Silver X Has 152 Million Ounces, Already Producing and Its Biggest Growth Phase May Still Be Ahead

Silver X Mining Corp. (TSXV: AGX)

Disclaimer

This material is provided for informational and educational purposes only and should not be considered financial, investment, legal, tax, or other professional advice. The views expressed are based on publicly available information, company filings, company presentations, technical reports, market data, and personal analysis at the time of writing, and they may change without notice. While every effort has been made to present accurate and reasonable information, no representation or warranty is made regarding its completeness, accuracy, or reliability.

Mining and resource investments are highly speculative and involve substantial risks, including but not limited to commodity price volatility, underground mining risk, grade control risk, dilution risk, metallurgical recovery risk, processing risk, concentrate offtake risk, permitting risk, financing risk, cost inflation, currency risk, political and social risk, operational ramp-up risk, exploration risk, reserve conversion risk, and share dilution. Past performance is not indicative of future results.

Any discussion of valuation, upside potential, project economics, management quality, or future catalysts reflects opinion rather than certainty. Readers should conduct their own due diligence and consult a licensed financial advisor or other qualified professional before making any investment decisions. The author may hold positions in some of the companies mentioned and may buy or sell securities without further notice.

Introduction

Silver X Mining Corp. is a silver, gold, lead, and zinc producer and developer focused on the Nueva Recuperada Silver Project in Huancavelica, central Peru. The company’s story is simple: this is not just a grassroots exploration company with a dream and a drill rig. Silver X already has production from the Tangana Mining Unit, a permitted processing plant, a large land package, and a 2025 PEA that outlines a possible path toward a much larger district-scale silver operation.

The company owns the Nueva Recuperada project, a district-scale land package of roughly 20,795 hectares with more than 200 targets and more than 500 veins and splits identified. The project includes the producing Tangana Mining Unit, the development-stage Plata Mining Unit, and additional brownfield and exploration targets across the district. The company’s 2026 corporate presentation describes Nueva Recuperada as a growing silver-gold district integrating production, development, and exploration assets, with Tangana currently producing and Plata positioned as the next major growth leg.

The bull case is that Silver X has a rare combination for a junior silver company: current production, a large silver-equivalent resource base, a recent PEA with strong economics, and a clear expansion pathway. The company’s 2025 PEA outlines a 3,000 tpd operation, 14-year mine life, average annual production of about 6.2Moz AgEq, after-tax NPV5% of US$439M, after-tax IRR of 69%, LOM cash cost of US$11.8/oz AgEq, and AISC of US$15.8/oz AgEq.

The main risks are also clear: Silver X is still a small producer, operations are underground, the PEA is preliminary, the project includes inferred resources, expansion requires capital, and the company still needs to prove consistent production growth, cost control, permitting progress, and disciplined dilution management.

Projects / Location / MRE / Grades

1) Nueva Recuperada Silver Project, Peru — Flagship District Asset

Main asset

Silver X’s main asset is the Nueva Recuperada Silver Project in central Peru, located in the Huachocolpa mining district. The project produces silver, gold, lead, and zinc from the Tangana Mining Unit and includes the Plata Mining Unit as a restart and development opportunity. Silver X describes the asset as a multi-asset silver platform with centralized processing infrastructure and multiple mining units across production, development, and exploration.

The project includes:

• Tangana Mining Unit, currently in production • Plata Mining Unit, restart-ready development asset • Recuperada processing plant • Brownfield expansion targets • Victoria and Ccasahuasi gold-silver targets • More than 200 targets • More than 500 veins and splits • Large 20,795-hectare district land package • 40,000m drill program underway or recently commenced

The key investment point is that Silver X is attempting to build a district-scale silver producer, not just operate one small mine. Tangana is the current cash-flow base, while Plata is the expansion lever. If Silver X can move from hundreds of thousands of AgEq ounces per year toward the PEA target of more than 6Moz AgEq annually, the company could shift from “small producer” status into the emerging mid-tier silver producer category.

Grade feel

Nueva Recuperada is not a low-grade bulk-tonnage silver story. The grades are structurally high for an underground polymetallic silver system. The 2025 resource table shows total measured and indicated resources of 3.91Mt at 3.85 oz/t silver, 0.461 g/t gold, 2.44% lead, 3.18% zinc, and 9.12 oz/t AgEq, containing 35.6Moz AgEq. Inferred resources total 15.11Mt at 4.51 oz/t silver, 0.265 g/t gold, 1.49% lead, 1.72% zinc, and 7.5 oz/t AgEq, containing 116.6Moz AgEq.

This is important because the silver-equivalent grade is high enough to support underground mining, especially if the company can control costs, maintain recoveries, and access better mining fronts.

Mineral Resource Estimate

The updated 2025 mineral resource is one of the core reasons Silver X is becoming more interesting. The company’s 2026 presentation shows the following resource base:

Measured: • 1.63Mt • 3.09 oz/t Ag • 0.691 g/t Au • 2.46% Pb • 2.77% Zn • 8.56 oz/t AgEq • 14.0Moz AgEq • 5.1Moz silver • 36.3koz gold • 40.1kt lead • 45.2kt zinc

Indicated: • 2.28Mt • 4.39 oz/t Ag • 0.297 g/t Au • 2.43% Pb • 3.47% Zn • 9.52 oz/t AgEq • 21.7Moz AgEq • 8.9Moz silver • 21.7koz gold • 51.2kt lead • 70.0kt zinc

Total Measured and Indicated: • 3.91Mt • 3.85 oz/t Ag • 0.461 g/t Au • 2.44% Pb • 3.18% Zn • 9.12 oz/t AgEq • 35.6Moz AgEq • 14.0Moz silver • 58.0koz gold • 91.3kt lead • 115.1kt zinc

Total Inferred: • 15.11Mt • 4.51 oz/t Ag • 0.265 g/t Au • 1.49% Pb • 1.72% Zn • 7.5 oz/t AgEq • 116.6Moz AgEq • 68.9Moz silver • 171.1koz gold • 225.4kt lead • 269.3kt zinc

The effective date of the updated resource is May 31, 2025, and the resource uses a roughly US$60/t cut-off grade. The company also notes that mineral resources are not mineral reserves and do not have demonstrated economic viability.

Grade feel

This is a strong underground polymetallic silver resource. The silver-equivalent grade of 9.12 oz/t AgEq for measured and indicated resources is meaningful. The inferred resource is much larger than the M&I resource, which gives Silver X a large growth runway, but also creates one of the biggest risks: a lot of the PEA growth story depends on upgrading and converting inferred material into higher-confidence categories.

In plain language, the rock looks exciting, but the company still needs to prove more of it with drilling.

Nueva Recuperada PEA — Economics

The 2025 PEA is the main valuation anchor for Silver X. The PEA outlines a district-scale mining and processing plan built around two mining units: Tangana and Plata.

Key PEA highlights:

• 14-year life of mine • 3,000 tpd combined mining and processing capacity • Two mining units: Tangana and Plata • Average annual production of approximately 6.2Moz AgEq • Peak production of 8.7Moz AgEq • After-tax NPV5%: US$439M • After-tax IRR: 69% • LOM cash cost: US$11.8/oz AgEq • LOM AISC: US$15.8/oz AgEq • Initial capex: US$82M, including 13% contingency • Average ore value: US$166.4/t • Average underground mining cost: US$36.3/t • Processing cost: US$12.7/t • Overheads: US$14.90/t • Average total cost: US$75/t

The PEA assumes a mine plan that ramps from lower early-year throughput toward a larger steady-state operation, with year 1 at 310,250 tonnes per year, year 2 at 547,500 tonnes, year 3 at 912,500 tonnes, and years 4 to 11 at 1,095,000 tonnes per year.

The metals price assumptions used in the April 2026 company presentation were:

• Silver: US$33.2/oz • Gold: US$2,928/oz • Lead: US$0.93/lb • Zinc: US$1.34/lb

The company’s presentation summarizes the PEA as supporting a move toward 3,000 tpd, a 14-year mine life, and more than 6Moz AgEq annual production.

Economic feel

The headline economics are strong. A US$439M after-tax NPV5% versus a company that was presented with a market capitalization of about C$324M as of February 23, 2026 gives a clear reason why investors are paying attention. The project economics suggest meaningful upside if Silver X can execute the expansion plan.

However, the PEA is still preliminary. Silver X clearly warns that the PEA includes inferred mineral resources, which are geologically speculative, and there is no certainty that the PEA will be realized. The company also states that its production decision and current operations were not based on a feasibility study of mineral reserves demonstrating economic and technical viability.

That means the opportunity is real, but so is the execution risk.

2) Tangana Mining Unit — Current Producing Asset

Tangana is the current production engine of Silver X. The Tangana Mining Unit began commercial production in January 2023 and is currently focused on only a small portion of the broader resource. The company describes Tangana as a producing underground mine with silver, gold, lead, and zinc mineralization. The April 2026 presentation shows Tangana production at around 750 tpd, with plans to expand toward 1,500 tpd.

Tangana project snapshot:

• Stage: Producing underground mine • Metals: silver, gold, lead, zinc • Current production: around 750 tpd • Expansion target: around 1,500 tpd • Processing: Recuperada plant, with a new Tangana mill planned closer to site • Mine life: around 14 years • Resource: 10.4Mt at 7.24 oz/t AgEq, or roughly 75.8Moz AgEq • Upside: resource based on only 4 of more than 40 identified veins

The key point is that Tangana is already producing, but the current operation is still small relative to the potential outlined in the PEA. If Tangana can move from current throughput toward 1,000 tpd and eventually 1,500 tpd, Silver X’s revenue and operating leverage could change dramatically.

Recent production performance

Silver X reported improved production momentum in late 2025 and early 2026. In Q4 2025, processed tonnage increased to 41,635 tonnes, up 24% from 33,505 tonnes in Q3 2025. AgEq ounces processed rose to 266,995 oz, up 17% sequentially. Gold production increased 67% quarter-over-quarter to 667 oz.

In Q1 2026, processed tonnage increased again to 44,883 tonnes, up 8% from Q4 2025. Silver ounces processed increased to 125,195 oz, up 10% sequentially, while gold ounces processed rose to 1,419 oz, up 20%. The company also reported that March 2026 throughput stabilized at approximately 750 tpd and underground development reached a record 1,010 meters in March.

Production feel

This is one of the most important things to watch. Silver X is showing operational improvement, but it is not yet a fully proven high-margin producer at scale. The market will likely reward the company if Tangana continues to increase throughput, improve grades, reduce unit costs, and generate stronger operating cash flow.

3) Plata Mining Unit — Restart and Expansion Asset

The Plata Mining Unit is the second major pillar of Silver X’s growth plan. Plata is a development-stage underground mine restart opportunity within the same district. It is important because the PEA growth plan depends on two mining units, not just Tangana.

Plata project snapshot:

• Stage: Development / restarting underground mine • Metals: silver, gold, lead, zinc • Full production capacity target: 1,500 tpd • Historical production: around 1.8Mt mined at approximately 16.03 oz/t AgEq • Mine life: around 14 years • Resource: 6.5Mt at 7.24 oz/t AgEq, or around 47.3Moz AgEq • Technical basis: 2025 PEA • Target production start: 2027 • 2028 target: increase production to 720 tpd • 2029 target: full capacity of 1,500 tpd

The company’s presentation states that Plata has historically high-grade mineralization and strong resource expansion potential.

Plata’s high-grade resource details include:

• 0.99Mt indicated at 5.91 oz/t silver, 2.36% lead, 4.11% zinc, and 10.53 oz/t AgEq • 5.55Mt inferred at 3.79 oz/t silver, 1.53% lead, 2.52% zinc, and 6.65 oz/t AgEq

The system has 17 surface-exposed mineralized veins, and mineralization remains open at depth with limited exploration below Level 520.

Plata feel

Plata is the transformation asset. Tangana makes Silver X a producer. Plata is what could potentially turn Silver X into a larger producer. If Plata restarts smoothly and ramps toward the PEA plan, Silver X could become a meaningfully larger silver-equivalent producer. But if Plata is delayed, underfunded, or lower grade than expected, the growth story slows down.

Share Structure / Ownership / Insiders

Capital Structure

Silver X’s April 2026 presentation listed the following capital structure as of February 23, 2026:

• Market capitalization: C$324M • Shares outstanding: 284M • Warrants: 51M • Options: 6.9M • RSUs: 0.5M • Fully diluted shares: 342.3M

The same presentation stated 15-20% insider ownership with institutional support, while the shareholder breakdown showed 85% retail, 6% management, and 9% institutional ownership.

Share structure feel

The share structure is not tight. Silver X has already diluted shareholders and still has a meaningful number of warrants and options outstanding. The basic share count of around 284M is workable for a junior producer, but the fully diluted count of about 342.3M means investors need to account for future dilution from warrants and options.

The positive side is that dilution has helped fund growth and development. The negative side is that Silver X still needs capital to execute the full PEA expansion plan. The PEA’s initial capex estimate is US$82M, which is meaningful for a company of this size. Unless operating cash flow becomes strong enough to fund expansion internally, future debt, streaming, offtake financing, equity, or a mix of all four may be required.

Ownership / Insiders

The company presentation states 15-20% insider ownership. That is meaningful but not extremely high. It is enough to suggest some alignment, but Silver X is not an insider-controlled story in the same way as some tightly held founder-led mining companies.

People / Management

José M. García, CEO & Director

José M. García is the key person behind the Silver X story. He is co-founder of the predecessor company, Latitude Silver, and has more than 20 years of mining engineering, operations, and production experience across Peru, Chile, Spain, Australia, and Switzerland. His background includes experience with Anglo American, Inmet, and BHPB, and he is also described as a World Economic Forum Leadership Fellow.

Management feel: García’s background is highly relevant because Silver X is not just an exploration story. This is an underground mining, processing, permitting, financing, and production ramp-up story. The company needs technical and operational execution, not just promotion.

David Gleit, CFO

David Gleit has more than 25 years of experience leading international mining, construction, and asset management firms. His previous experience includes CFO of Sierra Sun Group, CFO and corporate strategy and risk officer at STRACON, and Corporate Development Officer at Volcan Compañia Minera. He holds an MBA in Finance from Drexel University and a BA from the University of Vermont.

Management feel: This is important because Silver X will likely need creative but disciplined financing to execute the expansion plan. A strong CFO matters when the company is balancing operations, expansion capex, offtake, debt, and potential dilution.

Francis Johnstone, Director

Francis Johnstone has more than 12 years of experience as an investment advisor to Baker Steel Resources, a London Stock Exchange-listed specialist resources investment company. He has also been active in the mining business as both executive and non-executive director of junior mining companies.

Management feel: Johnstone adds mining capital markets and junior resource experience, which is useful for a company that still needs market trust and financing access.

Darryl Cardey, Independent Director

Darryl Cardey is principal at CDM Capital and co-founded Northern Empire Resources, which was acquired by Coeur, and Underworld Resources, which was acquired by Kinross. He is described as an experienced director with governance and HR experience.

Management feel: Cardey adds corporate development and governance depth. His background in companies that were acquired is relevant if Silver X eventually becomes a strategic acquisition target, although that is not something investors should assume.

Risks / Catalysts / Timeline

Key Risks

• PEA risk: The PEA is preliminary and includes inferred resources. Silver X warns there is no certainty the PEA will be realized.

• No mineral reserve risk: Silver X states that the production decision and operations are not based on a feasibility study of mineral reserves demonstrating economic and technical viability. This increases uncertainty versus a reserve-backed producer.

• Underground mining risk: Tangana and Plata are underground mines. Grade control, dilution, mine access, development rates, ground conditions, ventilation, and safety all matter.

• Ramp-up risk: The company needs to prove it can move from current production toward 1,000 tpd, 1,500 tpd, and eventually the 3,000 tpd PEA scenario.

• Cost risk: Recent AISC has been much higher than the PEA life-of-mine AISC estimate. If costs stay high, margins may disappoint.

• Financing risk: The PEA initial capex is US$82M. Silver X may require additional financing to execute the expansion.

• Dilution risk: The company has 284M basic shares and 342.3M fully diluted shares as of the February 2026 presentation. Warrants, options, and future funding could dilute shareholders.

• Permitting risk: Expansion requires permitting progress, including Tangana and Recuperada expansion-related environmental approvals.

• Commodity price risk: Silver X is exposed to silver, gold, lead, and zinc prices. Higher silver prices help, but base metal weakness or silver price declines could pressure margins.

• Concentrate risk: Revenue depends on concentrate sales, payability, treatment charges, refining charges, penalties, and offtake terms.

• Peru jurisdiction risk: Peru is a major mining country, but social, political, permitting, and community risks must always be monitored.

Catalysts

• 2026: Tangana throughput progress toward 1,000 tpd • 2026: continued quarterly production growth • 2026: improved mine development rates and access to new mining fronts • 2026: 40,000m drill program results • 2026: resource category upgrades and potential resource expansion • 2026: permitting updates for Tangana expansion • 2026–2027: Recuperada expansion permitting progress • 2027: expected Plata production start • 2028: Plata potential ramp toward 720 tpd • 2029: potential full-capacity Plata target of 1,500 tpd • Medium term: move toward 3,000 tpd district-scale operation • Medium term: market re-rating if Silver X proves it can become a reliable multi-mine silver producer

The company’s April 2026 presentation lists near-term catalysts including achieving 1,000 tpd by June 2026, the “Plan 100” initiative targeting US$100/t operating and sustaining costs, EIA submissions, and the 40,000m drill campaign targeting a larger district resource.

Expected Timeline to Full Production

2026

The key year for Silver X is proving Tangana’s production growth. The company needs to show that March 2026’s stronger throughput was not a one-off event. The near-term focus is reaching 1,000 tpd, improving mine development, controlling costs, completing drilling, and progressing expansion permits.

2027

Plata is expected to begin production in 2027 according to the company’s presentation. This is the next major step in the expansion story. If Plata starts on time and on budget, investor confidence in the PEA plan should improve.

2028

Plata is targeted to increase production to around 720 tpd in 2028. At this stage, the market will likely focus on grade reconciliation, recovery, unit cost trends, and whether the company can finance the next expansion stage without excessive dilution.

2029

The company’s target is for Plata to reach full capacity of 1,500 tpd and for the broader Nueva Recuperada district to move toward the 3,000 tpd PEA vision. The company’s PEA suggests average annual production of approximately 6.2Moz AgEq, with peak production of 8.7Moz AgEq.

Valuation model

Using the same assumptions:

• Average annual production: 6.2Moz AgEq • Cost used: US$35/oz AgEq • Basic shares: 284M • Fully diluted shares: 342.3M • USD/CAD: 1.368 • Multiples: 10×, 15×, 20× • Previous valuation section used the same share count and production base.

Silver X Mining Valuation Using US$35/oz AgEq Cost

Formula

Annual FCF proxy = Annual Production × Silver Margin

Silver Margin = Silver Price − Cost per oz AgEq

Valuation = Annual FCF proxy × Multiple

Per Share = Valuation ÷ Shares

Silver US$150/oz Scenario

Step 1 — Silver Margin

US$150 − US$35 = US$115/oz

Step 2 — Annual FCF Proxy

6.2Moz × US$115 = US$713M

Valuation Table

Silver US$200/oz Scenario

Step 1 — Silver Margin

US$200 − US$35 = US$165/oz

Step 2 — Annual FCF Proxy

6.2Moz × US$165 = US$1.023B

Valuation Table

Quick Scorecard

Management: ✅ Strong. José García has relevant mining engineering and operating experience, and the board includes mining finance and corporate development experience.

High Grade: ✅ Strong. Nueva Recuperada has high underground silver-equivalent grades, especially in measured and indicated resources, and Plata has historically high-grade mineralization.

Insider Ownership: ⚠️ Moderate. Company presentation states 15% insider ownership, but the shareholder breakdown also shows management at 6%, institutions at 9%, and retail at 85%. Low ownership will be likely cap the valuation.

Share Structure Discipline: ⚠️ Mixed. Basic share count is manageable at around 284M, but fully diluted shares are around 342.3M. Further financing may be required for expansion.

Location: ✅ Good. Peru is a major silver mining country with large silver reserves and deep mining history, but permitting, politics, and community relations always matter.

Production Status: ✅ Strong. Tangana is already producing, with Q4 2025 and Q1 2026 showing sequential throughput improvement.

Prepared by RT RockeTeller. Published at https://www.rocketeller.com/silver-x-has-152-million-ounces-already-producing-and-its-biggest-growth-phase-may-still-be-ahead/

Presentation slides

Deep Dive Video