Production / Operations
Silver X Delivers Production Growth During the Fourth Quarter of 2025
Production Momentum and Commodity Tailwinds Mask Lingering Balance Sheet Strains

Executive Summary
- Silver X reported fourth-quarter 2025 operating results showing significant sequential growth at its Nueva Recuperada property in Peru.
- Processed tonnage reached 41,635 tonnes, a 24% increase from 33,505 tonnes in Q3 2025.
- Silver equivalent (AgEq) production rose to 266,995 oz, representing a 17% sequential increase.
- Gold production saw a significant jump to 667 ounces, up 67% from the previous quarter.
- The company realized an average silver price of $55/oz during the period, a 37.5% increase over the $40/oz realized in Q3 2025.
- Management reaffirmed the progress of its 40,000-meter drilling program and the opening of new mining fronts to sustain this ramp-up.
Material Impact
- The most recent news is material and positive as it confirms the company's ability to scale throughput toward its stated goal of 1,000 tonnes per day (tpd). Currently, the company is operating at approximately 452 tpd (based on Q4 tonnage), leaving significant room for the Q2 2026 target of 1,000 tpd.
- Revenue profile is improving not just from volume but from a favorable gold-silver price environment. The realized price of $55/oz silver provides a massive margin buffer that did not exist in early 2025.
- Gold production is becoming a more meaningful contributor to the revenue mix, which helps offset high all-in sustaining costs (AISC) which were as high as $30/oz AgEq in mid-2025.
- The news validates the $21.5 million capital injection from September 2025, showing that the funds are being deployed effectively to increase development and access higher-grade zones.
AGX · Price
Company Overview
- Silver X Mining is a silver producer focused on the Nueva Recuperada district in central Peru.
- The project is a "district-scale" play covering over 20,000 hectares with hundreds of identified veins.
- The flagship is the Tangana Mining Unit, currently in production, with the Plata Mining Unit planned for a restart in 2026-2027.
- A 2025 PEA outlines a 14-year mine life with an after-tax NPV of $439M, assuming an expansion to 3,000 tpd.
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Jul 22, 2026 · 07:35