Silver X Mining (TSX-V:AGX) has achieved a record operating revenue in Q1 2026, totalling C$13.4 million ($13.53 million), representing a 155% increase compared to the same period last year.
The company’s operating income of C$7 million represents a 791% increase from C$800,000 in Q1 2025. Net income totalled C$4.6 million, compared to a net loss of C$300,000 in Q1 2025.
Meanwhile, Silver X’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) totalled C$6.1 million and adjusted EBITDA of C$5.9 million, reflecting an improvement and stronger performance compared to prior periods.
As of 31 March 2026, Silver X had C$53.8 million cash and cash equivalents at hand, a C$10.1 million increase from 31 December 2025.
During Q1 2026, Silver X processed 44,883 tonnes of ore — a 12% increase year-on-year. Ore mined totalled 40,946 tonnes, which is consistent with prior-year levels.
Silver production increased 35% year-on-year, and 9% sequentially.
On track to meet target
CEO José Garcia says the strength of precious metal prices, combined with disciplined execution at its flagship asset Nueva Recuperada, has translated into meaningful margin expansion and a transformed balance sheet.
“We are fully capitalised and advancing our growth plan: ramping up Tangana toward 1,000 tonnes per day in Q3, completing our 40,000m drill program, and integrating Pampas,” Garcia says.
“With this foundation, we remain firmly on track to meet our medium-term target of approximately six million silver-equivalent ounces of annual production by 2029, supported by a multi-asset platform built for sustained value creation.”
Silver X is a producer and developer focused on its portfolio of assets in Peru, where it holds its district-scale land package known as the Nueva Recuperada Silver District.
The project includes the producing Tangana Mining Unit, the restart-ready Plata Mining Unit, and a pipeline of additional development and high-impact exploration targets.
Nueva Recuperada covers a large area within the Huachocolpa mining district, containing silver-gold-lead-zinc-copper epithermal veins and other deposit types mainly hosted in Cenozoic volcanic rocks.
According to Trading Economics, silver’s spot price steadied near US$76 an ounce on 29 May after recovering in the previous session, as reports of a preliminary agreement between the US and Iran eased concerns over inflation and interest rates.
Over the past month, the precious metal’s price has risen 2.51% and is up 128.79% compared to the same time last year.
Write to Aaliyah Rogan at Mining.com.au
Images: Silver X Mining
