Silver X Mining Corp.

Q2 silver equivalent (AgEq) production increased 36% YoY to 0.28 Moz, driven by higher throughput (processing rate). While AgEq production was in line with our estimate, silver production exceeded our forecast due to higher than expected grades. As the operation ramps up from 700 tpd to the targeted 1,000 tpd later this year, we maintain our 2026 production forecast of 1.08 Moz AgEq (+33% YoY). Management continues to target annual production of 6 Moz AgEq by 2029.

Revenue increased 221% YoY to a record $17.3M, exceeding our estimate by 22%, primarily driven by higher metal prices. EPS improved YoY, from -$0.0003 to $0.011, vs our forecast of $0.005. 

Overall, Q2 results significantly exceeded our expectations, reflecting strong operational execution. We will publish a detailed update shortly.

Q2 production rose 57% QoQ to 283 Koz silver equivalent (AgEq), driven by higher plant throughput (processing rate) and improved grades. We had expected production to remain relatively flat QoQ, with stronger growth in H2 as part of the company's rapid production expansion plan. Throughput increased from 500 tpd in Q1, to 684 tpd in Q2, and is expected to reach 1,000 tpd later this year.

Despite strong production growth, AGX remains significantly undervalued relative to junior silver producers, trading at a 61% discount on EV/Revenue (1.45x vs. 3.72x), and a 48% discount on EV/EBITDA (3.13x vs. 6.00x).

Results from five additional holes at the past-producing Blenda Rubia mine, part of AGX’s Nueva Recuperada property in Peru, all intersected polymetallic mineralization, across a wider zone than previously expected. The results indicate that mineralization is not limited to narrow veins, but instead forms a continuous mineralized corridor, which could support larger, more mineable volumes, and improve the overall resource potential of the area.

Blenda Rubia is located 2 km from the Nueva Recuperada processing plant, providing a potential fast-track route to production, with relatively low CAPEX, as no on-site processing facility would be required. No formal resource has yet been calculated for this target. In 2025, the project produced 0.8 Moz of silver equivalent. We are awaiting the company’s 2025 audited financial statements.