Silver X Mining (AGX) Q1 2026 earnings summary

Executive summary

• Achieved record net income of $4.6M in 1Q26, reversing prior losses and marking a return to profitability.

• Net operating revenue reached $13.4M, up 155% year-over-year and 40% sequentially.

• Closed a $50.3M senior secured convertible debenture, the largest in company history, strengthening the balance sheet.

• Completed acquisition of Pampas Gold-Silver Project, establishing a multi-asset platform in Peru.

Financial highlights

• Operating income rose to $7.0M, up 791% year-over-year and 89% sequentially.

• EBITDA was $6.1M and adjusted EBITDA $5.9M, both showing significant improvement over prior periods.

• Cash and cash equivalents increased to $53.8M from $10.1M at year-end 2025.

• Total assets grew to $129.6M, up from $75.4M at December 31, 2025.

Outlook and guidance

• Advancing toward 1,000 tpd production run-rate at Nueva Recuperada in 3Q26.

• Targeting approximately 6 million silver equivalent ounces of annual production by 2029.

• Ongoing 40,000-meter drill program with 8,732 meters completed in 1Q26 to expand and upgrade resources.