January 13, 2026
Silver X Defines High-Grade Mineralization at Red Silver: Underground channel sampling includes averages of 735 g/t Ag Over 65 metres and 649 g/t Ag Over 40 metres. Announces 1,200-Metre Drill Program to Test Continuity
Vancouver, British Columbia, January 13, 2026 – Silver X Mining Corp. (TSX-V: AGX | OTCQB: AGXPF | F: AGX) (“Silver X” or the “Company”) is pleased to announce strong silver channel sampling results from Red Silver–a key exploration asset within the Company’s Flagship Nueva Recuperada Property–located in Huancavelica, Peru. Results include 735 grams per tonne (g/t) silver over 65 metres of strike length and 649 g/t Ag over 40 metres, confirming the presence of multiple continuous strong silver shoots. Based on these results, the Company is pleased to announce a 1,200-metre underground diamond drill program to test the vertical and lateral continuity of the newly defined mineralized zones.
“Sampling more than 65 metres along the vein shoot with approximately 735 grams of silver per tonne clearly demonstrates the strength and continuity of the Red Silver system”, said José García, CEO of Silver X. “These results give us the confidence to move forward immediately with underground drilling. By advancing drilling and development in parallel with production expansion, we are aggressively testing the scale of this discovery while maintaining disciplined, efficient execution. We believe this work has the potential to meaningfully enhance our near-term production profile and strengthen the long-term growth trajectory of the operation.”
High-Grade Silver Defined Through Underground Sampling
Silver X has completed a systematic underground channel sampling program on Level 810, targeting previously underexplored areas of the Silvia and Rossana veins. The program successfully delineated four high-grade mineralized shoots, demonstrating strong grade continuity and reinforcing the interpretation of a robust, silver-rich vein system.
Key sampling highlights include:
- Silvia Vein – Shoot 1: 735 g/t Ag, 0.45% Pb and 0.73% Zn over an average width of 0.56 metres across 65 metres of strike (Figure 01).
- Silvia Vein – Shoot 2: 649 g/t Ag, 0.40% Pb and 0.69% Zn over 0.50 metres across 40 metres of strike (Figure 01).
- Rossana Vein: Two additional mineralized shoots identified, including 497 g/t Ag (over 0.92m width in Shoot 1) and a zinc-rich shoot grading 98% Zn (Shoot 2) in Figure 02.
These results confirm the presence of continuous, mine-scale strong silver mineralization within accessible underground workings.
Figure 01: Location of shoots and mine development plan in Silvia Vein Longitudinal Section.
Figure 02: Location of shoots and mine development plan in Rossana Vein Longitudinal Section.
1,200-Metre Underground Drill Program Announced
In response to the strong channel sampling results, Silver X is advancing an underground diamond drilling program totaling approximately 1,200 metres across 15 drill holes.
The drill program is designed to:
- Test the vertical and lateral extensions of the Silvia, Rossana, Luz, Larissa and Mariela strong shoots.
- Evaluate the plunge continuity of mineralization above and below Levels 810 and 860.
- Support future resource growth, mine planning and development decisions.
Drilling is expected to commence in the near term.
Figure 03: 1,200m underground drill program and planned mine development. Plan view with vein projections at level 860.
Parallel Exploration Through Mine Development
In parallel with drilling, the Company plans to initiate underground development on Level 860, located approximately 50 metres above Level 810. This development will provide direct access to the up-dip extensions of the strong mineralized shoots, allowing for additional mapping and channel sampling.
This dual-track strategy—drilling and mine development above—is intended to rapidly advance geological understanding while maintaining capital efficiency.
Summary of Channel Sampling Results
Table 01: Summary of Channel Sampling Results
Quality Assurance and Quality Control (QA/QC)
Silver X follows rigorous QA/QC protocols. Channel samples were collected using hammer and chisel to ensure representative sampling of the vein material and immediate wall rock. Samples were dispatched to an ISO-certified laboratory in Lima, Peru. The program includes the regular insertion of certified reference materials (standards), blanks, and field duplicates to ensure the highest level of analytical accuracy.
Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news release.
Qualified Person
Mr. A. David Heyl, B.Sc., C.P.G who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. A. David Heyl is a consultant for Silver X.
Cautionary Note regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations“) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.
About Silver X
Silver X is a growing silver producer building a multi-asset precious metals platform in Peru. The Company’s portfolio includes the Nueva Recuperada Project, a district-scale land package of 20,795 hectares with two mining units and more than 200 exploration targets, as well as the recently acquired Pampas Project.
With existing production, scalable expansion opportunities, and significant exploration upside, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.
On Behalf of the Board
José M. García
CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
NON-IFRS MEASURES
The Company has included certain non-IFRS financial measures and ratios in this news release, as discussed below. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers.
EBITDA and Adjusted EBITDA
“EBITDA” is comprised as income (loss) less interest, income tax and depreciation and amortization. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See “Reconciliation of Net (Loss) / Income to Adjusted EBITDA” for a quantitative reconciliation of EBITDA to the most directly comparable financial measure.
“Adjusted EBITDA” is comprised as income (loss) less interest, income tax, depreciation, amortization, share-based compensation, foreign exchange gain (loss), and certain non-recurring or non-cash items where applicable. Management believes that Adjusted EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.
Cash Costs and All-In Sustaining Cost (“AISC”)
The Company uses cash costs, cash costs per AgEq ounce produced, AISC, and AISC per AgEq ounce produced to manage and evaluate its operating performance in addition to IFRS measures because the Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operations to generate cash flows. Management and certain investors also use this information to evaluate the Company’s performance relative to peers who present this measure on a similar basis.
Cash costs are calculated by starting with cost of sales, and then adding treatment and refining charges, and changes in depreciation and amortization. Cash costs per AgEq ounce is calculated by dividing cash costs by the AgEq ounces produced. AISC and AISC per AgEq ounce produced are calculated based on guidance published by the World Gold Council and used as a standard of the Silver Institute. AISC is calculated by taking the cash costs and adding sustaining costs. Sustaining costs are defined as capital expenditures and other expenditures that are necessary to maintain current production. Management has exercised judgment in making this determination.
Cautionary Note Regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations”) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. The 2025 Preliminary Economic Assessment referred to in this news release is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that its results will be realized. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably.
Cautionary Statement Regarding “Forward-Looking” Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Forward-looking information is generally identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “targets”, “believes”, or similar expressions, including statements that certain events or results “may”, “could”, “would” or “will” occur. All statements other than historical facts constitute forward-looking information, including, without limitation, statements regarding the timing and achievement of a 1,000 tpd run rate, expected unit cost reductions, exploration plans and results, the timing of permits, the sufficiency of the Company’s capital resources, and the production and economic outcomes contemplated by the 2025 Preliminary Economic Assessment.
Forward-looking information is based on a number of assumptions, including that general economic and business conditions will not materially worsen; commodity demand and prices will remain stable or improve; required permits and approvals will be obtained on a timely basis; operations will not be materially disrupted by accidents, labour issues or equipment failures; financing will be available; equipment and supplies will be accessible as needed; resource estimates and underlying assumptions (including size, grade and recovery) are reasonable; and the Company will be able to attract and retain qualified personnel and execute its strategic objectives.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company’s annual and interim MD&As and in its public documents filed on www.sedarplus.ca from time to time. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
