Silver X Mining Corp.

Notable vs. Peers

• All-in sustaining cost of $53.24/AgEq oz is 77% higher than the peer producer average of $30.10/AgEq oz.

Lifecycle Milestones

1. Permit granted

   Oct 2021 · Silver X secured the environmental permitting approval required to expand production capacity at its Nueva Recuperada concentrate plant to 720 tpd (a 20% increase), fed by the Tangana 1 & 2 veins and the newly acquired Tangana West vein system. · Source
2. Construction decision (FID)

   Oct 2021 · The SAME Oct 20, 2021 press release already on file as this miner's PERMIT_GRANTED source ("Silver X Begins Expanding Silver-Polymetallic Production Capacity By 20% To 720 TPD At Its Nueva Recuperada Concentrate Plant") both discloses the environmental permitting approval AND announces the production-capacity expansion itself (crushing circuit/flotation cells, fed by Tangana 1 & 2 plus the newly acquired Tangana West vein system) -- i.e. the permit and the expansion decision are the same disclosed, dated event for this company, not two separable announcements. No earlier, separate board-sanction release specific to this expansion was found. · Source
3. Construction start

   Reached — date not disclosed · Following the October 2021 permit, Silver X began installing a new crushing circuit and flotation cells at Nueva Recuperada in late 2021, building the Tangana mine on the Tangana 1 & 2 veins. No single release pinpointing an exact day was found. · Source
4. First pour / production

   Reached — date not disclosed · Silver X commenced production in 2022 from the Tangana Mining Unit (commercial production was formally declared in January 2023, a separate later milestone). Exact 2022 date not found in available primary sourcing. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached. Commercial production was declared effective January 2023 per the company's 2023-01-19 press release ("Silver X Provides Q4 and Half Year 2022 Production Results and Declares Commercial Production") at its 100%-owned Nueva Recuperada mine complex, Huancavelica, Peru -- only month-level precision was disclosed, no specific day, so achievedDate is left null rather than invented. A brief operational pause in Q2-Q3 2023 for an operations improvement plan was a temporary halt, not a restart of the commercial-production clock. Its most recent quarterly release (2026-08-06) reports record Q2 2026 revenue of $17.3M and the first profitable half-year in company history, confirming ongoing commercial production today. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.

P/NAV of 0.31x sits in the 0th percentile among 13 production-stage silver peers, despite a jurisdiction score of 6/10 -- high enough that jurisdiction risk alone doesn't obviously explain the discount. Flagged as genuinely unexplained by this mechanical screen: either a real mispricing, or a real risk this screen can't see (a jurisdiction issue this score doesn't capture, or some other factor entirely) -- a distinct, more speculative bucket with no identified resolution catalyst, not the jurisdiction-risk pattern above. See this company's own profile page for any completed, cited research (Task #530) into that real "why," where one exists yet.

A relative screen, not a probability and not a reason to buy. This flags companies trading unusually cheap vs. peers of the same lifecycle stage and commodity, for a real, identifiable reason (a jurisdiction risk, a specific dispute, an incident, a financing gap) that may or may not ever resolve favorably. "Unexplained" candidates carry no identified driver at all -- a more speculative bucket than a named catalyst.