MD&A

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# MD&A

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# MD&A
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SILVER X MINING CORP.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
PRODUCTION AND FINANCIAL RESULTS
For the year ended December 31, 2025
This Management’s Discussion and Analysis (“MD&A”) supplements but does not form part of the consolidated
financial statements of Silver X Mining Corp. (the “Company” or “Silver X”) for the year ended December 31, 2025.
The following information, prepared as of April 29, 2026, should be read in conjunction with the Company’s audited
consolidated financial statements for the years ended December 31, 2025 and 2024, as well as the related notes
contained therein.
The Company reports its financial position, results of operations, and cash flows in accordance with IFRS Accounting
Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All amounts are expressed
in US dollars unless otherwise indicate.
Additional information relevant to the Company’s activities can be found on SEDAR+.
In this MD&A, we use the following non-IFRS financial performance measures: “cash costs”, “cash costs per silver
equivalent (“AgEq”) ounce”, “all-in sustaining cost” or (“AISC”), “AISC per AgEq ounce”, “earnings before interest,
taxes, depreciation, and amortization (“EBITDA”), and “adjusted EBITDA”. For a detailed description of each non-
IFRS financial performance measure used in this MD&A and a detailed reconciliation to the most directly
comparable measures under IFRS, please refer to the “Non-IFRS Financial Performance Measures” section of this
MD&A. These measures are intended to provide additional information to investors and do not have any
standardized meaning under IFRS. Therefore, these measures may not be comparable to similar measures
presented by other issuers and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS.
EXECUTIVE SUMMARY ..……………………………………….………….…….…….…….…….…………………..…2
OPERATING AND FINANCIAL HIGHLIGHTS ....…………………………….………...…………………...….………3
SELECTED FINANCIAL RESULTS ……………………………………………...…………………….…………….......4
OPERATING RESULTS……………………………………….………...…………………...….………….…………......8
LIQUIDITY AND CAPITAL RESOURCES……………………………………………...……………………….……...11
RELATED PARTY TRANSACTIONS……………………………………………...……………………….……...........13
SHAREHOLDER’S EQUITY ……...………………………......................................................................…….…….13
SUBSEQUENT EVENTS ……………………………………….………...…………………...….………….…………..16
NUEVA RECUPERADA PROPERTY, PERU ....…………………………….………...…………………...….………17
NON-IFRS PERFORMANCE MEASURES………………………………………...…………………….………….….20
RISK AND UNCERTAINTIES……………...………………………………………...…………………….………….….21
FORWARD LOOKING STATEMENTS……………………………………………...…………………….…………….23
QUALIFIED PERSON……………………………………………...………………………………………………..........24
1
EXECUTIVE SUMMARY
Financial
• Operating income for the year ended December 31, 2025, turned around to a positive $5.8M, compared to a loss
of $0.6M in 2024. Similarly, for 4Q25, operating income was $3.7M, compared to a loss of $0.4M in 4Q24.
• Net loss before tax for the year was $3.2M, a decrease of 6% compared to a loss of $3.4M in 2024. In 4Q25, loss
before tax was $3.0M, compared to $0.9M in 4Q24.
• Net loss for the year ending December 31, 2025, was $4.8M, compared to $4.5M, a 7% increase from the prior
year. On a quarterly basis, the net loss was $4.0M in 4Q25, compared to $0.9M in 4Q24.
• The loss in the fourth quarter and for the year primarily reflects the recognition during 2025 of a $4.9 million
provision for administrative sanctions, principally associated with the processing plant, arising from regulatory
matters that developed over prior years. The charge reflects the resolution of these matters during the year and
does not represent new or ongoing operational issues in 2025.
• Adjusted EBITDA, which excludes the provision for the administrative sanctions, was $4.0M at year ended 2025,
versus $0.9M in 2024. In 4Q25, Adjusted EBITDA was $3.0M, compared with negative $0.4M in 4Q24.
• Average market prices for precious metals prices rose strongly with silver appreciating nearly 80% QoQ and 43%
YoY. Gold appreciated 58% QoQ and 61% YoY. Zinc appreciated nearly 7% QoQ and nearly 2.4% YoY. Lead
lost 2% QoQ and nearly 6% YoY.
• Average realized prices for precious metals, we´re even higher, with silver at 73 $/oz, 134% higher QoQ and 45
$/oz, 60% higher YoY. Realized gold prices were 53% QoQ (4,026 $/oz) and 62% higher YoY (3,607 $/oz). Zinc
was slightly lower QoQ (1.34 $/lb.) and 4% lower YoY (1.19 $/lb.). Lead was 5% lower QoQ (0.87 $/lb.) and in
line with the market YoY (0.88 $/lb.).
Operating
• In 4Q25, silver grade increased by 6% to 2.73 oz/t from 2.58 oz/t in 4Q24 and increased to 2.64 oz/t in 2025 from
2.41 oz/t in 2024, a 9% improvement.
• In 4Q25, gold grade increased by 116% to 0.88 g/t from 0.41 g/t in 4Q24 and increased to 0.68 g/t in 2025 from
0.61 g/t in 2024, a nearly 11% increase.
• Processed tonnage during 4Q25 was 41,635 MT, increasing slightly from 41,548 MT in 4Q24. Processed tonnage
decreased by 12%, from 170,676 MT in 2024, to 150,239 MT for the same period in 2025. The reduction was
planned, driven by lower dilution and more selective mining, resulting in a 64% improvement to NSR per tonne
QoQ and a 31% improvement to NSR per tonne YoY.
• With respect to silver‑equivalent (AgEq) metrics, results should be interpreted in the context of the strong
appreciation in precious metals prices — particularly silver — during the period. Because gold, lead, and zinc
production is converted into AgEq using relative price ratios, a disproportionate increase in the silver price
mechanically reduces the AgEq contribution of these by‑product metals. As a result, AgEq volumes may decline
even when underlying metal production and economic value are unchanged or improved.
• On an AgEq basis, head grades declined by nearly 18% in 4Q25 compared to 4Q24, and by 11% for the year
ended December 31, 202 on an AgEq basis the same period in 2024.
• Similarly, AgEq ounces produced declined by 25% QoQ and 26% YoY. The significant decline on a basis AgEq
is primarily attributable to significantly higher silver prices mentioned above.
• Cash costs on an absolute basis decreased by $1.2M (5%) for the year ended December 31, 2025, compared to
the same period in 2024.
• On an absolute basis, sustaining costs increased by $1.3M in 2025 compared to 2024, mainly due to strategic
investments that began execution during 4Q25 at the mine and processing plant. These projects were funded
with proceeds from the C$21.5 million (gross) equity raising completed in September 2025.
• On an AgEq per ounce basis, cash costs were 30.4 $/AgEq oz (4Q25) and 25.4 $/Ag/Eq oz (2025). ASIC was
40.2 $/AgEq oz (4Q25) and 33 $/AgEq oz (2025) versus realized silver prices of 73 $/Ag oz (4Q25) and 45 $/Ag
oz (2025).
2
Growth
• In October 2025, the Company announced the launching of a 40,000-meter diamond-drill exploration campaign
aimed at expanding and upgrading resources at the Nueva Recuperada Property.
• In March, the Company closed a C$69 million brokered private placement of secured 5-year convertible
debentures (10.0% interest). The debentures are convertible into common shares at C$1.62/ share.
• Also in March, the Company announced the acquisition of the 7,712.5‑hectare Pampas Gold‑Silver Project in
Huancavelica, Peru, adding a high‑grade, district‑scale exploration asset to its portfolio. Historical samples
returned up to ~86 g/t gold and over 1,000 g/t silver. This undrilled project offers strong discovery and fast‑track
development potential, strengthening Silver X’s central Peru footprint and complementing current production
within a highly prospective Central Andes polymetallic belt.
• The Company continues to operate and develop its wholly owned Nueva Recuperada Property with the goal of
producing 3,000 tpd and six million silver equivalent ounces by 2029. Environmental permits are expected during
2027 with the development of the Tangana Mining Unit to follow.
• The Company expects to increase production to 1,000 tpd during 3Q26 using high-grade and satellite feed to
ramp up production progressively.
OPERATING AND FINANCIAL HIGHLIGHTS
4Q25 4Q24 % Change YTD 2025 YTD 2024 % Change
23
Average Realized Prices
Silver ($/oz) 72.52 30.94 134.4% 45.28 28.29 60.1%
Gold ($/oz) 4,026.39 2,631.58 53.0% 3,606.94 2,220.54 62.4%
Zinc ($/lbs) 1.34 1.35 -0.7% 1.19 1.25 -4.4%
Lead ($/lbs) 0.87 0.91 -5.2% 0.88 0.94 -6.4%
Operating Results
Ore mined (tonnes) 38,618 39,312 -1.8% 140,437 160,778 -12.7%
Ore processed (tonnes) 41,635 41,548 0.2% 150,239 170,676 -12.0%
AgEq processed (oz) 1 266,995 322,658 -17.3% 1,076,310 1,379,629 -22.0%
AgEq produced (oz) 1 197,004 261,189 -24.6% 812,386 1,100,899 -26.2%
Per AgEq ounces produced:
Cash cost ($) 30.4 25.3 -19.8% 25.4 19.8 -28.2%
All-In-Sustaining costs ($) 40.2 29.7 -35.2% 33.0 24.3 -35.9%
Per Tonnage processed:
Cash cost ($) 143.7 159.3 9.8% 137.6 128.0 -7.5%
All-In-Sustaining costs ($) 190.2 186.9 -1.8% 178.5 156.7 -13.9%
Financial Results
Operating revenue (gross) $ 9,940,492 $ 6,919,956 43.6% $ 27,390,995 $ 25,557,267 7.2%
Treatment and refining charges and penalties (310,339) (1,075,151) 71.1% (2,155,055) (3,702,821) 41.8%
Operating revenue (net) 9,630,153 5,844,805 64.8% 25,235,940 21,854,446 15.5%
Net loss before tax $ (3,040,944) $ (938,015) -224.2% $ (3,205,738) $ (3,412,222) 6.1%
Net loss (4,019,548) (895,808) -348.7% (4,759,738) (4,451,222) -6.9%
Earnings per share - EPS (0.015) (0.004) -228.6% (0.021) (0.024) 13.7%
EBITDA (2,473,933) (285,720) -765.9% (1,381,480) 1,681,411 N/A
Adjusted EBITDA 3,053,931 (424,495) N/A 3,993,729 920,397 333.9%
1
AgEq ounces processed and produced were calculated based on all metals processed and produced using the average market prices of each
metal for each month during the period as published by the London Bullion Metals Association and the London Metal Exchange official websites.
Revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales
amounts.
2
Average Realized Price, AgEq sold, cash costs per AgEq ounce produced and AISC per AgEq ounce produced are non-IFRS ratios with no
standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information,
including detailed reconciliations to the most directly comparable IFRS measures, see "Non-IFRS Measures" in the MD&A.
3
Realized price corresponds to the average sales price to the final customer.
3
SELECTED FINANCIAL RESULTS
The following table provides information for the three months and years ended December 31, 2025 and 2024.
4Q25 4Q24 % Change 2025 2024 % Change
OPERATING REVENUES, NET $ 9,630,153 $ 5,844,806 64.8% $ 25,235,940 $ 21,854,446 15.5%
Mining and processing $ (5,599,415) $ (5,524,760) -1.4% $ (18,412,792) $ (18,005,469) -2.3%
Amortization (331,444) (758,949) 56.3% (1,004,185) (4,467,741) 77.5%
COST OF SALES (5,930,859) (6,283,709) 5.6% (19,416,977) (22,473,210) 13.6%
Operating Income (Loss) $ 3,699,294 $ (438,903) N/A $ 5,818,963 $ (618,764) N/A
EXPLORATION EXPENDITURES $ 48,926 $ (132,108) N/A $ - $ (224,302) 100.0%
GENERAL AND ADMINISTRATIVE EXPENSES $ (1,652,949) $ (378,204) -337.1% $ (3,589,410) $ (3,047,381) -17.8%
Income (loss) before other items 2,095,271 (949,215) N/A 2,229,553 (3,890,447) N/A
OTHER ITEMS
Finance cost $ (235,567) $ (117,298) -100.8% $ (820,073) $ (625,892) -31.0%
Gain on lease written off - 41,230 -100.0% - 41,230 -100.0%
Gain on settlement of accounts payable balances - - 0.0% - 1,132,260 -100.0%
Provision for administrative sanctions (4,932,155) - N/A (4,932,155) - N/A
Foreign exchange gain (lo

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