Silver X Announces Positive Expanded PEA After-Tax NPV 5% of US$440M; IRR 69% Reports Updated Mineral Resource Estimate
1
SILVER X MINING CORP
Suite 1012 – 1030 West Georgia Street | Vancouver, BC | V6E 2Y3
SILVER X ANNOUNCES POSITIVE EXPANDED PEA
AFTER-TAX NPV 5% OF US$440M; IRR 69%
REPORTS UPDATED MINERAL RESOURCE ESTIMATE
Vancouver, BC, September 4, 2025 - Silver X Mining Corp. (TSX-V: AGX) (OTCQB:
AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the results of
a new Preliminary Economic Assessment (“PEA”) demonstrating a district-scale
project with combined mining and processing capacity of 3,000 tonnes per day
(“tpd”) and annual metal production in excess of 6 Moz AgEq. The PEA was prepared
in accordance with National Instrument 43-101 Standards of Disclosure for Mineral
Projects (“NI 43-101”). All dollar amounts are in US dollars unless otherwise noted.
“We are extremely pleased with the results of this new PEA. It demonstrates that years
of dedicated work confirm Nueva Recuperada as a truly district-scale silver project that
will continue to grow and operate for decades. With two operating mines, Tangana
(currently in production) and Plata, we have the resources and the team to establish
Silver X as a mid -tier silver producer . The value of our company is a multiple of
where we stand today, and this PEA is the next step in demonstrating concretely how
we will realize this potential in the near term”, stated José García, CEO.
PEA Highlights (2025)
• Life of Mine (LOM) of 14 years at 3,000 tpd combined mining and processing
capacity.
• Average annual production of approximately 6.2 million ounces of silver
equivalent (AgEq)1.
• After-Tax Net Present Value (NPV) of $440 million at a 5% discount rate.
• LOM Cash Costs2 of $11.8/oz AgEq and LOM All-In Sustaining Costs
(“AISC")2 of $15.8/oz AgEq.
1 AgEq ounces were calculated based on all metals produced and mined using the estimated prices based on CIBC’s August 2025
prices consensus.
2 Cash costs and AISC are non -IFRS financial ratios. These are based on non -IFRS financial measures that do not have any
standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Please refer to the
“Non-IFRS Measures” section of this press release for further information.
2
• Initial Capex of $82 million, including 13% contingency, for the new processing
facility, dry-stacked tailings and mine development.
• Robust project economics, confirming Silver X’s potential to scale into a mid-tier
silver producer.
• Aggressive upcoming drill campaigns aimed at both upgrading resource
categories and expanding tonnage and grades across the district.
The study confirms Silver X’s strategic plan to operate two mines within the Nueva
Recuperada Silver District, the Tangana Mining Unit, the Company’s flagship
operation since 2021, with a large and expanding resource base; and the Plata Mining
Unit, located in the southern part of the district, historically known for higher-grade
mineralization.
Mr. García continued: “ This updated PEA supports the Company’s vision to
increase production by up to six times within the next few years . The objective is
to have two milling facilities – a new 1,500 tpd mill at Tangana, along with the existing
Recuperada mill, which we plan to expand to 1,500 tpd, doubling its current capacity.
Recuperada will be dedicated to processing ore from the new Plata Mining Unit.
We continue to upgrade our mineral resource, and we are very confident that the new
drilling campaign that we are starting this week will result in a much stronger resource
statement within a few months. On top of expanding the resource at Tangana, we now
have the opportunity to rapidly increase the resource at our Plata Mining Unit, where
we can find some of the highest grades in the district.
This combined district-scale operation positions Silver X to become one of the most
significant polymetallic silver projects in South America.”
PEA Financial Summary
Parameter Units Values
Net Present Value 10% After Tax $ Million 303
5% After Tax $ Million 440
Internal Rate of Return (IRR) After Tax % 69
After-tax NPV (5%) / Initial Capex 5.4 X
After-Tax Payback Years 3
Initial Capital $ Million 82
Sustaining Capital (including closure costs) $ Million 144
Total Cash Operating Cost $/t 75
Cash Costs (LOM) $/oz AgEq 11.8
AISC (LOM) $/oz AgEq 15.8
Long term Metal Prices
Silver $/oz 33.2
Gold $/oz 2,928
Lead $/lb 0.93
Zinc $/lb 1.34
3
Notes:
• Base case price for all metals was assessed based on CIBC’s consensus on prices August 2025.
• LOM includes 14 years, with year 1 at 310,250 tpa, year 2 at 547,500 tpa, year 3 at 912,500 tpa, years 4 to 11 at
1,095,000 tpa, year 12 at 901,209 tpa, year 13 at 587,505 tpa and year 14 at 230,529 tpa.
• LOM mineral inventory combines measured, indicated and inferred resources.
• Cash Costs and AISC are non-GAAP financial performance measures with no standardized definition under IFRS;
see additional disclosure under “Non-IFRS Measures”.
• “Mineralized Material” represents mined material estimated to generate positive cash flows.
• “Mined” means total tonnes mined (mineralized + waste).
• Average ore value over the life of mine is $166.4t.
• Average underground mining cost is approximately $36.3/t; processing cost is $12.7/t; overheads is $14.90/t.
Average total cost is $75/t.
• Revenues are calculated on existing terms and conditions for lead -silver-gold concentrates and zinc
concentrates, including international benchmark for payability, treatment charges, refining charges,
rollback, and penalties.
Upcoming Expanded Environmental Permit, Mining and Processing
A new Environmental and Social Impact Assessment (ESIA) for the Tangana Mining Unit
is in its final stages, and the company has worked with SENACE (the National Service for
Environmental Certification, Ministry Environment) towards its final approval, expected
before the end of 2025.
The goal for the Nueva Recuperada Silver District is to have two milling facilities: a new
plant for the Tangana Mining Unit with a capacity of 1,500 tpd as indicated in the PEA (see
Figure 1) in addition to the current Nueva Recuperada mill of 720 tpd located 15 km south
of Tangana and centrally located within the Property (see Figure 2). The existing
Recuperada mill will be expanded to 1,500 tpd to process ore from the Company’s Plata
project and other mineralized areas.
4
Figure 1. Future scenario of Tangana Mining Unit outlined by the 2025 PEA with new mill and dry stacked tailings
Figure 2. The Nueva Recuperada Silver District will comprise two separate mining operations – Tangana and Plata
5
Initial Capital Cost Estimate
The initial capital cost estimate has been developed to provide an estimate suitable for the
PEA, including costs to design, procure, construct and commission the facilities.
Table 1. Initial Capital Expenditures
Initial Capital Expenditure USD Million
Mines (Tangana + Plata) $15.6
Processing plants $38.8
Tailings and facilities $6.3
Camps and roads $7.6
Owner's cost and studies $3.9
Total pre-contingency $72.1
Contingency $9.7
Total $81.8
Notes:
• Capital costs estimate include a 13% contingency.
• Plata mine pre-production capital estimate includes six months of mine development.
• Processing facilities consist of a conventional crushing, grinding and flotation plant for primary sulphides.
• Future tailings for both existing plant and new Tangana plant are assumed to be mostly dry stacked, including a
conventional dyke configuration.
• For the Tangana Plant, capital estimate for processing equipment is approximately $9M, in addition to $18.1M
estimated for civil works, structures, piping, electric, etc.
• For the existing Plant, capital estimate for processing equipment is approximately $4.4M, in addition to $4.5M estimated
for civil works, structures, piping, electric, etc.
Nueva Recuperada Project Mineral Resource Estimate
Mineral Resources for the project have been updated within the 2025 PEA with new block
models.
Table 2. Nueva Recuperada 2025 PEA Mineral Resource Estimate
Grades Contained Metal
Nueva
Recuperada MT Au
(g/T)
Ag
(g/T)
Pb
(%)
Zn
(%)
Cu
(%)
AgEq
(g/T)
AgEq
(oz/T)
Moz
AgEq
Moz
Ag
Koz
Au
KT
Pb
KT
Zn
KT
Cu
Measured 1.63 0.91 96.10 2.46 2.77 0.18 266.30 8.56 13.98 5.05 36.28 40.10 45.17 2.99
Indicated 2.28 0.297 136.60 3.47 3.47 0.11 295.97 9.52 21.66 8.91 21.71 51.20 69.98 2.56
Total M+I 3.90 0.461 119.71 3.18 3.18 0.14 283.58 9.12 35.65 13.95 57.99 91.30 115.15 5.55
Total Inferred 15.11 0.265 140.33 1.72 1.72 0.06 233.21 7.50 116.55 68.89 171.14 225.44 259.29 8.99
Notes:
• The independent QP for the mineral resource estimate, as defined by NI 43-101, is David Heyl, P.Geo. The effective
date is May 31, 2025.
• The estimate is reported for an underground, conventional cut and fill mining scenario and long-hole blasting in
6
selected areas.
• The mineral resource estimate includes two resource models types: 1) A Block models defined for the core of the
resources, estimated through the drilling and mine development; geo-statistical method is the reverse of the distance;
2) and polygonal models for some of the inferred resources based on drillholes, veins outcrops exposures and
surface sampling.
• The approximate cut-off grade applied to all resources is $60/t.
• These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
• The Mineral Resource estimate follows CIM Definition Standards.
• The QPs of this PEA are not aware of any known environmental, permitting, legal, title-related, taxation,
socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource estimate
other than those disclosed in this NI 43-101 compliant Technical Report.
Cautionary Statement Regarding PEA
The PEA is preliminary in nature and includes inferred mineral resources that are
considered too speculative geologically to have the economic considerations applied to
them that would enable them to be categorized as mineral reserves, and there is no
certainty that the preliminary economic assessment will be realized. Mineral resources are
not mineral reserves and do not have demonstrated economic viability.
Preparation of the PEA
The PEA was prepared by the independent consultant s Edgar Vilela, BEng Mining,
FAusIMM CP (Mining), and Donald Hickson, B.A.Sc., P.Eng., CIP, in accordance with NI
43-101 and has an effective date of May 31, 2025. The technical report relating to the PEA
will be filed on SEDAR and posted to the Company’s website within 45 days of this news
release. The Company also engaged David Heyl (Qualified Person as defined by NI 43-
101) for the supervision of the resource modeling.
As a result of this PEA, the Technical Report for the Nueva Recuperada project with an
effective date of February 13, 2023, including the estimates of mineral resources contained
therein, is no longer current and should not be relied upon by investors.
Independent Qualified Person(s)
Mr. A. David Heyl, B.Sc., C.P.G., who is a qualified person under NI 43-101, has reviewed
and approved the technical content of this news release for Silver X. With over 35 years of
field and upper management experience, Mr. Heyl has a solid geological background in
generating and conducting exploration and mining programs for gold, rare earth metals,
and base metals, resulting in several discoveries. Mr. Heyl has 20 years of experience in
Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper,
and spent over twelve years working in and supervising underground and open pit mining
operations in the Americas. Heyl is a consultant for Silver X.
7
Mr. Edgard Vilela who is a qualified person and chartered professional in mining with the
grade of Fellow of AusIMM, has reviewed and approved the content of the chapter 16 and
technical content of this news release for Silver X. With over 25 years of field and upper
management experience. Mr. Vilela has a solid mining background in operating and short
and long term mine planning and projects development for gold, silver and polymetallic
deposits. Mr. Vilela has worked in several mines in Perú as Volcan Mining Company, Pan
American Silver, Fortuna Mining as Mining Chief, Technical Manager and Manager of
Planning and projects development in addition to consulting developing mining projects in
México, Chile, Argentina, Colombia and Perú. Vilela is a consultant for Silver X.
Donald Hickson, who is a qualified person and Professional Engineer registered in the
provinces of Alberta and British Columbia, Canada, has reviewed and approved the
technical content of this news release for Silver X. Mr. Hickson has over 30 years of
technical and management experience in the areas of mine waste and environmental
management. He has participated in the design, construction, operation and closure of
numerous tailings facilities, including projects/operations throughout North and South
America. Mr. Hickson is currently Managing Director of Envis and previously has held
senior technical and management positions at Ausenco, Amec, and Golder. Hickson is a
consultant for Silver X.
Cautionary Note regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the
Company's ongoing mining operations as referenced herein (the "Production Decision and
Operations") are based on economic models prepared by the Company in conjunction
with management's knowledge of the property and the existing estimate of inferred
mineral resources on the property. The Production Decision and Operations are not based
on a preliminary economic assessment, a pre-feasibility study or a feasibility study of
mineral reserves demonstrating economic and technical viability. Accordingly, there is
increased uncertainty and economic and technical risks of failure associated with the
Production Decision and Operations, in particular: the risk that mineral grades will be
lower than expected; the risk that additional construction or ongoing mining operations are
more difficult or more expensive than expected; and production and economic
variables may vary considerably, due to the absence of a detailed economic and technical
analysis in accordance with NI 43-101.
About Silver X
Silver X is a rapidly expanding silver producer and developer. The Company owns the
20,472-hectare Nueva Recuperada Silver Project in Central Peru and produces silver,
gold, lead, and zinc from its Tangana Mining Unit. We are building a premier silver
company that aims to deliver outstanding value to all stakeholders, consolidating and
developing undervalued assets, adding resources, and increasing production while
aspiring to sustain the communities that support us and stewarding the environment.
Current p roduction, paired with immediate development and brownfield expansion
8
opportunities, presents investors with the opportunity to invest in the early stages of a
silver producer with strong growth prospects. For more information visit our website at
www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. García CEO and Director
For further information, please contact:
Kaitlin Taylor
Investor Relations
+1 778 323 0959
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This press release contains forward -looking information within the meaning of
applicable Canadian securities legislation (“forward -looking information”). Generally,
forward-looking information can be identified by the use of forward-looking terminology
such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such wo rds and phrases or state that certain acts, events or results
“may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All
information contained in this press release, other than statements of current and
historical fact, is forward looking information. Forward-looking information contained in
this press release may include, without limitation, the results of the PEA, including the
production, operating and other cost estimates, metal price assumptions, cash flow
projections, metal recoveries, mine life projections and production rates for the Project
and the Company's expectations regarding potential opportunities to build upon the
PEA, the expected filing and approval of the ESIA, and the expected financial
performance of the Company.
The following are some of the assumptions upon which forward -looking information is
based: that general business and economic conditions will not change in a material
adverse manner; demand for, and stable or improving price for the commodities we
produce; receipt of regulatory and governmental approvals, permits and renewals in a
timely manner; that the Company will not experience any material accident, labour
dispute or failure of plant or equipment or other material disruption in the Company’s
operations at the Project and Nueva Recuperada Plant; the availability of financing for
operations and development; the Company’s ability to procure equipment and
operating supplies in sufficient quantities and on a timely basis; that the estimates of
the resources at the Project and the geological, operational and price assumptions on
which these and the Company’s operations are based are within reasonable bounds of