Silver X Mining (AGX) Q2 2026 earnings summary

Executive summary

• Achieved record net operating revenue of $17.3M in 2Q26, up 29% from 1Q26 and 221% from 2Q25, marking the third consecutive quarter of sequential growth.

• First profitable half-year in company history, with $7.7M net income for 1H26 versus a $0.4M net loss in 1H25.

• Record throughput of 62,252 tonnes in 2Q26, up 39% from 1Q26, and AgEq production up 57% to 283,029 ounces.

• Operating margin for 1H26 was 47.3%, up from 15.3% in 1H25, driven by higher volumes and improved grades.

Financial highlights

• Adjusted EBITDA reached $6.9M in 2Q26, up 17% quarter-over-quarter and 1,653% year-over-year.

• Net income for 2Q26 was $3.1M, compared to $4.6M in 1Q26, with the sequential decline due to higher finance costs, income tax, and FX loss.

• Cash and cash equivalents stood at $49.7M at June 30, 2026, down from $53.8M at March 31, 2026, reflecting growth capital deployment.

• Working capital improved to $35.1M from a deficit of $5.7M at December 31, 2025.

• Total assets were $139.1M and shareholders' equity $46.7M at quarter-end.

Outlook and guidance

• On track to achieve a 1,000 tpd run rate in 3Q26, with 2Q26 averaging 700 tpd.

• Expanded drill program at Red Silver to 6,650 meters following high-grade sampling results.

• Advancing a 40,000-meter diamond drill program across multiple targets and integrating the Pampas Project.

• Targeting approximately 6 million AgEq ounces of annual production by 2029 as per the 2025 PEA.