Silver X Mining (AGX) investor relations material

Executive summary

• Achieved a strong operational and financial turnaround in 2025, with disciplined mine sequencing and higher-grade feed driving improved performance.

• Record fourth quarter revenue and operating income, supported by higher realized metal prices and cost discipline.

• Implemented a high-grade mining strategy, prioritizing value over volume, resulting in higher revenue per tonne and improved margins.

• Acquisition of the Pampas Project strengthens the multi-asset growth strategy and future production potential.

Financial highlights

• Net operating revenue for 2025 was $25.2 million, up 16% year-over-year.

• Operating income reached $5.8 million, reversing a loss in 2024.

• Adjusted EBITDA for 2025 was $4.0 million, over four times higher than 2024.

• 4Q25 revenue was $9.6 million, up 65% from 4Q24; operating income was $3.7 million.

• 4Q25 net loss of $4.0 million includes a non-recurring $4.9 million provision for administrative sanctions.

Outlook and guidance

• Targeting approximately 1,000 tonnes per day in 2026, with ongoing mine development to unlock additional production areas.

• Path toward 6 million silver equivalent ounces annually by 2029, supported by current and future assets.

• Staged approach aims to grow production while maintaining capital discipline and margin strength.