Silver X Mining Corp. Delivers Record 1Q26 Results with $4.6M Net Income and Significant Balance Sheet Expansion (All dollar amounts expressed in US dollars unless otherwise noted)
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SILVER X MINING CORP
620 – 1111 Melville Street, Vancouver, BC V6E 3V6, Canada
Silver X Mining Corp. Delivers Record 1Q26 Results with
$4.6M Net Income and Significant Balance Sheet Expansion
(All dollar amounts expressed in US dollars unless otherwise noted)
Vancouver, British Columbia - May 29, 2026 - SILVER X MINING CORP. (TSX- V: AGX)
(OTCQX: AGXPF) (F: AGX) ("Silver X" or the "Company"), a growing precious metals producer
building a multi-asset platform in Peru, reports its financial results for the three months ended March
31, 2026, from its Nueva Recuperada Project.
1Q26 Highlights: Strong Revenue Growth and Significant Balance Sheet Expansion
Silver X delivered a strong start to 2026, driven by higher realized metal prices, increased mill
throughput, and continued operational execution.
Key highlights include:
• Net operating revenue of $13.4 million, up 155% compared to 1Q25 and 40% compared to
4Q25
• Operating income of $ 7.0 million, up 791% compared to $0.8 million in 1Q25 and 89%
compared to $3.7 million in 4Q25
• Net income of $4.6 million, compared to a net loss of $0.3 million in 1Q25 and a net loss of $4.0
million in 4Q25
• EBITDA of $ 6.1 million and adjusted EBITDA of $ 5.9 million, reflecting a significant
improvement and stronger performance compared to prior periods
• Cash and cash equivalents of $53.8 million at quarter-end, up from $10.1 million at December
31, 2025
• Total assets of $129.6 million, up from $75.4 million at December 31, 2025
• Closed a $50.3 million senior secured convertible debenture financing on March 18, 2026, the
largest financing in the Company's history
• Completed the acquisition of the Pampas Gold-Silver Project, transitioning Silver X into a multi-
asset platform in central Peru
These results reflect the combined impact of higher metal prices, improved operating performance,
and the successful execution of a transformational capital raise, reinforcing the Company’s ability
to grow and generate margin expansion.
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Higher Metal Prices Driving Revenue and Profitability
The first quarter benefited from significantly stronger realized prices across key metals:
• Silver realized price averaged $91.39/oz, up 189% year-over-year and 26% sequentially
• Gold realized price averaged $5,131/oz, up 81% year-over year and 27% sequentially
Stronger metal prices, combined with solid operating performance and improved ore quality, drove
materially higher revenues and earnings during the quarter.
Improved Throughput, Grades and Mine Performance
Operational performance continued to strengthen during the quarter, supported by higher mill
throughput, stable mining volumes, and improved ore quality:
• Ore processed of 44,883 tonnes, an increase of 12% year-over-year
• Ore mined totaled 40,946 tonnes, consistent with prior-year levels
• Silver production increased 35% year-over-year and 9% sequentially
• Improved silver and gold head grades, reflecting ongoing optimization of mine sequencing
Higher mill throughput reflects continued operational improvements at the plant, enabling increased
processing volumes while maintaining stable mining rates. At the same time, stronger head grades
highlight the effectiveness of the Company’s strategy to prioritize higher-value material.
Silver X continues to focus on value over volume, optimizing mine sequencing and ore selection to
enhance margins and overall economic performance. These initiatives also support the Company’s
ongoing ramp-up toward its targeted production capacity of 1,000 tpd in 3Q26.
Cost Structure and Margin Performance
Cost performance for the quarter reflects an ongoing investment phase aligned with the Company's
growth trajectory. Cash costs were $ 151.71 per tonne processed ($ 37.84 per AgEq ounce) and
AISC was $213.43 per tonne ($53.24 per AgEq ounce).
The Company's average realized silver price of $91.39 per ounce against AISC of $53.24 per AgEq
ounce translated into an ASIC margin of $38.15 per AgEq ounce , underscoring the structural
earning power of the operation at current price levels.
AISC for the period reflects sustaining capital expenditures associated with mine development at
the Tangana Mining Unit, the new copper concentrate line at the Recuperada plant, tailings
infrastructure, and capacity build -out — all of which support the Co mpany's progression toward
1,000 tpd in 3Q26.
Strengthened Balance Sheet and Strategic Capital Position
1Q26 represented a transformational quarter for the Company's balance sheet:
• Closed a $ 50.3 million senior secured convertible debenture financing on March 18, 2026,
providing capital to fund development, exploration, and growth initiatives
• Ended the quarter with $53.8 million in cash and cash equivalents — more than five times the
prior year-end balance of $10.1 million
• Total assets grew to $129.6 million, an increase of 70% from year-end 2025
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The Company is now fully capitalized and is advancing its growth plan at Nueva Recuperada,
continuing its ongoing exploration program, and integrating the Pampas Project — without the need
for additional equity financing.
Advancing Growth Strategy and Multi-Asset Platform
Silver X continues to execute on its growth plan:
• Progressing toward a run-rate of 1,000 tpd production in 3Q26
• Advancing a 40,000 -meter diamond drill program at Nueva Recuperada, with 8,732 metres
completed in 1Q26, to expand and upgrade resources at the Tangana Mining Unit
• Continuing exploration across satellite projects within the Nueva Recuperada district, including
Plata, Red Silver, and Blenda Rubia
• Completing the acquisition of the Pampas Gold-Silver Project, a district-scale exploration asset
in central Peru, to complement the existing Nueva Recuperada operation
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Supported by a significantly strengthened balance sheet following the recent financing, the
Company is well positioned to advance its development and exploration initiatives.
These initiatives support both near -term production growth and long -term value creation, with a
clear path toward approximately 6 million silver equivalent ounces of annual production by 2029.
CEO Commentary
José M. Garcia, CEO, commented, "The first quarter of 2026 represents a defining quarter for Silver
X. We delivered record revenue, returned the Company to profitability, and closed the largest
financing in our history, while completing the acquisition of Pampas which is our second district -
scale asset in Peru. The strength of precious metals prices, combined with disciplined execution at
Nueva Recuperada, has translated into meaningful margin expansion and a fundamentally
transformed balance sheet. We are fully capitalized and advancing our growth plan: ramping up
Tangana toward 1,000 tonnes per day in Q3, completing our 40,000 -metre drill program, and
integrating Pampas. With this foundation, we remain firmly on track to meet our medium-term target
of approximately 6 million silver -equivalent ounces of annual production by 2029, supported by a
multi-asset platform built for sustained value creation."
Silver X to Host Live Investor Webinar
Silver X will host a live investor webinar on Wednesday, June 17, 2026 at 11:00am Eastern Time
(8:00am Pacific Time), during which management will review the Company’s operational
momentum, recent strategic developments, and priorities for the remainder of 2026. The webinar
will include a live question and answer session with management.
Webinar Details
Date: Wednesday, June 17, 2026
Time: 11:00am Eastern Time (8:00am Pacific Time)
Format: Live Zoom Webinar with Q&A
Registration Link
Investors and interested parties are encouraged to register in advance. A replay of the webinar will
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be made available on the Company’s website following the event.
Operating and Financial Highlights
1 Realized price corresponds to the average sales price to the final customer.
2Average Realized Price, AgEq sold, cash cost per AgEq ounce produced and AISC per AgEq ounce produced are non -IFRS ratios
with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. F or
further information, including detailed reconciliations to the most directly comparable IFRS measures, see "Non-IFRS Measures" in the
MD&A.
3AgEq ounces processed and produced were calculated based on all metals processed and produced using the average market prices
of each metal for each month during the period as published by the London Bullion Metals Association and the London Metal Exchange
official websites. Revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal recoveries
are built into the sales amounts.
1Q26 1Q25 % Change 4Q25 % Change
Average Realized Prices 1, 2
Silver ($/oz) 91.39 31.60 189.2% 72.52 26.0%
Gold ($/oz) 5,131.47 2,839.06 80.7% 4,026.39 27.4%
Zinc ($/lbs) 1.36 1.23 11.0% 1.34 1.6%
Lead ($/lbs) 0.93 0.90 3.4% 0.87 7.5%
Operating Results
Ore mined (tonnes) 40,946 41,160 -0.5% 38,618 6.0%
Ore processed (tonnes) 44,883 40,200 11.6% 41,635 7.8%
AgEq processed (oz) 3 253,114 306,726 -17.5% 266,995 -5.2%
AgEq produced (oz) 3 179,941 240,248 -25.1% 197,004 -8.7%
Per AgEq ounces produced:
Cash cost ($) 37.84 21.82 -73.4% 30.37 -24.6%
All-In-Sustaining costs ($) 53.24 27.51 -93.5% 40.20 -32.4%
Per Tonnage processed:
Cash cost ($) 151.71 130.40 -16.3% 143.69 -5.6%
All-In-Sustaining costs ($) 213.43 164.44 -29.8% 190.19 -12.2%
Financial Results
Operating revenue (gross) 13,919,082$ 6,013,336$ 131.5% 9,940,492$ 40.0%
Treatment and refining charges and penalties (488,319) (747,178) 34.6% (310,339) -57.4%
Operating revenue (net) 13,430,763 5,266,158 155.0% 9,630,153 39.5%
Net income before tax 5,342,687$ 20,084$ 26,501.7% (3,040,944)$ N/A
Net income (loss) 4,584,499 (330,701) N/A (4,019,548) N/A
Earnings (loss) per share 0.016 (0.002) N/A (0.015) N/A
EBITDA 6,096,061 403,450 1,411.0% (2,473,933) N/A
Adjusted EBITDA 5,944,314 409,045 1,353.2% 3,053,931 94.6%
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Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Cash Cost and AISC Calculation
The company’s condensed interim consolidated financial statements and management’s discussion
and analysis for the three months ended March 31, 2026 are available on the Company’s website
at www.silverxmining.com and on SEDAR+ at www.sedarplus.ca.
Qualified Person
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. Mr. A. David Heyl is a consultant
for Silver X.
About Silver X
Silver X is a growing silver producer building a multi-asset precious metals platform in Peru. The
Company’s portfolio includes the Nueva Recuperada Project, a district-scale land package of over
20,000 hectares with two mining units and more than 200 exploration targets, as well as the
Quarter
1Q26 1Q25 % Change 4Q25 % Change
Net income (loss) $ 4,584,499 $ (330,701) N/A $ (4,019,548) N/A
Income tax expense 758,188 350,785 -116.1% 978,604 22.5%
Finance cost 371,895 165,208 -125.1% 235,567 -57.9%
Amortization 381,479 218,158 -74.9% 331,444 -15.1%
EBITDA $ 6,096,061 $ 403,450 1,411.0% $ (2,473,933) N/A
Foreign exchange gain (234,851) (82,615) 184.3% (31,507) 645.4%
Provision for administrative sanctions - - N/A 4,932,155 100.0%
Share-based payments 83,104 88,210 5.8% 627,216 86.8%
Adjusted EBITDA $ 5,944,314 $ 409,045 1,353.2% $ 3,053,931 94.6%
Adjusted EBITDA per share $ 0.021 $ 0.002 958.0% $ 0.011 88.7%
Quarter
1Q26 1Q25 % Change 4Q25 % Change
AgEq ounces produced 179,941 240,248 -25.1% 197,004 -8.7%
Tonnage processed 44,883 40,200 11.6% 41,635 7.8%
Totals:
Cash costs $ 6,809,174 5,241,948 -29.9% 5,982,363 -13.8%
Sustaining costs 2,769,984 1,368,374 -102.4% 1,936,240 -43.1%
All-In-Sustaining costs $ 9,579,158 6,610,322 -44.9% 7,918,603 -21.0%
Per AgEq ounces produced:
Cash costs $ 37.84 21.82 -73.4% 30.37 -24.6%
Sustaining costs 15.39 5.70 -170.3% 9.83 -56.6%
All-In-Sustaining costs $ 53.24 27.51 -93.5% 40.20 -32.4%
Per Tonnage processed:
Cash costs $ 151.71 130.40 -16.3% 143.69 -5.6%
Sustaining costs 61.72 34.04 -81.3% 46.51 -32.7%
All-In-Sustaining costs $ 213.43 164.44 -29.8% 190.19 -12.2%
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recently acquired Pampas Project.
With existing production, scalable expansion opportunities, and significant exploration upside,
Silver X is positioned for continued growth and long-term value creation. For more information visit
our website at www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. Garcia
CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
NON-IFRS MEASURES
The Company has included certain non-IFRS financial measures and ratios in this news release,
as discussed below. The Company believes 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 ot her
issuers.
EBITDA and Adjusted EBITDA
“EBITDA” is comprised as income (loss) less interest, income tax and depreciation and
amortization. Management believes that EBITDA is a useful indicator for investors, and is used by
management, in evaluating the operating performance of the Company. See “Reconciliation of Net
(Loss) / Income to Adjusted EBITDA” for a quantitative reconciliation of EBITDA to the most directly
comparable financial measure.
“Adjusted EBITDA” is comprised as income (loss) less interest, income tax, depreciation,
amortization, share-based compensation, foreign exchange gain (loss), and certain non‑recurring
or non ‑cash items where applicable . Management believes that Adjusted EBITDA is a useful
indicator for investors, and is used by management, in evaluating the operating performance of the
Company. See “Reconciliation of Net (Loss) / Income to Adjusted EBITDA” for a quantitative
reconciliation of Adjusted EBITDA to the most directly comparable financial measure.
Cash Costs and All-In Sustaining Cost (“AISC")
The Company uses cash costs, cash costs per AgEq ounce produced, AISC, and AISC per AgEq
ounce produced to manage and evaluate its operating performance in addition to IFRS measure
because Company believes that conventional measures of performance prepared in accordance
with IFRS do not fully illustrate the ability of its operations to generate cash flows. The Company
understands that certain investors use these measures to determine the Company’s ability to
generate earnings and cash flows for use in investing and other activities. Management and certain
investors also use this information to evaluate the Company’s performance relative to peers who
present this measure on a similar basis.
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Cash costs are calculated by starting with cost of sales, and then adding treatment and refining
charges, and changes in depreciation and amortization. Total cash production costs include cost
of sales, changes in ore and concentrate inventories, changes i n depreciation and amortization,
less transportation and other selling costs and royalties. Cash costs per AgEq ounce is calculated
by dividing cash costs by the AgEq ounces produced.
AISC and AISC per AgEq ounce produced are calculated based on guidance published by the World
Gold Council (and used as a standard of the Silver Institute). The Company presents AISC based
on AgEq ounces produced. AISC is calculated by taking the cash costs and adding sustaining costs.
Sustaining costs are defined as capital expenditures and other expenditures that are necessary to
maintain current production. Management has exercised judgment in making this determination.
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 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.
Cautionary Statement Regarding “Forward-Looking” Information
This press release contains forward-looking information within the meaning of applicable Canadian
securities legislation (“forward -looking information”). Forward -looking information is generally
identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, or
similar expressions, including statements that certain events or results “may”, “could”, “would” or
“will” occur. All statements other than historical facts constitute forward -looking information,
including, without limitation, statements regarding exploration plans, operating results, expected
project performance, the potential for resource expansion at Tangana, the economic viability of the
Tangana Mining Unit, and the Company’s expected financial performance.
Forward-looking information is based on a number of assumptions, including that general economic
and business conditions will not materially worsen; commodity demand and prices will remain stable
or improve; required permits and approvals will be obtained on a timely basis; operations will not be
materially disrupted by accidents, labour issues or equipment failures; financing will be available;
equipment and supplies will be accessible as needed; resource estimates and underlying
assumptions (including size, grade and recovery) are reasonable; and the Company will be able to
attract and retain qualified personnel and execute its strategic objectives.
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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 expressed 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.sedarplus.ca 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 materially 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.
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.