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Silver X most likely goes profitable on May 21st 2026! Silver X Mining — Q1 2026 Estimated Profit Production Data (Known — from April 9 press release) AgEq ounces processed in Q1 2026: 253,114 oz. Silver ounces processed: 125,195 oz (up 10% QoQ). Gold ounces processed: 1,419 oz (up 20% QoQ). Average silver price used: US$82.94/oz. (WebDisclosure) A key distinction: Silver X reports both "processed" and "produced" (after metallurgical recovery). Historically, recoveries run ~85–90%. So estimated AgEq produced ≈ 215,000–228,000 oz. Revenue Estimate Using the known Q1 2026 metal prices from yesterday's press release: Silver: $82.94/oz Gold: $3,227/oz Lead: $0.87/lb Zinc: $1.46/lb Revenue calculation (approximate): Metal Oz/Units Produced (est.) Price Revenue Silver ~106,000 oz $82.94 ~$8.79M Gold ~1,206 oz $3,227 ~$3.89M Lead/Zinc by-products blended ~$1.5M Total ~$14.2M This compares to Q4 2025's record revenue of $9.6M — a ~48% increase driven almost entirely by the silver price surge from $55 to $83/oz. Cost Structure AISC was $36.8/oz AgEq in Q3 2025, and averaged $30.7/oz for the nine months ended September 30, 2025. Q4 2025 saw significant cost improvements per today's annual report, with cash costs decreasing $1.2M year-over-year and unit costs improving on a per-tonne basis. Estimated Q1 2026 AISC: ~$32–35/oz AgEq (modest improvement from Q3's $36.8, reflecting higher throughput spreading fixed costs over more tonnes) Total AISC cost = ~220,000 oz × $33/oz ≈ $7.3M Operating Income Estimate Item Amount Revenue ~$14.2M Cost of Sales + AISC ~$7.3M G&A expenses ~$1.0M Operating Income ~$5.9M - For context, Q4 2025 operating income was $3.7M on revenue of $9.6M — an operating margin of ~38%. At Q1 2026's much higher silver price, margins should expand meaningfully toward 40–45%. Step 5: Net Income — The Key Question Below operating income, deductions include: Interest on the new C$69M convertible debenture (closed March 18, 2026):
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