Craig Parry: Updates on Vizsla Silver, Copper and Royalty

Mining Network Jul 11, 2026

Summary

Vizsla sold its royalty spin-out 18 months after IPO, returning roughly eight times the IPO price to shareholders.

Nine to ten rigs are turning across eight or nine copper targets in Alaska and British Columbia, with assay results due within weeks.

Parry sees copper reaching $20–30 a pound within five years, betting constrained supply cannot match grid, data centre and EV demand.

Ground work at Vizsla Silver in Mexico stays suspended after ten colleagues were killed, with permits still expected late this year.

Cash of $26 million funds this year's drilling but falls below $5 million by year-end, making a raise in 2027 likely.

Named in the sponsor read as the Colombia-focused gold producer Frank Giustra co-founded, cited as evidence of his in-country operating experience.

Parry cites Skeena as one of the metals where he has already succeeded, crediting Walt Cole for driving the company forward.
He uses Skeena as the proof point for his claim that his teams find projects and move them into production quickly, calling the outcome there 'incredible'.

Parry expects permits late in 2026 or early in 2027, which he says would put Vizsla Silver in a position to start building after a year of desktop, detailed design and engineering work.
He says the company will not return to the ground in Mexico until it is safe, while crediting government and stakeholder work on security and noting strong determination to bring those responsible to justice.
On the asset itself, he puts the figure at roughly 400 million ounces of silver at grades near 500 grams per tonne, and says at current metal prices a project like that could throw off on the order of a billion dollars of free cash flow a year.
Ten colleagues were killed in a security incident at the project; he says the team's focus has been on supporting the families and describes the loss as terrible and tragic.
He frames the Mexican government as committed to permitting because mining supplies well-paid, trained jobs, and says the company still intends to build the project.

It is the buyer of the Vizsla Royalties portfolio, taking it at a bit over $4 a share roughly 18 months after the C$0.50 IPO - a deal the interviewer sizes at around $300 million.
Parry says the sale places the royalty inside a larger, more diversified book and removes single-asset concentration, and he credits Elemental with having done a heavy round of due diligence.
After the transaction he says he became a significant shareholder in Elemental Royalty, which has been renamed from Elemental Altus; he says he knows the buyers but declines to speak for them.

Top takeaway His central call is that copper reaches $20 to $30 a pound within four or five years of this mid-2026 interview, and that if the metal repeats the six-fold rise of an earlier cycle that points to roughly $36 a pound.
He argues the supply side is far more constrained this cycle than the last: little copper discovered in 15 years, permitting much harder and the big mine expansions already spent, against demand from data centres, EVs and grid rebuilds - citing a refined deficit of 330,000 tonnes in 2026 widening to about 2 million tonnes by 2030.
On Vizsla Silver he says the company will not return to the ground in Mexico until it is safe, and that he is determined to build the project in honour of the colleagues lost there.
He calls turning Vizsla Copper into a mid-tier producer in record time a stretch goal while admitting he has failed at this before and that you should not put too much stock on it, pointing instead to his track record on uranium, gold at Skeena and Vizsla Silver.
On personal commitment, he says he has put $8 million of his own money into Vizsla Copper, contributes heavily to every capital raise, and is determined to change his track record on copper, which he quotes Rick Rule as calling unblemished by success.

Top takeaway He keeps returning to the copper price thesis, calling the $20-30 a pound forecast aggressive and reacting to the implied $36 figure with 'that's a big call' before steering the conversation to the drilling targets.
He opens the Vizsla Silver section as the elephant in the room, asking what the company can and cannot say after the security incident and what has to happen before work can restart on the ground.
He tests the operating side throughout, raising the $44 million December raise, current cash, burn rate, and whether acquisitions would be funded partly to unlock government capital.