Silver X Mining Corp.
Transitioning to Growth and Profitability Amid a Strong Silver Backdrop
Published: May 5, 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.
Company Details
Sector – Basic Materials
Industry – Other Industrial Metals & Mining
Trading Information
Trading information – AGX.V : TSXV
Report Highlights
- Strong stock performance: AGX is up 387% YoY, outperforming the Junior Silver Miners ETF (+141% YoY), primarily driven by a 128% YoY rise in silver prices.
- Strong balance sheet: In Q1-2026, AGX alleviated prior liquidity concerns by raising $50M through convertible debentures and 3M from warrants/options exercises, lifting working capital from ($6M) as of December 2025, to +$47M, with up to $18M additional upside from in-the-money securities.
- 2025 production in line: 2025 production fell 26% YoY to 812 koz, driven by lower throughput (processing rate), and grades, nearly in line with our 811 koz estimate. Q1-2026 throughput rose 8% QoQ to 500 tpd, increasing further to 690 tpd by March 2026, supporting a strong 2026 outlook.
- Earnings inflection: Despite lower production, 2025 revenue rose 15% YoY on higher metal prices, and beat our estimate by 8%. Adjusted EPS improved YoY from ($0.02) to $0.001 vs. ($0.005) forecast, marking a profitability inflection.
- Production growth outlook: Targeting ~1,000 tpd by Q3-2026, supported by $5M CAPEX. We forecast 37% YoY production growth, to 1.11 Moz AgEq in 2026.
- Long-term growth optionality: 40,000 m resource expansion drill program underway, the largest in the company’s history. An independent economic study (PEA), completed last September, supports potential production of ~6 Moz/year within two to three years.
- Strong silver backdrop: We remain positive on silver, supported by US$ weakness and strong safe-haven demand, amid economic and geopolitical uncertainty. The Silver Institute expects the market to remain in a deficit for a sixth consecutive year in 2026.
- Valuation disconnect: AGX trades at a 50% discount on average to junior silver miners on forward EV/Revenue and EV/EBITDA, suggesting growth is not fully priced in.
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$.
The Nueva Recuperada project includes the producing Tangana mine unit (TMU), with a 720 tpd processing plant, the advanced-stage Plata mining unit (PMU), and four exploration projects
Project Overview
The 2025 PEA highlights the potential to increase annual production from ~1 Moz to 6+ Moz
AGX’s expansion plan involves two milling facilities: a new 1,500 tpd mill at Tangana, and the existing Recuperada mill (15 km south of Tangana), which will be expanded from 720 tpd to 1,500 tpd
(QP: A. David Heyl, C.P.G., Consultant for Silver X Mining)
Source: Company
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