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.
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Silver X Mining Corp. has entered into an asset purchase agreement to acquire the Revenue-Virginius Mine and related assets in Ouray, Colorado, from Alliance Management LLC. The acquisition, valued at US$4.5 million, is subject to District Court approval and other conditions. The RV Mine, a past-producing silver project, is in a pre-production stage and equipped with existing infrastructure, allowing for a low-cost advancement. Silver X plans to leverage its team's expertise from operations in Peru to conduct a 12- to 18-month exploration program at the mine. The acquisition aligns with Silver X's strategy of broadening its portfolio while maintaining a focus on core operations in Peru.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) reported revenues of $13.9 million for the fiscal year 2022, a 237% increase from FY 2021. Q4 2022 revenues also rose to $3.9 million, up 216% year-over-year.
The company achieved commercial production at the Nueva Recuperada project's Tangana Mining Unit in January 2023, with robust production metrics, including 302,386 AgEq ounces produced in Q4 2022. Despite disruptions from road closures in Peru, production has stabilized.
Cash costs for Q4 2022 were $14.6 per AgEq ounce, while All-In-Sustaining Costs were $21.5 per AgEq ounce. The operational momentum is expected to build through 2023, focusing on maximizing production and exploration potential at the Nueva Recuperada Silver District.