July 9, 2026
Silver X Delivers Record Quarterly Production During the Second Quarter of 2026
Processed tonnage increased 39% quarter-over-quarter and 78% year-over-year, as the Nueva Recuperada plant sustained nominal capacity through the quarter.
Gold production rose 55% quarter-over-quarter and 233% year-over-year, with silver up 40% and 75% respectively.
Vancouver, British Columbia, July 9, 2026 – SILVER X MINING CORP. (TSX-V: AGX) (OTCQX: 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 production results for the second quarter ending June 30, 2026 (“2Q26”) at the Company’s Nueva Recuperada property (the “Project”) in Peru.
Second Quarter 2026 Production Highlights
- Processed tonnage increased to 62,252 MT in 2Q26, up 39% from 44,883 MT in 1Q26 and up 78% from 34,899 MT in 2Q25, as processing capacity continued to ramp at the Nueva Recuperada plant. The plant averaged approximately 684 MT per day during the quarter, with April reaching approximately 751 MT per day, meeting the plant’s nominal capacity of 750 MT per day.
- Silver ounces processed increased to 175,560 oz in 2Q26, up 40% from 125,195 oz in 1Q26 and up 75% from 100,193 oz in 2Q25, driven by higher throughput.
- Gold ounces processed rose to 2,204 oz in 2Q26, up 55% from 1,419 oz in 1Q26 and up 233% from 663 oz in 2Q25, driven by higher throughput and gold head grades averaging 1.10 g/t as the Company targeted higher-value zones.
- Silver equivalent ounces (AgEq) processed reached 380,436 oz and AgEq produced reached 283,029 oz in 2Q26, up 50% and 57% respectively over 1Q26.
- Underground development totaled 3,159 metres in 2Q26 (compared to 2,440 metres in 1Q26), enhancing access to additional mining areas and supporting sustained production growth.
- First half 2026 production reached approximately 634,000 AgEq oz processed and 463,000 AgEq oz produced, consistent with the Company’s path toward approximately 6 million AgEq ounces annually by 2029.
“The second quarter confirms the operational step forward we signaled at the end of the first quarter,” said José M. Garcia, CEO of Silver X. “Lifting throughput 39% quarter-over-quarter while sustaining nominal plant capacity, together with a 55% increase in gold production, demonstrates the operating leverage of Nueva Recuperada as we continue to invest in our mining and processing capacity and advance toward our next growth targets.”
The production performance in 2Q26 reflects the continued ramp of mining and processing capacity at Nueva Recuperada. Following the milestone reached in March, when the plant first achieved nominal capacity, throughput was sustained through the second quarter at nominal capacity, translating into materially higher metal production quarter-over-quarter.
Growth in the quarter was driven primarily by higher plant throughput as Nueva Recuperada reached and sustained nominal capacity, with head grades broadly stable quarter-over-quarter. These results position the Company for continued production growth throughout 2026, as it further optimizes mining flexibility and continues to invest in its operations and plant capacity expansion.
Nueva Recuperada Project Production
Notes:
1Silver 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.
2AgEq 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 does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts. In Q2 2026, AgEq was calculated using metal prices of US$73.85 per oz Ag, US$4,528 per oz Au, US$0.88 per lb. of Pb and US$1.56 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.
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.
