Vizsla Silver (TSX: VZLA) has confirmed the tragic deaths of nine employees following a kidnapping incident at its Concordia project site in Sinaloa, Mexico, in late January. The company reported that one colleague remains missing as authorities continue their investigation.
The ordeal began on January 23, when ten employees were abducted from a housing municipality near the Panuco project. Initial reports in early February indicated that at least three bodies had been identified by relatives, discovered in a mass grave 15 kilometers north of Concordia. Over the subsequent weeks, the death toll rose, with two additional confirmations in recent days before reaching the current count of nine.
Vizsla Silver has not disclosed the identities of the deceased or specific details on the timing of the latest confirmations.
Michael Konnert, President and CEO of Vizsla Silver, expressed profound grief over the loss. “This is a devastating outcome, and our heartfelt condolences are with all the families impacted,” he said. “We stand beside them with continued support as we mourn our colleagues and friends.”
The incident has been linked to heightened violence in Sinaloa, where rival factions of the Sinaloa Cartel, known as La Chapiza and La Mayiza, have been engaged in a territorial conflict since September 2024. Local reports suggest the factions attempted to extort Vizsla Silver prior to resorting to kidnapping. In response, Mexican authorities deployed over 1,100 personnel, including members of the Army, National Guard, Navy, and Ministry of Security, to search for the missing workers.
Operationally, Vizsla Silver has prioritized the safety of its remaining employees and contractors, suspending site activities while reviewing and strengthening security protocols in coordination with local authorities. The company has not provided updates on production or asset-level metrics for the Panuco project during this period, focusing instead on supporting affected families and cooperating with ongoing investigations.
The tragedy has also weighed on the company’s stock performance, with shares last trading at $4.61 on the TSX, reflecting a decline of over 39% year to date.
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