NUEVA RECUPERADA SILVER DISTRICT

NUEVA RECUPERADA SILVER DISTRICT

Silver District Highlights

• Expanded capacity from 600 to 720 tpd with installation of new jaw crusher in Q2 2022

• NI 43-101 report from 2019: ~7 mt of inferred resource

• On-going mining operation with many years of inferred resources

• Open at depth with known resource just below surface

• Expanded plant capacity from 600 to 720 tpd with installation of new jaw crusher (announced in April 2022)

• 25,000 metre drill campaign underway to expand resource and convert inferred to measured and indicated, while developing the mine

• Full commercial production expected in 2022



Silver X expects full commissioning of the plant by the end of the year. Once completed, this will represent a 20% increase in processing capacity at Nueva Recuperada and any additional concentrate sales from this increase are expected to drive further cashflow for the company.

Inferred Resource

TANGANA PROJECT

The Tangana Project is a large, cashflow-positive, silver mining unit.

Potential for new discoveries is high; the Tangana project extends across over 10 kilometres length and current production covers only 10% of the resource.

Project Highlights

• High grade >14 oz/t AgEq

• Wider veins 2-3m

• Bulk tonnage potential

• Bonanza grades, 3 main structures

• Significant exploration potential

• Full production in 2022

• Seven main structures

Silver X’s exploration program continues to back up the company’s vision to grow the Tangana Project into a multi-vein mine.

Selected drilling results

Current Production & Target Development

Catalysts For 2022

Tangana Project

  • Complete new resource estimate report in Q2 2022 to be followed by a Preliminary Economic Assessment (PEA) in Q3 2022
  • Complete 15,500 meters of resource expansion, resource upgrading, and exploration diamond drilling to support PEA
  • Submit the Environmental and Social Impact Assessment (ESIA) to expand mining and processing capacity to 2,500 tpd
  • Advance 9,000 meters underground to exploit multiple veins at the Tangana Mining Unit to access sufficient stoping blocks to profitably sustain commercial production

Other projects in the Nueva Recuperada Silver District

  • Esperanza Project - Begin operations in this silver-polymetallic project containing several intermediate sulfidation, epithermal high-grade vein targets. First drilling in Q3-Q4
  • Satellite Projects - Map and sample Tangana West and Pucapunta silver-(gold)polymetallic mineralized structures
  • Ccasahuasi Project - Commence drilling of a breccia-hosted disseminated gold target located adjacent to Tangana

SOCIAL IMPACT

Silver X believes in sustainable development by encouraging and leading economic mining activities. We aim to achieve this in two ways; by promoting working relationships with local suppliers and businesses, and by assisting outsiders bring business to our mining district to enable autonomous growth in other economic areas.

‍Silver X has begun updating the Environmental and Social Impact Assessment (ESIA) for its Nueva Recuperada Project. The environmental studies and community consultations for the ESIA allow for collaborative  discussions  with stakeholders while providing the company with a  clear  path to expanding  operations.  We are very proud to have a strong social license to operate at Nueva Recuperada and we will continue reducing and  mitigating  our  environmental impact  while  sharing  the  economic  benefits  of  resource development  with our stakeholders.
Read more about the ESIA here.