April 9, 2026

Silver X Delivers Production Growth During the First Quarter of 2026

1Q26 delivered 8% quarter-over-quarter growth in processed tonnage,
with March reaching nominal plant capacity.

Precious metals production strengthened with silver output up 10%
and gold up 20% quarter-over-quarter.

Vancouver, British Columbia, April 09, 2026 – SILVER X MINING CORP. (TSX- V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company“) a precious-metals exploration, development, and  production company operating a multi-asset platform in Peru, is pleased to announce its operating results for the first quarter ending March 31, 2026 (“1Q26”) at the Company’s Nueva Recuperada property (the “Project”) in Peru.

First Quarter 2026 Production Highlights

  • Metal production increased quarter-over-quarter, supported by higher throughput, improved head grades, and increased gold production, demonstrating a clear improvement in operational performance and metal throughput.
  • Processed tonnage increased to 44,883 MT in 1Q26, up from 41,635 MT in 4Q25, representing an 8% quarter-over-quarter increase. In March 2026 alone, processed tonnage reached 20,645 MT, as production capacity expands at the Nueva Recuperada plant.
  • Silver ounces processed increased to 125,195 oz in 1Q26, compared to 113,734 oz in 4Q25, representing a 10% sequential improvement driven primarily by higher silver head grades.
  • Gold ounces processed rose to 1,419 oz in 1Q26, compared to 1,183 oz in 4Q25, representing 20% increase driven by targeting higher-value zones within the mine.
  • Silver equivalent ounces (AgEq) processed were 253,114 oz in 1Q26, versus 266,995 oz in 4Q25. The decrease in AgEq ounces is primarily attributable to higher silver prices during the quarter (approximately US$83/oz in 1Q26 vs US$55/oz in 4Q25).

“This quarter marks a clear step forward in Silver X’s growth trajectory.” said José M. Garcia, CEO of Silver X. “We delivered higher tonnage, improved grades, and a strong increase in precious metals production, particularly gold, which is enhancing our revenue mix and strengthening our cash flow profile.”

March performance represents an important operational milestone, with the plant reaching nominal capacity and development rates achieving record levels. These results position the Company for continued production growth throughout 2026, as we further optimize mining flexibility and continue to invest in our operations.”

The strong performance in 1Q26 reflects continued investment in mining and processing capacity at Nueva Recuperada. During March, throughput stabilized at the nominal capacity of approximately 750 MT per day.

Underground development also advanced significantly during the quarter, achieving a record 1,010 meters in March. This progress enhances access to additional mining areas and supports the Company’s ability to sustain and grow production in the coming quarters.

Nueva Recuperada Project Production 

Quarter ending March 31, 2026, compared to December 31, 2025

Notes

1 Silver equivalent ounces processed is a measure of performance with no prescribed definition under IFRS. Refer to the “Non-IFRS Measures” section of this press release.

2 AgEq ounces produced were calculated based on all metals produced using the average sales prices of each metal for each month during the period. Revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts. In Q1 2026, AgEq was calculated using metal prices of US$82.94 per oz Ag, US$3,227.32 per oz Au, US$0.87 per lb of Pb and US$1.46 per lb of Zn.

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.

 

Download PDF

About Silver X

Silver X is a silver producer building a district-scale precious metals platform in central Peru. Its flagship Nueva Recuperada Silver District includes current production, development opportunities, and significant exploration potential. With a clear path to increased throughput and a pipeline of high-grade targets, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities, including the OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. To learn more, visit www.otcmarkets.com.

On Behalf of the Board

José M. García

CEO and Director

For further information, please contact:

Investor Relations

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”, “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 exploration plans, operating results, expected project performance, the potential for resource expansion at Tangana, the economic viability of the Tangana Mining Unit, and the Company’s expected financial performance.

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, as the case may be, 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. Forward- looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, 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.