Silver X Mining Corp.
Silver Rally and Expansion Plans Overshadow Q3 Miss
Published: Dec 12, 2025
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.
Company Details
Sector – Basic Materials / Industry – Other Industrial Metals & Mining
Trading Information
Ticker & Exchange – AGX.V: TSX AGXPF: OTC
Report Highlights
- AGX has gained 264% YoY, outperforming the Junior Silver Miners ETF (+124%), driven by a 121% YoY rise in silver prices, which recently hit an all-time record of $64/oz.
- Leveraging strong market sentiment, the company completed a C$22M equity financing in Q3, significantly strengthening its balance sheet. It recently raised an additional C$1M from warrant exercises, and could raise another C$27M from in-the-money options/warrants.
- Q3 results missed expectations due to lower production, driven by reduced throughput and grades. Production has declined QoQ over the past three quarters. The company attributed the Q3 drop to a temporary slowdown caused by contractor-related operational issues, which have since been resolved. According to management, production ramped up in September, pointing to a stronger Q4.
- In 2026, the company plans to increase throughput from 500 tpd to ~1,000 tpd by mid-year, backed by $5M in CAPEX. We believe his could potentially boost production by 50–100%, driven by higher throughput, partially offset by lower grades.
- An updated Preliminary Economic Assessment (PEA), completed in September, supports two mining operations with potential production of 6 Moz/year, up from ~1 Moz.
- The company is planning a 40,000 m resource update/expansion drill campaign, the largest in its history. With multiple veins still excluded from the current resource estimate, we see significant growth potential.
- We maintain a positive outlook on silver prices, anticipating continued US$ weakness, and strong demand for safe-haven assets amidst economic and geopolitical uncertainties. Additionally, the Silver Institute projects the market will remain in a deficit for a sixth consecutive year in 2026.
- AGX’s forward EV/Revenue of 3.37x reflects a 42% discount to silver miners.
Price and Volume (1-year)
| YTD | 12M | |
| AGX | 281% | 264% |
| TSXV | 55% | 56% |
| SILJ | 169% | 124% |
* 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 otherwise specified.
Project Overview
Fundamental Research Corp. Equity Rating Scale:
Fundamental Research Corp. Equity Rating Scale (ratings are not a recommendation to acquire, dispose of, or take no action regarding a security; the definition of our ratings are explained below):
- Buy – Fair value is 12% above the current market price; or risk and reward is favorable
- Hold – Fair value is between 5% to 12% above the current market price
- Sell – Fair value is 5% above, or less, than the current market value; or risk and reward is unfavorable
- Suspended or Rating N/A – Coverage and ratings suspended until more information can be obtained from the company regarding recent events.
Fundamental Research Corp. – Risk Rating Scale:
- (Low Risk) – The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt.
- (Below Average Risk) – The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt.
- (Average Risk) – The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient.
- (Speculative) – The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative.
- (Highly Speculative) – The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products. Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues and may rely on external funding. These stocks are considered highly speculative.
Definition of FRC’s Fair Value Estimate – Our fair value estimate is the theoretical value of the company’s equity using widely accepted methods of valuation such as discount cash flow or comparables. IT IS NOT A TARGET PRICE or PREDICTION OF THE FUTURE STOCK PRICE.
Disclaimers and Disclosure
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The distribution of FRC’s ratings are as follows: BUY (69%), HOLD (3%), SELL / SUSPEND (28%). Yorkton Equity Group Inc.
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