Financial Statement

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# Financial Statement

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# Financial Statement
SILVER X MINING CORP.
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
Expressed in US Dollars
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Silver X Mining Corp.
Opinion
We have audited the accompanying consolidated financial statements of Silver X Mining Corp. (the “Company”),
which comprise the consolidated statements of financial position as at December 31, 2025 and 2024 and the
consolidated statements of loss and comprehensive loss, changes in shareholders’ equity , and cash flows for the
years then ended, and notes to the consolidated financial statements, including material accounting policy
information.
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position
of the Company as at December 31, 2025, and 2024, and its financial performance and its cash flows for the years
then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards
Board (IFRS Accounting Standards).
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities
under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Company in accordance with the ethical
requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the consolidated financial statements of the current year. These matters were addressed in the context of our
audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our auditor’s report.
Other Information
Management is responsible for the other information. The other information obtained at the date of this auditor's
report includes Management’s Discussion and Analysis.
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
We obtained Management’s Discussion and Analysis prior to the date of this auditor’s report. If, based on the work
we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in
accordance with IFRS Accounting Standards, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with Canadian generally accepted auditing standards will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the
related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Company to express an opinion on the
consolidated financial statements. We are responsible for the direction, supervision and performance of
the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the consolidated financial statements of the current year and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Reshma Mahase.
Chartered Professional Accountants Vancouver, Canada
April 30, 2026
SILVER X MINING CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at December 31, 2025 and 2024
(Expressed in US Dollars)
December 31, December 31,
Notes 2025 2024
ASSETS
Current assets
Cash $ 10,052,225 $ 784,429
Trade and other receivables 5 11,476,596 6,117,393
Prepaid expenses and deposits 230,197 220,584
Inventory 6 1,373,354 495,701
23,132,372 7,618,107
Non-current assets
Other receivables – non current 5 1,306,045 1,317,072
Right-of-use- assets 8 - 24,447
Property and equipment 7 9,193,276 7,232,667
Mineral Property 9 41,801,924 37,603,031
52,301,245 46,177,217
TOTAL ASSETS $ 75,433,617 $ 53,795,324
LIABILITIES and SHAREHOLDERS'EQUITY
Current liabilities
Accounts payable and accrued liabilities 10 $ 26,173,341 $ 19,127,913
Lease obligation 8 162,685 186,506
Debenture 11 2,470,265 2,270,971
28,806,291 21,585,390
Non-current liabilities
Long term payables 10 310,291 277,204
Long term debentures 11 - 700,000
Deferred income tax liability 18 10,729,737 9,951,737
Asset retirement obligation 12 2,577,745 2,378,647
Total liabilities 42,424,064 34,892,978
Shareholders' equity
Share capital 13 90,109,072 74,925,340
Obligation to issue shares 13 13,157 -
Accumulated deficit (71,301,478) (66,541,740)
Reserves 14,188,802 10,518,746
Total shareholders' equity 33,009,553 18,902,346
TOTAL LIABILITIES andSHAREHOLDERS' EQUITY $ 75,433,617 $ 53,795,324
Nature of operations (Note 1)
Subsequent events (Note 19)
APPROVED ON BEHALF OF THE BOARD OF DIRECTORS ON APRIL 30, 2026:
___________”Francis Johnstone”_____ Director _________”Darryl Cardey”__________ Director
See accompanying notes to the consolidated financial statement
5
SILVER X MINING CORP.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
For the years ended December 31, 2025, and 2024
(Expressed in US Dollars)
For the year ended For the year ended
Notes December 31, 2025 December 31, 2024
OPERATING REVENUES $ 25,235,940 $ 21,854,446
COST OF SALES
Mining and processing $ (18,412,792) $ (18,005,469)
Amortization (1,004,185) (4,467,741)
(19,416,977) (22,473,210)
Operating income $ 5,818,963 $ (618,764)
EXPLORATION EXPENDITURES $ - $ (224,302)
GENERAL AND ADMINISTRATIVE EXPENSES $ (3,589,410) $ (3,047,381)
Income (loss) before other items 2,229,553 (3,890,447)
OTHER ITEMS
Finance cost, net $ (820,073) $ (625,892)
Gain on lease written off - 41,230
Gain on settlement of accounts payable balances - 1,132,260
Provision for administrative sanctions 10 (4,932,155) -
Foreign exchange gain (loss) 316,937 (69,373)
Net loss before tax (3,205,738) (3,412,222)
Current income tax expense 18 $ (776,000) $ -
Deferred income tax expense 18 (778,000) (1,039,000)
Net loss (4,759,738) (4,451,222)
Loss on translation of foreign operations (680,477) (315,511)
Net comprehensive loss $ (5,440,215) $ (4,766,733)
Loss per share, basic and diluted $ (0.02) $ (0.02)
Weighted average number of common shares
outstanding, basic and diluted 232,097,342 187,261,635
See accompanying notes to the c

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