Portfolio Company Silver X Delivers Record Quarter

Silver X Mining Corp (TSX-V: AGX) just reported the best quarter in its history — record revenue, record operating income, and a third straight quarter of sequential growth. The first half of 2026 was also the company’s first profitable half-year on record, and it exited the quarter with nearly $50 million in cash.

The story behind the results is simple: the mine is ramping. Ore mined jumped 65% over the prior quarter and silver-equivalent production rose 57%, with Silver X reporting it is on track to hit its 1,000-tonne-per-day target this quarter.

At the same time, an expanded drill program is advancing the resource — all in service of the company’s stated goal of 6 million AgEq ounces of annual production by 2029.

Palisades took its initial position in early 2025 and holds 9,635,000 warrants at an average exercise price of $0.50 — a 3.3% partially diluted stake. Quarters like this are exactly why we position early in junior miners: when operations deliver, the leverage does the rest.

If Silver X reaches its 6-million-ounce target against rising silver prices, the math on our $0.50 warrants gets very interesting. That’s why we entered early — and why we’re still here.

We’ll continue to keep you updated as our portfolio companies report notable developments.

Sincerely,

The Palisades Team