April 30, 2026

Silver X Delivers Strong 2025 Financial Results with Margin Expansion and Clear Path to Growth

(All dollar amounts expressed in US dollars unless otherwise noted)

Vancouver, British Columbia – April 30, 2026 – SILVER X MINING CORP. (TSX- V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company“) a growing precious metals producer building a multi-asset platform in Peru, reports its financial results for the three months and year ended December 31, 2025, from its Nueva Recuperada Project. 

2025 Highlights: Operational Turnaround and Margin Expansion

Silver X delivered a strong operational and financial turnaround in 2025, driven by disciplined mine sequencing, higher-grade feed, and improved operating performance.

Key highlights include:

  • Net operating revenue of $25.2 million, up 16% year-over-year
  • Operating income of $5.8 million, compared to a loss in 2024
  • Adjusted EBITDA of $4.0 million, more than four times higher than 2024

Despite a planned reduction in tonnes processed to prioritize higher-value material, the Company achieved higher margins and improved value per tonne, demonstrating the strength and flexibility of its operating platform.

4Q25: Record Revenue and Strong Operating Performance

The fourth quarter capped the year with record revenue and strong operating results:

  • Revenue of $9.6 million, up 65% compared to 4Q24
  • Operating income of $3.7 million, compared to a loss in the prior-year period
  • Adjusted EBITDA of $3.0 million

Results were driven by higher realized metal prices, improved grade profiles, and continued cost discipline. A net loss of $4.0 million in the quarter reflects a non-recurring $4.9 million provision related to administrative sanctions from prior periods. Excluding this item, the Company delivered strong profitability and margin expansion.

High-Grade Strategy Driving Value per Tonne

During 2025, Silver X implemented a high-grade mining strategy, prioritizing economic value over volume:

  • Tonnes processed totaled 150,239 tonnes, compared to 170,676 tonnes in 2024
  • Average silver grades increased to 2.64 oz/t, up 9% year-over-year
  • Average gold grades increased to 0.68 g/t

This approach resulted in higher revenue per tonne and improved margins, supporting a more efficient and resilient operating model.

Cost Discipline and Operational Improvements

The Company continued to strengthen its cost structure:

  • Cash costs decreased by $1.2 million year-over-year
  • Sustaining capital expenditures totaled $4.5 million, supporting mine development and plant improvements

Unit costs improved on a per-tonne basis, reinforcing the Company’s ability to scale efficiently as production increases.

Clear Path to Production Growth

With a stronger operating foundation, Silver X is advancing toward its next phase of growth:

  • Targeting approximately 1,000 tonnes per day in 2026
  • Advancing mine development to unlock additional production areas
  • Increasing operational flexibility to optimize grade and throughput

This staged approach is designed to grow production while maintaining capital discipline and margin strength.

Multi-Asset Growth Strategy Strengthened with Pampas

The acquisition of the Pampas Project adds a complementary growth asset to the Company’s portfolio. Pampas represents a high-grade, underexplored system with the potential to support future production and expand the Company’s district-scale footprint in central Peru.

Positioned for Scalable Growth

Silver X continues to execute a strategy focused on building a multi-asset precious metals platform:

  • Current production from Nueva Recuperada
  • Near-term expansion through increased throughput
  • Future production potential from Pampas and satellite deposits

This pipeline supports a path toward approximately 6 million silver equivalent ounces annually by 2029.

CEO Commentary

José M. Garcia, CEO, commented, “2025 marked a turning point for Silver X. We delivered strong improvements in margins and operating performance, demonstrating the quality of our asset base and our ability to execute. With this foundation in place, we are now focused on scaling the business. Our path toward 1,000 tonnes per day, combined with additional growth opportunities across our portfolio, positions us well to deliver sustained production growth. We remain committed to building a disciplined, multi-asset platform capable of generating long-term value for our shareholders.”

1AgEq ounces processed and produced were calculated based on all metals processed and produced using the average market prices of each metal for each month during the period as published by the London Bullion Metals Association and the London Metal Exchange official websites. Revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts.

2Average Realized Price, AgEq sold, cash cost per AgEq ounce produced and AISC per AgEq ounce produced are non-IFRS ratios with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information, including detailed reconciliations to the most directly comparable IFRS measures, see “Non-IFRS Measures” in the MD&A.

3 Realized price corresponds to the average sales price to the final customer.

The following table reconciles the Net Loss to the EBITDA and Adjusted EBITDA:

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.

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About Silver X

Silver X is a growing silver producer building a multi-asset, district-scale 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 over 200 exploration targets, as well as the recently acquired Pampas Project, which further enhances the Company’s scale and long-term growth potential.

Current production from the Tangana Mining Unit is increasing alongside the planned restart of the Plata, Red Silver and Blenda Rubia mines, supporting a path toward approximately 6 million AgEq ounces annually by 2029. The addition of the Pampas Project strengthens the Company’s asset base and reinforces its strategy of evolving into a scalable, district-wide multi-asset operator.

With existing production, scalable expansion opportunities, and significant exploration upside across multiple assets, Silver X is positioning itself as a next-generation silver company focused on growth, diversification, and long-term value creation.

 

On Behalf of the Board

José M. García

CEO and Director

For further information, please contact:

Susan Xu
Investor Relations

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

Cautionary Statement Regarding “Forward-Looking” Information

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward- looking information contained in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Project, the Company’s belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected financial performance of the Company.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material  adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company’s operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company’s operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company’s ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.

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.sedar.com 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.