.35
Issued	6,974,000		2.25		5,838,000		1.51
Cancelled	(152,500	)	(2.23	)	(155,000	)	1.67
Exercised	(1,271,028	)	(0.41	)	(1,936,000	)	0.39
Options outstanding, end of the year	14,640,472		1.64		9,090,000		1.07
Options exercisable, end of the year	10,486,542		1.46		6,509,000		1.00

During the year ended April 30, 2022, the weighted average share price on the date of option exercise is $2.48.

The following options were outstanding and exercisable as April 30, 2022:

Expiry date	Exercise price	*Adjusted exercise price	Number of Options outstanding	Number of Options exercisable
27-Feb-29	0.15	0.14	980,000	980,000
13-Jun-24	0.17	0.16	450,000	450,000
30-Dec-24	0.69	0.66	975,000	975,000
07-Jan-25	0.72	0.69	75,000	75,000
29-Jun-25	0.79	0.76	1,256,250	1,246,250
06-Aug-25	2.15	2.07	1,590,000	1,590,000
27-Aug-25	1.76	1.69	75,000	75,000
01-Oct-25	1.46	1.40	125,000	50,000
01-Dec-25	1.46	1.40	100,000	50,000
12-Jan-26	1.71	1.64	60,000	60,000
17-Feb-26	1.50	1.44	2,132,722	1,599,542
22-Jun-26	2.31	2.22	4,057,500	2,028,750
12-Jul-26	2.44	2.34	220,000	110,000
27-Jul-26	2.44	2.34	139,000	69,500
24-Sep-26	2.25	2.25	2,105,000	1,052,500
01-Feb-27	2.45	2.45	300,000	75,000
			14,640,472	10,486,542

*According to the Arrangement with Vizsla Copper on September 20, 2021, each Vizsla Silver Option was exchanged for one Vizsla Silver Replacement Option with the exercise price being adjusted accordingly. The change in the fair value of the options upon replacement was in the amount of $91,688.

As at April 30, 2022, the weighted average remaining contractual life for outstanding options is 3.97 years.

The fair value of the options granted was calculated using the Black-Scholes option pricing model with the following assumptions:

Risk Free Interest Rate	0.79%-1.65%
Expected Dividend Yield	-
Expected Volatility	100% - 104%
Expected Term in Years	5 years

The Company recorded total fair value of $11,939,973 as share-based compensation for the year ended April 30, 2022 (April 30, 2021 - $4,661,744).

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Related Party Transactions

12 Months Ended

Apr. 30, 2022

Disclosure of transactions between related parties [abstract]

Related Party Transactions [Text Block]

10. Related Party Transactions

During the years ended April 30, 2022 and 2021, the Company has the following related party transactions:

(a) The Company has incurred $2,128,342 (April 30, 2021: $1,451,749) in salary and consulting fees to the Company's officers and companies owned by the Company's officers as compensation.

(b) The Company has incurred $401,806 (April 30, 2021: $46,667) in director fees to the Company's directors.

(c) The Company has paid $600,000 (April 30, 2021: $300,000) to a company with common directors for rent expenses and administration expenses.

(d) The Company has granted 11,062,500 (April 30, 2021: 3,863,000) stock options in total to officers and directors of the Company (Note 8(e)).

(e) As of April 30, 2022, $21,875 (As of April 30, 2021: $526) was payable to directors and officers of the Company. $50,000 (As of April 30, 2021: $nil) was prepaid to a company with common directors for rent expenses and administration expenses.

These transactions are in the normal course of operations and have been valued in these consolidated financial statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

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Financial Instruments

12 Months Ended

Apr. 30, 2022

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments [Text Block]

11. Financial Instruments

Fair value of financial instruments

The Company applied the following fair value hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:

The three levels are defined as follows:

  • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

  • Level 2 - inputs to valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

  • Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company's financial instruments are cash and cash equivalent, other receivables, due from related parties, due to related parties and accounts payable and accrued liabilities. All these financial instruments are carried on the consolidated statements of financial position at amortized cost. The fair values of these financial instruments approximate their carrying value due to their short-term nature.

The Company's financial instruments are exposed to certain financial risks, including liquidity risk, credit risk and interest rate risk.

Liquidity risk

Liquidity risk is the risk that the Company will not meet its financial obligations as they become due. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2022, the Company had a cash and cash equivalent balance of $30,482,269 to settle accounts payable and accrued liabilities of $10,127,266. All of the Company's financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms.

Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

Market risk

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of commodity price risk and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. The Company is not exposed to significant market risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates. An immaterial amount of interest rate exposure exists in respect of cash balances on the statement of financial position. As a result, the Company is not exposed to material cash flow interest rate risk on its cash balances.

Foreign currency risk

Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar, United States dollar, and Mexican Peso will affect the Company's operations and financial results. The Company and its subsidiaries do not hold significant monetary assets or liabilities in currencies other than their functional currency and as a result, the Company is not exposed to significant currency risk.

The Company measures the effect on total assets or total receipts of reasonably foreseen changes in interest rates and foreign exchange rates. The analysis is used to determine if these risks are material to the financial position of the Company. On the basis of current market conditions, the Company has determined that a 1% change in interest rates or a 10% change in foreign exchange rates would be immaterial. Actual financial results for the coming year will vary since the balances of financial assets are expected to decline as funds are used for Company expenses.

Price risk

This risk relates to fluctuations in commodity and equity prices. The Company closely monitors commodity prices of precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in pricing may be significant.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Company is exposed to credit-related losses in the event of non-performance by the counterparties. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Cash and cash equivalent are held with reputable banks in Canada. The long-term credit rating of these banks, as determined by Standard and Poor's, was A+. As at April 30, 2022, the cash on deposit at these institutions was in excess of federally insured limits. However, management believes credit risk is low given the good credit ratings of the banks.

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Capital Management

12 Months Ended

Apr. 30, 2022

Disclosure of objectives, policies and processes for managing capital [abstract]

Capital Management [Text Block]

12. Capital Management

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration and development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

The Panuco-Copala property in which the Company currently has an interest are in the exploration stage, as such the Company has historically relied on the equity markets to fund its activities. In order to carry out the planned exploration and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so.

The capital structure of the Company consists of shareholder's equity, comprising issued capital and deficit. The Company is not exposed to any externally imposed requirements. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

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Income Taxes

12 Months Ended

Apr. 30, 2022

Disclosure Of Income Taxes [Abstract]

Income Taxes [Text Block]

13. Income Taxes

The following table reconciles the expected income taxes expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the consolidated statements of loss and comprehensive loss for the years ended April 30, 2022 and 2021:

	2022		2021
	$		$
Net loss before tax	(15,270,556	)	(11,099,272	)
Statutory tax rate	27.00%		27.00%
Expected income tax (recovery)	(4,123,050	)	(2,996,803	)
Change in deferred tax assets not recognized	3,225,494		2,609,664
Share issuance costs	(1,592,305	)	(1,050,315	)
Foreign exchange	(162,461	)	115,704
Change in estimate	(221,471	)	44,284
Tax effect of spinout	(461,450	)	-
Non-deductible items and other	3,335,243		1,277,466
Total income tax expense (recovery)	-		-

The deferred taxes assets and liabilities reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values.  The recognized deferred tax liability and assets as at April 30, 2022 and 2021 are comprised of the following:

	2022		2021
	$		$
Tax loss carry forwards	3,596,896		369,890
Exploration and evaluation assets	(3,596,896	)	(369,890	)
Net deferred tax asset (liability)	-		-

The unrecognized deductible temporary differences as at April 30, 2022 and 2021 are comprised of the following:

	2022	2021
	$	$
Tax loss carry forwards	17,838,960	9,837,804
Property, plant and equipment	14,653	13,913
Financing costs	2,001,529	3,679,225
Total unrecognized deductible temporary differences	19,855,142	3,898,117

The Company has non-capital loss carry forwards of approximately $17,838,960 (2021: $9,837,804) to apply against future income for Canadian and Mexican income tax purposes, subject to the final determination by taxation authorities, expiring in the following years:

Expiry
	$
2032	1,609,365
2034	39,509
2035	7,865
2036	72
2037	44,719
2038	52,151
2039	285,245
2040	2,620,179
2041	6,645,094
2042	6,534,761
Total	17,838,960

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Segment Information

12 Months Ended

Apr. 30, 2022

Disclosure of operating segments [abstract]

Segment Information [Text Block]

14. Segment Information

The Company has one operating segment, being principally mineral exploration.

Geographic Information

The Company's non-current assets, excluding non-current deposits, by location of assets are as follows:

	April 30, 2022	April 30, 2021
	$	$
Canada	-	6,252,843
Mexico	119,094,608	12,356,762
	119,094,608	18,609,605

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Subsequent Events

12 Months Ended

Apr. 30, 2022

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent Events [Text Block]

  15. Subsequent Events

  The Company made a cash payment of US$5,000,000 following the refurbishment and transfer of ownership of the Coco mill on May 6^th, 2022 (Note 8(b)).

On June 2, 2022, the Company granted 590,000 number of options with exercise price of $1.74 and five years useful life. 20% of the options were vested immediately and the remaining of the options will be vested over two years.

Subsequent to year end, 152,500 number of options were cancelled.

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Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2022

Significant Accounting Policies [Abstract]

Basis of consolidation [Policy Text Block]

a) Basis of consolidation

These consolidated financial statements incorporate the financial statements of the Company and the subsidiaries controlled by the Company.

The principal subsidiaries of the Company, which are accounted for under the consolidation method, are as follows:

Entity	Principal activities	Country of incorporation and operation	Ownership interest as at April 30, 2022	Ownership interest as at April 30, 2021
Vizsla Copper Corp. (formerly Northbase Resources Inc.)*	Exploring evaluating mineral properties	Canada	0%	100%
Canam Alpine Ventures Ltd.	Holding company	Canada	100%	100%
Minera Canam S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Operaciones Canam Alpine S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Vizsla Royalty Corp. (formerly Vizsla Copper Corp. and 1283303 B.C. Ltd.)	Royalty Company	Canada	100%	100%
Canam Royalties Mexico, S.A. de C.V.	Royalty Company	Mexico	100%	100%

*The Company spun-out Vizsla Copper Corp. on September 20, 2021 (Note 5).

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. All significant intercompany transactions and balances have been eliminated.

Foreign Currency Translation [Policy Text Block]

b) Foreign Currency Translation

i) Functional and Presentation Currency

Items included in the financial statements of each consolidated entity in Vizsla Silver Corp.'s group are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the Company and its Canadian subsidiaries is Canadian dollars ("CAD"), the functional currency of the Company's Mexican subsidiaries is Mexican Peso ("MXD"). The consolidated financial statements are presented in Canadian dollars ("CAD"), which is the Company's presentation currency.

For the purpose of presenting these consolidated financial statements, entities that have a functional currency different from the presentation currency ("foreign operations") are translated into CAD as follows:

- Assets and liabilities: at the closing rate at the date of the statement of financial position; and

- Income and expenses: at the average rate for the period (as this is considered a reasonable approximation of actual rates prevailing at the transaction dates).

Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity. When an entity disposes of its entire interest in a foreign operation, or loses control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests.

ii) Transactions and Balances

In preparing the financial statements of each individual Vizsla Silver Corp. entity and subsidiary, transactions in currencies other than the entity's functional currency ("foreign currency") are recognized at the rates of exchange prevailing at the date of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for the exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

Cash and cash equivalents [Policy Text Block]

c) Cash and cash equivalents

Cash consists of cash on hand, deposits in banks with no restrictions and highly liquid savings accounts. Cash equivalents include other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. The Company's cash and cash equivalents are invested with major financial institutions in business accounts.

Property, plant and equipment [Policy Text Block]

d) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably.

The major categories of property, plant and equipment are depreciated on a straight-line basis as follows:

Mining Equipment	30%
Office Equipment	30%
Computer Equipment	30%
Office improvements	2 years

Impairment losses are included as part of other gains and losses on the consolidated statements of loss and comprehensive loss.

Exploration and evaluation assets [Policy Text Block]

e) Exploration and evaluation assets

The Company is in the exploration stage with respect to its investment in mineral interests. Accordingly, once a license to explore an area has been secured, the Company follows the practice of capitalizing all costs relating to the acquisition of, exploration for and development of exploration and evaluation assets. Such costs, include, but are not limited to, geological and geophysical studies, exploratory drilling and sampling. At such time as commercial production commences, these costs will be charged to operations on a unit-of-production method based on proven and probable resources. The aggregate costs, related to abandoned exploration and evaluation assets are charged to operations at the time of any abandonment or when it has been determined that there is evidence of a permanent impairment.

Provision for restoration and rehabilitation [Policy text Block]

f) Provision for restoration and rehabilitation

A provision for restoration and rehabilitation is recognized when there is a present legal or constructive obligation as a result of exploration and development activities undertaken; it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the provision can be measured reliably. The estimated future obligation includes the cost of removing facilities, abandoning sites and restoring the affected areas. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the reporting date. The estimated cost is capitalized into the cost of the related asset and amortized on the same basis as the related assets. If the estimated cost does not relate to an asset, it is charged to earnings in the period in which the event giving raises to the liability occurs.

As at April 30, 2022, and 2021, the Company did not have any provision for restoration and rehabilitation.

Related party transactions [Policy Text Block]

g) Related party transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Share capital [Policy Text Block]

h) Share capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share purchase warrants are recognized as a deduction from equity, net of any tax effects.

Share issue costs [Policy Text Block]

i) Share issue costs

Professional, consulting, regulatory and other costs directly attributable to equity financing transactions are recorded as share issue costs when the financing transactions are completed if the completion of the transaction is considered likely. Otherwise, they are expensed as incurred. Share issue costs are charged to share capital when the related shares are issued. Deferred share issue costs related to financing transactions that are not completed are charged to expenses.

Warrants [Policy Text Block]

j) Warrants

Proceeds from issuances by the Company of units consisting of shares and warrants are allocated based on the residual method, whereby the carrying amount of the warrants is determined based on any difference between gross proceeds and the estimated fair market value of the shares. If the proceeds from the offering are less than or equal to the estimated fair market value of shares issued, a nil carrying amount is assigned to the warrants.

Share based payments [Policy Text Block]

k) Share based payments

The Company grants share-based compensation to directors, officers, employees and service providers. Each tranche in an award is considered a separate award with its own vesting period. The Company applies the fair value method of accounting for share-based payments and the fair value is calculated using the Black-Scholes option pricing model.

Share-based payments for employees and others providing similar services are determined based on the grant date fair value. Share-based payments for non-employees are determined based on the fair value of the goods/services received or fair value of the share-based payment measured at the date on which the Company obtains such goods/services. Compensation expense is recognized over each tranche's vesting period, in earnings or capitalized as appropriate, based on the number of awards expected to vest.

Income taxes [Policy Text Block]

l) Income taxes

Income tax expense comprises current and deferred tax. Income tax is recognized in the statement of loss and comprehensive loss except to the extent it relates to items recognized directly in equity.

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recognized using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss). In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Earning (Loss) per share [Policy Text Block]

m) Earning (Loss) per share

Basic earnings per share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings per share amounts are calculated giving effect to the potential dilution that would occur if securities or other contracts to issue common shares were exercised or converted to common shares using the treasury stock method. If the Company incurs net losses in a fiscal year, basic and diluted losses per share are the same.

Financial Instruments [Policy Text Block]

n) Financial Instruments

Financial assets

The Company classifies its financial assets in the following categories:

- Fair value through profit or loss (FVTPL)

- Fair value through other comprehensive income (FVTOCI)

- Amortized cost

The determination of the classification of financial assets is made at initial recognition. The Company's accounting policy for each of the categories is as follows:

Financial assets at FVTPL

Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of financial assets held at FVTPL are included in the consolidated statements of loss and comprehensive loss.

Financial assets at FVTOCI

Financial assets carried at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive loss.

Financial assets at amortized cost

A financial asset is measured at amortized cost if the objective is to hold the financial asset for the collection on contractual cash flows and the asset's contractual cash flows are comprised solely of payments of principal and interest. The financial asset is classified as current or non-current based on its maturity date and is initially recognized at fair value and subsequently carried at amortized cost less any impairment. The Company classifies cash and due from related parties, other receivables and loan receivables in this category.

Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost.

Financial liabilities

The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was incurred. The Company's accounting policy for each category is as follows:

Financial liabilities at FVTPL

This category comprises derivatives or liabilities acquired or incurred principally for the purpose of selling or repurchasing in the near term. They are carried in the statement of financial position at fair value with changes in fair value recognized in the statements of loss and comprehensive loss.

Other financial liabilities

This category includes accounts payable and accrued liabilities and due to related parties, which are recognized at amortized cost using the effective interest method.

The effective interest method calculates the amortized cost of a financial liability and allocates interest expense over the corresponding period. The effective interest rate is the rate that discounts estimated future cash receipts over the expected life of the financial liability, or, where appropriate, a shorter period. Transaction costs in respect of financial liabilities at fair value through profit or loss are recognized in the statements of operations and comprehensive loss immediately while transaction costs associated with other financial liabilities are included in the initial measurement of the financial liability.

The financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognized when its contractual obligations are discharged, cancelled or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Reclassification [Policy Text Block]

o) Reclassification

Certain comparative numbers have been reclassified to reflect the current year presentation.

Standards issued but not yet effective [Policy Text Block]

p) Standards issued but not yet effective

The new standards or amendments issued but not yet effective are either not applicable or not expected to have a significant impact on the Company's consolidated financial statements.

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Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2022

Significant Accounting Policies [Abstract]

Disclosure of principal subsidiaries of the company in consolidated financial statements [Table Text Block]

Entity	Principal activities	Country of incorporation and operation	Ownership interest as at April 30, 2022	Ownership interest as at April 30, 2021
Vizsla Copper Corp. (formerly Northbase Resources Inc.)*	Exploring evaluating mineral properties	Canada	0%	100%
Canam Alpine Ventures Ltd.	Holding company	Canada	100%	100%
Minera Canam S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Operaciones Canam Alpine S.A. de C.V.	Exploring evaluating mineral properties	Mexico	100%	100%
Vizsla Royalty Corp. (formerly Vizsla Copper Corp. and 1283303 B.C. Ltd.)	Royalty Company	Canada	100%	100%
Canam Royalties Mexico, S.A. de C.V.	Royalty Company	Mexico	100%	100%

*The Company spun-out Vizsla Copper Corp. on September 20, 2021 (Note 5).

Disclosure of estimated useful life or depreciation rate [Table Text Block]

Mining Equipment	30%
Office Equipment	30%
Computer Equipment	30%
Office improvements	2 years

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Taxes Recoverable (Tables)

12 Months Ended

Apr. 30, 2022

Disclosure Of Taxes Recoverable [Abstract]

Disclosure of taxes recoverable [Table Text Block]

	April 30, 2022	April 30, 2021
	$	$
Goods and Service Tax (GST) recoverable	103,785	42,676
Mexican Value Added Tax (IVA) recoverable	13,006,992	1,301,835
Total	13,110,777	1,344,511

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Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 30, 2022

Property, plant and equipment [abstract]

Disclosure of property, plant and equipment [Table Text Block]

	Computer	Office		Mining	Office	Total
	equipment	equipment		equipment	improvements
Cost	$	$		$	$	$
Balance - April 30, 2020	5,601	2,111		37,059	-	44,771
Additions	8,830	1,308		29,166	37,404	76,708
Disposal	-	-		-	-	-
Effect of change in exchange rate	32	107		605	-	744
Balance - April 30, 2021	14,463	3,526		66,830	37,404	122,223
Additions	24,829	36,340		75,091	144,218	280,478
Disposal	-	(748	)	-	-	(748	)
Effect of change in exchange rate	624	755		2,677	3,789	7,845
Balance - April 30, 2022	39,916	39,873		144,598	185,411	409,798
Accumulated depreciation
Balance - April 30, 2020	1,751	633		3,618	-	6,002
Depreciation	3,582	65		11,019	-	14,666
Disposal	-	-		-	-	-
Effect of change in exchange rate	5	32		181	-	218
Balance - April 30, 2021	5,338	730		14,818	-	20,886
Depreciation	9,545	7,237		37,882	28,000	82,664
Disposal	-	-		-	-	-
Effect of change in exchange rate	122	154		599	507	1,382
Balance - April 30, 2022	15,005	8,121		53,299	28,507	104,932
Carrying amounts
As at April 30, 2020	3,850	1,478		33,441	-	38,769
As at April 30, 2021	9,125	2,796		52,012	37,404	101,337
As at April 30, 2022	24,911	31,752		91,299	156,904	304,866

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Exploration and Evaluation Assets (Tables)

12 Months Ended

Apr. 30, 2022

Disclosure Of Exploration And Expenditure Assets [Line Items]

Disclosure of exploration and evaluation assets [Table Text Block]

		April 30,		April 30,
		2022		2021
Northbase Resources Inc. - Blueberry Property (a)	$	-	$	1,457,886
Canam Alpine Ventures Ltd. - Panuco-Copala property (b)		118,789,742		17,030,382
Vizsla Copper Corp. - Carruthers Pass property (c)		-		20,000
	$	118,789,742	$	18,508,268

Blueberry Property [Member] | Northbase Resources Inc [Member]

Disclosure Of Exploration And Expenditure Assets [Line Items]

Disclosure of cost related to the properties [Table Text Block]

		Balance		Additions		Balance	Additions		Transfer to			Balance
		April 30, 2020				April 30, 2021			Vizsla Copper			April 30, 2022
Acquisition costs
Shares	$	1,357,467	$	-	$	1,357,467	-	$	(1,357,467	)	$	-
		1,357,467		-		1,357,467	-		(1,357,467	)		-
Exploration costs
Analysis		15,365		-		15,365	-		(15,365	)		-
Equipment		13,800		-		13,800	-		(13,800	)		-
Geophysical consulting		45,499		-		45,499	-		(45,499	)		-
Project management		6,130		-		6,130	-		(6,130	)		-
Travel, supplies and field expenses		19,625		-		19,625	-		(19,625	)		-
Subtotal		100,419		-		100,419	-		(100,419	)		-
Balance	$	1,457,886	$	-		1,457,886	-	$	(1,457,886	)	$	-

Panuco Copala Property [Member] | Canam Alpine Ventures Ltd [Member]

Disclosure Of Exploration And Expenditure Assets [Line Items]

Disclosure of cost related to the properties [Table Text Block]

		Balance April 30, 2020		Additions		Balance April 30, 2021		Additions			Balance April 30, 2022
Acquisition costs
Cash	$	45,000	$	967,761	$	1,012,761	$	18,731,540		$	19,744,301
Contingent consideration		308,595		-		308,595		(308,595	)	$	-
Effective settlement of loans receivables		1,064,647		-		1,064,647		125,377			1,190,024
Shares		1,896,987		-		1,896,987		56,250,001			58,146,988
Transaction cost		125,190		-		125,190		(125,190	)		-
Subtotal	$	3,440,419	$	967,761	$	4,408,180	$	74,673,133		$	79,081,313

 

		Balance April 30, 2020		Additions			Balance April 30, 2021			Additions			Balance April 30, 2022
Exploration costs
Analysis	$	162,056	$	1,204,518		$	1,366,574		$	3,800,021		$	5,166,595
Depreciation		-		3,563			3,563			20,388			23,951
Drilling		368,376		5,603,046			5,971,422			14,964,594			20,936,018
Ejido Rights		-		80,901			80,901			340,342			421,243
Engineering consulting		-		-			-			671,537			671,537
Equipment		69,283		312,982			382,265			924,121			1,306,386
Field Cost		357,157		1,734,955			2,092,112			2,250,098			4,342,210
Geological Consulting		553,226		1,088,130			1,641,356			2,561,712			4,203,068
Maintenance		174,717		140,718			315,435			81,504			396,939
Rent of land		-		86,099			86,099			153,596			239,695
Travel and miscellaneous		64,595		710,156			774,751			1,600,910			2,375,661
Subtotal	$	1,749,410	$	10,965,068		$	12,714,478		$	27,368,823		$	40,083,303
	$	5,189,829	$	11,932,829		$	17,122,658		$	102,041,956		$	119,164,616
Effect of change in exchange rate			$	(92,276	)		(92,276	)	$	(282,596	)	$	(374,874	)
Total			$	11,840,553		$	17,030,382		$	101,759,360		$	118,789,742

Carruthers Pass Property [Member] | Vizsla Copper Corp [Member]

Disclosure Of Exploration And Expenditure Assets [Line Items]

Disclosure of the terms of exercising option [Table Text Block]

Milestone		Work Commitment		Option Payment		Share Issuance
On signing (paid)	$	-	$	20,000	$	-
12-month anniversary of signing		100,000		20,000		10,000
24-month anniversary of signing		300,000		40,000		35,000
36-month anniversary of signing		600,000		75,000		40,000
48-month anniversary of signing		1,000,000		110,000		75,000
60-month anniversary of signing		1,000,000		135,000		90,000
Total	$	3,000,000	$	400,000	$	250,000

Disclosure of cost related to the properties [Table Text Block]

		Balance April 30, 2021	Additions		Transfer to Vizsla Copper			Balance April 30, 2022
Acquisition costs
Cash	$	20,000	-	$	(20,000	)	$	-
Exploration costs
Geophysical consulting		-	16,710		(16,710	)		-
Balance	$	20,000	16,710	$	(36,710	)		-

XML

Share Capital (Tables)

12 Months Ended

Apr. 30, 2022

Warrants [Member]

Disclosure of terms and conditions of share-based payment arrangement [line items]

Disclosure of warrant transactions [Table Text Block]

	April 30, 2022			April 30, 2021
	Number of warrants		Weighted average exercise price $	Number of warrants		Weighted average exercise price $
Warrants outstanding, beginning of the year	22,757,961		1.86	11,040,617		0.20
Issued	16,222,400		3.06	17,890,732		2.30
Exercised	(6,555,459	)	0.52	(6,173,388	)	0.29
Warrants outstanding, end of the year	32,424,902		2.68	22,757,961		1.86

Disclosure of warrants outstanding and exercisable [Table Text Block]

Expiry date	*Exercise price	Number of warrants outstanding and exercisable
30-Jul-22	1.87	49,234
30-Jul-22	2.40	240,000
30-Jul-22	2.40	16,019,860
03-Dec-22	3.25	13,800,000
03-Dec-22	2.50	1,369,408
18-Dec-22	3.25	845,000
18-Dec-22	3.25	101,400
		32,424,902

*According to the Arrangement with Vizsla Copper on September 20, 2021, each Vizsla Silver Warrants was exchanged for one Vizsla Silver Replacement Warrant with the exercise price being adjusted accordingly.

Disclosure of fair value assumptions of the warrants granted [Table Text Block]

Risk Free Interest Rate	0.43%
Expected Dividend Yield	-
Expected Volatility	100%- 103.90%
Expected Term in Years	1 year

Stock option plan [Member]

Disclosure of terms and conditions of share-based payment arrangement [line items]

Disclosure of continuity of stock option [Table Text Block]

	April 30, 2022				April 30, 2021
	Number of options		Weighted average exercise price $		Number of options		Weighted average exercise price $
Options outstanding, beginning of the year	9,090,000		1.07		5,343,000		0.35
Issued	6,974,000		2.25		5,838,000		1.51
Cancelled	(152,500	)	(2.23	)	(155,000	)	1.67
Exercised	(1,271,028	)	(0.41	)	(1,936,000	)	0.39
Options outstanding, end of the year	14,640,472		1.64		9,090,000		1.07
Options exercisable, end of the year	10,486,542		1.46		6,509,000		1.00

Disclosure of options outstanding and exercisable [Table Text Block]

Expiry date	Exercise price	*Adjusted exercise price	Number of Options outstanding	Number of Options exercisable
27-Feb-29	0.15	0.14	980,000	980,000
13-Jun-24	0.17	0.16	450,000	450,000
30-Dec-24	0.69	0.66	975,000	975,000
07-Jan-25	0.72	0.69	75,000	75,000
29-Jun-25	0.79	0.76	1,256,250	1,246,250
06-Aug-25	2.15	2.07	1,590,000	1,590,000
27-Aug-25	1.76	1.69	75,000	75,000
01-Oct-25	1.46	1.40	125,000	50,000
01-Dec-25	1.46	1.40	100,000	50,000
12-Jan-26	1.71	1.64	60,000	60,000
17-Feb-26	1.50	1.44	2,132,722	1,599,542
22-Jun-26	2.31	2.22	4,057,500	2,028,750
12-Jul-26	2.44	2.34	220,000	110,000
27-Jul-26	2.44	2.34	139,000	69,500
24-Sep-26	2.25	2.25	2,105,000	1,052,500
01-Feb-27	2.45	2.45	300,000	75,000
			14,640,472	10,486,542

*According to the Arrangement with Vizsla Copper on September 20, 2021, each Vizsla Silver Option was exchanged for one Vizsla Silver Replacement Option with the exercise price being adjusted accordingly. The change in the fair value of the options upon replacement was in the amount of $91,688.

Disclosure of fair value assumptions of options granted [Table Text Block]

Risk Free Interest Rate	0.79%-1.65%
Expected Dividend Yield	-
Expected Volatility	100% - 104%
Expected Term in Years	5 years

XML

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Disclosure Of Income Taxes [Abstract]

Disclosure of information about effective income tax expense (recovery) [Table Text Block]

	2022		2021
	$		$
Net loss before tax	(15,270,556	)	(11,099,272	)
Statutory tax rate	27.00%		27.00%
Expected income tax (recovery)	(4,123,050	)	(2,996,803	)
Change in deferred tax assets not recognized	3,225,494		2,609,664
Share issuance costs	(1,592,305	)	(1,050,315	)
Foreign exchange	(162,461	)	115,704
Change in estimate	(221,471	)	44,284
Tax effect of spinout	(461,450	)	-
Non-deductible items and other	3,335,243		1,277,466
Total income tax expense (recovery)	-		-

Disclosure of deferred taxes [Table Text Block]

	2022		2021
	$		$
Tax loss carry forwards	3,596,896		369,890
Exploration and evaluation assets	(3,596,896	)	(369,890	)
Net deferred tax asset (liability)	-		-

Disclosure of information about unrecognized deductible temporary differences [Table Text Block]

	2022	2021
	$	$
Tax loss carry forwards	17,838,960	9,837,804
Property, plant and equipment	14,653	13,913
Financing costs	2,001,529	3,679,225
Total unrecognized deductible temporary differences	19,855,142	3,898,117

Disclosure of information about non-capital loss carry forwards [Table Text Block]

Expiry
	$
2032	1,609,365
2034	39,509
2035	7,865
2036	72
2037	44,719
2038	52,151
2039	285,245
2040	2,620,179
2041	6,645,094
2042	6,534,761
Total	17,838,960

XML

Segment Information (Tables)

12 Months Ended

Apr. 30, 2022

Disclosure of operating segments [abstract]

Schedule of non-current assets allocated by geography [Table Text Block]

	April 30, 2022	April 30, 2021
	$	$
Canada	-	6,252,843
Mexico	119,094,608	12,356,762
	119,094,608	18,609,605

XML

Significant Accounting Policies - Disclosure of principal subsidiaries of the company in consolidated financial statements (Details)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Vizsla Copper Corp. (formerly Northbase Resources Inc.) [Member]
Disclosure of subsidiaries [line items]
Country of incorporation and operation	Canada
Ownership interest	0.00%	100.00%
Canam Alpine Ventures Ltd. [Member]
Disclosure of subsidiaries [line items]
Country of incorporation and operation	Canada
Ownership interest	100.00%	100.00%
Minera Canam S.A. de C.V. [Member]
Disclosure of subsidiaries [line items]
Country of incorporation and operation	Mexico
Ownership interest	100.00%	100.00%
Operaciones Canam Alpine S.A. de C.V. [Member]
Disclosure of subsidiaries [line items]
Country of incorporation and operation	Mexico
Ownership interest	100.00%	100.00%
Vizsla Royalty Corp. (formerly Vizsla Copper Corp. and 1283303 B.C. Ltd.) [Member]
Disclosure of subsidiaries [line items]
Country of incorporation and operation	Canada
Ownership interest	100.00%	100.00%
Canam Royalties Mexico, S.A. de C.V. [Member]
Disclosure of subsidiaries [line items]
Country of incorporation and operation	Mexico
Ownership interest	100.00%	100.00%

XML

Significant Accounting Policies - Disclosure of estimated useful life or depreciation rate (Details)	12 Months Ended
	Apr. 30, 2022
Mining Equipment [Member]
Significant Accounting Policies [Line Items]
Applicable depreciation rate	30.00%
Office Equipment [Member]
Significant Accounting Policies [Line Items]
Applicable depreciation rate	30.00%
Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Applicable depreciation rate	30.00%
Office improvements [Member]
Significant Accounting Policies [Line Items]
Useful life of property, plant and equipment	2 years

XML

Plan of Arrangement (Narrative) (Details) - CAD ($)	1 Months Ended			12 Months Ended
	Sep. 20, 2021	Sep. 19, 2021	Jun. 20, 2021	Apr. 30, 2022	Apr. 30, 2021
Disclosure of subsidiaries [line items]
Shareholders ownership, description			(i) Vizsla Copper, which will focus on the 100% owned Blueberry copper project located in the Babine porphyry belt of Central British Columbia and the option to acquire a 60% interest in the Carruthers Pass copper property located 200 kilometres north of Smithers, British Columbia, and (ii) Vizsla Silver, which will continue to advance the Panuco Copala silver-gold project in Mexico.
Description of share distribution		Pursuant to the Arrangement, holders of common shares of Vizsla Silver on September 19, 2021, received one new common share of Vizsla Silver and 0.3333 of a Vizsla Copper share for each common share held
Gain on spin-out of mining interest				$ 4,766,412	$ 0
Blueberry Copper Project [Member]
Disclosure of subsidiaries [line items]
Percentage of voting equity interests acquired			100.00%
Carruthers Pass Copper Property [Member]
Disclosure of subsidiaries [line items]
Percentage of voting equity interests acquired			60.00%
Vizsla Copper Corp [Member]
Disclosure of subsidiaries [line items]
Working capital issued under arrangement	$ 1,122,356
Blueberry Property and Carruthers Pass Copper Property [Member]
Disclosure of subsidiaries [line items]
Percentage of voting equity interests acquired	100.00%
Property derecognized, value				1,493,798
Distribution value based on fair value of the common shares				7,382,566
Gain on spin-out of mining interest				$ 4,766,412

XML

Taxes Recoverable - Disclosure of taxes recoverable (Details) - CAD ($)	Apr. 30, 2022	Apr. 30, 2021
Disclosure Of Taxes Recoverable [Abstract]
Goods and Service Tax (GST) recoverable	$ 103,785	$ 42,676
Mexican Value Added Tax (IVA) recoverable	13,006,992	1,301,835
Total	$ 13,110,777	$ 1,344,511

XML

Property, Plant and Equipment - Disclosure of property, plant and equipment (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Carrying amount [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	$ 101,337	$ 38,769
Ending balance	304,866	101,337
Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	122,223	44,771
Addition	280,478	76,708
Disposal	(748)	0
Effect of change in exchange rate	7,845	744
Ending balance	409,798	122,223
Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(20,886)	(6,002)
Depreciation	82,664	14,666
Disposal	0	0
Effect of change in exchange rate	(1,382)	(218)
Ending balance	(104,932)	(20,886)
Computer Equipment [Member] | Carrying amount [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	9,125	3,850
Ending balance	24,911	9,125
Computer Equipment [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	14,463	5,601
Addition	24,829	8,830
Disposal	0	0
Effect of change in exchange rate	624	32
Ending balance	39,916	14,463
Computer Equipment [Member] | Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(5,338)	(1,751)
Depreciation	9,545	3,582
Disposal	0	0
Effect of change in exchange rate	(122)	(5)
Ending balance	(15,005)	(5,338)
Office Equipment [Member] | Carrying amount [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,796	1,478
Ending balance	31,752	2,796
Office Equipment [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	3,526	2,111
Addition	36,340	1,308
Disposal	(748)	0
Effect of change in exchange rate	755	107
Ending balance	39,873	3,526
Office Equipment [Member] | Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(730)	(633)
Depreciation	7,237	65
Disposal	0	0
Effect of change in exchange rate	(154)	(32)
Ending balance	(8,121)	(730)
Mining Equipment [Member] | Carrying amount [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	52,012	33,441
Ending balance	91,299	52,012
Mining Equipment [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	66,830	37,059
Addition	75,091	29,166
Disposal	0	0
Effect of change in exchange rate	2,677	605
Ending balance	144,598	66,830
Mining Equipment [Member] | Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(14,818)	(3,618)
Depreciation	37,882	11,019
Disposal	0	0
Effect of change in exchange rate	(599)	(181)
Ending balance	(53,299)	(14,818)
Office improvements [Member] | Carrying amount [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	37,404	0
Ending balance	156,904	37,404
Office improvements [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	37,404	0
Addition	144,218	37,404
Disposal	0	0
Effect of change in exchange rate	3,789	0
Ending balance	185,411	37,404
Office improvements [Member] | Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0	0
Depreciation	28,000	0
Disposal	0	0
Effect of change in exchange rate	(507)	0
Ending balance	$ (28,507)	$ 0

XML

Exploration and Evaluation Assets (Narrative) (Details)							1 Months Ended					12 Months Ended
	May 06, 2022 USD ($)	Mar. 15, 2021 CAD ($)	May 06, 2020 USD ($)	Nov. 05, 2019 CAD ($) Shares oz shares	Sep. 09, 2019 USD ($)	Aug. 08, 2019 USD ($)	Apr. 30, 2022 USD ($)	Feb. 23, 2022	Feb. 01, 2022 USD ($)	Aug. 19, 2021 USD ($)	Jul. 21, 2021 USD ($)	Apr. 30, 2022 CAD ($)	Apr. 30, 2021 CAD ($)	Sep. 20, 2021	Sep. 07, 2021 Shares	Aug. 03, 2021 USD ($)	Jul. 21, 2021 $ / shares	Jul. 21, 2021 USD ($) Shares	Jul. 20, 2021 Shares $ / shares
Disclosure of non-adjusting events after reporting period [line items]
Cash payment												$ 18,731,540	$ 0
Percentage of net smelter royalty on certain concessions								2.00%
Panuco Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued | Shares															6,245,902
Panuco Property [Member] | Subsequent Events [Member]
Disclosure of non-adjusting events after reporting period [line items]
Cash payment	$ 5,000,000
Copala Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired																			100.00%
Number of shares issued | Shares															4,944,672				4,944,672
Common stock price per share | $ / shares																			$ 2.44
Value of shares issued for acquisition																$ 9,500,000
Canam Royalties Mexico, S.A. de C.V. [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired												100.00%
Percentage of net smelter royalty on certain concessions								0.50%
Northbase Resources Inc [Member] | Blueberry Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired														100.00%
Canam Alpine Ventures Ltd [Member] | Panuco-Copala Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired																		100.00%
Consideration paid in cash				$ 45,000
Number of shares issued | Shares				6,000,000
Number of milestone shares issued | shares				12,000,000
Common shares issued at closing of transaction | shares				250,000
Aggregate common shares issued as finder fees | shares				750,000
Amount of contingent consideration related to two milestone events				$ 296,250
Amount of contingent consideration related to finders fees				$ 12,344
Contingent consideration recognised as of acquisition date												$ 308,595
Canam Alpine Ventures Ltd [Member] | Panuco-Copala Property [Member] | Milestone event 1 [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of milestone shares issued | shares				6,500,000
Additional common share issued on each milestone occurrence | shares				250,000
Canam Alpine Ventures Ltd [Member] | Panuco-Copala Property [Member] | Milestone event 2 [Member]
Disclosure of non-adjusting events after reporting period [line items]
Gold equivalent required | oz				200,000
Number of milestone shares issued | shares				5,500,000
Additional common share issued on each milestone occurrence | shares				250,000
Canam Alpine Ventures Ltd [Member] | Panuco Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired																		100.00%
Number of shares issued | Shares																		6,245,902
Cash payment							$ 6,100,000		$ 850,000	$ 250,000	$ 4,250,000
Common stock price per share | $ / shares																	$ 2.44
Value of shares issued for acquisition																		$ 12,000,000
Minera Rio Panuco S.A. [Member] | Panuco-Copala Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of interest in certain concessions and assets						100.00%
Amount spent in exploration by second anniversary date						$ 2,000,000
Cumulative payment on agreement						$ 23,000,000
Extension payment on agreement			$ 80,000
Silverstone Resources S.A [Member] | Panuco-Copala Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of interest in certain concessions and assets					100.00%
Amount spent in exploration by second anniversary date					$ 1,423,000
Cumulative payment on agreement					$ 20,000,000
Net smelter royalty					3.00%
Reduction percentage of net smelter royalty					1.50%
Percentage of interest or property right on mining concessions					10.00%
Cariboo Rose Resources [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired		60.00%
Cariboo Rose Resources [Member] | Carruthers Pass Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired		60.00%
Stage payments		$ 400,000										400,000
Value of shares issued for acquisition		250,000										$ 250,000
Exploration expenses		$ 3,000,000
Option payment													$ 20,000
Vizsla Copper [Member] | Carruthers Pass Property [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of voting equity interests acquired														100.00%

XML

Exploration and Evaluation Assets - Disclosure of exploration and evaluation assets (Details) - CAD ($)	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Disclosure Of Exploration And Expenditure Assets [Line Items]
Exploration and evaluation assets	$ 118,789,742	$ 18,508,268
Northbase Resources Inc [Member] | Blueberry Property [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Exploration and evaluation assets	0	1,457,886	$ 1,457,886
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Exploration and evaluation assets	118,789,742	17,030,382
Vizsla Copper Corp [Member] | Carruthers Pass Property [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Exploration and evaluation assets	$ 0	$ 20,000

XML

Exploration and Evaluation Assets - Disclosure of cost related to the properties - Northbase Resources Inc. - Blueberry Property (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	$ 18,508,268
Ending Balance	118,789,742	$ 18,508,268
Northbase Resources Inc [Member] | Blueberry Property [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,457,886	1,457,886
Additions	0	0
Transfer to Vizsla Copper	(1,457,886)
Ending Balance	0	1,457,886
Northbase Resources Inc [Member] | Blueberry Property [Member] | Shares [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,357,467	1,357,467
Additions	0	0
Transfer to Vizsla Copper	(1,357,467)
Ending Balance	0	1,357,467
Northbase Resources Inc [Member] | Blueberry Property [Member] | Acquisition Costs Subtotal [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,357,467	1,357,467
Additions	0	0
Transfer to Vizsla Copper	(1,357,467)
Ending Balance	0	1,357,467
Northbase Resources Inc [Member] | Blueberry Property [Member] | Analysis [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	15,365	15,365
Additions	0	0
Transfer to Vizsla Copper	(15,365)
Ending Balance	0	15,365
Northbase Resources Inc [Member] | Blueberry Property [Member] | Equipment [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	13,800	13,800
Additions	0	0
Transfer to Vizsla Copper	(13,800)
Ending Balance	0	13,800
Northbase Resources Inc [Member] | Blueberry Property [Member] | Geophysical Consulting [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	45,499	45,499
Additions	0	0
Transfer to Vizsla Copper	(45,499)
Ending Balance	0	45,499
Northbase Resources Inc [Member] | Blueberry Property [Member] | Project Management [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	6,130	6,130
Additions	0	0
Transfer to Vizsla Copper	(6,130)
Ending Balance	0	6,130
Northbase Resources Inc [Member] | Blueberry Property [Member] | Travel, Supplies And Field Expenses [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	19,625	19,625
Additions	0	0
Transfer to Vizsla Copper	(19,625)
Ending Balance	0	19,625
Northbase Resources Inc [Member] | Blueberry Property [Member] | Subtotal [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	100,419	100,419
Additions	0	0
Transfer to Vizsla Copper	(100,419)
Ending Balance	$ 0	$ 100,419

XML

Exploration and Evaluation Assets - Disclosure of cost related to the properties - Canam Alpine Ventures Ltd. - Panuco-Copala Property (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	$ 18,508,268
Ending Balance	118,789,742	$ 18,508,268
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	17,030,382
Additions	102,041,956	11,932,829
Exploration assets before exchange rate effect	119,164,616	17,122,658	$ 5,189,829
Effect of change in exchange rate	(374,874)	(92,276)
Effect of change in exchange rate, Additions	(282,596)	(92,276)
Exploration costs, Additions, Total	101,759,360	11,840,553
Ending Balance	118,789,742	17,030,382
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Cash [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,012,761	45,000
Additions	18,731,540	967,761
Ending Balance	19,744,301	1,012,761
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Contingent consideration [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	308,595	308,595
Additions	(308,595)	0
Ending Balance	0	308,595
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Effective settlement of loans receivables [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,064,647	1,064,647
Additions	125,377	0
Ending Balance	1,190,024	1,064,647
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Shares [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,896,987	1,896,987
Additions	56,250,001	0
Ending Balance	58,146,988	1,896,987
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Transaction cost [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	125,190	125,190
Additions	(125,190)	0
Ending Balance	0	125,190
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Acquisition Costs Subtotal [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	4,408,180	3,440,419
Additions	74,673,133	967,761
Ending Balance	79,081,313	4,408,180
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Analysis [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,366,574	162,056
Additions	3,800,021	1,204,518
Ending Balance	5,166,595	1,366,574
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Depreciation [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	3,563	0
Additions	20,388	3,563
Ending Balance	23,951	3,563
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Drilling [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	5,971,422	368,376
Additions	14,964,594	5,603,046
Ending Balance	20,936,018	5,971,422
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Ejido Rights [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	80,901	0
Additions	340,342	80,901
Ending Balance	421,243	80,901
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Engineering consulting [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	0	0
Additions	671,537	0
Ending Balance	671,537	0
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Equipment [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	382,265	69,283
Additions	924,121	312,982
Ending Balance	1,306,386	382,265
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Field Cost [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	2,092,112	357,157
Additions	2,250,098	1,734,955
Ending Balance	4,342,210	2,092,112
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Geological Consulting [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	1,641,356	553,226
Additions	2,561,712	1,088,130
Ending Balance	4,203,068	1,641,356
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Maintenance [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	315,435	174,717
Additions	81,504	140,718
Ending Balance	396,939	315,435
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Rent of land [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	86,099	0
Additions	153,596	86,099
Ending Balance	239,695	86,099
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Travel and miscellaneous [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	774,751	64,595
Additions	1,600,910	710,156
Ending Balance	2,375,661	774,751
Canam Alpine Ventures Ltd [Member] | Panuco Copala Property [Member] | Subtotal [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	12,714,478	1,749,410
Additions	27,368,823	10,965,068
Ending Balance	$ 40,083,303	$ 12,714,478

XML

Exploration and Evaluation Assets - Disclosure of the terms of exercising option (Details) - Cariboo Rose Resources [Member] - Carruthers Pass Property [Member] - CAD ($)		12 Months Ended
	Mar. 15, 2021	Apr. 30, 2022
Disclosure Of Exploration And Expenditure Assets [Line Items]
Work Commitment		$ 3,000,000
Option Payment	$ 400,000	400,000
Share Issuance	$ 250,000	250,000
On signing (paid) [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Work Commitment		0
Option Payment		20,000
Share Issuance		0
12-month anniversary of signing [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Work Commitment		100,000
Option Payment		20,000
Share Issuance		10,000
24-month anniversary of signing [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Work Commitment		300,000
Option Payment		40,000
Share Issuance		35,000
36-month anniversary of signing [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Work Commitment		600,000
Option Payment		75,000
Share Issuance		40,000
48-month anniversary of signing [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Work Commitment		1,000,000
Option Payment		110,000
Share Issuance		75,000
60-month anniversary of signing [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Work Commitment		1,000,000
Option Payment		135,000
Share Issuance		$ 90,000

XML

Exploration and Evaluation Assets - Disclosure of cost related to the properties - Carruthers Pass Property, British Columbia (Details)	12 Months Ended
	Apr. 30, 2022 CAD ($)
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	$ 18,508,268
Ending Balance	118,789,742
Cariboo Rose Resources [Member] | Carruthers Pass Property [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	20,000
Additions	16,710
Transfer to Vizsla Copper	(36,710)
Ending Balance	0
Cariboo Rose Resources [Member] | Carruthers Pass Property [Member] | Cash [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	20,000
Additions	0
Transfer to Vizsla Copper	(20,000)
Ending Balance	0
Cariboo Rose Resources [Member] | Carruthers Pass Property [Member] | Geophysical Consulting [Member]
Disclosure Of Exploration And Expenditure Assets [Line Items]
Beginning Balance	0
Additions	16,710
Transfer to Vizsla Copper	(16,710)
Ending Balance	$ 0

XML

Share Capital (Narrative) (Details)			1 Months Ended			12 Months Ended
	Sep. 07, 2021 Shares shares	Jun. 03, 2021 CAD ($) $ / shares shares	Apr. 27, 2022 shares	Sep. 20, 2021 CAD ($)	Jun. 21, 2021 CAD ($) $ / shares shares	Apr. 30, 2022 CAD ($) Shares Year $ / shares shares	Apr. 30, 2021 CAD ($) Shares $ / shares shares	Jul. 20, 2021 Shares
Disclosure of classes of share capital [line items]
Number of common shares issued						154,875,802	94,068,744
Number of common shares outstanding						154,875,802	94,068,744
Number of units issued		27,600,000			1,690,000
Units issued, price per unit | $ / shares		$ 2.5			$ 2.5
Proceeds from issuing units | $		$ 69,000,000			$ 4,225,000
Number of units exercised in underwriter's over-allotment option		3,600,000
Cash commission paid on gross proceeds raised under public offering		6.00%
Cash commission paid on President's List offering		3.00%
Exercise price of broker warrants | $ / shares		$ 2.5			$ 2.5
Payments for broker warrants | $		$ 4,080,031			$ 287,338
Fair value of broker warrants | $		$ 1,459,487			$ 70,569	$ 1,530,056	$ 1,360,087
Cash finder's fee as a percentage of gross proceeds					6.00%
Broker warrants issued as a percentage of units sold					6.00%
Number of warrants exercised | Shares						6,555,459
Proceeds from warrant exercised | $						$ 3,342,526	$ 1,776,180
Number of share options exercised | Shares						1,271,028	1,936,000
Proceeds from exercise of options | $						$ 545,930	$ 759,470
Number of common shares held in escrow						0	2,032,500
Weighted average remaining contractual life for outstanding warrants						5 months 1 day
Fair value of warrants included in units against reserves | $						$ 2,072,850	$ 0
Maximum percentage of the issued and outstanding common shares at grant date						10.00%
Term of share options | Year						5
Weighted average share price on the date of option exercise | $ / shares						$ 2.48
Weighted average remaining contractual life of outstanding share options						3 years 11 months 19 days
Fair value of share-based compensation | $						$ 11,939,973	$ 4,661,744
Warrants [Member]
Disclosure of classes of share capital [line items]
Term of warrants					18 months
Exercise price of warrants granted | $ / shares		$ 3.25			$ 3.25	$ 3.06	$ 2.3
Number of warrants exercised | Shares						6,555,459	6,173,388
Number of warrants exercisable | Shares						32,424,906
Weighted average share price on date of warrant exercise | $ / shares						$ 2.45
Panuco Property [Member]
Disclosure of classes of share capital [line items]
Number of shares issued | Shares	6,245,902
Copala Property [Member]
Disclosure of classes of share capital [line items]
Number of shares issued | Shares	4,944,672							4,944,672
John Mirko [Member]
Disclosure of classes of share capital [line items]
Number of bonus shares issued	6,500,000		5,500,000
John Mirko [Member] | Milestone event 1 of Canam agreement [Member]
Disclosure of classes of share capital [line items]
Number of finders fees shares per milestone event	250,000
John Mirko [Member] | Milestone event 2 of Canam agreement [Member]
Disclosure of classes of share capital [line items]
Number of finders fees shares per milestone event			250,000
Top of range [Member]
Disclosure of classes of share capital [line items]
Term of share options | Year						10
Vizsla Copper Corp [Member]
Disclosure of classes of share capital [line items]
Number of common shares entitled to be received upon exercises of warrant						0.3333
Change in the fair value of options upon replacement | $				$ 91,688

XML

Share Capital - Disclosure of warrant transactions (Details)		1 Months Ended	12 Months Ended
	Jun. 03, 2021 $ / shares	Jun. 21, 2021 $ / shares	Apr. 30, 2022 Shares $ / shares	Apr. 30, 2021 Shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercised			(6,555,459)
Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants outstanding, beginning of the year			22,757,961	11,040,617
Warrants weighted average exercise price, beginning of the year | $ / shares			$ 1.86	$ 0.2
Issued			16,222,400	17,890,732
Weighted average exercise price issued | $ / shares	$ 3.25	$ 3.25	$ 3.06	$ 2.3
Exercised			(6,555,459)	(6,173,388)
Weighted average exercise price exercised | $ / shares			$ 0.52	$ 0.29
Warrants outstanding, end of the year			32,424,902	22,757,961
Warrants weighted average exercise price, end of the year | $ / shares			$ 2.68	$ 1.86

XML

Share Capital - Disclosure of warrants outstanding and exercisable (Details) - Warrants [Member]	Apr. 30, 2022 Shares $ / shares	Apr. 30, 2021 Shares $ / shares	Apr. 30, 2020 Shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.68	$ 1.86	$ 0.2
Number of warrants outstanding	32,424,902	22,757,961	11,040,617
Number of warrants exercisable	32,424,906
Expiry date of 30-Jul-22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 1.87
Number of warrants outstanding	49,234
Number of warrants exercisable	49,234
Expiry date of 30-Jul-22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.4
Number of warrants outstanding	240,000
Number of warrants exercisable	240,000
Expiry date of 30-Jul-22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.4
Number of warrants outstanding	16,019,860
Number of warrants exercisable	16,019,860
Expiry date of 03-Dec-22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 3.25
Number of warrants outstanding	13,800,000
Number of warrants exercisable	13,800,000
Expiry date of 03-Dec-22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.5
Number of warrants outstanding	1,369,408
Number of warrants exercisable	1,369,408
Expiry date of 18-Dec-22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 3.25
Number of warrants outstanding	845,000
Number of warrants exercisable	845,000
Expiry date of 18-Dec-22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 3.25
Number of warrants outstanding	101,400
Number of warrants exercisable	101,400

XML

Share Capital - Disclosure of fair value assumptions of the warrants granted (Details) - Warrants [Member]	12 Months Ended
	Apr. 30, 2022 Year
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk Free Interest Rate	0.43%
Expected Dividend Yield	0.00%
Expected Term in Years	1
Bottom of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected Volatility	100.00%
Top of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected Volatility	103.90%

XML

Share Capital - Disclosure of continuity of stock option plan (Details)	12 Months Ended
	Apr. 30, 2022 Shares $ / shares	Apr. 30, 2021 Shares $ / shares
Disclosure of classes of share capital [abstract]
Options outstanding, beginning of the year | Shares	9,090,000	5,343,000
Weighted average exercise price, beginning of the year | $ / shares	$ 1.07	$ 0.35
Issued | Shares	6,974,000	5,838,000
Weighted average exercise price of share options issued | $ / shares	$ 2.25	$ 1.51
Cancelled | Shares	(152,500)	(155,000)
Weighted average exercise price of share options cancelled | $ / shares	$ (2.23)	$ 1.67
Exercised | Shares	(1,271,028)	(1,936,000)
Weighted average exercise price of share options exercised | $ / shares	$ (0.41)	$ 0.39
Options outstanding, end of the year | Shares	14,640,472	9,090,000
Weighted average exercise price, end of the year | $ / shares	$ 1.64	$ 1.07
Number of options exercisable, end of the year | Shares	10,486,542	6,509,000
Weighted average exercise price of share options exercisable , end of the year | $ / shares	$ 1.46	$ 1

XML

Share Capital - Disclosure of options outstanding and exercisable (Details)	Apr. 30, 2022 Shares $ / shares	Apr. 30, 2021 Shares	Apr. 30, 2020 Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding	14,640,472	9,090,000	5,343,000
Number of options exercisable	10,486,542	6,509,000
Expiry date 27-Feb-29 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 0.15
Adjusted exercise price | $ / shares	$ 0.14
Number of options outstanding	980,000
Number of options exercisable	980,000
Expiry date 13-Jun-24 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 0.17
Adjusted exercise price | $ / shares	$ 0.16
Number of options outstanding	450,000
Number of options exercisable	450,000
Expiry date 30-Dec-24 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 0.69
Adjusted exercise price | $ / shares	$ 0.66
Number of options outstanding	975,000
Number of options exercisable	975,000
Expiry date 07-Jan-25 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 0.72
Adjusted exercise price | $ / shares	$ 0.69
Number of options outstanding	75,000
Number of options exercisable	75,000
Expiry date 29-Jun-25 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 0.79
Adjusted exercise price | $ / shares	$ 0.76
Number of options outstanding	1,256,250
Number of options exercisable	1,246,250
Expiry date 06-Aug-25 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.15
Adjusted exercise price | $ / shares	$ 2.07
Number of options outstanding	1,590,000
Number of options exercisable	1,590,000
Expiry date 27-Aug-25 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 1.76
Adjusted exercise price | $ / shares	$ 1.69
Number of options outstanding	75,000
Number of options exercisable	75,000
Expiry date 01-Oct-25 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 1.46
Adjusted exercise price | $ / shares	$ 1.4
Number of options outstanding	125,000
Number of options exercisable	50,000
Expiry date 01-Dec-25 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 1.46
Adjusted exercise price | $ / shares	$ 1.4
Number of options outstanding	100,000
Number of options exercisable	50,000
Expiry date 12-Jan-26 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 1.71
Adjusted exercise price | $ / shares	$ 1.64
Number of options outstanding	60,000
Number of options exercisable	60,000
Expiry date 17-Feb-26 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 1.5
Adjusted exercise price | $ / shares	$ 1.44
Number of options outstanding	2,132,722
Number of options exercisable	1,599,542
Expiry date 22-Jun-26 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.31
Adjusted exercise price | $ / shares	$ 2.22
Number of options outstanding	4,057,500
Number of options exercisable	2,028,750
Expiry date 12-Jul-26 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.44
Adjusted exercise price | $ / shares	$ 2.34
Number of options outstanding	220,000
Number of options exercisable	110,000
Expiry date 27-Jul-26 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.44
Adjusted exercise price | $ / shares	$ 2.34
Number of options outstanding	139,000
Number of options exercisable	69,500
Expiry date 24-Sep-26 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.25
Adjusted exercise price | $ / shares	$ 2.25
Number of options outstanding	2,105,000
Number of options exercisable	1,052,500
Expiry date 01-Feb-27 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 2.45
Adjusted exercise price | $ / shares	$ 2.45
Number of options outstanding	300,000
Number of options exercisable	75,000

XML

Share Capital - Disclosure of fair value assumptions of options granted (Details)	12 Months Ended
	Apr. 30, 2022 Year
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected Dividend Yield	0.00%
Expected Term in Years	5
Bottom of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk Free Interest Rate	0.79%
Expected Volatility	100.00%
Top of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk Free Interest Rate	1.65%
Expected Volatility	104.00%
Expected Term in Years	10

XML

Related Party Transactions (Narrative) (Details)	12 Months Ended
	Apr. 30, 2022 CAD ($) Shares	Apr. 30, 2021 CAD ($) Shares
Disclosure of transactions between related parties [line items]
Director fees	$ 401,806	$ 242,486
Stock options granted | Shares	6,974,000	5,838,000
Officers and companies owned by company's officers [Member]
Disclosure of transactions between related parties [line items]
Salary and consulting fees	$ 2,128,342	$ 1,451,749
Company's directors [Member]
Disclosure of transactions between related parties [line items]
Director fees	401,806	46,667
Company with common directors [Member]
Disclosure of transactions between related parties [line items]
Rent expenses and administration expenses	600,000	300,000
Rent and administration expenses by related party	$ 50,000	$ 0
Officers and directors [Member]
Disclosure of transactions between related parties [line items]
Stock options granted | Shares	11,062,500	3,863,000
Amounts payable to related party	$ 21,875	$ 526

XML

Financial Instruments (Narrative) (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
Disclosure of detailed information about financial instruments [abstract]
Cash and cash equivalents	$ 30,482,269	$ 19,398,272	$ 2,583,910
Accounts payable and accrued liabilities	$ 10,127,266	$ 1,290,721
Description of change of rates and materiality	On the basis of current market conditions, the Company has determined that a 1% change in interest rates or a 10% change in foreign exchange rates would be immaterial

XML

Income Taxes (Narrative) (Details) - CAD ($)	Apr. 30, 2022	Apr. 30, 2021
Disclosure Of Income Taxes [Abstract]
Non-capital loss carry forwards	$ 17,838,960	$ 9,837,804

XML

Income Taxes - Disclosure of information about effective income tax expense (recovery) (Details) - CAD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Disclosure Of Income Taxes [Abstract]
Net loss before tax	$ (15,270,556)	$ (11,099,272)
Statutory tax rate	27.00%	27.00%
Expected income tax (recovery)	$ (4,123,050)	$ (2,996,803)
Change in deferred tax assets not recognized	3,225,494	2,609,664
Share issuance costs	(1,592,305)	(1,050,315)
Foreign exchange	(162,461)	115,704
Change in estimate	(221,471)	44,284
Tax effect of spinout	(461,450)	0
Non-deductible items and other	3,335,243	1,277,466
Total income tax expense (recovery)	$ 0	$ 0

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Income Taxes (Disclosure of deferred taxes) (Details) - CAD ($)	Apr. 30, 2022	Apr. 30, 2021
Disclosure Of Components Of Deferred Tax Assets [Line Items]
Net deferred tax asset (liability)	$ 0	$ 0
Tax loss carry forwards [Member]
Disclosure Of Components Of Deferred Tax Assets [Line Items]
Net deferred tax asset (liability)	3,596,896	369,890
Exploration and evaluation assets [Member]
Disclosure Of Components Of Deferred Tax Assets [Line Items]
Net deferred tax asset (liability)	$ (3,596,896)	$ (369,890)

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Income Taxes (Disclosure of information about unrecognized deductible temporary differences) (Details) - CAD ($)	Apr. 30, 2022	Apr. 30, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized deductible temporary differences	$ 19,855,142	$ 3,898,117
Tax loss carry forwards [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized deductible temporary differences	17,838,960	9,837,804
Property, plant and equipment [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized deductible temporary differences	14,653	13,913
Financing costs [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized deductible temporary differences	$ 2,001,529	$ 3,679,225

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Income Taxes (Disclosure of information about non-capital loss carry forwards) (Details) - CAD ($)	Apr. 30, 2022	Apr. 30, 2021
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	$ 17,838,960	$ 9,837,804
2032 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	1,609,365
2034 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	39,509
2035 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	7,865
2036 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	72
2037 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	44,719
2038 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	52,151
2039 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	285,245
2040 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	2,620,179
2041 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	6,645,094
2042 [Member]
Disclosure Of Non Capital Losses By Year Of Expiry [Line Items]
Total	$ 6,534,761

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Segment Information (Disclosure of information about segment information) (Details) - USD ($)	Apr. 30, 2022	Apr. 30, 2021
Disclosure of operating segments [line items]
Non-current assets	$ 119,094,608	$ 18,609,605
Canada [Member]
Disclosure of operating segments [line items]
Non-current assets	0	6,252,843
Mexico [Member]
Disclosure of operating segments [line items]
Non-current assets	$ 119,094,608	$ 12,356,762

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Subsequent Events (Narrative) (Details)			12 Months Ended
	Jun. 02, 2022 Shares $ / shares	May 06, 2022 USD ($)	Apr. 30, 2022 Shares $ / shares	Apr. 30, 2021 Shares $ / shares
Disclosure of non-adjusting events after reporting period [line items]
Number of options granted			6,974,000	5,838,000
Weighted average exercise price of share options | $ / shares			$ 2.25	$ 1.51
Weighted average remaining life			3 years 11 months 19 days
Number of share options cancelled			152,500	155,000
Subsequent Events [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of options granted	590,000
Weighted average exercise price of share options | $ / shares	$ 1.74
Weighted average useful life of share options	5 years
Vesting percentage of stock options	20.00%
Weighted average remaining life	2 years
Number of share options cancelled			152,500
Subsequent Events [Member] | Coco Mill [Member]
Disclosure of non-adjusting events after reporting period [line items]
Cash payment | $		$ 5,000,000