Silver X Mining – Q1 Production Metrics, Multi-Year Growth Strategy, Pampas Project Acquisition, Ongoing 40,000m Drill Program

José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me for a comprehensive news update highlighting recent announcements on:

 

• Q1 production metrics, and an overview of their aggressive multi-year growth plan to increase throughput levels from the Tangana Mine silver production and via increases to the plant capacity of the Recuperada Plant and construction of a 2nd Tangana Plant.
• In tandem to those workstreams, their team has ongoing development and exploration work programs at both the Plata Mine and Red Silver Mine areas for new production to begin about a year out which will augment the consolidated production at their Nueva Recuperada Project, located in central Peru. There is an ongoing 40,000 meter drill program that kicked off last fall.
• We also review the accretive acquisition of the Pampas Gold-Silver Project, located a little over 30kms away from Nueva Recuperada; and how it will factor into upcoming exploration initiatives, and the future development and production pipeline for the Company.

 

First Quarter 2026 Production Highlights

 

• Metal production increased quarter-over-quarter, supported by higher throughput, improved head grades, and increased gold production, demonstrating a clear improvement in operational performance and metal throughput.
• Processed tonnage increased to 44,883 MT in 1Q26, up from 41,635 MT in 4Q25, representing an 8% quarter-over-quarter increase. In March 2026 alone, processed tonnage reached 20,645 MT, as production capacity expands at the Nueva Recuperada plant.
• Silver ounces processed increased to 125,195 oz in 1Q26, compared to 113,734 oz in 4Q25, representing a 10% sequential improvement driven primarily by higher silver head grades.
• Gold ounces processed rose to 1,419 oz in 1Q26, compared to 1,183 oz in 4Q25, representing 20% increase driven by targeting higher-value zones within the mine.
• Silver equivalent ounces (AgEq) processed were 253,114 oz in 1Q26, versus 266,995 oz in 4Q25. The decrease in AgEq ounces is primarily attributable to higher silver prices during the quarter (approximately US$83/oz in 1Q26 vs US$55/oz in 4Q25).

 

We start off by having José outline some of the step changes in growing the production throughput at Tangana, taking throughput from 500-600 tonnes per day (tpd) up to nameplate capacity of the plant at 720-750 tpd.  They are seeking permits in the middle of this year to expand the Recuperada plant throughput to 1,000 tpd by the end of 2026.  The operations team is also looking at incorporating ore-sorting technology to further upgrade the ore, and discard more waste before running the material through the mill.

 

Then looking ahead 2-3 years, as outlined in their expanded Preliminary Economic Assessment (PEA) released to the market on September 4th, 2025, they will increase the Recuperada Plant capacity up to 1,500 tpd, and also build a new Tangana Plant also with 1,500 tpd capacity, taking throughput up to 3,000 tpd by 2029.

 

The vision is to increase mining, development, and grade from the Tangana unit to eventually feed the new plant, with higher grade material from both the Plata Mining Unit and Red Silver Mining Unit eventually feeding the Recuperada Plant.   When both plants are running at full capacity with 3,000 tpd the projected output would be over 6 million silver equivalent ounces of production per annum.

 

On March 24th, 2026, Silver X announced the acquisition of the 7,712.5-hectare Pampas Gold-Silver Project in Huancavelica, Peru; adding a new high-grade exploration asset to its precious metals portfolio.

• High grades: Historical rock chip samples returned up to 85.9 g/t gold and 1,065 g/t silver.
• District-scale system: 36 mapped gold-silver veins with strike lengths of up to 2,000 metres across a large epithermal system.
• Major exploration upside: Despite extensive historical work, the project has never been systematically drill tested, with an initial 5,000 m drill program planned.

 

We spend the balance of the interview unpacking the ongoing 40,000 meter drill program, and aggressive exploration initiatives across their district-scale land package and recent broad silver mineralization returned from drilling at the Blenda Rubia target.   There are multiple goals for this largest drill program to date focused on further delineating the higher-grade areas of each area, updating the confidence in the continuity of known resources with infill drilling, while still looking to make new discoveries along strike and at depth.

 

 

If you have any questions for José regarding Silver X Mining, then please email those into me at [email protected].

 

• In full disclosure, Shad is a shareholder of Silver X Mining at the time of this recording and may choose to buy or sell shares at any time.

 

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