Silver X Grows the AgEq Processed by 42% and Gold 119% YoY As Nueva Recuperada Plant Expansion to 1,000 tpd Advances

Silver X Mining Corp. (AGX) released a quarterly production and operations update for the three months ended September 30, 2026, covering its Nueva Recuperada mine in Peru. The report contains no income statement, AISC, or cash-cost figures.

Year-over-year results showed significant growth in processing activity. The company processed 54,681 metric tons, a 63% increase from the 33,505 metric tons processed in the same period last year. Ore mined rose 113% to 60,694 metric tons. Gold processed increased 119% to 1,641 ounces, up from 751 ounces, while silver processed rose 47% to 138,724 ounces from 94,395 ounces. AgEq processed totaled 322,822 ounces, a 42% increase, and AgEq produced reached 225,237 ounces, up 35% year-over-year.

The year-over-year improvement was driven by a 63% increase in throughput and a 34% rise in gold head grade to 0.93 g/t from 0.70 g/t, partially offset by lower silver, lead, and zinc grades.

Operationally, the plant averaged 594 tonnes per day in the third quarter of 2026, down from 684 tonnes per day in the second quarter of 2026, though this remains above the 364 tonnes per day recorded in the third quarter of 2025. Throughput was curtailed to allow for equipment installation aimed at increasing capacity to 1,000 tonnes per day.

This maintenance activity resulted in a sequential decline for the quarter. Processed tonnage fell 12% quarter-over-quarter, and AgEq produced dropped 20% quarter-over-quarter. The company attributed these declines to two planned factors: equipment installation and an increased proportion of ore sourced from development headings, which typically feature lower grades.

On a processed basis, gold output fell approximately 25% quarter-over-quarter from 2,204 ounces in the second quarter to 1,641 ounces. Silver output decreased approximately 21% from 175,560 ounces to 138,724 ounces. The release did not explicitly flag a quarter-over-quarter decline in gold grade, which dropped from 1.10 g/t in the second quarter to an implied 0.93 g/t, noting only the declines in silver, lead, and zinc grades.

Mine production remained ahead of plant processing, with ore mined exceeding ore processed by approximately 6,000 metric tons. This created a stockpile of roughly ten days of feed at the third-quarter 2026 processing rate.

Underground development continued at the Tangana site, advancing 3,397 meters compared to 3,159 meters in the second quarter of 2026. Development at Red Silver reached approximately 600 meters, and drilling continues at Blenda Rubia.

Looking ahead, the company stated it expects the plant to reach 1,000 tonnes per day in the fourth quarter, representing a 33% increase in capacity.

For the third quarter of 2026, AgEq was calculated using average prices of US$62.58 per ounce for silver, US$4,262 per ounce for gold, US$0.84 per pound for lead, and US$1.74 per pound for zinc. These figures are materially below the booking prices used in the second quarter of 2026, which included US$73.85 per ounce for silver as reported in the July release, creating a negative revenue-per-ounce input for the upcoming third-quarter financials.

The company confirmed it holds no mineral reserves and that its operations are not based on a Preliminary Economic Assessment, Pre-Feasibility Study, or Feasibility Study demonstrating economic viability.

Silver X Mining Corp. (AGX) reported year-over-year production growth of 42% and 119%, though quarterly performance regressed sequentially. Production fell 20% on an AgEq-produced basis and 15% on an AgEq-processed basis, missing the near-term catalyst of a 1,000 tpd run rate by 3Q26.

The decline was partly pre-announced. A resource release on Sept 22, 2026, had already reframed the ramp to "2H26," telegraphing the 3Q miss to attentive holders. The company’s release led with year-over-year growth figures while burying the sequential decline of -12% and -20%, along with grade softness. The report also omitted AISC and cash costs, leaving investors unable to judge whether the higher-gold, lower-silver mix improved unit economics.

Market reaction reflected the modestly negative, expected nature of the results. The stock’s Sept 22 resource pop to $0.99 had faded to $0.86 by Oct 7, indicating the market had stopped paying up into this print.

Silver X Mining Corp. (TSXV: AGX; OTCQX: AGXPF; FRA: AGX) operates as a producing silver-gold platform focused on Peru. The company is led by CEO José M. Garcia, a mining engineer with prior experience at Anglo American, Inmet, and BHPB, alongside CFO David Gleit.

The company’s core asset is the Nueva Recuperada project, a 20,795-hectare district-scale package located in Huancavelica containing over 200 exploration targets. The producing hub is the Tangana Mining Unit, where a 1,000 tonnes per day ramp is currently underway. Additional development satellites include the Plata project, which encompasses Blenda Rubia, and the high-grade Red Silver deposit, located approximately 8 km from the plant.

Silver X recently acquired the Pampas gold-silver project, comprising 7,712.5 hectares with a 3% net smelter return (NSR), of which 1.5% is repurchasable for $1.5 million. The company also acquired 100% of the Lily 19 and Ccasahuasi claims from Barrick, which retains a 2% NSR, with 1% repurchasable for $2 million.

The company’s strategy aims to consolidate the district into a 3,000 tonnes per day, multi-mine operation targeting approximately 6 million ounces of silver equivalent per year by 2029. According to the 2025 preliminary economic assessment, the project features a 14-year life, an estimated $440 million net present value, and $82 million in initial capital expenditure.