Market RisksDespite the project's potential, the reliance on advancing through permitting, feasibility, and financing processes presents uncertainties for the valuation of VZLA shares.
Share DilutionNet Asset Value declines slightly from C$6.22 per share to C$5.81 per share, primarily driven by dilution from the financing.
Valuation ConcernsVZLA shares currently trade at 0.5x Net Asset Value, with expectations to re-rate as the project advances through permitting, feasibility, and financing.