Silver Miner in 'Pivotal Phase' as it Produces in Peru

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* Disclosure for the quote from the Clive Maund article published on June 30, 2025

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Silver X Mining Corp. (AGX:TSX.V; AGXPF:OTC) announced its financial results and operational highlights for the first half of 2025 for the Nueva Recuperada Project in Central Peru.

Operating income in the first half of 2025 increased nearly 200% compared to the same period in 2024, the company said in a release on August 29. In 2Q25, operating income rose 55% to US$847,000 compared to US$547,000 in 2Q24.

Pre-tax income during the first half of 2025 was 131% higher than in the first half of 2024 (US$166,000 vs. a loss of US$539,000). The company said it generated a pre-tax profit in 2Q25 of US$145,000, 62% less than the US$381,000 pre-tax profit earned during 2Q24.

"Silver X is making steady progress, with ongoing improvements in operating income, pre-tax earnings, and EBITDA," Chief Executive Officer Jose Garcia said. "Although we have not yet reached peak performance, we believe that a modest capital infusion will act as a catalyst to unlock the full potential of one of Peru's most prolific yet underdeveloped silver and gold districts. Achieving sustained profitability at this stage is a key milestone — one that provides a solid foundation for accelerated growth."

Garcia stated that Silver X is pursuing non-dilutive funding to fuel a critical inflection point in its growth trajectory.

"Our strategy is taking hold, and the impact of disciplined execution is becoming increasingly evident," he said. "We stand at the threshold of a transformative period — for the company, its shareholders, and all stakeholders involved.”

Operationally, the company said highlights included:

Year-to-date processed tonnage decreased by 9%, from 82,505 tons for the first half of 2024 to 75,099 tons for the same period in 2025. In the second quarter of 2025, processed tonnage fell by 22% to 34,899 tons, compared to 44,601 tons in 2Q24.

Average Ag Eq (silver equivalent) head grades declined by 3.0% in 2Q25 compared to 2Q24, and by 12% for the first half of 2025 versus the same period in 2024.

During the first quarter of 2025, 1,788 meters of mine development were completed, expanding current mining operations and accessing higher-grade target areas. In the second quarter, 2,253 exploration meters were drilled, aligning with the company’s 8,000-meter plan for 2025.

More financial highlights included:

Net losses decreased by 71% to US$410,000 for the six months ending June 30, 2025, compared to a loss of US$1.4 million in the prior year period.

Quarter-on-quarter, net losses were reduced by 52%, to US$79,000 in 2Q25 from US$164,000 in 2Q24.

EBITDA remained positive both during the first half of 2025 and for the most recent quarter.

Quarter Sees Rise in Operating Income

In the second quarter of 2025, the company also reported a 14% decline in net operating revenues from concentrate sales, totaling US$5.4 million compared to US$6.2 million in the previous year, largely due to a 24% drop in Ag Eq metal sold.

There was a reduction in cost of sales from US$5.7 million in 2Q24 to US$4.5 million in 2Q25, a decrease of US$1.2 million, Silver X said. This was mainly due to an 83% reduction in depreciation expense, driven by an increase in Measured and Indicated Mineral Resources, which form the basis for depreciation, and a 2.5% decrease in mining and processing costs during the quarter.

The company also noted operating income rose to US$847,000 in 2Q25 from US$547,000 in 2Q24, primarily due to reduced depreciation, and the net loss of US$79,000 in 2Q25 is a 52% improvement compared to a loss of US$164,000 in 2Q24.

Silver X said the significant reduction in loss for the current period was primarily due to a US$1 million reduction in net loss compared to 2024, mainly driven by a 14% decrease in cost of sales and a 26% reduction in general and administrative expenses, partially offset by a 3% decrease in net operating revenue.

Co. Already Producting at Tangana Mining Unit

Silver X, based in British Columbia, is a silver producer-developer focused on consolidating and developing undervalued assets, adding resources, and increasing production in an environmentally friendly and sustainable manner, its corporate presentation noted. Nueva Recuperada, Silver X's wholly owned flagship asset, now includes four projects and 230 mining concessions across 20,472 fully permitted hectares in Central Peru's Huachocolpa mining district.

According to the U.S. Geological Survey, Peru holds the largest silver reserves of any country. The Silver Institute's World Silver Survey 2024 reported that Peru accounts for 13% of global silver production.

Nueva Recuperada surrounds Endeavour Silver's Minera Kolpa project, valued at up to US$175 million, Silver X noted. Endeavour acquired Kolpa for US$2.92 per Measured and Indicated (M&I) silver equivalent ounce, while Silver X is valued at US$0.81 per M&I silver equivalent ounce. The overall Nueva Recuperada resource is 4,260,000 metric tons with grades of 3.28 ounces per tonne silver (3.28 oz/t Ag), 1.88% lead (Pb), and 2.22% zinc (Zn) in the M&I category. The Inferred resource is estimated at 17,180,000 metric tons with grades of 5.12 oz/t Ag, 2.05% Pb, and 2.04% Zn.

Silver X is producing silver, gold, lead, and zinc at its Tangana Mining Unit. Another mining unit at Nueva Recuperada, Plata, was shown in a recent resource update to contain 950,000 tons of 12.4 ounce per ton silver equivalent (Ag eq) in the Indicated category and 5,400,000 tons of 9.8 oz/ton Ag eq in the Inferred category. Silver X plans to start production at the past-producing Plata mine next year.

Additionally, Silver X management is actively seeking mergers and acquisitions (M&A) opportunities in overlooked historical mining districts where it can apply its expertise in exploration, development, and production, as indicated in the corporate presentation.

Analyst: Growth Prospects Are Excellent

*Technical Analyst Clive Maund noted on June 30 that "the stock has made substantial gains since we last looked at it early in March."

"It has broken out of a base pattern on strong volume to begin a major new bull market and as we will also see, further gains are in prospect over the short to medium-term," Maund wrote.

The company is already producing, Maund noted, and in addition to its primary product, silver, it also mines gold, lead, and zinc.

"Its district-scale project has plenty of scope for both increasing production and brownfield expansion," he wrote. "Growth prospects are therefore excellent during a period when metal prices are expected to rise."

Maund rated the stock a Buy. "The first target for an advance is CA$0.36 – CA$0.38," Maund said. "The second target is CA$0.45 – CA$0.50, and it should ascend to higher levels."

The Catalyst: White Metal Experiencing Resurgence

Both Gold and silver prices were slightly lower in early U.S. trading on Friday, marking the last trading day of the week and month, just before a crucial U.S. inflation report is released, reported Jim Wyckoff for Kitco News on August 29.

September silver dropped by US$0.205 to US$38.99, he noted. Traders and investors are keenly awaiting the U.S. personal income and expenditures data, which includes key inflation figures. The Federal Reserve closely monitors personal income inflation data. The July PCE price index is expected to show a 2.6% increase year-on-year, with the "core" PCE reading (excluding food and energy) anticipated to rise by 2.9%. In June, the PCE increased by 2.6%, and the core PCE rose by 2.8% annually. Many traders and investors are likely to leave early to start the three-day U.S. holiday weekend.

Silver is currently shining as a standout commodity, experiencing a resurgence in investor interest and strong fundamentals that have driven its prices to the highest levels in 14 years, according to a Mining.com report from July 31. With impressive gains of 28% this year following a 21% increase last year, some analysts believe this upward trend is just beginning, making silver an appealing investment option, as noted in the report.

Citigroup has recently raised its short-term outlook for silver prices to over US$40 per ounce, citing a tightening supply and increasing demand. HSBC analysts have also raised their silver price forecasts for 2025, 2026, and 2027, attributing this to strong support from elevated gold prices and demand for safe-haven assets amid significant geopolitical and economic uncertainties, according to an August 12 report by Carl Surran for Seeking Alpha.

On the supply side, HSBC anticipates that silver mine production will continue to grow at a gradual pace, with their supply-demand model predicting a silver shortfall of 206 million ounces (Moz) in 2025 and 126 Moz in 2026, compared to a 167 Moz deficit in 2024, according to the report. HSBC also noted that a weaker dollar this year is favorable for silver, while ongoing discussions about Federal Reserve rate cuts and central bank strategies could impact future prices.

Ownership and Share Structure

According to the company, about 9% of the company is owned by institutions and about 6% by management, The rest is retail. The top shareholders are the CEO Garcia with 6.39% and Sebastian Wahl with 4.83%.

The rest is in retail. There are no institutional investors at this time.

The silver miner has 222.5 million outstanding shares and 198.57 million free float traded shares. Its market cap is CA$74.35 million. Its 52-week range is CA$0.12–0.38 per share.