Consolidating and developing undervalued assets; creating value by adding resources and increasing production

Silver X Mining is on a mission to become a premier silver company through the consolidation and development of undervalued assets while upholding social and environmental excellence. With ownership of a district-scale land package in Peru, our production of silver, gold, lead and zinc will continue to grow for years to come.

Current production, paired with immediate development and brownfield expansion opportunities, presents investors with the opportunity to invest in the early stages of a silver producer with a strong growth prospect.

To Our Valued Investors and Partners,

As 2024 comes to a close, we extend our gratitude and appreciation to our shareholders, employees, and partners who supported us throughout the year. It was an exciting year for Silver X Mining, marked by strong growth, accomplishment, and a continued promising outlook for one of the most significant silver projects in the region.

As we look back on a successful year, we’re proud to highlight some of our key achievements:

2024 Highlights

• Production Growth: AgEq production increased by 30% in the first nine months of the year, with 52% more ore mined and 42% more processed compared to 2023. We are confident production will continue to increase over the course of 2025. Read our October 24, 2024 news release.
• Improving Operational Efficiencies: We reported revenues of US$ 5.0 M for 3Q24, up from US$ 2.1 M in 3Q23 (+138%), with significant EBITDA improvement. In the first nine months of 2024, Adjusted EBITDA was US$ 1.1 M vs. negative US$ 2.5 M for the same period of 2023. Cash cost per tonne was reduced by 32%, to US$ 100 in 3Q24 from US$ 148 in 3Q23. Read our November 28, 2024 news release.
• New Leadership: This year, we welcomed David Gleit as our CFO, bringing over 25 years of expertise in international mining and strategic financial management. David’s leadership is proving instrumental as we continue to improve financial discipline and expand operations in Peru and perhaps even beyond. Read our July 3, 2024 news release.
• Strategic Community Agreements: In May, we secured a 15-year agreement with the Carhuapata Community in Huancavelica, Peru, giving us full access to the Plata Mining area for rehabilitation, operation, and exploration. This pivotal agreement secures 100% of the project area, supporting ongoing development and expansion, building on the 12-year agreement signed in November 2023 with the Huachocolpa community where our Tangana Mine is located. Read our May 23, 2024 news release.
• Resource and Exploration: With 30,000 meters of drill core and 8,000 meters of underground sampling, we’ve compiled valuable data indicating high-grade silver and polymetallic veins at our 3,829-hectare Plata Mining Project, part of the Nueva Recuperada Silver District. This Project consists of rehabilitating an existing mine with significant exploration potential, hosting 17 surface-exposed veins with promising historical grades, including an initial NI 43-101 compliant inferred resource of 448,812 tonnes grading 220.81 g/t Ag, 2.55% Pb, and 4.58% Zn. We look forward to publishing an updated resource estimate in 1Q25, highlighting the area’s potential. Read our May 23, 2024 news release.
• Fundraising and Financial Strategy: This year we raised CA$ 5.00 M in a non-brokered private placement and completed a CA$ 2.18 M shares-for-debt settlement, ensuring the capital needed to accelerate exploration and development in the Nueva Recuperada Silver District. Read our April 12, 2024 news release.

Looking ahead to 2025, we are focused on increasing production and margins. We’re improving mine design and refining our mining methods to improve efficiency at our Tangana Mining Unit. We expect to publish a promising updated resource in 1Q25, and we´re eager to continue advancing the development of our higher-grade Plata Mining Project. To support these efforts, we’re working hard to improve cash flow and exploring options to secure financing.

The Nueva Recuperada Project is a prolific silver-gold-lead-zinc belt in the Peruvian Central Andes with significant exploration upside across our district. We are excited to continue our mining activities and develop our project pipeline. We look forward with great enthusiasm to 2025, excited to be operating in one of the most underdeveloped and prolific silver districts in Peru.

We wish you and your families a Happy Holiday Season and a prosperous New Year.

Thank you for your ongoing support,
José M. García
CEO and Director
Silver X Mining