March 18, 2026
Silver X Mining Closes C$69M Brokered Private Placement of Secured Convertible Debentures
Vancouver, British Columbia – March 18, 2026 – Silver X Mining Corp. (TSXV: AGX | OTCQB: AGXPF | FRA: AGX) (“Silver X” or the “Company”) is pleased to announce the successful closing of its previously announced brokered private placement of secured convertible debentures (the “Debentures”) for aggregate gross proceeds of C$69,000,000 (the “Offering”), which includes the full exercise of the Agent’s over-allotment option as explained below.
Pursuant to the Offering, the Company issued an aggregate of 69,000 Debentures at an issue price of C$1,000 per Debenture. Due to strong investor demand, the Agent exercised its option in full to increase the size of the Offering by 15%, resulting in additional gross proceeds of C$9,000,000 and total gross proceeds increasing from C$60,000,000 to C$69,000,000.
The Offering was conducted on a “best efforts” agency basis, with Ventum Financial Corp. acting as sole agent and sole bookrunner (the “Agent”).
“Closing this private placement is an important step toward our ambition to become South America’s next premier silver company,” said José García, CEO of Silver X Mining Corp. “This capital enables us to continue advancing the Nueva Recuperada Project across production expansion, development, and exploration, where we expect to deliver meaningful results in the months ahead. In parallel, we will evaluate selective acquisition opportunities that support our long‑term growth strategy. We appreciate the support of Ventum Financial and the investors who participated in this financing, and we look forward to updating the market as we execute our plans”
The principal amount of the Debentures will bear interest at a fixed rate of 10.0% per annum, payable semi-annually and will mature on the date (the “Maturity Date”) that is five years following the date of issuance of the Debentures (the “Closing Date”). For the first four interest payment dates, the Company may elect to pay interest in cash or common shares of the Company (“Common Shares”) at the Company’s sole discretion. Thereafter, interest will be paid in cash. Any issuance of Common Shares in satisfaction of interest payable will be subject to prior approval of the TSX Venture Exchange.
The principal amount of each Debenture will be convertible, at the election of the holder, into Common Shares at a conversion price of C$1.62 per share, subject to customary anti-dilution adjustments, at any time until the earlier of (i) the business day preceding the Maturity Date, and (ii) the date of repayment in full of the principal amount of the Debentures and all accrued and unpaid interest thereon.
Silver X intends to use the net proceeds of the Offering for development capital expenditures, working capital and general corporate purposes.
The Offering was conducted pursuant to the terms of an agency agreement dated March 18, 2026, among the Company and the Agent (the “Agency Agreement”). In accordance with the terms of the Agency Agreement, in consideration for its services, the Agent received a total cash commission equal to 6% of the total gross proceeds.
The Debentures are secured by a substantial portion of the Company’s assets, including those of its subsidiaries. These assets have been placed into two Peruvian trust structures — an asset trust and an administration trust. The loan is additionally secured by a general security agreement in Canada and will also be guaranteed by certain Company subsidiaries.
The Offering remains subject to final approval of the TSX Venture Exchange.
The securities issued under the Offering, including any Common Shares issued on conversion of the Debentures, will be subject to a statutory hold period under applicable Canadian securities laws expiring four months and one day from the Closing Date.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities described herein in the United States. The Debentures have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, qualified under a prospectus in Canada, and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The Debentures may not be offered or sold in Canada except pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.
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.
