Silver X Increases Measured and Indicated Resources 173% to 10.4 Mt at 213 g/t AgEq (70.8 Moz AgEq) and Inferred Resources 43% to 21.6 Mt at 252 g/t AgEq (180.9 Moz AgEq)
Silver X increased measured and indicated resources by 173% while advancing a de-risked preliminary economic assessment for its project.
Silver X Mining Corp. (AGX) released an updated NI 43-101 Mineral Resource Estimate for its Nueva Recuperada Project in Peru, effective August 31, 2026. Measured and Indicated resources rose to 10.4 million tonnes containing 70.8 million ounces AgEq, including 41.8 million ounces of silver. Versus the May 31, 2025 estimate, M&I tonnage increased 173%, M&I AgEq ounces increased 117%, and M&I silver ounces increased 211%. Inferred resources rose 43% in tonnage to 21.6 million tonnes containing 180.9 million ounces AgEq, including 120.1 million ounces of silver.
Red Silver was highlighted as the district’s highest-grade silver resource: M&I of 517,171 tonnes grading 20.03 oz/t silver for 10.4 million ounces, plus Inferred of 3.11 million tonnes grading 17.12 oz/t silver for 53.2 million ounces. Blenda Rubia, within the Plata Mining Unit, added a new Indicated bulk-tonnage resource of 5.5 million tonnes grading 112 g/t AgEq for 19.8 million ounces AgEq, averaging more than 11 metres wide. M&I resources now cover approximately 85% of the 12.25 million tonne mining inventory underpinning the 2025 PEA, up from 31%.
The 2025 PEA itself was not updated. Key PEA metrics remain as published: 14-year mine life, 3,000 tpd combined capacity, average annual production of approximately 6.2 million ounces AgEq, peak 7.2 million ounces AgEq, LOM cash cost of $11.78/oz AgEq, LOM AISC of $15.80/oz AgEq, initial capex of $82 million, after-tax NPV of $439 million at 5%, and after-tax IRR of 69%.
The company is advancing permitting to expand the Recuperada plant from 720 tpd to 1,500 tpd, with an intermediate target of 1,100 tpd in 1H27 and full 1,500 tpd permit expected in 4Q28. The 40,000 metre drill program is over 20,000 metres complete. 2Q26 processed a record 62,252 tonnes, averaging approximately 700 tpd, and the company remains on track for a 1,000 tpd run rate in 2H26. Cash at 2Q26 was $49.7 million.
Base metal credits in M&I resources include 166,263 tonnes of lead and 175,590 tonnes of zinc.
Silver X Mining Corp. (AGX) released a resource update that nearly triples measured and indicated (M&I) tonnage and increases M&I silver ounces by 211%, significantly bolstering the geological confidence underpinning its preliminary economic assessment (PEA) mine plan. The company has expanded M&I coverage of the PEA mining inventory from 31% to 85%, a shift that enhances mine planning, permitting, and project finance discussions.
The updated resource model incorporates Red Silver, which contributes very high-grade silver, and Blenda Rubia, which adds bulk-tonnage scale and potential for lower-cost mining. While the market may have partially anticipated resource growth from prior drilling results, the magnitude of the M&I conversion appears to exceed expectations.
The release does not update the PEA, convert resources to reserves, or change production or cost guidance, meaning the economic impact is not yet quantified.
Silver X Mining Corp. is a Peru-focused precious metals producer building a multi-asset platform. Its core asset is the Nueva Recuperada Project, a 20,795-hectare district-scale land package in Huancavelica, Peru, comprising three mining units: Tangana, which is currently producing; Plata, which is in development and includes Blenda Rubia; and Red Silver, which is in development and drilling phases. The Recuperada plant currently operates at approximately 750 tpd nominal capacity and is being expanded toward 1,500 tpd.
The 2025 PEA contemplates two plants and a combined 3,000 tpd capacity across Tangana and Plata, with a 14-year mine life and average annual production of approximately 6.2 million ounces AgEq. The company also holds additional assets, including the Pampas Gold-Silver Project, a 7,712.5-hectare property acquired in March 2026, and the Ccasahuasi gold project, acquired from Barrick in June 2026.
Management includes CEO José M. Garcia, who has over 20 years of mining engineering experience and held prior roles at Anglo American, Inmet, and BHPB. CFO David Gleit brings over 25 years of experience to the company.