Silver X Delivers Strong 2025 Financial Results with Margin Expansion and Clear Path to Growth

Silver X reported a strong operational and financial turnaround for 2025, driving margin expansion and record Q4 revenue that could positively influence sentiment toward silver producers. Full-year net operating revenue rose to $25.2M (+16% YoY) with operating income of $5.8M and adjusted EBITDA of $4.0M (4x higher than 2024). Q4 revenue was a record $9.6M (+65% YoY) as higher realized metal prices and improved grades boosted per‑tonne value. Management is prioritizing high‑grade feed and cost discipline while targeting ~1,000 tonnes per day in 2026 and pursuing growth via the Pampas acquisition, supporting a path to ~6M AgEq ounces by 2029. Market impact: stronger miner fundamentals may underpin investor appetite for silver exposure and improve Silver X’s perceived growth outlook.