Welcome to our dedicated page for Silver X Mining news (Ticker: AGXPF), a resource for investors and traders seeking the latest updates and insights on Silver X Mining stock.
Silver X Mining Corp. reports developments tied to its precious-metals exploration, development and production platform in Peru. Recurring updates cover operating and financial results from the Nueva Recuperada Project, production activity at the Tangana Mining Unit, underground drilling and mine-development work at Blenda Rubia, and portfolio expansion through the Pampas gold-silver project.
Company news also includes capital-structure actions such as secured convertible debenture financings, board and governance changes, and operating plans for multiple mining fronts. The disclosures center on silver-polymetallic mineralization, processing performance, unit-cost trends, project development, and the funding used to support exploration, development capital and working capital.
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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