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 20,795 hectares with two mining units and over 200 exploration targets, as well as the recently acquired Pampas Project, which adds further 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 enhances its ability to grow into a 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.
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
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.
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.
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.
