Eduardo Luna's Leadership and Strategic Implications for Vizsla Silver

The silver sector, long a cornerstone of industrial and investment demand, is undergoing a transformation driven by technological innovation and environmental stewardship. At the forefront of this shift is Vizsla Silver Corp. (VZLA), whose recent governance and operational strategies under the leadership of Eduardo Luna, appointed Lead Director in September 2025, offer a compelling case study in aligning corporate governance with resource development. Luna's tenure, marked by performance-driven incentives, strategic financing, and geological expertise, underscores how leadership can catalyze value creation in a junior mining firm.

Governance Reforms: Aligning Incentives with Long-Term Value

Eduardo Luna's appointment as Lead Director represents a pivotal governance overhaul for Vizsla Silver. With over four decades of experience in the mining industry—including his role in developing Mexico's San Dimas Mine, a geological analogue to Vizsla's Panuco Project—Luna brings a rare blend of operational acumen and strategic visionEDUARDO LUNA APPOINTED LEAD DIRECTOR OF VIZSLA SILVER^[1]. His leadership has introduced performance-based restricted share units (PRSUs) for key personnel, vesting over three years and tied to the Panuco Project's feasibility milestonesVizsla Silver Provides 2024 Year-End Summary and 2025 Outlook^[2]. This structure not only aligns employee interests with shareholder value but also mitigates short-term risk by incentivizing long-term project success.

Prior to Luna's appointment, Vizsla's governance relied on a traditional board structure without a lead director. While effective in advancing exploration, the pre-2023 model lacked the performance-linked incentives now central to Luna's reforms. The adoption of an Omnibus Equity Incentive Plan in 2025, coupled with Luna's role in shaping corporate strategy, has strengthened accountability and transparency, critical factors in a sector prone to volatilityWill Vizsla Silver’s Governance Overhaul Shape Its Strategic Future?^[3].

Operational Transformation: De-Risking the Panuco Project

The Panuco silver-gold project, Vizsla's flagship asset, has seen significant operational advancements under Luna's guidance. By September 2025, the project's measured and indicated resources had surged by 43%, reaching 222.4 million ounces of silver equivalent (AgEq), with an average grade of 635 g/t AgEqVIZSLA SILVER ANNOUNCES 43% INCREASE IN MEASURED AND^[4]. This growth stems from aggressive infill drilling—69,754 meters completed between September 2023 and September 2024—and metallurgical optimization efforts aimed at de-risking the project for production by late 2027Vizsla Silver Enters US$220M Project Finance Mandate with Macquarie to Fund Development of the Panuco Project^[5].

Luna's strategic emphasis on dual-track development—advancing mine construction while expanding exploration—has also yielded results. The company's 2025 exploration budget, exceeding $37 million, funded 37,000 meters of drilling, uncovering high-grade zones like the Luisa Vein (1,552 g/t Ag over 1.65 meters) and expanding the Copala structure to 1,770 meters of strike lengthVizsla Silver Provides 2023 Year-End Summary and 2024 Outlook^[6]. These efforts reflect a shift from speculative exploration to resource conversion, a critical step for attracting project finance.

Financial Fortification: Securing Capital for Growth

Vizsla's financial position has strengthened markedly under Luna's influence. In September 2025, the company secured a $220 million project finance facility with Macquarie Bank, a deal approved by independent directors and underpinned by Luna's credibility in the sectorVizsla Silver Secures $220 Million US Project Financing, Cash Reserves Surge To $285 Million^[7]. Combined with $95 million raised in 2024 through equity financings, Vizsla's cash reserves now exceed $285 million, providing a robust runway for developmentVIZSLA SILVER PUBLISHES SECOND ANNUAL SUSTAINABILITY …^[8]. This financial fortification contrasts with pre-2023 reliance on smaller, episodic raises, and positions the company to navigate commodity price fluctuations.

Strategic Implications for the Silver Sector

Luna's leadership model offers broader lessons for the silver sector. By integrating governance reforms with operational rigor, Vizsla demonstrates how junior miners can bridge the gap between exploration and production. The Panuco Project's preliminary economic assessment—showing an $1.1 billion net present value and 86% internal rate of return—highlights the potential for high-grade, low-cost silver projects to thrive in a post-pandemic marketVizsla Silver - Developing Mexico's Next Major Silver Producer^[9]. Moreover, Luna's focus on sustainable practices, including environmental restoration and community engagement, aligns with global trends toward responsible miningHow silver mining companies can build resilience and growth^[10].

Conclusion

Eduardo Luna's stewardship at Vizsla Silver exemplifies how strategic governance and operational discipline can transform a junior miner into a sector leader. By aligning incentives, securing capital, and de-risking high-grade assets, Luna has positioned Vizsla to capitalize on the silver sector's long-term growth trajectory. For investors, the company's trajectory offers a blueprint for navigating the complexities of modern mining, where leadership and innovation are as critical as geological fortune.