October 17, 2025
SILVER X FILES PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL REPORT WITH UPDATED MINERAL RESOURCE ESTIMATE
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, October 17, 2025 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the filing of a new Preliminary Economic Assessment (“PEA”) demonstrating a district-scale project with combined mining and processing capacity of 3,000 tonnes per day (“tpd”) and annual metal production in excess of 6 Moz AgEq.
Positive PEA results demonstrate the upside of having two operating mines, Tangana and Plata, which together have the necessary resources and the potential to establish Silver X as a mid-tier silver producer.
“We are extremely excited to publish this expanded PEA, which confirms what we have believed since the inception of our company – Nueva Recuperada is a district-scale silver project with the potential to operate and grow for decades,” stated José García, CEO of Silver X. “With a 14-year mine life at 3,000 tonnes per day and average annual production of more than six million ounces of silver equivalent, the study provides a concrete framework for scaling Silver X into a mid-tier producer. Our plan to operate two milling facilities – one at Tangana and one dedicated to Plata – is now fully validated as both achievable and value-accretive.”
Mr. García continued: “The strong investor support in our recent oversubscribed bought deal reinforces that this vision is widely shared. This financing gives us the flexibility to immediately begin executing the development plan – upgrading and expanding resources, optimizing mine operations, and accelerating the restart at the Plata Mining Unit. With both technical validation and financial backing now in place, we are advancing confidently toward becoming one of South America’s most significant silver producers.”
PEA Highlights
- After-Tax Net Present Value (NPV) of $439 million at a 5% discount rate
- Average annual production of approximately 6.2 million ounces of silver equivalent (AgEq)¹, excluding first and last years of LOM.
- Life of Mine (LOM) of 14 years at a maximum of 3,000 tpd combined mining and processing capacity.
- Initial Capex of $82 million, including 13% contingency, for the new processing facility, dry-stacked tailings and mine development.
- After-tax payback of 3.0 years.
- LOM Cash Costs² of $11.8/oz AgEq and LOM All-In Sustaining Costs (“AISC”)2 of $15.8/oz AgEq.
- Cumulative cashflow of $606 million after tax over 13 years on base case
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¹ AgEq ounces were calculated based on all metals produced and mined using the estimated prices based on CIBC’s August 2025 prices consensus.
² Cash costs and AISC are non-IFRS financial ratios. These are based on non-IFRS financial measures that do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Please refer to the “Non-IFRS Measures” section of this press release for further information.
The PEA was prepared by Edgard Vilela, AusIMM, CP (Mining), Allen David Heyl, MAusIMM CP (Geo), Adam Johnston, FAusIMM, CP (Met) and Donald Hickson, P.Eng. (Alberta) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has an effective date of May 31st, 2025.
Cautionary Statement Regarding PEA
The PEA is preliminary in nature and 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 the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Qualified Person(s)
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. With over 35 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over twelve years working in and supervising underground and open pit mining operations in the Americas.
Mr. Edgard Vilela who is qualified person and chartered professional in mining with the grade of Fellow of AusIMM, has reviewed and approved the content of the chapter 16 and technical content of this news release for Silver X. With over 25 years of field and upper management experience. Mr. Vilela has a solid mining background in operating and short and long term mine planning and projects development for gold, silver and polymetallic deposits. Mr. Vilela has worked in several mines in Perú as Volcan Mining Company, Pan American Silver, Fortuna Mining as Mining Chief, Technical Manager and Manager of Planning and projects development in addition to consulting developing mining projects in México, Chile, Argentina, Colombia and Perú.
Donald Hickson, a Qualified Person and Professional Engineer registered in the provinces of Alberta and British Columbia, Canada, reviewed and approved the technical content of this news release for Silver X. Mr. Hickson has over 30 years of technical and management experience in the areas of mine waste and environmental management. He has participated in the design, construction, operation and closure of numerous tailings facilities, including projects/operations throughout North and South America. Mr. Hickson is currently Managing Director of Envis, and previously has held senior technical and management positions at Ausenco, Amec, and Golder.
Adam Johnston, who is a Qualified Person and a Chartered Professional with the Australian Institute of Metallurgy has reviewed and approved the technical content of this news release for Silver X. Mr Johnston has over 30 years of experience in the metallurgical testing, plant design, and plant operations of base metal and precious metal ores. He is a graduate of the Western Australian School of Mines with Bachelor of Minerals Engineering), 1995. Mr Johnston is currently Chief Metallurgist at Transmin.
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 inferred 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 over 20,000 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:
Simon Willcocks
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. See “Reconciliation of Net (Loss) / Income to Adjusted EBITDA” for a quantitative reconciliation of Adjusted EBITDA to the most directly comparable financial measure.
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 measure because 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. The Company understands that certain investors use these measures to determine the Company’s ability to generate earnings and cash flows for use in investing and other activities. 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. Total cash production costs include cost of sales, changes in ore and concentrate inventories, changes in depreciation and amortization, less transportation and other selling costs and royalties. 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). The Company presents AISC based on AgEq ounces produced. 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.
The following table shows the calculation of the cash costs and AISC per AgEq ounces produced and per metric tonne processed:
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.
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.
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.
