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,
I’m truly excited about today’s news — a major resource increase at our Nueva Recuperada property in Peru. This is an important step forward for us, and I want to share some thoughts on its significance.
An Outstanding Property
Nueva Recuperada is one of the best silver assets in South America. With over 200 veins and exploration targets, we’re only scratching the surface. This is our fourth resource upgrade since the IPO in June 2021. The Tangana Mining Unit (TMU) is improving mineralization at depth, with wider veins and potential that makes me confident its richest ore shoots are yet to be discovered.
A High-Grade Opportunity – Plata Mining Unit (PMU)
PMU is a game-changer. We reported 6.5MT of resources across 19 veins of the 171 veins identified. The resource is open at strike and at depth and can grow significantly with a few targeted drill holes. Plata is shaping up to be a highly profitable silver mine with a larger and higher-quality resource than several silver companies on the TSX-V.
Ramping Up Profitable Production
We’re currently permitted for 720 tpd, with a run rate around 550 tpd. As reported, 2024 was a much better year than 2023. This year we plan to continue that trend, with a laser focus on quality over quantity — mining the best areas as efficiently as possible. Production is expected to ramp up quickly, benefitting from strong and possibly rising silver prices.
As demonstrated in our PEA, TMU alone could reach 1,500 tpd. PMU is even more promising both in tonnage and grade. Our vision is clear: In the next three years, grow organically to produce 6 Moz of AgEq/year.
This district has already produced 100Moz AgEq of silver in past decades — I see 200 Moz AgEq to 300 Moz AgEq more in the years ahead.
Next Milestone: Upcoming Revised PEA
We delivered our first PEA on TMU two years ago, showing a path to 1,500 tpd with an after-tax NPV of US$175M. Our team is working on a revised PEA incorporating additional mining areas like PMU, optimizing ore sources and expanding processing capacity. We expect to deliver this study in 2Q25, and I believe it will show a significant NPV uplift.
The expanded case we’re building is one of the most compelling in the silver market.
Strengthening Our Team
Over the last few months, we’ve built a management team that gets the job done. Last year, we brought in David Gleit as CFO. Recently, Angel Meza joined as Operations Manager — both based in Peru. David has nearly 30 years of finance experience and is focused on generating cash and growing a profitable business. Angel has 35 years of experience in underground mining, with senior roles at Aris Gold (Gran Colombia) and the Katanga Mine in the DRC. They are exactly the right people to drive our Company and our operations forward.
I have no doubt 2025 will be a transformational year for us.
Silver X Mining is not just another silver company. We are building something unique: A true silver producer, developing an unparalleled asset. It is a rare combination, and I could not be more excited.
Thank you for your continued trust and support,
José M. García
CEO and Director
Silver X Mining
