Silver X Mining (AGX) Q3 2025 earnings summary

Executive summary

• Achieved significant operational improvements in 2025, accessing higher-value mineral zones and stabilizing production, with a notable performance surge in September.

• Closed an oversubscribed private placement in late September, securing capital to accelerate productivity, development, and infrastructure initiatives.

• Positioned for accelerated expansion at Nueva Recuperada, with potential to double metal output as operations ramp toward peak capacity in 2026.

Financial highlights

• Operating income for the nine months ended September 30, 2025, was $2.1M, compared to an operating loss of $180K in the prior year; 3Q25 operating income was $486K, up 166% from a $733K loss in 3Q24.

• Net loss for the nine months decreased nearly 80% to $740K from $3.6M year-over-year; 3Q25 net loss declined by 85% to $330K from $2.2M in 3Q24.

• EBITDA remained positive; 3Q25 EBITDA was $185K, up 137% from negative $498K in 3Q24.

• Net operating revenues in 3Q25 were $4.96M, nearly flat year-over-year, with higher realized metal prices offsetting lower volumes.

• Net cash provided by financing activities totaled $16.7M for the period, primarily from private placements.

Outlook and guidance

• Investments from recent capital raise expected to transform Tangana into a larger, more efficient, and profitable mining unit.

• Company anticipates accelerated expansion and potential doubling of metal output as operations ramp up in 2026.

• Announced a 40,000-meter diamond drill campaign to expand and upgrade resources at Nueva Recuperada.