Silver X Mining Corp.
Earnings Inflection and Expanding Resource Pipeline
Published: June 20, 2026
Author: FRC Analysts
Disclosure: Delivra Health Brands Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Report Highlights
- Strong share price performance: AGX is up 152% YoY, outperforming the Junior Silver Miners ETF (+87% YoY), driven by higher silver prices (+79% YoY), production growth, a transition to profitability, and improved liquidity following a $50M convertible debenture financing.
- Production ramp-up: Q1 silver production +9% QoQ to 106 koz, in line with our estimate, supported by higher throughput (processing rate) and grades. As the operation expands from 500 tpd to 1,000 tpd by Q3, we forecast production of 1.08 Moz AgEq in 2026 (+33% YoY), and 1.44 Moz AgEq in 2027 (+34%). Management is targeting 6 Moz AgEq annually by 2029.
- Earnings inflection: Q1 revenue +39% QoQ, 8% above our estimate, driven by higher metal prices. EPS improved QoQ to $0.016 from ($0.017) vs our forecast of $0.0035.
- New acquisitions: Acquired two early-stage regional projects, one silver-rich polymetallic project, and one gold project. Both are being evaluated as potential standalone operations, with dedicated processing facilities.
- Long-term growth optionality: 40,000 m drill program, the largest in company history, targeting resource growth and advancement of multiple regional targets to production.
- Favorable silver market: Despite the recent pullback in silver prices, we believe stable interest rates, elevated inflation, and continued safe-haven demand should support prices through 2026. We believe the new Fed Chair may be inclined to keep rates unchanged, balancing inflationary pressures with the administration’s preference for lower rates. Furthermore, the Silver Institute expects the silver market to remain in a deficit for a sixth consecutive year in 2026.
- Compelling valuation: AGX trades at an average 54% discount to junior silver miners on forward EV/Revenue and EV/EBITDA, suggesting its growth profile is not fully reflected in the share price.
Price and Volume (1-year)
* QP: A. David Heyl, C.P.G., Consultant for Silver X Mining. Silver X Mining has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in US$ unless, except for share price, fair value estimates, and MCAP data, which are in C$.
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