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Source: https://www.silverxmining.com/wp-content/uploads/2025/10/AGX_2025_NI43101_PEA_Technical_Report_-_Combined_Plata_and_Tangana.pdf
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# Combined
PRELIMINARY ECONOMIC ASSESSMENT
TANGANA AND PLATA MINING PROJECTS
SilverX Mining Corp.
Nueva Recuperada Project, Huancavelica, Peru
Preliminary Economic Assessment For Tangana Mining Project and Plata Mining Project
NUEVA RECUPERADA PROJECT, PERU
Effective Date: 31 May 2025
Report Date: 17 October 2025
Qualified Persons:
Edgard Vilela, AusIMM, CP (Mining)
Allen David Heyl, MAusIMM CP (Geo)
Adam Johnston, FAusIMM, CP (Met)
Donald Hickson, P.Eng. (Alberta)
1
PRELIMINARY ECONOMIC ASSESSMENT
TANGANA AND PLATA MINING PROJECTS
IMPORTANT NOTICE
This report was prepared as a National Instrument 43-101 Technical Report, in accordance with Form 43-101F1, for Silver X Mining
Corp by Independent QPs. The quality of information, conclusions, and estimates contained herein is consistent with the level of
effort involved in the consultant’s services, based on: i) information available at the time of preparation; ii) data supplied by outside
sources; and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended to be used Silver X
Mining Corp., subject to the terms and conditions of its contract with the consultants. That contract permits Silver X Mining Corp., to
file this report as a Technical Report with Canadian Securities Regulatory Authorities pursuant to provincial securities legislation.
Except for the purposes legislated under provincial securities law, any other use of this report by any third party is at that party’s
sole risk.
Cautionary Note Regarding Forward-Looking Information
This Technical Report contains “forward looking information” within the meaning of applicable securities laws. Forward looking
information includes statements that use forward looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”,
“target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the
negative or grammatical variation thereof or other variations thereof or comparable terminology.
Forward-looking statements include, but are not limited, to statements with respect to the economic and study parameters of the
project Mineral Resource estimates; the cost and timing of any development of the project; the proposed mine plan and mining
methods; dilution and extraction recoveries; processing method and rates and production rates; projected metallurgical recoveries;
infrastructure requirements; capital, operating and sustaining cost estimates; the projected life of mine and other expected attributes
of the project; the net present value (NPV) and internal rate of return (IRR) and payback period of capital; capital; future metal prices;
the timing of the environmental assessment process; changes to the project configuration that may be requested as a result of
stakeholder or government input to the environmental assessment process; government regulations and permitting timelines;
estimates of reclamation obligations; requirements for additional capital; environmental risks; and general business and economic
conditions.
All forward-looking statements in this Report are based upon assumptions discussed in the Technical Report and other reasonable
assumptions, estimates, analysis and opinions of the authors of the Technical Report made in light of their respective and perception
of trends, current conditions and expected developments, and other factors that they believes are relevant and reasonable in the
circumstances at the date such statements are made. Many of these assumptions are based on factors and events that are not
within the control of the Company and there is no assurance they will prove to be correct. The assumptions are inherently subject
to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other
factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from
those projected in the forward-looking information.
Material assumptions regarding forward-looking statements are discussed in this Report, where applicable and are also set out
under ‘‘Risk Factors” sections of the Company’s management’s discussion and analysis (“MD&A”), available on SEDAR at
www.sedar.com. In addition to, and subject to, such specific assumptions discussed in more detail elsewhere in this Report, the
forward-looking statements in this Report are subject to the following assumptions:
• There being no significant disruptions affecting the development and operation of the project.
• The availability of certain consumables and services and the prices for power and other key supplies being approximately
consistent with assumptions in the Report.
• Labor and materials costs being approximately consistent with assumptions in the Report.
• The timelines for prior consultation and wet season/dry season baseline data collection being generally consistent with PEA
assumptions and permitting and arrangements with stakeholders being consistent with current expectations as outlined in the
Report.
• All environmental approvals, required permits, licenses and authorizations will be obtained from the relevant governments and
other relevant stakeholders.
• Certain tax rates, including the allocation of certain tax attributes, being applicable to the project.
• The availability of financing for planned development activities.
2
PRELIMINARY ECONOMIC ASSESSMENT
TANGANA AND PLATA MINING PROJECTS
• The timelines for exploration and development activities on the Project.
• Assumptions made in Mineral Resource estimate and the financial analysis based on that estimate, including, but not limited to,
geological interpretation, grades, commodity price assumptions, extraction and mining recovery rates, geotechnical, hydrological
and hydrogeological assumptions, capital and operating cost estimates, and general marketing, political, business and economic
conditions.
The Company cautions that the foregoing lists of important assumptions and factors that may affect future results are not exhaustive.
Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in,
or implied by, the forward-looking information contained herein. There can be no assurance that forward looking information will
prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward looking information.
Forward-looking information contained herein is made as of the date of this Technical Report and the Company disclaims any
obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or
otherwise, except as and to the extent required by applicable securities laws.
3
PRELIMINARY ECONOMIC ASSESSMENT
TANGANA AND PLATA MINING PROJECTS
Date and Signature Page
NI 43-101 PRELIMINARY ECONOMIC ASSESSMENT FOR THE TANGANA MINING PROJECT AND PLATA MINING
PROJECT,
NUEVA RECUPERADA PROJECT, PERU
Effective Date: May 31, 2025
Date of Report: October 17, 2025
Allen David Heyl, MAusIMM, CP (Geo)
Qualified Person (QP)
Original document signed
Edgard Vilela, AusIMM, CP (Mining)
Qualified Person (QP)
Original document signed
Adam Johnston, FAusIMM, CP (Met)
Qualified Person (QP)
Original document signed
Donald Hickson,
Qualified Person (QP)
Original document signed
4
PRELIMINARY ECONOMIC ASSESSMENT
TANGANA AND PLATA MINING PROJECTS
Table of Contents
Cautionary Note Regarding Forward-Looking Information................................................................................................................. 2
List of Figures .................................................................................................................................................................................. 15
List of Tables ................................................................................................................................................................................... 22
1 SUMMARY ................................................................................................................................................................................... 28
1.1 Property description and ownership........................................................................................................................................... 28
1.2 Geology and mineralization ....................................................................................................................................................... 29
1.3 Exploration and drilling .............................................................................................................................................................. 29
1.4 Mineral processing and metallurgical testing ............................................................................................................................. 29
1.5 Mineral resource estimation ....................................................................................................................................................... 30
1.6 Mineral reserves estimation ....................................................................................................................................................... 31
1.7 Mining Methods ......................................................................................................................................................................... 31
1.8 Recovery Methods ..................................................................................................................................................................... 32
1.9 Project Infrastructure ................................................................................................................................................................. 32
1.10 Recommendations ................................................................................................................................................................... 33
1.10.1 Resource Exploration ................................................................................................................................................... 33
1.10.2 Resource Estimation..................................................................................................................................................... 33
1.10.3 Mining ........................................................................................................................................................................... 33
1.10.4 Waste management...................................................................................................................................................... 33
1.10.5 Metallurgy and processing ............................................................................................................................................ 33
1.10.6 Infrastructure and logistics ............................................................................................................................................ 33
2 INTRODUCTION .......................................................................................................................................................................... 34
2.1 Terms of Reference and Purpose of the Report ........................................................................................................................ 34
2.2 Non-IFRS Financial Measures ..

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