Let’s start with brief overview of Silver X Mining and your primary objectives for the company.
Silver X Mining is a rapidly expanding silver producer and developer, operating within the Americas. Our mission is to position Silver X as a premier silver company that delivers exceptional value to all stakeholders. We aim to achieve this by consolidating and developing undervalued polymetallic assets rich in precious metals, expanding our resource base, increasing production, and upholding the highest standards of social and environmental performance.
Our organic growth strategy focuses on building a scalable, district-scale operation in one of the world’s most prospective silver belts — the Huancavelica region of central Peru. This approach leverages our extensive land position and exploration potential to drive both short- and long-term value creation.
What are the key projects currently underway by Silver X? Can you highlight some important project details?
Our flagship asset is the Nueva Recuperada Silver Property, 20,472ha of mining concessions situated in central Peru’s Huancavelica region. The district is a highly prospective area with more than 200 exploration targets and includes three key mining units: Tangana, Plata, and Red Silver.
At present, our production is centered on the Tangana Mining Unit (TMU), where we’re producing silver, gold, lead, and zinc at a rate of 600 tonnes per day (tpd), with a throughput expansion to 720tpd underway. Our medium-term goal is to increase annual production to 2.0 million silver-equivalent ounces, with a longer-term target of 6.0Moz by 2028.
The Plata Mining Unit (PMU), located northeast of TMU, is a high-potential brownfield asset with a rich mining history. It’s scheduled to begin production in the near term, and we anticipate it will play a pivotal role in scaling up future output, complementing Tangana’s production and significantly enhancing the district’s overall capacity.
In February of this year, you announced a significant increase in mineral resource estimate at the Nueva Recuperada Project through the Plata Mining Unit. Can you explain the significance of this for the project?
The updated mineral resource estimate highlights the scalability of our project and reinforces the strength of our exploration model. Across the entire Nueva Recuperada Property, measured & indicated resources increased by 18% to 4.3Mt, while inferred resources grew by 45% to 17.2Mt.
This resource growth was driven largely by the Plata Mining Unit, a high-grade brownfield asset with historic production of 1.8Mt at 16.03oz/t Ag. PMU now contains 5.81Moz of indicated silver and 26Moz inferred, solidifying its strategic importance to Silver X’s long-term growth strategy.
As we continue advancing Plata towards production, it will become a central asset in scaling up our operations, expanding our resource base, and driving growth across the district.
You operate in Central Peru, which is one of the biggest producers for both precious and base metals. Can you talk about what differentiates Peru as a mining jurisdiction? What should investors know?
Peru is a world-class mining jurisdiction, home to 18% of global silver reserves and producing approximately 13% of global silver output. The mining sector contributes more than 10% to Peru’s GDP and benefits from a strong regulatory framework and institutional support, making it a highly attractive environment for investment.
What sets Silver X apart in Peru is our deep-rooted community engagement. Approximately 65% of our workforce comes from the local Huachocolpa community. We’ve developed strong relationships with over 30 local suppliers, contributing more than US$3.1M in local procurement. In addition, we’ve established the Huachocolpa Foundation and secured community agreements through 2039, reinforcing our commitment to long-term, shared success.
Silver has gained significant attention lately as it is increasingly recognized as a critical industrial metal. Can you talk about market dynamics and future outlook for the metal?
Silver plays a dual role — both as a monetary asset and a critical industrial metal. Currently, roughly half of global silver demand comes from industrial applications such as solar power, electric vehicles, electronics, and medical technology — sectors that are poised for long-term growth, driven by the global transition to cleaner energy and decarbonization.
This industrial demand is set to accelerate, particularly as clean energy technologies and advanced electronics continue to scale, alongside growing innovations in the medical sector. At the same time, silver maintains its appeal as a store of value, with investors increasingly turning to it as a hedge against inflation and macroeconomic instability.
The shift toward green energy and electrification is also significantly driving silver consumption, particularly in solar panels, batteries, and EV production. However, sourcing high-quality silver remains a challenge, as supply growth has been constrained by underinvestment and declining ore grades in existing mines.
While silver prices may experience short-term fluctuations, the long-term fundamentals remain strong. The ongoing supply-demand imbalance — fueled by expanding industrial uses and renewed investor interest — is expected to exert upward pressure on silver prices in the coming years.
In our view, silver is not just a cyclical trade; it’s a strategic asset in a transforming global economy. With Silver X’s strong resource base and robust development pipeline, we’re uniquely positioned to benefit from the upward trend in silver demand.
Finally, let’s look at some near-term plans for Silver X. What should be on the lookout for in the coming months from the company?
Silver X is focused on becoming a leading producer and operator of undervalued historical mines with significant geological potential. Our strategy is centered on profitable growth and expanding our asset base through both organic development and potential acquisitions that align with our vision.
At the Nueva Recuperada Project, we’re focused on increasing production from our existing operations and advancing a pipeline of high-value projects. We recently announced strong improvements in our Q4 financial results, with Q4 2024 revenue reaching US$5.8M, a 35% year-over-year increase, and 12-month EBITDA of US$1.7M — all from the Tangana Mining Unit.
Looking ahead, we’re advancing the Tangana expansion to 750tpd, with a path toward 1,500tpd, and progressing the Plata Mining Unit towards production. We’re also preparing to release an updated Preliminary Economic Assessment (PEA) in the upcoming months, which will provide further insight into the project’s scalability and growth potential.
Exploration remains active across the broader Nueva Recuperada district, and we are also evaluating select mergers and acquisitions (M&A) opportunities to support our district-scale growth strategy. With a robust resource base, rising production, and a clear vision, Silver X is well positioned for sustained growth.
