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Silver X Mining Corp. (TSX-V:AGX, OTCQB:AGXPF, F:AGX) is a rapidly expanding developer and producer of silver-based assets, strategically located in the Americas. The company operates the +20,000-hectare Nueva Recuperada Silver District in Central Peru, a resource-rich area that yields silver, gold, lead, and zinc. Silver X focuses on consolidating undervalued assets and increasing production to deliver exceptional value to stakeholders.
The cornerstone of Silver X's operations is the Tangana Mining Unit within the Nueva Recuperada Silver District. This unit has recently demonstrated significant operational growth. In the first quarter of 2024, Silver X reported a substantial increase in mining tonnage by 20% from Q4 2023 and achieved silver equivalent processing of 363,795 oz AgEq. The company's commitment to improving operational efficiency was evidenced by a notable enhancement in silver recovery rates, reaching an average of 89.2%.
Financially, Silver X has shown resilience and growth. The company generated revenues of $4.8 million in Q1 2024 with cash costs of $15.36 per AgEq ounce produced and an All-In Sustaining Cost (AISC) of $21.36 per AgEq ounce. This financial stability is partly due to a successful non-brokered private placement that raised aggregate gross proceeds of C$5,000,000. The proceeds are earmarked for capital expenditures and exploration projects, particularly in the Nueva Recuperada Silver District, and potential acquisition of new assets.
Under the leadership of CEO José M. Garcia and Vice President, Corporate Development, Sebastian Wahl, the company has been committed to not just economic growth but also social and environmental excellence. The Nueva Recuperada Project, despite its ongoing development, has already begun yielding promising results without the need for a preliminary economic assessment, showcasing the project's inherent potential.
Silver X's latest achievements include closing the second and final tranche of its private placement offering, placing over 27 million units for gross proceeds of $5 million, improving production outputs, and enhancing recovery rates. The company is set to continue its trajectory of growth, with strategies to replicate its Q1 successes in future quarters.
For more detailed information about Silver X Mining Corp., visit their official website: www.silverxmining.com.
Silver X Mining Corp. (TSXV: AGX, OTCQB: AGXPF, F: AGX), a silver developer and producer in Central Peru, announced its Q2 2024 operating results for the Nueva Recuperada property in Peru. The company reported a 20% increase in tonnage mined from Q1 2024 and a 33% increase from Q2 2023, alongside an 8% rise in AgEq ounces produced, totaling 362,800 oz. Silver X met its operational targets for Q2 2024, setting a strong trend for the rest of the year and highlighting solid underground development efforts.
The company's CEO, Jose M. Garcia, emphasized the consistent increase over three consecutive quarters and plans to continue optimizing production. Financial results for Q2, benefiting from stronger metal prices, will be announced within 45 days. However, the report notes that the decision to commence production was not based on a detailed economic and technical analysis, indicating increased uncertainty and economic risks.
Silver X Mining has announced the appointment of David Gleit as their new Chief Financial Officer (CFO), effective immediately. David replaces interim CFO Jason Tong, who will stay on as the corporate controller. With over 25 years of experience in international mining, construction, and asset management, David is expected to bring strategic financial leadership to Silver X. His appointment aligns with the company's goals to expand operations in Peru and enhance growth strategies. CEO José M. García expressed confidence in David's ability to contribute significantly to Silver X's objective of becoming a leading silver producer.
Silver X Mining reported its Q1 2024 financial results for the Nueva Recuperada Project. The company generated $4.8 million in revenue, with a positive EBITDA of $0.3 million and adjusted EBITDA of $0.4 million. Production costs were $15.36 per silver equivalent ounce, and all-in sustaining costs were $21.36 per ounce. Despite a net loss of $0.9 million before tax, this was an improvement from the $1.1 million loss in Q1 2023. Operating income was $6,000, with production at 363,795 ounces. The company's cash reserves decreased by $0.2 million, and a recent private placement raised C$5.0 million. The CEO anticipates continued performance improvements throughout 2024.
Silver X Mining Corp. reports strong Q4 2023 and year-end 2023 financial results. Q4 2023 saw cash costs of $18.22 per AgEq ounce produced, revenues of $4.3 million, and an operating loss of $1.0 million. FY 2023 generated revenues of $15.7 million with an operating loss of $2.6 million. Net loss before tax was $10.8 million in FY 2023. Despite challenges, Silver X remains optimistic about future growth.
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