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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 has announced a brokered private placement to raise up to C$5.0 million through Red Cloud Securities. The offering includes up to 16,666,667 units at C$0.30 per unit, with each unit comprising one common share and half a warrant. Each whole warrant allows purchase of one common share at C$0.42 within 24 months of closing. An additional option to sell up to 3,333,333 units could raise an extra C$1.0 million. The proceeds will fund capital and exploration expenditures at the Nueva Recuperada Silver District in Peru, plus working capital. The offering is expected to close on November 14, 2024.
Silver X Mining reports production growth at its Nueva Recuperada Project in Peru for Q3 2024. Year-to-date highlights show 30% increase in AgEq production, with 52% more ore mined and 42% more processed compared to the first nine months of 2023. The company maintains steady grades and continues underground development. Q3 2024 results are not directly comparable to Q3 2023 due to an 8-week operational pause last year. The company expects to announce Q3 financial results in the coming weeks, with management noting positive impact from silver prices.
Additionally, the company announced the resignation of Sebastian Wahl from its board of directors, effective immediately.
Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF) reported strong Q2 2024 financial results for its Nueva Recuperada Project in Peru. Key highlights include:
- Revenue of $6.2 million, up 31% from Q1 2024 and 34% from Q2 2023
- Operating income of $0.5 million vs $0.4 million loss in Q2 2023
- Positive EBITDA of $1.9M and Adjusted EBITDA of $0.8M
- Cash costs of $18.8 per AgEq ounce produced
- AISC of $25.9 per AgEq ounce produced
The company processed 362,714 oz AgEq in Q2, in line with Q1 production. Management is focused on cost reduction and increasing production to over 700 tonnes per day. Silver X completed a C$5.0M private placement in April 2024 to support ongoing development.
Silver X Mining Corp. (TSXV: AGX) (OTCQB: AGXPF) has announced a management transition as Sebastian Wahl steps down from his role as Vice President of Corporate Development. Mr. Wahl, a founder of Silver X, will remain on the company's board of directors. In connection with this transition and his consulting agreement, Silver X has agreed to issue 1,261,956 common shares to Mr. Wahl at a price of C$0.23 per share, subject to TSX Venture Exchange approval and a four-month hold period. CEO Jose M. Garcia expressed gratitude for Wahl's contributions since the company's inception, highlighting his role in achieving key milestones. Wahl will continue to be one of Silver X's largest shareholders.
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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