Silver X Files Preliminary Economic Assessment Technical Report with Updated Mineral Resource Estimate
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SILVER X MINING CORP
Suite 1012 – 1030 West Georgia Street | Vancouver, BC | V6E 2Y3
SILVER X FILES PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL
REPORT WITH UPDATED MINERAL RESOURCE ESTIMATE
Vancouver, BC, October 17, 2025 - Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF)
(F: AGX) (“Silver X” or the “Company”) is pleased to announce the filing 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.
Positive PEA results demonstrate the upside of having two operating mines, Tangana and
Plata, which together have the necessary resources and the potential to establish Silver
X as a mid-tier silver producer.
“We are extremely excited to publish this expanded PEA, which confirms what we have
believed since the inception of our company – Nueva Recuperada is a district -scale silver
project with the potential to operate and grow for decades,” stated José García, CEO of Silver
X. “With a 14-year mine life at 3,000 tonnes per day and average annual production of more
than six million ounces of silver equivalent, the study provides a concrete framework for scaling
Silver X into a mid-tier producer. Our plan to operate two milling facilities – one at Tangana and
one dedicated to Plata – is now fully validated as both achievable and value-accretive.”
Mr. García continued: “The strong investor support in our recent oversubscribed bought deal
reinforces that this vision is widely shared. This financing gives us the flexibility to immediately
begin executing the development plan – upgrading and expanding resources, optimizing mine
operations, and accelerating the restart at the Plata Mining Unit. With both technical validation
and financial backing now in place, we are advancing confidently toward becoming one of South
America’s most significant silver producers.”
PEA Highlights (2025)
• After-Tax Net Present Value (NPV) of $439 million at a 5% discount rate
• Average annual production of approximately 6.2 million ounces of silver equivalent
(AgEq)1, excluding first and last years of LOM.
• Life of Mine (LOM) of 14 years at a maximum of 3,000 tpd combined mining and
processing capacity.
• Initial Capex of $82 million, including 13% contingency, for the new processing facility,
dry-stacked tailings and mine development.
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• After-tax payback of 3.0 years.
• LOM Cash Costs of $11.8/oz AgEq and LOM All-In Sustaining Costs (“AISC")2 of
$15.8/oz AgEq.
• Cumulative cashflow of $606 million after tax over 13 years on base case.
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.
The PEA was prepared by Edgard Vilela, AusIMM, CP (Mining), Allen David Heyl, MAusIMM
CP (Geo), Adam Johnston, FAusIMM, CP (Met) and Donald Hickson, P.Eng. (Alberta) in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI
43-101”) and has an effective date of May 31st, 2025.
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.
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.
Mr. Edgard Vilela who is 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.
Donald Hickson, a Qualified Person and Professional Engineer registered in the provinces of Alberta and
British Columbia, Canada, 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.
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Hickson is currently Managing Director of Envis, and previously has held senior technical and management
positions at Ausenco, Amec, and Golder.
Adam Johnston, who is a Qualified Person and a Chartered Professional with the Australian Institute of
Metallurgy has reviewed and approved the technical content of this news release for Silver X. Mr
Johnston has over 30 years of experience in the metallurgical testing, plant design, and plant operations
of base metal and precious metal ores. He is a graduate of the Western Australian School of Mines with
Bachelor of Minerals Engineering, 1995. Mr Johnston is currently Chief Metallurgist at Transmin .
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 Mining Corp. is a rapidly expanding silver producer and developer advancing the Nueva
Recuperada Project in Peru, a 20,795-hectare, district-scale land package with two mining units
and over 200 targets. Current production at the Tangana Mining Un it is scaling alongside the
planned restart of the Plata Mine, supporting a path to ~6 million AgEq ounces annually by 2029.
With immediate revenue, scalable growth, and long -term discovery upside — all within one
integrated project — Silver X is building the next-generation silver company defined by growth,
resilience, and responsible mining. 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
+1.778.887.6861
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.
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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 suc h 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 words and
phrases or state that certain acts, events or re sults “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
accuracy (including with respect to size, grade and recovery); the Company’s ability to attract
and retain skilled personnel and directors; and the ability of management to execute strategic
goals.
Forward-looking information is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of the
Company, as the case may be, to be materially different from those e xpressed or implied by
such forward -looking information, including but not limited to those risks described in the
Company’s annual and interim MD&As and in its public documents filed on www.sedar.com
from time to time. Forward -looking statements are based on the opinions and estimates of
management as of the date such statements are made. Although the Company has attempted
to identify important factors that could cause actual results to differ materia lly from those
contained in forward-looking information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update any forward -looking
information, except in accordance with applicable securities laws.
Non-IFRS Measures
The Company has included certain non-IFRS financial measures and ratios in this news
release, such as Cash Costs and All-In Sustaining Costs (“AISC”). The Company believes
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that these measures, in addition to measures prepared in accordance with IFRS, provide
investors an improved ability to evaluate the underlying performance of the Company. The
non-IFRS measures and ratios are intended to provide additional information and should not
be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. These financial measures and ratios do not have any standardized
meaning prescribed under IFRS, and therefore may not be comparable to other issuers.