Silver Miner Confirms Massive Resource in Peru

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* Disclosure for the quote from the Clive Maund article published on March 4, 2025

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Silver X Mining Corp. (AGX:TSX.V; AGXPF:OTC) has formally filed a National Instrument 43-101-compliant technical report validating its previously announced mineral resource estimate for the Nueva Recuperada Project in Huancavelica, Peru. The report, effective October 1, 2024, substantiates notable increases across measured, indicated, and inferred resources, particularly at the Plata Mining Unit (PMU), reinforcing the asset's strategic significance in one of South America's emerging silver districts.

Measured and indicated resources rose by 18% in tonnage, increasing from 3.61 million tonnes (MT) to 4.26 MT. The silver content in these categories surged 70%, from 8.22 million ounces (Moz) to 14.00 Moz. Inferred resources expanded from 11.89 MT to 17.18 MT, a 45% gain, with inferred silver content increasing more than 50%, from 58.30 Moz to 88.00 Moz.

The PMU alone accounts for 0.95 MT of indicated resources at an average grade of 6.11 ounces per tonne (oz/t) silver, translating to 5.81 Moz of contained silver. Inferred resources at PMU now stand at 5.39 MT at 4.82 oz/t silver, representing 26.00 Moz of silver. Zinc and lead also showed considerable growth, with measured and indicated zinc resources doubling from 45.9 kilotonnes (kT) to 94.7 kT, while lead rose 25% to 80.1 kT.

Silver X CEO Jose M. Garcia noted in the news release, "The updated resource estimate for Nueva Recuperada confirms the strategic significance of the Plata Mining Unit within what is rapidly becoming one of the most relevant silver districts in South America." He added that "PMU together with our Tangana Mining Unit underscore the long-term potential of our District."

The independent technical report, prepared by A. David Heyl, B.Sc., C.P.G., is available via SEDAR+ and the company's website. Mr. Heyl, who has over 35 years of global exploration and mining experience — including two decades in Peru — also served as the qualified person under NI 43-101 for this report.

Supply Deficits, Undervaluation, and Industrial Demand Define the Silver Landscape

Silver's role as both a precious and industrial metal continued to shape its market dynamics in early 2025, with multiple sources reporting consistent supply shortfalls and heightened demand pressures across key applications. On March 30, technical analyst Clive Maund explained that silver was still contending with resistance built up since its 2011 high near US$50 per ounce, which had suppressed speculative interest compared to gold. "This lackluster performance by silver relative to gold is actually normal in the early stages of a major sector bull market," the report stated. It emphasized that the silver-to-gold ratio remained near levels historically associated with major sector lows, describing the current market as having "no speculative interest . . .  zero, nada."

Also, on March 30, Ahead of the Herd reported that the silver market was poised to enter its fifth consecutive year of structural deficit. Industrial demand, which accounts for roughly 60% of silver usage, was cited as the primary driver, particularly in solar power, electronics, and automotive sectors. "Total silver supply should decrease by 1%, meaning 2024 should see another deficit, amounting to 215.3 Moz, the second-largest in more than 20 years," wrote Richard Mills, citing data from Oxford Economics and the Silver Institute.

In a separate April 1 analysis, Christopher Lewis at FX Empire observed technical support for silver prices around the US$33.33 level, stating that volatility and macroeconomic uncertainty were contributing to price swings. "Silver. . .  is extraordinarily volatile under the best of times anyway," Lewis noted, suggesting cautious engagement in a market still reacting to external economic signals.

By April 7, Ahead of the Herd reported that the gold-silver ratio had reached 102, well above its historical average of 60. The report reiterated the metal's undervaluation: "Historically, when the ratio is this high, silver tends to outperform gold in the following months." Precious metals analyst Peter Krauth added that during previous economic cycles, silver had outperformed gold significantly, citing a 147% gain in 2020 compared to gold's 43% over the same period.

Looking at production trends, Ahead of the Herd also summarized the 2024 global mine output. Mexico remained the world's top silver-producing country with 6,300 tonnes, followed by China at 3,300 tonnes and Peru at 3,100 tonnes. However, political and environmental challenges were cited as key risks to future output. Steve Cope, in a recent video cited by Silver Academy, noted that "the number of Mexico's silver mines that are running out of reserves and ore are far exceeding the number of mines that are going to come online."

The report further noted that the U.S. Geological Survey reported in early 2025 that world mine production of silver declined slightly to 25,000 tonnes in 2024, down from 25,500 tonnes in 2023. Consumption reached 37,000 tonnes, continuing to outpace supply and contributing to an 18% increase in the average silver price year-over-year to US$27.70 per troy ounce.

Analysts Highlight Growth Potential and Deep Value at Silver X

Silver X Mining Corp. received a positive assessment from Fundamental Research Corp. in early 2025, with Head of Research Sid Rajeev resuming coverage on February 28 with a Buy rating and a CA$0.98 per share fair value estimate, reflecting an 838% potential return. According to Rajeev, "Silver X offers a compelling value proposition, driven by its substantial resource growth, ability to ramp up production quickly, and a significant discount to peer valuations."

Rajeev highlighted the scale and upside of the Nueva Recuperada project, where resources increased by 40% to 208 million ounces silver equivalent. He cited strong economics from the 2023 Preliminary Economic Assessment, which showed an after-tax NPV of US$175 million and a 39% internal rate of return based on a silver price of US$23 per ounce. At the time of the report, silver was trading near US$31 per ounce.

Rajeev noted the company had produced 800,000 ounces of silver equivalent in the first nine months of 2024, a 34% year-over-year increase, and turned EBITDA positive. He projected revenue could reach CA$186 million annually by 2028, with production scaling to 6 million ounces per year. Despite a working capital shortfall at the end of Q3 2024, Rajeev believed the company had financing options. Upcoming catalysts included an updated PEA expected in Q2 2025 and the start of production at Plata in 2026.

*Technical analyst Clive Maund identified Silver X Mining Corp. as a compelling opportunity in his March 4 report, assigning the company an "Immediate Buy" rating across all time frames. Maund observed that the stock had pulled back to the lower boundary of a well-established trading range, creating what he viewed as a favorable setup for a potential rebound. He noted that the company was making steady progress by improving cost efficiency, increasing production, and positioning itself to benefit from broader strength in the silver market.

According to Maund's analysis, Silver X had several potential upside levels, with initial price targets set between CA$0.22 and CA$0.23 per share. Secondary targets were outlined in the CA$0.36 to CA$0.38 range, with a further range of CA$0.45 to CA$0.50 identified as the next key area. He stated that the stock could "ascend to higher levels" if momentum continued. Maund cited the company's combination of expanding resources and operational progress as supportive factors for long-term appreciation, especially in a strengthening silver price environment.

Nueva Recuperada Anchors Silver X's Growth Strategy in Peru

According to Silver X's April 2025 investor presentation, the Nueva Recuperada Project forms the core of a 20,472-hectare district-scale land package with extensive infrastructure, over 200 exploration targets, and historic production exceeding 200 Moz of silver in a 30-kilometer radius. The company's operational strategy is centered on its producing Tangana Mining Unit and the developmental Plata Mining Unit, which is expected to begin bulk sampling in 2025 and transition to production in 2026.

The company reported 330,000 oz silver-equivalent (AgEq) processed in Q3 2024, with a 197% increase in ore processed year-over-year and a 139% increase in revenue. Cash cost per tonne fell by 32% over the same period, highlighting improved operational efficiency. Although adjusted EBITDA remained slightly negative at US$0.1 million for the quarter, it marked a significant improvement from a loss of US$1.0 million in Q3 2023.

Looking forward, Silver X plans to scale operations at Tangana from 720 to 1,500 tonnes per day (tpd), as supported by a 2023 Preliminary Economic Assessment (PEA). The PEA projects an average annual production of 4.2 Moz AgEq over a 12-year mine life, based on 5.75 MT of mineral inventory. The report outlined an initial capital expenditure of US$61 million and an after-tax net present value (NPV) of US$175 million at a 10% discount rate.

The company's longer-term strategy includes targeting 6 Moz AgEq in annual production by 2028. Additionally, exploration efforts are underway at high-grade gold targets near Tangana, including the Ccasahuasi zone, with results expected to inform further development planning in 2025.

With its current market capitalization of approximately US$42.3 million and a fully diluted share count of 274.7 million, Silver X continues to trade at a price-to-net-asset-value (P/NAV) ratio of 0.23x, among the lowest of its silver-producing peers. The company sees this valuation as indicative of substantial room for growth as development milestones are reached.

Ownership and Share Structure

According to Refinitiv, six strategic investors own 21.63% of Silver X. The top shareholder is Baker Steel Resources Trust Ltd. with 8.8% followed byCEO Garcia with 6.4%. 

The rest of the company's shares are in retail.  

As for share structure, Silver X has 274.7 million (274.7M) outstanding shares and 232.9M free float traded shares.