Silver Producer Strengthens Management as Metal Hits Record Highs

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Silver X Mining Corp. (AGX:TSX.V; AGXPF:OTC) has appointed Ricardo Martinez as general manager and engaged a strategic advisory firm co-led by Ernesto Balarezo and Patricia Kosa. The company stated that these actions align with its commitment to operational excellence and a disciplined approach to sustainable production.

According to Silver X chief executive officer Jose Garcia in the news release, "As we enter the next stage of Silver X's transformation, our focus is on efficiency, reliability and disciplined growth." He added that Martinez's appointment and the involvement of the advisory team "sharpen our ability to deliver sustainable, long-term profitability."

The independent advisory group will assist with operational transformation, organizational effectiveness, and performance management programs. Both Balarezo and Kosa bring significant mining sector experience. Balarezo previously held executive roles at Hochschild Mining, Gold Fields, and Sierra Metals, while Kosa is a lawyer with two decades of experience in governance, compliance, and cross-border transactions in the mining industry.

Martinez has been working with Silver X in advisory and leadership roles over the past two years. His background includes talent development and building high-performance teams. As general manager, he will focus on aligning the organization and executing Silver X's business strategy.

Silver's Record Surge Highlights Tight Supply and Expanding Demand

On October 16, Stockhead reported that silver surpassed a new record above US$50 per ounce after accelerating gains that started in September. Analysts Carlos Crowley Vazquez and Elaine Faddis of Blue Ocean Equities stated that silver had risen approximately 65% year-to-date, outpacing gold's roughly 50% increase.

Stockhead noted that "silver lease rates, which represent the cost of borrowing metal, surged to around 30%" on the back of strong demand from India and rising inflows into silver-backed exchange-traded funds. Crowley Vazquez added that a shortage of tradeable silver bars in London and limited new mine supply continued to support higher prices.

In a separate analysis published October 16, Shad Marquitz of Excelsior Prosperity wrote that silver producers had benefited significantly as metal prices climbed from above US$30 to more than US$50 per ounce. He observed that "silver in the US$53's is well above its 50-day Exponential Moving Average," describing the current trend as "bull market action." Marquitz commented that profit margins for producers expanded rapidly as "the price of silver moved higher much faster than their cost inputs," contributing to rising valuations across mid-tier and growth-focused companies.

On October 18, Ahead of the Herd discussed the broader commodity environment supporting the silver market. Author Richard Mills said the sector has been driven by an emerging "commodity super-cycle" linked to underinvestment and geopolitical instability, writing that "commodities are the last safe-haven standing in a world of low bond prices and high yields." Mills referenced data showing the Bloomberg Commodity Total Return Index rising 12% year-to-date, led by gains in gold, silver and copper.

Ahead of the Herd reported that "silver is doing even better at a YTD increase of 75%," supported by both investment interest and industrial applications in solar technology and electric vehicles. The article also cited The Silver Institute, which projected that silver would remain in a supply deficit for a fifth consecutive year. Mills noted that ongoing monetary demand, a tightening U.S. dollar environment, and rising de-dollarization efforts by central banks were all contributing to silver's strength, reinforcing its importance as both a precious metal and a critical material for clean-energy technologies.

Analysts Note Improved Valuation and Sector Support

On October 1, Fundamental Research Corp. reaffirmed its positive outlook in a report authored by head of research Sid Rajeev, who raised the firm's fair value estimate on Silver X Mining Corp. by 25% while maintaining a Buy rating. The revised fair value target of CA$0.95 per share reflected a 73% return based on the share price at the time of publication. Rajeev described the updated Preliminary Economic Assessment as "highly positive," noting that it confirmed the viability of advancing the Plata Mining Unit to production.

FRC observed that the updated study supported two mining units with a combined annual output potential of approximately six million ounces of silver equivalent, an increase from about one million ounces previously. The after-tax net present value at a 10% discount rate rose to US$303 million from US$175 million, and the after-tax internal rate of return improved to 69% from 39%. Rajeev attributed the stronger results to expanded operations and higher commodity prices. He also stated that the assessment incorporated only 64% of current resources, indicating potential for further value increases as development and drilling continued.

Rajeev added that the ongoing CA$21.5 million financing was expected to strengthen the company's financial position, supplemented by the potential exercise of in-the-money options and warrants. He reported that second-quarter earnings performance exceeded expectations, with higher margins and earnings per share that were 21% above forecasts.

In an October 20 sector update, Red Cloud Securities analysts highlighted that precious metals continued to outperform broader markets year to date, supported by central bank purchasing, geopolitical uncertainty and a global shift toward de-dollarization. The firm raised several commodity price forecasts to reflect what it described as sustained strength across the metals complex.

Red Cloud increased its Q4 2025 gold forecast to US$3,750 per ounce from US$3,000 per ounce and lifted its long-term assumption to US$3,500 per ounce from US$2,500 per ounce. The analysts also raised their silver price outlook to US$50 per ounce through the end of 2026 from a prior estimate of US$31 per ounce in Q4 2025, noting stronger relative performance for silver as investor participation increased.

The report cited ongoing tightness in global copper markets and a projected return to supply deficits beginning in 2027. Copper price expectations were set at US$4.75 per pound in Q4 2025 and US$4.50 per pound from 2026 onward, while zinc projections were revised higher and lithium forecasts moderated for 2026 before stabilizing in later years. Red Cloud commented that the updated price deck supported higher valuations across its equity coverage.

According to the report, the change in commodity assumptions contributed to an increase in Silver X's target price to CA$1.75 per share from CA$0.85, with a Buy rating reiterated. Analyst Alina Islam wrote that the updated pricing "raised the value of the Nueva Recuperada project by ~166% and the corporate NAVPS by ~100%."

Sharpening Execution at a Pivotal Time for Silver X

The leadership transition comes as Silver X advances its Nueva Recuperada Silver-Gold Project in Peru, a district-scale operation with production, development, and exploration assets across 20,795 hectares. The company's Tangana Mining Unit is in commercial production and supported by a revised Preliminary Economic Assessment (PEA) published in September 2025. The study outlines a 12-year mine life, with planned expansion to 3,000 tonnes per day and average annual production of 6.2 million silver-equivalent ounces.

Silver X is targeting growth from additional assets, including the Plata Mining Unit, which is anticipated to come online in 2027, and the Red Silver and Victoria gold zones. A 40,000-meter drill campaign commenced in the fourth quarter of 2025 to support resource expansion.

From an operational standpoint, the company is pursuing initiatives such as the "Plan 100," which targets US$100 per tonne in operating and sustaining costs, and expects to reach a throughput rate of 1,000 tonnes per day by the second quarter of 2026. These developments come as Silver X continues its long-term agreements with local communities in Huancavelica, where over 60% of its non-professional workforce resides.

The addition of a general manager and seasoned advisors reflects the company's emphasis on disciplined execution as it navigates a period of expansion and optimization.

Ownership and Share Structure ¹

About 9% of the company is owned by institutions, and about 6% by management. The rest is retail.

The silver miner has 222.5 million outstanding shares and 198.57 million free float traded shares. Its market cap is CA$130.482 million. Its 52-week range is CA$0.115 - $0.71 per share.