AG真人官方

Silver X Mining Corp. Sustains Pre-Tax Profitability Through 2Q25

(All dollar amounts expressed in US dollars unless otherwise noted)

VANCOUVER, BC / / August 29, 2025 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") is pleased to report its financial results for the six months ended June 30, 2025, for the Nueva Recuperada Project (the "Project") in Central Peru.

CEO Jose Garcia commented, "Silver X continues to make steady progress, with consistent improvements in operating income, pre-tax earnings, and EBITDA. While we have not yet reached peak performance, we believe that a modest infusion of capital will serve as a catalyst to unlock the full potential of one of Peru's most prolific yet underdeveloped silver and gold districts.

Achieving sustained profitability at this stage is a key milestone-one that provides a solid foundation for accelerated growth. As we advance development and drilling activities, we expect the coming quarters to reflect meaningful gains.

Looking ahead, Silver X is entering a pivotal phase. Our strategy is taking hold, and the impact of disciplined execution is becoming increasingly evident. We stand at the threshold of a transformative period-for the company, its shareholders, and all stakeholders involved."

Operational Highlights

• On a year-to-date basis, processed tonnage declined by 9%, from 82,505 tons for the six months ended June 30, 2024, to 75,099 tons for the same period in 2025. During the second quarter of 2025, processed tonnage decreased by 22% to 34,899 tons, compared to 44,601 tons in 2Q24.

• Average AgEq head grades declined by 3.0% in 2Q25 compared to 2Q24, and by 12.0% for the six months ended June 30, 2025, versus the same period in 2024.

• 1,788 meters of mine development were completed during 1Q25, expanding current mining operation and accessing higher grade target areas. 2,253 exploration meters were drilled during 2Q25, in line with company's 8,000 meters plan for 2025.

Financial Highlights

• In the first half of 2025, operating income increased nearly 200% compared with the similar period in 2024. In 2Q25, operating income increased 55% to $847k compared with $547k in 2Q24.

• Pre-tax income during 1H25 was 131% higher than 1H24 ($166k vs. a loss of $539k). The Company generated a pre-tax profit in 2Q25 of $145k, 62% less than the $381k pre-tax profit earned during 2Q24.

• Net losses decreased by 71% to $410K for the six months ending June 30, 2025, compared to a loss of $1.4M in the prior year period.

• Quarter-on-quarter, net losses were reduced by 52%, to $79k (2Q25) from $164k (2Q24).

• EBITDA continued to be positive both during 2H25 and for the most recent quarter.

OPERATING AND FINANCIAL HIGHLIGHTS

Notes:

¹AgEq ounces processed and produced were calculated based on all metals processed and produced using the average market prices of each metal for each month during the period. Revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts.

²Average AG真人官方ized Price, production cost per tonne processed, AgEq sold, cash cost per AgEq ounce produced and AISC per AgEq ounce produced are non-IFRS ratios with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information, including detailed reconciliations to the most directly comparable IFRS measures, see "Non-IFRS Measures" in this news release and the MD&A.

³ AG真人官方ized price corresponds to the average sales prices for the final customer.

Three Months Ended June 30, 2025, vs. Three Months Ended June 30, 2024

During the second quarter of 2025, the Company recorded:

• A 14% decrease in net operating revenues from the sale of concentrate ($5.4M compared to $6.2M in the prior period) mainly due to a 24% decrease in AgEq metal sold.

• A lower cost of sales from $5.7M in 2Q24 to $4.5M in 2Q25, representing a reduction of $1.2M. This decrease is primarily attributed to an 83% reduction in depreciation expense, driven by the increase in Measured and Indicated Mineral Resources, which is the basis for depreciation and by the 2.5% decrease in mining and processing costs during the quarter.

• Operating income increased, reaching $847K in 2Q25 compared to $547K in 2Q24, mainly driven by reduced depreciation.

• In 2Q25, net loss was $79K, a 52% reduction compared to the loss of $164K in 2Q24.

• EBITDA declined to $0.5M compared to $1.9M reported in 2Q24, representing a 74% decrease over the same period one year ago (refer to Non-IFRS Financial Measures).

Six Months Ended June 30, 2025, vs. Six Months Ended June 30, 2024

For the six months ended June 30, 2025, the Company recorded:

• Pre-tax income of $166K compared to a net loss before tax of $539K for the same period in 2024.

• EBITDA remains positive at $908K, but down from $2.2M in the same period of 2024.

• Similarly, Adjusted EBITDA of $804K, compared to $1.2M for the same period in 2024.

• Net cash provided by financing activities was $1.8 million during the period mainly due to the private placement that closed on March 13, 2025.

The significant decrease in loss for the current period was primarily due:

• A reduction in net loss by $1.0M compared to 2024, primarily driven by lower cost of sales (14%) and lower general and administrative expenses (26%), partially offset by lower net operating revenue (3%). Consequently, Adjusted EBITDA declined by 34% compared to the previous year.

• Cost of sales decreased by $1.5M (14%), from $10.5M in 2024 to $9.1M in the current year, primarily attributed to 82% reduction in depreciation expense, resulting from the increase in Measured and Indicated Mineral Resources as the basis for depreciation.

The following table reconciles the Net Loss to the EBITDA and Adjusted EBITDA:

Non-IFRS Measures

The Company has included certain non-IFRS financial measures and ratios in this news release, as discussed below. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers.

Cash Costs, All-In Sustaining Cost, EBITDA, and Adjusted EBITDA

The Company uses cash costs, cash cost per AgEq ounce produced, AISC, AISC per AgEq ounce produced, EBITDA and Adjusted EBITDA to manage and evaluate its operating performance in addition to IFRS measure because the Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operations to generate cash flows. The Company understands that certain investors use these measures to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. Management and certain investors also use this information to evaluate the Company's performance relative to peers who present this measure on a similar basis.

Cash costs are calculated by starting with cost of sales, and then adding treatment and refining charges, and changes in depreciation and amortization.

Total cash production costs include cost of sales, changes in concentrate inventory, changes in amortization, less transportation and other selling costs and royalties. Cash costs per AgEq ounce produced are calculated by dividing cash costs by the AgEq ounces produced.

AISC and AISC per AgEq ounce produced are calculated based on guidance published by the World Gold Council (and used as a standard of the Silver Institute). The Company presents AISC on the basis of AgEq ounces produced. AISC is calculated by taking the cash costs and adding sustaining costs. Sustaining costs are defined as capital expenditures and other expenditures that are necessary to maintain current production. Management has exercised judgment in making this determination.

The following table shows the calculation of the cash costs and AISC per AgEq ounce produced:

To improve the accuracy and presentation of AISC calculations, Silver X refined the composition of General & Administrative Expense in sustaining cost, excluding discretionary costs for business development, investor relations, and share-based compensation. For comparative purposes, the prior period was recalculated based on the revised methodology, resulting in an AISC of $28.5 per AgEq ounce for the six months ending June 30, 2025. This represents a 33.4% increase compared to $21.3 for the same period in 2024, and a 28.6% increase from $23.5 in 2Q24 to $30.3 in 2Q25.

Additionally, AISC per tonne processed increased by 13.0% when comparing the same period in 2024, rising from $150.4 for the six months ending June 30, 2024, to $170.0 in 2025. This measure increased by 20.6%, from $149.9 in 2Q24 to $180.8 in 2Q25.

The capital expenditure deployed in the development of the Tangana Mining Unit during the period was the main cost contributor to AISC. Investment in sustainable CAPEX enables the Company to access new production fronts and transition to higher head-grade areas.

About Silver X

Silver X is a rapidly expanding silver producer and developer. The Company owns the 20,472-hectare Nueva Recuperada Silver Project in Central Peru and produces silver, gold, lead, and zinc from its Tangana Mining Unit. We are building a premier silver company that aims to deliver outstanding value to all stakeholders, consolidating and developing undervalued assets, adding resources, and increasing production while aspiring to sustain the communities that support us and stewarding the environment. Current production, paired with immediate development and brownfield expansion opportunities, presents investors with the opportunity to invest in the early stages of a silver producer with strong growth prospects. For more information visit our website at .

ON BEHALF OF THE BOARD

Jos茅 M. Garcia
CEO and Director

For further information, please contact:

Kaitlin Taylor
Investor Relations
[email protected]
+1 778 887-6861

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Non-IFRS Measures

Cash costs ($ per Oz sold) and AISC ($ per Oz sold) are non-IFRS financial measures and non-IFRS ratios in this press release. These measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers. Please refer to the Non-IFRS Measures section of the Company's most recently filed Management's Discussion and Analysis which is available on SEDAR+ at www.sedarplus.ca for full details on these measures, which is incorporated by reference into this press release.

Please see "Cautionary Note regarding Production without Mineral Reserves" at the end of this news release.

Qualified Person

Mr. A. David Heyl, B.Sc., C.P.G who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Heyl is a consultant for Silver X.

Cautionary Note regarding Production without Mineral Reserves

The decision to commence production at the Nueva Recuperada Project and the Company's ongoing mining operations as referenced herein (the "Production Decision and Operations") are based on economic models prepared by the Company in conjunction with management's knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.

Cautionary Statement Regarding "Forward-Looking" Information

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ("forward-looking information"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward- looking information contained in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Project, the Company's belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected financial performance of the Company.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labor dispute or failure of plant or equipment or other material disruption in the Company's operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company's operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company's ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company's annual and interim MD&As and in its public documents filed on www.sedarplus.ca from time to time. Forward- looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE: Silver X Mining Corp.