# Silver X Increases Measured and Indicated Resources 173% to 10.4 Mt at 213 g/t AgEq \(70.8 Moz AgEq\) and Inferred Resources 43% to 21.6 Mt at 252 g/t AgEq \(180.9 Moz AgEq\) Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2 Original source: https://orestocks.com/company/AGX.V/press-releases/8561209077214225 Publisher: orestocks Original announcement: 2026-09-22T11:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T12:11:32.890Z Atlas analysis updated: 2026-09-22T12:11:32.890Z - Company: SILVER X MINING CORP. - Ticker: AGX.V - Exchange: Unavailable - Region: Peru - Primary commodity: Silver - Secondary commodities: Lead, Zinc - Document categories: Resource update - Extracted: 2026-09-22 12:11:33 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Silver X Mining Corp. announced a significant update to the Mineral Resource Estimate for its Nueva Recuperada Project in Peru, effective August 31, 2026. The update nearly tripled Measured and Indicated \(M&I\) silver ounces by 211% to 41.8 Moz \(10.4 Mt at 125 g/t Ag\) and increased M&I AgEq ounces by 117% to 70.8 Moz \(10.4 Mt at 213 g/t AgEq\). Inferred resources also grew by 43% in tonnage to 21.6 Mt at 252 g/t AgEq \(180.9 Moz AgEq\). The update includes a new bulk tonnage resource at Blenda Rubia and highlights the high-grade Red Silver Mining Unit, substantially increasing the geological confidence for the project's 2025 PEA mining inventory. Reasoning: The updated Mineral Resource Estimate shows substantial growth in both Measured & Indicated and Inferred resources, particularly tripling M&I silver ounces, driven by new estimates at key mining units and a new bulk tonnage resource, significantly de-risking the project and strengthening the PEA. The Measured category is 0.0 Mt, meaning all M&I is Indicated, and a significant portion of the total resource remains Inferred. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Positive factor: Maiden Resource - Positive factor: PEA-Supporting - Negative factor: All Inferred Facts used in scoring: 23 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Measured and Indicated tonnage increased 173% from 3.8 Mt to 10.4 Mt, and Measured and Indicated silver ounces increased 211% from 13.4 Moz to 41.8 Moz, significantly improving resource confidence. Evidence · text > Measured and Indicated tonnage up 173%, from 3.8 to 10.4 million tonnes, containing 70.8 million ounces AgEq, up 117% from 32.5 million ounces. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Measured and Indicated tonnage increased 173% from 3.8 Mt to 10.4 Mt, and Inferred tonnage increased 43% from 15.1 Mt to 21.6 Mt. Evidence · text > Measured and Indicated tonnage up 173%, from 3.8 to 10.4 million tonnes... Inferred tonnage up 43%, from 15.1 to 21.6 million tonnes **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Measured and Indicated silver ounces increased 211% from 13.4 Moz to 41.8 Moz, and M&I AgEq ounces increased 117% from 32.5 Moz to 70.8 Moz. Evidence · text > Measured and Indicated silver up 211%, from 13.4 to 41.8 million ounces, and Inferred silver of 120.1 million ounces. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The updated Mineral Resource Estimate was prepared by Mr. A. David Heyl, B.Sc., C.P.G, a qualified person as defined by NI 43-101, who has reviewed and approved the technical content. Evidence · text > The updated Mineral Resource Estimate, with an effective date of August 31, 2026, was prepared by Mr. A. David Heyl, B.Sc., C.P.G, a qualified person as defined by NI 43-101, who has reviewed and approved the technical content of this news release for Silver X. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The updated Mineral Resource Estimate was prepared by a qualified person as defined by NI 43-101 and is reported in accordance with CIM Definition Standards \(2014\). Evidence · text > The updated Mineral Resource Estimate, with an effective date of August 31, 2026, was prepared by Mr. A. David Heyl, B.Sc., C.P.G, a qualified person as defined by NI 43-101 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Mineral Resources are reported using an NSR cutoff of US$60/t, which is clearly stated. Evidence · text > The August 31, 2026 estimates use an NSR cutoff of US$60/t **Metal Equivalent Opaque** Polarity: positive Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: Metal equivalent is calculated using 36-month trailing average metal prices and metallurgical recoveries, which are fully disclosed. Evidence · text > Silver equivalent is calculated using 36-month trailing average metal prices of US$41.86/oz Ag, US$3,179/oz Au, US$10,230/t Cu, US$2,009/t Pb and US$2,925/t Zn and metallurgical recoveries of 83% Ag, 60% Au, 80% Cu, 86% Pb and 84% Zn. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Blenda Rubia vein within the Plata Mining Unit is described as a 'new bulk tonnage resource'. Evidence · text > including a new bulk tonnage resource at the Blenda Rubia vein \("BR"\) within the Plata Mining Unit. **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: Measured and Indicated resources now represent approximately 85% of the 12.25 million tonne mining inventory underpinning the 14-year mine plan in the Company's 2025 Preliminary Economic Assessment, up from 31%. Evidence · text > Measured and Indicated resources now represent approximately 85% of the 12.25 million tonne mining inventory underpinning the 14-year mine plan in the Company's 2025 Preliminary Economic Assessment \("PEA"\), up from 31%. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 21.6 million tonnes at 252 g/t AgEq \(180.9 Moz AgEq\) in the Inferred category, which is a speculative category with lower geological confidence. Evidence · text > Inferred resources total 21.6 million tonnes containing 180.9 million ounces AgEq **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Measured category for the overall project is reported as 0.0 Mt, indicating that all Measured and Indicated resources are currently in the Indicated category. Evidence · table > 0.0 Context: Measured ## Extracted facts Stored fact records: 23. Some facts used in scoring do not have a stored record. ## Resource Estimates (23) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-0) Nueva Recuperada · silver #### Identity - Project: Nueva Recuperada - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:fb58b0bffde09543fc45 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 10400000 - Grade: 41.8 - Grade Unit: moz - Contained Metal: 41.8 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 - Prior Tonnes: 3800000 - Prior Contained Metal: 13.4 - Prior Cutoff Grade: 60 #### Metal Equivalent - Metal Eq. Grade: 213 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated silver resource for the Nueva Recuperada Project shows significant growth in tonnage and contained silver, substantially de-risking the project and strengthening the PEA. The estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Positive factor: PEA-Supporting Evidence · table > 41.8 Context: 10.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 10400000 against 3800000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 41.8 against 13.4 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-1) Nueva Recuperada · lead #### Identity - Project: Nueva Recuperada - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:fb58b0bffde09543fc45 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 10400000 - Grade: 166.3 - Grade Unit: kt - Contained Metal: 166.3 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 - Prior Tonnes: 3800000 - Prior Cutoff Grade: 60 #### Metal Equivalent - Metal Eq. Grade: 213 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated lead resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal, contributing positively to the project's overall economics. The estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 166.3 Context: 10.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 10400000 against 3800000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-2) Nueva Recuperada · zinc #### Identity - Project: Nueva Recuperada - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:fb58b0bffde09543fc45 - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 10400000 - Grade: 175.6 - Grade Unit: kt - Contained Metal: 175.6 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 - Prior Tonnes: 3800000 - Prior Cutoff Grade: 60 #### Metal Equivalent - Metal Eq. Grade: 213 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated zinc resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal, contributing positively to the project's overall economics. The estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 175.6 Context: 10.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 10400000 against 3800000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-3) Nueva Recuperada · silver #### Identity - Project: Nueva Recuperada - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:c228de0db330a3e7206c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 21600000 - Grade: 120.1 - Grade Unit: moz - Contained Metal: 120.1 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 - Prior Tonnes: 15100000 - Prior Cutoff Grade: 60 #### Metal Equivalent - Metal Eq. Grade: 252 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred silver resource for the Nueva Recuperada Project shows significant growth in tonnage and contained silver, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 120.1 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 21600000 against 15100000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-4) Nueva Recuperada · lead #### Identity - Project: Nueva Recuperada - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:c228de0db330a3e7206c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 21600000 - Grade: 388.8 - Grade Unit: kt - Contained Metal: 388.8 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 - Prior Tonnes: 15100000 - Prior Cutoff Grade: 60 #### Metal Equivalent - Metal Eq. Grade: 252 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred lead resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal, contributing positively to the project's overall economics. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 388.8 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 21600000 against 15100000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-5) Nueva Recuperada · zinc #### Identity - Project: Nueva Recuperada - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:c228de0db330a3e7206c - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 21600000 - Grade: 410.4 - Grade Unit: kt - Contained Metal: 410.4 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 - Prior Tonnes: 15100000 - Prior Cutoff Grade: 60 #### Metal Equivalent - Metal Eq. Grade: 252 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred zinc resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal, contributing positively to the project's overall economics. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 410.4 Context: 21.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 21600000 against 15100000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-6) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:4f2eaf178771c7a407e0 - Deposit or zone: Red Silver Mining Unit - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 520000 - Grade: 623 - Grade Unit: g/t - Contained Metal: 10.4 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Red Silver Mining Unit hosts a high-grade Indicated silver resource, contributing significantly to the project's overall value. The estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Category Upgrade - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Positive factor: Bonanza Intercept Evidence · text > Red Silver Mining Unit hosts 10.4 Moz of Measured and Indicated silver \(0.52 Mt at 623 g/t Ag\) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-7) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:38c27f8c0938752fc01d - Deposit or zone: Red Silver Mining Unit - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3110000 - Grade: 532 - Grade Unit: g/t - Contained Metal: 53.2 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Red Silver Mining Unit hosts a high-grade Inferred silver resource, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Positive factor: Bonanza Intercept - Negative factor: Inferred Resource Evidence · text > 53.2 Moz of Inferred silver \(3.11 Mt at 532 g/t Ag\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-8) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:f4de95e926d7d4fa3b7d - Deposit or zone: Plata Mining Unit - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5500000 - Grade: 11.7 - Grade Unit: moz - Contained Metal: 11.7 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 112 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated silver resource for the Plata Mining Unit, including the new bulk tonnage resource, contributes significantly to the project's M&I base. The estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Positive factor: Maiden Resource Evidence · table > 11.7 Context: 5.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-9) Nueva Recuperada Project · lead #### Identity - Project: Nueva Recuperada Project - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:f4de95e926d7d4fa3b7d - Deposit or zone: Plata Mining Unit - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5500000 - Grade: 49.5 - Grade Unit: kt - Contained Metal: 49.5 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 112 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated lead resource for the Plata Mining Unit contributes positively to the project's overall economics. The estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 49.5 Context: 5.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-10) Nueva Recuperada Project · zinc #### Identity - Project: Nueva Recuperada Project - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:f4de95e926d7d4fa3b7d - Deposit or zone: Plata Mining Unit - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5500000 - Grade: 55 - Grade Unit: kt - Contained Metal: 55 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 112 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated zinc resource for the Plata Mining Unit contributes positively to the project's overall economics. The estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 55.0 Context: 5.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-11) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:53c4dc5d5c5c124c78ad - Deposit or zone: Plata Mining Unit - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10000000 - Grade: 24.4 - Grade Unit: moz - Contained Metal: 24.4 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 128 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred silver resource for the Plata Mining Unit shows growth and exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 24.4 Context: 10.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-12) Nueva Recuperada Project · lead #### Identity - Project: Nueva Recuperada Project - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:53c4dc5d5c5c124c78ad - Deposit or zone: Plata Mining Unit - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10000000 - Grade: 110 - Grade Unit: kt - Contained Metal: 110 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 128 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred lead resource for the Plata Mining Unit shows growth and exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 110.0 Context: 10.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-13) Nueva Recuperada Project · zinc #### Identity - Project: Nueva Recuperada Project - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:53c4dc5d5c5c124c78ad - Deposit or zone: Plata Mining Unit - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 10000000 - Grade: 120 - Grade Unit: kt - Contained Metal: 120 - Contained Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 128 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred zinc resource for the Plata Mining Unit shows growth and exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 120.0 Context: 10.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-14) Nueva Recuperada · silver #### Identity - Project: Nueva Recuperada - Commodity: silver - Ticker: AGX.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:f86caae66be762c2ecc0 - Mining method: underground #### Resource Data - Category: measured - Tonnes: 0 - Grade: 0 - Grade Unit: moz #### Metal Equivalent - Metal Eq. Grade: 0 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.0 Context: 0.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-15) Nueva Recuperada · lead #### Identity - Project: Nueva Recuperada - Commodity: lead - Ticker: AGX.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:f86caae66be762c2ecc0 - Mining method: underground #### Resource Data - Category: measured - Tonnes: 0 - Grade: 0 - Grade Unit: kt #### Metal Equivalent - Metal Eq. Grade: 0 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.0 Context: 0.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-16) Nueva Recuperada · zinc #### Identity - Project: Nueva Recuperada - Commodity: zinc - Ticker: AGX.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:f86caae66be762c2ecc0 - Mining method: underground #### Resource Data - Category: measured - Tonnes: 0 - Grade: 0 - Grade Unit: kt #### Metal Equivalent - Metal Eq. Grade: 0 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.0 Context: 0.0 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-17) Nueva Recuperada · silver #### Identity - Project: Nueva Recuperada - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:8266e2029bd9d9a7789a - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 32000000 - Grade: 161.9 - Grade Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 237 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred AgEq resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal equivalent, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 161.9 Context: 32.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-18) Nueva Recuperada · lead #### Identity - Project: Nueva Recuperada - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:8266e2029bd9d9a7789a - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 32000000 - Grade: 555.1 - Grade Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 237 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred AgEq resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal equivalent, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 555.1 Context: 32.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-19) Nueva Recuperada · zinc #### Identity - Project: Nueva Recuperada - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:8266e2029bd9d9a7789a - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 32000000 - Grade: 586 - Grade Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 237 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred AgEq resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal equivalent, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 586.0 Context: 32.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-20) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:5e84f6535293173bf511 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 15500000 - Grade: 36.1 - Grade Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 123 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred AgEq resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal equivalent, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 36.1 Context: 15.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-21) Nueva Recuperada Project · lead #### Identity - Project: Nueva Recuperada Project - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:5e84f6535293173bf511 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 15500000 - Grade: 159.5 - Grade Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 123 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred AgEq resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal equivalent, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 159.5 Context: 15.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--44afe764-391a-423c-9a79-66108dba8ec2#fact-resource-facts-22) Nueva Recuperada Project · zinc #### Identity - Project: Nueva Recuperada Project - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: AGX.V #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:5e84f6535293173bf511 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 15500000 - Grade: 175 - Grade Unit: kt - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 123 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred AgEq resource for the Nueva Recuperada Project shows significant growth in tonnage and contained metal equivalent, indicating strong exploration potential. While Inferred, the estimate is NI 43-101 compliant with QP sign-off and disclosed metal equivalent assumptions. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 175.0 Context: 15.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.