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TSX.V: AGX | OTC: AGXPF | FRA: AGX A GROWING SILVER PRODUCER IN PERU Corporate Presentation | January 2026 TSX.V: AGX | OTC: AGXPF | FRA: AGX
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TSX.V: AGX | OTC: AGXPF | FRA: AGX The information in this presentation is in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" investor. Forward looking or "should" occur. Such statements reflect Silver X’s current views and intentions with respect to future events, and current information available to Silver X, and are subject to certain risks, uncertainties and assumptions . Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Certain of the "risk factors" that could cause actual results to differ materially from the Company's forward-looking statements include, without limitation risks relating to the following: uncertain potential impacts of COVID-19 pandemic to Silver X; the high degree of risk involved in the business of mineral deposit exploration and extraction; risks relating to title on mineral properties and mining rights; fluctuating mineral prices adversely affecting the ability to raise capital to fund ongoing operations; financing and share price fluctuation risks, including substantial capital requirements ; risks to operations in Peru; political instability; currency fluctuations; nationalization of the mining industry; opposition from local residents and non-governmental organizations ; changes to governmental regulations or regulatory requirements in Peru; environmental and social risks; licensing and permitting risks; insurance not covering all the potential risks associated with operations or the inability to maintain insurance to cover risks at economically feasible premiums or for other reasons; no mineral resources or reserves on Silver X’s properties; development and operating risks; reliance on management and dependence on key personnel; health and safety risks; supply chain interruptions; risks relating to foreign operations; competition from companies or individuals with substantially greater financial and technical resources than Silver X, the expected closing of the acquisition of the Revenue Mine including obtaining all court and required regulatory approvals, expected potential expansion of the Company’s future cash flow, and other factors beyond the control of the Silver X. Should any factor affect Silver X in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Silver X does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this presentation is made as of the date of this presentation and Silver X undertakes no obligation to publicly update or revise any forward- looking information, other than as required by applicable law. This presentation has been prepared by Silver X using its best efforts to realistically and factually present the information contained herein. However, subjective opinion, dependence upon factors outside Silver X’ control and outside information sources unavoidably dictate that Silver X cannot warrant the information contained to be exhaustive, complete or sufficient. In addition, many factors can affect the Presentation which could significantly alter the results intended by Silver X, rendering the Presentation unattainable or substantially altered. Therefore, readers should conduct their own assessment and consult with their own professional advisors prior to making any investment decisions. This presentation does not constitute a prospectus or public offering for financing, and no guarantees are made or profitably from our projects, or at all. The presentation is being disclosed to the reader for the reader’s discussion, review, and/or evaluation only. Non-IFRS Measures and Presentation of Financial Information: This presentation of Silver X Mining Corp. refers to non-IFRS financial performance measures, such as all-in sustaining costs (“AISC”) per silver equivalent ounce produced. Readers should refer to the “Non-IFRS Performance Measures” section of the Company’s most recent Management’s Discussion and Analysis (“MD&A”), available at www.sedarplus.ca for explanations of these measures and reconciliations to the Company’s reported financial results. As these non-IFRS performance measures do not have standardized meanings under International Financial Reporting Standards (“IFRS”), they may not be directly comparable to similarly titled measures used by others. Non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Unless specified otherwise, all references to dollar amounts or $ are to United States dollars. Historical Geological Information: Any geological information and results presented which were not conducted by Silver X are believed to be accurate but have not been verified. Cautionary Note Regarding Production Without Mineral Reserves: The decision to commence production at the Nueva Recuperada Project and Silver X's ongoing mining operations as referenced herein (the "Production Decision and Operations") are based on economic models prepared by Silver X in conjunction with management's knowledge of the property and the existing estimate of inferred 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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). Qualified Persons: The persons with the responsibility for approving Silver X Mining technical disclosures are David Heyl, a Certified Professional Geologist, Edgar Vilela, BEng Mining, FAusIMM CP (Mining), and Donald Hickson, B.A.Sc., P.Eng., CIP, all independent Qualified Persons under NI 43-101 regulations. They have reviewed and approved the technical information in this presentation . This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of Silver X in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities of Silver X have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States, unless an exemption from such registration is available, information concerning the assets and operations of Silver X included in this presentation has been prepared in accordance with Canadian standards and is not comparable in all respects to similar information for United States companies. CAUTIONARY STATEMENTS 2
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TSX.V: AGX | OTC: AGXPF | FRA: AGX PRODUCING IN ONE OF THE LARGEST UNDERDEVELOPED SILVER DISTRICTS IN PERU PURPOSE ▪ To consolidate and develop undervalued assets, creating value by adding resources and increasing production profitability; aspiring to social and environmental excellence. ▪ To be a premier silver company delivering outstanding value to all stakeholders. 3
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TSX.V: AGX | OTC: AGXPF | FRA: AGX BUILDING A PREMIER SILVER COMPANY Unique value proposition: immediate revenue, scalable growth, and long-term discovery upside — all within a single project. 4 Advancing the Nueva Recuperada Silver Project — a 20,795-hectare, district-scale land package integrating production, development, and exploration assets. Current production at the Tangana Mining Unit, with near-term growth from the Plata Mining Unit (restart-ready). Strong pipeline of development and high-impact exploration targets across the land package, with a 40,000m drill program underway. Advancing new PEA to support target of 6M AgEq oz of annual production by 2029. Deep commitment to responsible mining, community engagement, and environmental stewardship. Silver X is trading at only 0.71x P/NAV ▪ Significant discounts among silver- producing peers, offering a compelling entry point Note: Figures as of January 16, 2026. Source: FactSet
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TSX.V: AGX | OTC: AGXPF | FRA: AGX INVESTMENT OPPORTUNITY: UNLOCKING A SILVER DISTRICT ▪ Tangana producing at 500 tpd, Expanding to 720 tpd (~2M AgEq oz/yr) ▪ Plata Mine Unit expected to come online in 2027 ▪ OBJECTIVE 3,000 tpd by 2029 (6M AgEq oz/yr) Increasing Production 5 Growing Resources ▪ Outstanding Resource, nearly 20 Mt of high-grade ▪ Significant increase in gold content (~229k Au oz) ▪ Defined 150M AgEq oz, potential to grow 3-5X ▪ Historic mining operations extracted ~1.8M Mt @ 16.03 Ag oz/t Outstanding Potential ▪ Significant land package spanning 20,795 hectares ▪ +200 targets and +500 veins and splits identified. Immense veinfield associated to large porphyry systems ▪ Acquisitions from Buenaventura, Pan American Silver, Barrick Gold
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TSX.V: AGX | OTC: AGXPF | FRA: AGX THE TIME FOR SILVER A PRECIOUS & INDUSTRIAL METAL 6 Structural Deficits: Supply Consistently Fails to Meet Demand ▪ Multi-year physical deficits of ~200 Moz/year, the deepest in decades. ▪ Forecast deficits persist through 2028+ as mine supply stagnates, and recycling remains low. Demand Locked in by Global Megatrends ▪ Massive growth from solar PV, EVs, and electrification — demand is policy-driven and non-cyclical. ▪ Industrial demand already at record highs, surpassing jewelery and investment categories combined. Constrained and Inelastic Supply ▪ Silver is mostly a by-product metal, meaning supply does not ramp up even when price rises. ▪ Falling reserve grades and declining primary-silver production amplify the deficit story. ▪ Creates the ideal setup where demand grows while supply cannot react. Tiny Market with Huge Price Torque ▪ The entire primary silver-mining sector is small relative to gold, copper, or energy metals. ▪ Modest capital inflows can generate outsized price moves — historically, seen in past bull runs. ▪ Silver has already passed US$90/oz; fundamentals today are arguably stronger. Mining Equities Provide Even Greater Upside ▪ Producers exhibit high beta to the silver price. ▪ Rising prices flow directly into margins and free cash flow, creating equity value expansion that outpaces the metal.
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TSX.V: AGX | OTC: AGXPF | FRA: AGX THE TIME FOR SILVER – A PRECIOUS & INDUSTRIAL METAL Demand Expected to Exceed Supply for Several Years 7 Silver Market Total Supply and Demand (Moz Ag) Silver Market Balance (Moz Ag) Source: Metals Focus Report via Pan American Silver
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TSX.V: AGX | OTC: AGXPF | FRA: AGX PERU – TIER 1 SILVER JURISDICTION Sources: (1) https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-silver.pdf (P. 2). (2) https://silverinstitute.opt-wp.cloud.bosslogics.com/wp-content/uploads/2024/07/World-Silver-Survey-2024.pdf (P. 28). (3) https://cdn.www.gob.pe/uploads/document/file/6133582/5418668-estadistica-subsector-mineria-enero-2024.pdf (P. 20) 8 The country is one of the biggest producers of base and precious metals and one of Latin America’s fastest-growing economies. Largest country in South America 3rd Area 1.3M km2 People, one of Latin America’s fastest- growing economies(1) 33M Mining sector contribution to GDP(3)10.4% Global Ag production in Peru(2) 18% World Ag reserves found in Peru(1) Peru has the largest Ag reserve of any country(1) 13% 110,000 MT Ag Reserves
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TSX.V: AGX | OTC: AGXPF | FRA: AGX THE NUEVA RECUPERADA PROJECT SILVER & GOLD DISTRICT A 20,795-Hectare Fully Permitted District-Scale Land Package in Central Peru Production ▪ Tangana Mining Unit Development ▪ Plata Mining Unit Exploration ▪ Brownfield expansion ▪ Victoria HS Gold ▪ Red Silver NUEVA RECUPERADA SILVER & GOLD PROJECT Huancavelica 9 PROJECT HIGHLIGHTS Location: Huachocolpa mining district in Huancavelica, Peru, 540 km from Lima. District Scale: 20,795 Ha. Nueva Recuperada district-scale land package Infrastructure: Historical mining operation with road access, water supply and transmission lines Community: Long-term community agreements for 100% of Project, provide ample area for planned expansion and development
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TSX.V: AGX | OTC: AGXPF | FRA: AGX Two mills each at 1,500 tpd 14-year mine life at 3,000 tpd 7M – 8M AgEq oz at full capacity LARGE GROWING RESOURCE 1 10 TANGANA PEA 2025 3,000 tpd New Tangana mill (1,500 tpd) 4.2M AgEq oz over 12 years LOMPEA 2023 +10.4Mt @ 7.24 Oz AgEq/t. 75.8M AgEq Oz PLATA +6.5Mt2 @ 7.24 oz AgEq/t. 47.3M AgEq oz REDSILVER +2.5 MT @ 13.25 oz AgEq/t. 33.63M AgEq oz CCASAHUASI +40k Au oz on surface 1 Equivalent silver ounces are calculated using average monthly prices of the relevant metal over the last 60 months ending May 31, 2025. 2Short Tons Path to +6M AgEq oz by 2029
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TSX.V: AGX | OTC: AGXPF | FRA: AGX NUEVA RECUPERADA SILVER GOLD PROJECT Significant Potential for Resource Growth & Conversion Technical Reports ▪ Sep 2025: PEA updated to 3.9 Mt Measured & Indicated, 15.1 Mt Inferred ▪ Oct 2024: MRE updated to 4.3 Mt Measured & Indicated, 17.2Mt Inferred ▪ Apr 2023: PEA 3.6 Mt Measured & Indicated, 11.9 Mt Inferred ▪ Jun 2022: 0.85 Mt Measured & Indicated, 14.9 Mt Inferred Resources ▪ Feb 2021: 7.4 Mt of Inferred Resources Notes ▪ The independent QP for the mineral resource estimate, as defined by NI 43 101, is David Heyl, P .Geo. ▪ The effective date of the updated resource is May 31, 2025. ▪ Underground mining methods include conventional cut and fill mining scenario and long-hole blasting in selected areas. ▪ The mineral resource estimate includes three resource models: 1) A block model defined for the core of the resource, estimated through drilling and mine development; geo-statistical method is the reverse of the distance; 2) a polygonal model for some of the inferred resources based on veins outcrops and surface sampling; 3) A combined block model, estimated through the merge of polygonal and reverse of distance methods. ▪ The approximate cut-off grade applied to the resources is $60/t ▪ The 5-year monthly average metals prices used to calculate silver equivalent ounces (AgEq) as of the effective date of publication were: Ag: US$25.43/oz; Au: US$ 2,082/oz; Pb: US$0.95/lb.; Zn: US$ 1.32/lb; Cu: US$ 3.98/lb ▪ These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. ▪ The Mineral Resource estimate follows CIM Definition Standards. ▪ The QPs for this T echnical Report are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource estimate other than those disclosed in the May 31, 2025, NI 43-101 compliant Preliminary Economic Analysis (PEA). M+I grades of Ag, Au, Pb and Zn improve. Copper is added to the resource 11 Grades Contained Metal Nueva Recuperada MT Ag (Oz/t) Au (g/t) Pb (%) Zn (%) AgEq (Oz/t) AgEq (Moz) Ag (Koz) Au (Koz) Pb (Kt) Zn (Kt) Measured 1.63 3.09 0.691 2.46 2.77 8.56 14.0 5.1 36.3 40.1 45.2 Indicated 2.28 4.39 0.297 2.43 3.47 9.52 21.7 8.9 21.7 51.2 70.0 Total M&I 3.91 3.85 0.461 2.44 3.18 9.12 35.6 14.0 58.0 91.3 115.1 Total Inferred 15.11 4.51 0.265 1.49 1.72 7.5 116.6 68.9 171.1 225.4 269.3
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TSX.V: AGX | OTC: AGXPF | FRA: AGX 12 ONE OF PERU’S MOST PROLIFIC SILVER DISTRICTS The Nueva Recuperada Property surrounds Endeavour Silver’s Minera Kolpa Project valued up to US$175M A significant number of Minera Kolpa mineral veins extend into Silver X’s mining claims. Kolpa’s projects, including Kolpa’s primary operating area, sits between Silver X’s Tangana and Plata mining units. Minera Kolpa Nueva Recuperada General Land Package 21,177 ha + 366 ha 20,795 ha Mineralization Silver polymetallic Silver polymetallic Minerals Ag-Zn-Pb-Cu Ag-Au-Pb-Zn-Cu Mine Type UG; Flotation UG; Flotation Mining Method Sub-level stoping and cut-and-fill Cut & Fill; Long-hole Drilling Processing and Production 2024A 2024A Mill Capacity 1,800 tpd 720 tpd (permitted) Production 5.1 Moz AgEq 1.0 Moz AgEq Costs 2024A 2024A Cash Costs US$12.58 / Ag oz – Payable 1 US$19.80 / oz AgEq 1 AISC US$22.80 / oz 1 US$24.30 / oz AgEq 1 Mineral Resource Estimates2 August 31, 2024 October 1, 2024 T otal R&R Grade 9.31 Ag Eq oz/t (289 g/t) 8.49 Ag Eq oz/t (264 g/t) M&I Resources 60 Moz AgEq 36 Moz AgEq Inferred Resources 44 Moz AgEq 154 Moz AgEq (1) Ag Eq based on FactSet’s 2028E consensus metal prices at time of announcement: (i) US$2,700 / oz Au; (ii) US$29.50 / oz Ag; (iii) US$4.40 / lb Cu; (iv) US$1.22/ lb Zn; (v) US$0.85 / lb Pb. Refer to “Non-IFRS Financial Measures” in the Cautionary Statement on Page 2. (2) Estimates calculated by Silver X Mining Corp. ▪ EDR acquired Kolpa for $2.92 per M&I AgEq Oz ▪ AGX currently valued at $0.81 per M&I AgEq Oz Kolpa valued at 3.5x AGX on a M&I AgEq Oz basis
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TSX.V: AGX | OTC: AGXPF | FRA: AGX 2026 FOCUS: TANGANA MINING UNIT The Tangana Mining Unit commenced commercial production in January 2023, with current production focusing on only 10% of the resource Tangana West ▪ High grades, 3 main structures ▪ Development 2025-26 Tangana East ▪ Wider veins 2-3 m ▪ Bulk-tonnage potential ▪ Development timeline estimate Tangana Main (Production) ▪ 7 main structures, >10 oz/t AgEq ▪ Gold corridor identified 13 Tangana East Mining area Possible dry-stacked tailings Tangana Main (Production) Possible new mill Tangana West
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TSX.V: AGX | OTC: AGXPF | FRA: AGX 2026 FOCUS: TANGANA MINING UNIT 14
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TANGANA: A MULTI-VEIN DEPOSIT Silver, Gold, Lead & Zinc TSX.V: AGX | OTC: AGXPF | FRA: AGX 1,500 tpd Additional capacity indicated in 2025 PEA1 720 tpd Fully permitted 2.5 km 400 m Unexplored Mineralized Systems 4,950 masl 4,400 masl ▪ Over 40 veins and splits recognized, characteristics of the upper parts of epithermal and mesothermal systems ▪ System will deepen significantly. Exploration is only scratching their apical parts. ▪ Resources estimate only in 4 veins out of at least 30 recognized veins with surface mapping and sampling. 15 1For more information on the PEA, see details from news release dated September 4, 2025, available at www.silverxmining.com LONG TERM EXPLORATION STRATEGY Future resources should multiply the current resource indefinitely: Exploration to the South ▪ Will explore 11 major vein systems along 2.5 Km Exploration at Depth ▪ These mineralized systems tend to deepen around 1,000m, less than half of the column is recognized (4,900 to 4,400 masl) ▪ Deepening zones with veins widening to 6m
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TSX.V: AGX | OTC: AGXPF | FRA: AGX SILVER X’S 3Q25 PRODUCTION VOLUME & FINANCIAL HIGHLIGHTS For the three months ended September 30, 2025. The Company uses cash costs, cash costs per AgEq ounce produced, AISC, and AISC per AgEq ounce produced to manage and evaluate its operating performance in addition to IFRS measure because Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operations t o 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 i nvestors also use this information to evaluate the Company’s performance relative to peers who present this measure on a similar basis. 16 Quarterly Production, Ag Spot Price, & AISC 3Q23 through 3Q25 $5.0M Revenue 3Q25 3Q25 EBITDA of $185k vs. EBITDA of -$497k in 3Q24 -28.1% Ore Processed vs. 3Q24 -0.6% YoY Revenue Processed 227k AgEq oz Produced 167k AgEq oz $28.90/oz AgEq -35% vs. 3Q24 Cash Cost Note - As announced on November 5, 2024, AGX revised its ASIC calculation methodology from 1Q23 onwards. USD kMT
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TSX.V: AGX | OTC: AGXPF | FRA: AGX 17 A High Grade Mine TSX.V: AGX | OTC: AGXPF | FRA: AGX Strategic Location ▪ 150 km east of Peru’s Pan American highway, easily accessible by paved road Extensive Vein System ▪ 3,829 hectares with 17 surface-exposed mineralized veins ▪ Veins range from 0.6 to 1.0 meters wide, connected to the Chonta and Huachocolpa-Huancavelica major fault systems Resources ($60 Cutoff)2 ▪ 2025 NI 43-101: 0.99 Mt indicated @ 5.91 Ag oz (183.81 g/t), 2.36% Pb, 4.11% Zn for 10.53 AgEq oz/t ▪ 5.55 Mt inferred @ 3.79 Ag oz (117.96 g/t), 1.53% Pb, 2.52% Zn for 6.65 AgEq oz/t Historical Production ▪ ~1.8 million tonnes extracted with an average AgEq grade of 16.03 oz/t High-Grade Exploration Potential ▪ Higher-grade mineralization identified below 4,460 meters above sea level, highlighting untapped exploration potential 2025 PEA — PLATA MINING UNIT Path To Transformational Growth 2 Short Tons
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ESPERANZA 2001 VEIN LONG SECTIONS ▪ Historical mining was selective, cut- off grades exceeding 16 AgEq oz/Ton. ▪ The mineralization plunge exhibits a subvertical trend to the west. ▪ Mineralization remains open at depth, with limited exploration conducted below Level 520. ▪ Future exploration work will focus on the lateral extension of the resource, followed by its deepening. ▪ The variography indicates a reliable development towards depth, where the current resource could be multiplied several times. PLATA: A SOLID RESOURCE, OPEN IN ALL DIRECTIONS 18 Mineralization open at depth TSX.V: AGX | OTC: AGXPF | FRA: AGX
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TSX.V: AGX | OTC: AGXPF | FRA: AGX 2025 PEA — 3,000 tpd, Annual Production +6M AgEq oz Positive revised PEA results support two mining units, each with processing capacity of 1,500 tpd 1 Calculated using the following long term metal prices: $33.2/oz Ag, $2,928/oz Au, $0.93/lb lead, $1.34/lb zinc. 2 Silver equivalent ("Ag Eq") ounces produced were calculated based on all metals produced using the average sales prices of ea ch metal for each month during the period. Revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts. For more information, see details from news release dated September 4, 2025, available at www.silverxmining.com. Mineral Resource Upgrade Extended Life of Mine (LOM) Robust Production and Economics 1 Capital Expenditure ▪ M&I Resources: 3.91 Mt ▪ Inferred Resources: 15.11 Mt ▪ LOM: 14 years ▪ Combined Capacity: 3,000 tpd Based on +19 Mt inventory (1.6 Mt measured, 2.3 Mt indicated, 15.1 Mt inferred) ▪ Average Annual Production: 6.2M AgEq oz2 ▪ Peak Production: 8.7M AgEq oz ▪ After-Tax NPV: US$440 million (5% discount rate) ▪ After-Tax IRR: 69% ▪ Initial Capex: US$82 million for new processing facility, dry-stacked tailings & mine development 19 The Company´s Vision is to Increase Production up to 6X Cash Cost & AISC ▪ Cash cost: US$11.8 per AgEq oz ▪ AISC: US$15.8 per AgEq oz
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Tangana West SILVER HIGH GRADE OPPORTUNITIES 2026 20TSX.V: AGX | OTC: AGXPF | FRA: AGX Tangana Sigmoid Vein Systematic Channel Samples up to 2,748 g/T Au, 28 Oz/T Ag West Tangana Main Vein Systematic Channel Samples up to 302 Oz/T Ag, 5% Cu, 4%Pb, 3%Zn Red Silver Resource Bonanza Grades exposed in a Global Resource of 1.9 Mt @ 16 Oz/T Ag containing >31 Moz Ag
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▪ Bonanza Grades Confirmed: Recent sampling up to 920g/T Ag. ▪ Proven Scale: 6 principal veins and 67 veins and splits with 410m vertical development A significant resource has been generated and published in a Technical Report 43-101 (2022) for 9 veins. ▪ Measured + Indicated: 41,600 T @ 496g/T Ag, 0.2% Pb, 0.3% Zn. ▪ Inferred: 1,908,725 T @ 496g/T Ag, 0.2% Pb, 0.3% Zn. Red Silver: Bonanza-Grade Silver Multi Vein, Fast-Track to Production SILVER HIGH GRADE OPPORTUNITIES 2026 21TSX.V: AGX | OTC: AGXPF | FRA: AGX Lv. 760 Epithermal Colloform Quartz and Ginguro Banding from the Maria Luz Sector
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Red Silver: Recent Sampling in Historical Galleries SILVER HIGH GRADE OPPORTUNITIES 2026 22TSX.V: AGX | OTC: AGXPF | FRA: AGX ▪ Systematic underground channel sampling ▪ Exceptionally high silver grades, with vein averages of ~10–12 oz/t Ag ▪ Peak values exceeding 40 oz/t Ag, confirming the high- grade nature of the system ▪ Validate historical mining and highlight Red Silver as a high-grade vein with strong growth potential.
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TSX.V: AGX | OTC: AGXPF | FRA: AGX 23 Terraspec K Alunite K Illite Kaolinite Montmorillonite Silica Mg Chlorite Au (ppm) 0.005 – 0.01 0.01 – 0.05 0.05 – 0.10 0.10 – 0.50 0.50 – 1.00 > 1.00 Zoning Aln-Pyr-Dk Kaolinite Cross Section OUTSTANDING GOLD TARGETS: VICTORIA & CCASAHUASI
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TSX.V: AGX | OTC: AGXPF | FRA: AGX TSX.V: AGX | OTC: AGXPF | FRA: AGX BUILDING A LEGACY IN HUANCAVELICA Building a legacy in Huancavelica in purchase of goods and services from local suppliers $ 2,800,000 of water is recirculated in our underground operations 99% silver equivalent ounces processed in 2024 1,379,629 compliance with environmental requirements 100% KG of solid waste recycled 300,000 local companies working with us +25 established the Huachocolpa Foundation 100% of our employees (non- professional) come from Huachocolpa, Huancavelica 60% Employees from local Community >150 ▪ Extension of social agreement with the Huachocolpa community from 2023 to 2035 (11 years remaining) ▪ New Agreement with Carhuapata from 2024-2039 (14 years remaining) Long-term agreements 24
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TSX.V: AGX | OTC: AGXPF | FRA: AGX ▪ Commenced 40,000m drill campaign in 4Q25 ▪ Targeting a +250M AgEq oz deposit at depth ▪ Boost resources category prior to construction Exploration NEAR TERM CATALYSTS ▪ Achieve 1,000 tpd by June-26 ▪ “Plan 100” initiative aims for US$100/tonne operating and sustaining costs Current Production 25 ▪ Published Sep. 04, 2025 ▪ 3,000 tpd, 14-year LOM ▪ Expected annual production +6M AgEq oz (full capacity up to 8M AgEq oz) PEA 2025 ▪ Tangana EIA at 1,500 tpd, expected 1H26 ▪ Recuperada MEIA at 1,500 tpd expected in 2026-27 Permits
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TSX.V: AGX | OTC: AGXPF | FRA: AGX MANAGEMENT AND BOARD OF DIRECTORS Experienced Management and Board – Proven Track Record Co-founder of predecessor company, Latitude Silver. +20 years as Mining Engineer with operation and production experience in Peru, Chile, Spain, Australia & Switzerland with Anglo American, Inmet & BHPB. World Economic Forum Leadership Fellow. José M. García | CEO & Director David Gleit | CFO +25 years of experience leading international mining, construction, and asset management firms. Previously CFO of Sierra Sun Group, CFO and corporate strategy & risk officer at STRACON and Corporate Development Officer at Volcan Compañia Minera. He holds an MBA in Finance from Drexel University and a BA from the University of Vermont. MANAGEMENT BOARD OF DIRECTORS 26 +12 years as Investment Advisor to Baker Steel Resources (BSRT), London Stock Exchange listed specialist resources Investment Company. Active in the mining business as both Executive and Non-Executive Director of a number of junior mining companies, listed and unlisted. Francis Johnstone | Director Principal at CDM Capital. Co-founded Northern Empire Resources (acquired by Coeur) & Underworld Resources (acquired by Kinross). Founder, Director at Otterburn Resources (subsequently K92 Mining Inc). Seasoned Director, experienced in governance and HR. Darryl Cardey | Independent Director, C.A
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TSX.V: AGX | OTC: AGXPF | FRA: AGX 9% 6% 85% Institutional Management Retail Major Shareholders CAPITAL STRUCTURE 15% insider ownership with strong institutional support Note: 1) C$0.30 weighted average exercise price 2) C$0.40 weighted average exercise price 27 SHARE STRUCTURE As of Jan 16, 2026 Market Capitalization $299M Shares Outstanding 274.5M Warrants1 53.3M Options2 8.6M RSU’s 0.5M Fully Diluted 336.8M TSX.V: AGX | OTC: AGXPF | FRA: AGX Analyst Coverage Sid Rajeev | Fundamental Research Corp TSX.V: AGX | OTC: AGXPF | FRA: AGX Alina Islam | Red Cloud Securities
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TSX.V: AGX | OTC: AGXPF | FRA: AGX CONTACT US Jose Garcia | CEO j.garcia@silverxmining.com Investor Relations & Media ir@silverxmining.com Lima Office Avenida Santo Toribio 115 Oficina 502B San Isidro, Lima, 15073 Peru Vancouver Office Suite 1012 – 1030 West Georgia St. Vancouver, BC V6E 2Y3 Canada www.silverxmining.com Silver X Mining@SilverXMining5391@Silver_X_Mining
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TSX.V: AGX | OTC: AGXPF | FRA: AGX SHARE PERFORMANCE 3 MONTHS 29TSX.V: AGX | OTC: AGXPF | FRA: AGX TSX.V: AGX | OTC: AGXPF | FRA: AGX
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TSX.V: AGX | OTC: AGXPF | FRA: AGX ORGANIC GROWTH STRATEGY 30 Development ▪ Tangana expanded to 720tpd for a 2Moz AgEq production profile ▪ Considering developer FCF multiples of 6.5x, for a 2Moz AgEq estimate of production stream and a FCF of US$40-US$60M the value should imply ~C$1.80/Sh. ▪ Stabilization of production at =2Moz, by unlocking ventilation limiters and outburst of multiple ore production fronts can derisk execution perception Resource Expansion ▪ Capitalizing on milling infrastructure and providing a pathway of throughput with high grade satellites Examples OMAI disproves historical perception of project validity ▪ Unearthed potential for high-grade underground development ▪ Allocated significant resources to drilling to unlock the inferred resources Jaguar Mining dedicated significant budget to derisk underground production stabilization ▪ Focused on derisking thin-vein deposit Silverco tightens resource model and unlocked San Miguel to potentially provide feed from a parallel system with 5x width ▪ The market believes on the potential and is willing to pay for upside Production Re-rate ▪ 6–18 month mine plan developed by the Strategic Technical Committee ▪ Clear communication of the company’s ability to deliver consistent throughput from multiple mining fronts Cash Flow Re-rate ▪ Drill results from high-grade satellite deposits to strengthen confidence in sustained high-grade production ▪ Demonstrated production confidence, cost control, and clear communication of initiatives to streamline multi- front production, including addressing bottlenecks through ventilation upgrades and dewatering efficiencies