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Silver X Mining (TSE:AGX)
:AGX

Silver X Mining (AGX) AI Stock Analysis

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TSE:AGX

Silver X Mining

(AGX)

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Neutral 50 (OpenAI - 5.2)
Rating:50Neutral
Price Target:
C$1.00
▼(-4.76% Downside)
Action:DowngradedDate:01/28/26
Overall score is weighed down primarily by weak financial performance (still loss-making with negative free cash flow and a recent revenue decline), partially offset by strong technical momentum (price above key moving averages with positive MACD, though indicators are overextended). Valuation remains challenged due to negative earnings (negative P/E).
Positive Factors
Low Leverage / Balance Sheet Flexibility
Very low leverage gives the company durable financial flexibility to fund exploration and development without heavy interest burdens. This reduces insolvency risk during metal-price swings, supports opportunistic asset investment or JV structuring, and preserves runway while projects advance.
Improving Operating Cash Flow
Positive and improving operating cash flow indicates the core business is beginning to generate cash, a key step toward durable self-funding. If sustained, it lowers dependency on external equity, reduces dilution risk, and supports incremental project spending and working-capital needs over the medium term.
Specialized Silver Project Focus
A clear, specialized business model targeting silver projects in Peru leverages geology expertise and local experience. This concentration can produce competitive advantages in asset discovery, permitting, and partner deals, improving the odds of high-quality resource development and long-term value creation.
Negative Factors
Negative Free Cash Flow
Sustained negative free cash flow requires ongoing external funding to cover investment and operations, increasing dilution or borrowing risk. Over the medium term this constrains capital allocation, delays project advancement to production, and elevates execution risk until FCF turns persistently positive.
Top-Line Pressure and Losses
A recent revenue decline combined with negative net margins indicates the company has yet to achieve stable, profitable operations. Without reversing top-line weakness and improving margins, the firm will struggle to generate sustainable earnings and fund development, prolonging reliance on capital markets.
Negative Returns on Capital
Persistent negative returns on equity despite asset growth signal inefficient capital deployment and weak project economics. This undermines the case for reinvestment, pressures management to improve asset quality or cut losses, and raises the risk that shareholders see limited long-term value creation.

Silver X Mining (AGX) vs. iShares MSCI Canada ETF (EWC)

Silver X Mining Business Overview & Revenue Model

Company DescriptionSilver X Mining Corp. engages in the exploration, acquisition, and development of mineral properties in the Americas. Its flagship property is the Nueva Recuperada project, a silver, lead, and zinc project covering an area of 20,472 hectares located in Huancavelica, Peru. It also holds interest in the Coriorcco gold project that covers an area of 2,000 hectares located in the Ayacucho region of central Peru. The company was formerly known as Oro X Mining Corp. and changed its name to Silver X Mining Corp. in June 2021. Silver X Mining Corp. was incorporated in 2009 and is based in Vancouver, Canada.
How the Company Makes MoneySilver X Mining generates revenue primarily through the exploration and development of silver mining projects, with a focus on extracting and selling silver and other associated metals. The company typically raises capital through equity financing, enabling it to fund exploration activities and operational costs. As projects advance into production, revenue will be generated from the sale of mined silver, which is influenced by global silver prices. Additionally, Silver X Mining may enter into joint ventures or partnerships with other mining companies, allowing for shared resources, expertise, and capital to enhance project development and improve profitability.

Silver X Mining Financial Statement Overview

Summary
Financials show a recovery but remain weak overall: revenue fell ~15% TTM to ~$21.6M, net margin is still negative (~-6%) with negative EBIT, and free cash flow remains meaningfully negative (~-$5.0M) despite slightly positive operating cash flow (~$0.8M). The balance sheet is a support (low leverage with ~0.06 debt-to-equity), but returns remain negative.
Income Statement
34
Negative
TTM (Trailing-Twelve-Months) revenue was about $21.6M but declined ~15% versus the prior period, showing recent top-line pressure. Profitability has improved materially versus 2021–2023 (when margins were deeply negative), with TTM gross margin ~8% and positive EBITDA margin ~5%, but the business is still loss-making with a TTM net margin around -6% and negative EBIT. Overall, the trend is improving, but profitability is not yet consistently positive and revenue momentum has softened.
Balance Sheet
68
Positive
Leverage appears modest: TTM debt-to-equity is ~0.06 with total debt around $2.9M against equity of ~$49.1M, providing balance-sheet flexibility. Total assets increased significantly versus 2024, suggesting a larger asset base supporting operations. The key weakness is returns: equity returns remain negative in both TTM and prior annual periods, indicating the capital base is not yet generating profits.
Cash Flow
29
Negative
Cash generation remains a concern. While operating cash flow is positive in TTM (~$0.8M) and improved versus earlier years, free cash flow is still meaningfully negative (TTM about -$5.0M), implying ongoing funding needs for investment and/or working capital. Cash conversion is also weak, with operating cash flow small relative to revenue, and the company has not yet demonstrated durable self-funding capacity.
BreakdownTTMMar 2025Mar 2024Dec 2022Dec 2021Feb 2021
Income Statement
Total Revenue21.57M21.85M15.67M13.87M4.94M0.00
Gross Profit1.74M3.85M-491.87K-479.93K-6.40M0.00
EBITDA1.13M1.68M-8.04M-3.22M-13.39M-3.80M
Net Income-1.38M-4.45M-12.43M-9.25M-15.88M-3.84M
Balance Sheet
Total Assets72.91M53.80M51.86M66.27M66.86M7.25M
Cash, Cash Equivalents and Short-Term Investments13.97M784.43K484.90K1.02M4.51M1.20M
Total Debt2.86M3.16M1.76M2.38M6.54M0.00
Total Liabilities37.63M34.89M33.15M27.91M27.80M264.79K
Stockholders Equity35.28M18.90M18.71M38.37M39.06M6.99M
Cash Flow
Free Cash Flow-5.04M-4.94M-1.63M-3.94M-13.78M-5.12M
Operating Cash Flow823.17K700.69K1.30M-2.49M-11.42M-3.23M
Investing Cash Flow-5.87M-5.64M-2.93M-2.68M-2.19M-1.89M
Financing Cash Flow24.13M4.88M1.35M2.33M13.77M5.95M

Silver X Mining Technical Analysis

Technical Analysis Sentiment
Negative
Last Price1.05
Price Trends
50DMA
1.10
Negative
100DMA
0.84
Positive
200DMA
0.59
Positive
Market Momentum
MACD
0.01
Negative
RSI
46.15
Neutral
STOCH
68.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AGX, the sentiment is Negative. The current price of 1.05 is below the 20-day moving average (MA) of 1.10, below the 50-day MA of 1.10, and above the 200-day MA of 0.59, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 46.15 is Neutral, neither overbought nor oversold. The STOCH value of 68.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:AGX.

Silver X Mining Peers Comparison

Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
56
Neutral
C$211.06M-11.19-50.60%-235.10%
55
Neutral
$6.65B3.83-15.92%6.20%10.91%7.18%
50
Neutral
C$298.36M-59.63-6.09%8.28%87.46%
50
Neutral
C$34.39M-31.93-1.67%
48
Neutral
C$504.61M-15.77-129.16%-100.00%-127.82%
44
Neutral
C$331.57M-21.37-52.22%-60.82%
42
Neutral
C$37.68M-7.8342.57%
* General Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:AGX
Silver X Mining
1.04
0.88
550.00%
TSE:BHS
Bayhorse Silver
0.11
0.05
90.91%
TSE:CDPR
Cerro de Pasco Resources Inc
0.81
0.56
224.00%
TSE:AAG
Aftermath Silver
0.98
0.44
81.48%
TSE:GRSL
GR Silver Mining
0.41
0.21
105.00%
TSE:SLV
Silver Dollar Resources
0.44
0.19
76.00%

Silver X Mining Corporate Events

Business Operations and StrategyPrivate Placements and Financing
Silver X Mining Plans Up to C$60 Million Convertible Debenture Financing to Advance Peruvian Silver Project
Positive
Jan 27, 2026

Silver X Mining has launched a brokered private placement of up to C$60 million in secured convertible debentures, with Ventum Financial acting as sole agent and bookrunner, and an option to increase the offering by 15%. The debentures carry a 10% annual interest rate, mature in five years, and are convertible into common shares at C$1.62, with proceeds earmarked for development, working capital and general corporate purposes, particularly to advance the Nueva Recuperada Property in Peru; the closing, expected around February 18, 2026, remains subject to standard corporate and regulatory approvals, underscoring the financing’s role in funding Silver X’s production growth ambitions and strengthening its competitive positioning as a meaningful silver producer.

The most recent analyst rating on (TSE:AGX) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and Strategy
Silver X Extends High-Grade Silver Mineralization at Blenda Rubia Deep Drilling Program
Positive
Jan 26, 2026

Silver X Mining has reported strong initial results from the first three underground diamond drill holes of its deep exploration program at the past-producing Blenda Rubia mine, part of the Nueva Recuperada Project in central Peru. The drilling has extended silver-polymetallic mineralization up to 160 metres below historic workings, confirmed the vertical continuity of the vein system, and intersected mineable widths and grades in all holes, including a 27.4-metre true-width multi-vein zone with a high-grade core in hole BR-003. These results suggest a structurally robust system with increasing grades at depth and the potential for larger-tonnage underground mining scenarios, while Blenda Rubia’s proximity—about 2 km—to Silver X’s processing plant positions the asset as a prospective, capital-efficient contributor to future mine plans and resource growth at Nueva Recuperada.

The most recent analyst rating on (TSE:AGX) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and Strategy
Silver X Unveils High-Grade Red Silver Results and 1,200m Drill Program in Peru
Positive
Jan 13, 2026

Silver X Mining has reported high-grade underground channel sampling results from the Red Silver area of its Nueva Recuperada property in Peru, with continuous mineralized shoots on the Silvia and Rossana veins returning up to 735 g/t silver over 65 metres of strike and 649 g/t silver over 40 metres, alongside notable lead and zinc credits. Building on these results, the company is launching a 1,200-metre underground diamond drill program across 15 holes and advancing new development on Level 860 to test vertical and lateral continuity, support future resource growth and mine planning, and potentially enhance near-term production and the long-term growth profile of its operations.

The most recent analyst rating on (TSE:AGX) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and Strategy
Silver X Unveils High-Grade Red Silver Results, Launches 1,200m Drill Program in Peru
Positive
Jan 13, 2026

Silver X Mining has defined multiple high-grade silver shoots at the Red Silver target within its Nueva Recuperada property in Peru, with underground channel sampling on the Silvia and Rossana veins returning up to 735 g/t silver over 65 metres and 649 g/t silver over 40 metres, alongside notable lead and zinc credits. On the back of these results, the company is launching a 1,200-metre underground diamond drill program and new development on Level 860 to test vertical and lateral continuity of the mineralization, accelerate geological understanding, and support future resource growth and mine planning, signaling potential for a stronger near-term production profile and a more robust long-term growth trajectory for the operation.

The most recent analyst rating on (TSE:AGX) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Silver X Lifts Output and Gold Production in Q4 2025 at Nueva Recuperada
Positive
Jan 8, 2026

Silver X Mining reported strong fourth-quarter 2025 operating results at its Nueva Recuperada project in Peru, with processed tonnage rising 24% quarter over quarter to 41,635 tonnes and silver equivalent ounces processed increasing 17% to 266,995 ounces, reflecting higher throughput and stable grades. Gold output jumped 67% to 667 ounces, enhancing the company’s revenue mix, while incremental improvements in metal recoveries and ongoing investments in mine development and operational coordination are positioning the project for further production growth; the company’s 40,000-metre drilling campaign and opening of new mining fronts are expected to support both near-term output gains and longer-term resource expansion, underscoring its ambitions for district-scale value creation despite the inherent risks of operating without defined mineral reserves.

The most recent analyst rating on (TSE:AGX) stock is a Hold with a C$0.96 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Silver X Mining Promotes Alvaro Domingo to Vice President of Corporate Development and Commercial
Positive
Dec 22, 2025

Silver X Mining has promoted Alvaro Domingo from General Manager of Administration and Finance at its Peruvian subsidiary Recuperada S.A.C. to Vice President, Corporate Development and Commercial, reflecting his expanded role in operational coordination and commercial execution over more than four years at the company. Management believes this senior leadership appointment will bolster Silver X’s corporate development and commercial capabilities as it advances its growth strategy at the Nueva Recuperada Project and works to scale production and strengthen its market position in the silver mining sector.

The most recent analyst rating on (TSE:AGX) stock is a Buy with a C$1.34 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Silver X Mining Grants Incentive Stock Options and RSUs to Leadership
Positive
Dec 19, 2025

Silver X Mining Corp. has granted 450,000 restricted share units with a one-year term and 900,000 stock options with a six-year term, each exercisable at C$0.79, to its directors and officers under its omnibus incentive plan, with the awards remaining subject to TSX Venture Exchange approval. The move underscores the company’s strategy of aligning management incentives with shareholder interests as it advances and scales its Peruvian operations toward its stated production growth targets.

The most recent analyst rating on (TSE:AGX) stock is a Buy with a C$1.34 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Silver X Mining Announces Stock Options and Share Unit Grant
Positive
Dec 17, 2025

Silver X Mining Corp. has announced the grant of 450,000 restricted share units valid for one year and 900,000 stock options with a six-year term to its directors and officers under its omnibus incentive plan. This move aligns with the company’s strategic direction, which focuses on expanding its capabilities and stakeholder engagement as it advances its growth and operational goals within the silver mining industry.

The most recent analyst rating on (TSE:AGX) stock is a Buy with a C$1.34 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Silver X Mining Corp. Reports Strong Q3 2025 Results and Expansion Plans
Positive
Nov 28, 2025

Silver X Mining Corp. reported strong financial results for the nine months ending September 30, 2025, with significant improvements in operating income and a decrease in net loss compared to the previous year. The company closed an oversubscribed private placement to fund productivity and development initiatives, positioning the Nueva Recuperada Project for accelerated expansion and potential doubling of metal output by 2026. The company’s recent Preliminary Economic Assessment highlights the project’s robust potential, further establishing Silver X as a promising player in the silver mining sector.

The most recent analyst rating on (TSE:AGX) stock is a Hold with a C$0.48 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Business Operations and Strategy
Silver X Mining to Present at Exclusive Investor Event in Florida
Positive
Nov 25, 2025

Silver X Mining Corp. has been invited to present at an exclusive investor event at The Mar-a-Lago Club in Palm Beach, Florida. The event, hosted by Money Ball Networks and Money Channel NYC, will bring together accredited and high-net-worth investors to discuss emerging investment opportunities. Silver X executives will share updates on the company’s operational performance, growth strategy, and outlook for the silver and broader mining sector, potentially enhancing its industry positioning and stakeholder engagement.

The most recent analyst rating on (TSE:AGX) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Silver X Mining stock, see the TSE:AGX Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 28, 2026