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Elemental Royalty Wins Mexico Antitrust Clearance for Vizsla Deal

By  |  September 9, 2026
Mexican flag against tall buildings

Elemental Royalty Corp. received Mexican antitrust clearance for its planned acquisition of Vizsla Royalties Corp., removing the final regulatory hurdle to a transaction that will give the company a significant royalty interest in a Mexican silver-gold project.

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    Mexico’s Comisión Nacional Antimonopolio cleared the acquisition, according to a Sept. 9 report by DirectorsTalk Interviews. The approval moves Elemental closer to completing the transaction, subject to the remaining conditions of the arrangement.

    Elemental, whose shares trade on the Nasdaq and Toronto Stock Exchange under the symbol ELE, is acquiring Vizsla Royalties, which trades on the TSX Venture Exchange and OTCQX under the symbols VROY.

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    The acquisition will give Elemental exposure to net smelter return royalties ranging from 2% to 3.5% on Vizsla Silver Corp.’s Panuco silver-gold project in Mexico, according to DirectorsTalk Interviews. Those interests cover the project’s existing resources for the life of the mine and aren’t subject to caps, buybacks or reductions in the royalty rate.

    The Panuco interests are expected to become cornerstone assets in Elemental’s royalty portfolio, the publication reported.

    Chief Executive Officer David M. Cole said the Mexican clearance represented the last regulatory milestone required before the acquisition can be completed. Elemental expects to announce the transaction’s closing soon, according to his comments reported by DirectorsTalk Interviews.

    The transaction stems from an arrangement agreement dated May 13, 2026. When the deal was announced in May, Elemental and Vizsla Royalties valued it at about C$327 million ($239 million), or C$4.13 for each Vizsla Royalties share on a fully diluted basis. Under the agreement, Vizsla Royalties investors were offered a choice of Elemental shares, cash or a combination, subject to specified limits and proration.

    The acquisition is designed to expand Elemental’s exposure to silver and add a long-duration royalty over an advanced development-stage asset. Elemental said when announcing the agreement that the Panuco royalty could contribute about 7,500 gold-equivalent ounces annually once the underlying project enters production.

    The Mexican antitrust process had been among the conditions required for the deal. Mexico’s competition authority identified the Elemental-Vizsla transaction as concentration proceeding CNT-113-2026 in its published proceedings.

    Source: DirectorsTalk Interviews