Silver X Mining Corp.
Ramping Production, Outperforming Expectations
Published: August 13, 2026
Author: FRC Analysts
Disclosure: Silver X Mining Corp. 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
- Robust share price performance: AGX is up 151% YoY, outperforming the Junior Silver Miners ETF (+73% YoY), driven by higher silver prices (+69% YoY), production growth, and two consecutive quarters of profitability.
- Production ramp-up: Q2 AgEq production was up 57% QoQ to 283 koz, in line with our estimate, driven by higher throughput and grades. Throughput increased from 500 tpd in Q1, to 700 tpd in Q2, with 1,000 tpd expected by Q3-end. Management is targeting 6 Moz AgEq of annual production by 2029.
- Earnings outperformance: Q2 revenue increased 29% QoQ (22% above our forecast), while EBITDA increased 16% QoQ (34% above our forecast), as metal prices held up better than expected. EPS declined 34% QoQ to $0.011 due to higher interest expense from Q1 debt financing, but remained above our $0.005 forecast.
- Forecast upgrade: Stronger-than-expected metal prices, and the production ramp-up, prompted us to raise our 2026/2027 revenue and EPS forecasts.
- Long-term growth optionality: Advancing a 40,000 m drill program, the largest in the company’s history, targeting resource growth and advancing multiple regional targets toward production.
- Favorable silver market: Metal prices have rallied in the past week as the US$ weakened following softer-than-expected employment data, reinforcing expectations for a more accommodative Fed policy stance. We expect continued safe-haven demand, and persistent supply deficits to underpin prices through 2026. The Silver Institute forecasts a sixth consecutive annual market deficit in 2026.
- Compelling valuation: AGX trades at an average 51% discount to junior silver miners on forward EV/Revenue and EV/EBITDA, highlighting a significant valuation gap.
Price and Volume (1-year)
| YTD | 12M | |
| AGX | -19% | 151% |
| TSXV | -3% | 23% |
| SILJ | 7% | 73% |
| Silver | -16% | 69% |
* 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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