Silver X arranges $60M convertible debenture offering

Executive Summary

• Silver X Mining Corp. announced a best-effort brokered private placement of up to C$60 million in secured convertible debentures to fund development, working capital, and general corporate purposes.
• The debentures carry a 10% fixed annual interest rate, mature in five years, and convert into common shares at a fixed price of $1.62 per share.
• Proceeds will support the scaling of the Tangana mining unit and the planned restart of the Plata mine, advancing the company's strategic goal of reaching approximately six million silver equivalent ounces annually by 2029.

Key Details

• Structure & Agent: Best-effort brokered private placement with Ventum Financial Corp. as sole agent and sole bookrunner.
• Gross Proceeds: Up to C$60 million aggregate principal amount.
• Over-allotment Option: Agent may increase the offering by up to 15% of the convertible debentures, exercisable up to three business days prior to closing.
• Interest Terms: Fixed rate of 10.0% per annum, payable semi-annually. For the first 24 months, the company may elect to pay interest in cash or shares at its sole discretion; thereafter, interest must be paid in cash.
• Maturity: Five years from the closing date.
• Conversion Price: $1.62 per common share.
• Conversion Rights: Convertible at the holder's election until the earlier of (i) the business day preceding the maturity date, or (ii) the date of full repayment of the principal amount and all accrued/unpaid interest.
• Use of Proceeds: Development, working capital, and general corporate purposes.
• Expected Closing: On or about February 18, 2026.
• Conditions: Subject to satisfaction of customary conditions, including all necessary corporate and regulatory approvals, specifically TSX Venture Exchange approval.
• Hold Period: All securities issued will be subject to a statutory hold period of four months and one day from the closing date under Canadian securities laws.
• Project Context: Silver X is advancing the Nueva Recuperada project in Peru (20,795 hectares, two mining units, 200+ targets). Current production at the Tangana unit is scaling alongside the planned restart of the Plata mine, targeting ~6M silver equivalent ounces annually by 2029.

Notable Quotes

• Jose Garcia, President and Chief Executive Officer: "This financing, when completed, will provide Silver X with the financial platform we need to advance the Nueva Recuperada property and continue executing on our strategic vision to become a meaningful and competitive silver producer. We look forward to working with Ventum towards the successful completion of the offering."