Silver X Mining (TSXV: AGX) swung to a profit in the first quarter of 2026, capitalizing on a surge in precious metals prices and steadier output from its Nueva Recuperada operation in Peru.
Net operating revenue came in at $13.4 million for the three months ended March 31, more than doubling the $5.3 million booked a year earlier and rising 40% from the $9.6 million reported in the fourth quarter. Operating income climbed to $7.0 million from $0.8 million in the year ago period, while net income reached $4.6 million, a notable reversal from the $4.0 million loss in Q4 2025, which had been weighed down by a non-recurring provision tied to administrative sanctions.
Net income meanwhile swung to positive $4.6 million, versus a loss of $0.3 million in the year ago period and a loss of $4.0 million in the prior quarter. Adjusted EBITDA totaled $5.9 million.
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The balance sheet was the other headline. Cash and cash equivalents ended the quarter at $53.8 million, up from $10.1 million at year end 2025. The bump comes after the company closed a $50.3 million senior secured convertible debenture financing in March.
On the production side, Silver X processed 44,883 tonnes of ore during the quarter, a 12% year over year increase, with silver output rising 35% from the same period last year and 9% sequentially. Silver equivalent production however declined 25% quarter over quarter, falling from 240,248 ounces in Q4 to 179,941 ounces in Q1, although that decline was a result of rapidly rising silver prices, which impacted equivalent figures. Head grades for both silver and gold improved as management continued to favour higher value material over throughput volume.
Cash costs landed at $37.84 per silver equivalent ounce, while all in sustaining costs were $53.24 per silver equivalent ounce. Against a realized silver price of $91.39 per ounce, up 189% year over year, that left an AISC margin of $38.15 per ounce.
Silver X Mining last traded at $0.78 on the TSX Venture.
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