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.
About Silver X Mining Corp. (AGXPF)
Silver X Mining Corp. is a dynamic and rapidly expanding silver producer and developer operating in the Americas. The company owns the 20,472-hectare Nueva Recuperada Silver District located in Central Peru, a region renowned for its rich mineral resources. Silver X focuses on the extraction and production of silver, gold, lead, and zinc from its flagship Tangana Mining Unit and the recently expanded Plata Mining Unit. With a strategic emphasis on consolidating undervalued assets, increasing production, and expanding resources, Silver X is positioning itself as a premier silver mining company.
Core Operations and Assets
The Nueva Recuperada Silver District is a district-scale property featuring over 170 mapped veins, making it one of the most promising silver projects in South America. The company has successfully transitioned from exploration to production, leveraging both historical data and modern mining techniques. The Tangana Mining Unit serves as the cornerstone of current production, while the Plata Mining Unit adds significant resource potential, with over 6.35 MT of resources identified across 19 veins.
Strategic Growth and Resource Expansion
Silver X is committed to organic growth through exploration and resource development. Recent updates to the mineral resource estimate highlight an 18% increase in measured and indicated resources and a 45% increase in inferred resources across the Nueva Recuperada Property. These expansions underscore the company’s ability to identify and develop high-grade mineralization zones, ensuring long-term production sustainability.
Commitment to Sustainability and Community
Silver X aspires to achieve social and environmental excellence by fostering sustainable practices and supporting local communities. The company emphasizes responsible mining operations, including workforce training, safety measures, and environmental stewardship. Its long-term agreements with local communities and infrastructure investments demonstrate a commitment to mutual growth and sustainability.
Market Position and Investment Potential
Silver X Mining offers investors the opportunity to participate in the early stages of a growing silver producer with robust growth prospects. The company’s focus on brownfield expansion, coupled with its operational stability and resource-rich assets, positions it as a compelling choice for those seeking exposure to the silver mining sector. By integrating exploration, production, and community engagement, Silver X is poised to deliver value to stakeholders while contributing to the global demand for precious metals.
Silver X Mining Corp (TSXV:AGX)(OTCQB:AGXPF) has announced a brokered private placement agreement with Red Cloud Securities to raise up to C$3.0 million. The offering includes up to 17,647,059 units at C$0.17 per unit, with each unit comprising one common share and one warrant exercisable at C$0.25 for 36 months.
The Agent has an option to sell an additional 2,941,176 units to raise up to C$500,000 more. The offering will be available in select Canadian provinces and is expected to close on March 13, 2025.
Proceeds will fund capital and exploration expenditures at the company's Nueva Recuperada Silver District operations in Peru, along with working capital and general corporate purposes.
Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF) has announced a significant update to its mineral resource estimate for the Nueva Recuperada Property in Huancavelica, Peru. The update shows substantial growth across all resource categories:
- Overall property measured and indicated resources increased 18% to 4.26 MT
- Inferred resources grew 45% to 17.18 MT
- The Plata Mining Unit now contains indicated recoverable resources of 0.951 MT at 6.11 opt Ag, 4.24% Zn and 2.44% Pb
- Total contained silver for Plata Mining Unit: 5.81 Moz Ag (indicated) and 26.00 Moz Ag (inferred)
The Plata Mining Unit, located 15 km from the Nueva Recuperada Plant, encompasses 8 royalty-free mining concessions covering 4,228.5 hectares. The unit features over 120 km of 19 mineralized veins, with over 170 individual veins recognized within the concessions.
Silver X Mining has secured a loan facility agreement with Trafigura PTE for up to US$1.4 million, available to its wholly owned subsidiary Recuperada S.A.C. The loan has a 25-month tenor with interest based on SOFR plus 6% per annum. The facility will be used for capital expenditures and working capital.
The agreement includes the issuance of 1,500,000 common share purchase warrants to Trafigura's affiliate, Urion Holdings. The warrants will be exercisable for 25 months at a 25% premium to the 20-day VWAP of Silver X's shares. The company also announced the retirement of COO Freddy Mayor, with CEO Jose M. Garcia temporarily assuming COO responsibilities.
Silver X Mining reports Q3 2024 financial results with revenues of $5.0 million, up from $2.1 million in Q3 2023. The company showed improved financial metrics with Adjusted EBITDA loss narrowing to $0.1M from $1.0M year-over-year. Cash costs decreased to $21.5 per AgEq ounce produced, while AISC was $26.2 per AgEq ounce. Notable improvements include a 32.3% reduction in cash cost per tonne to $100 in Q3 2024 from $148 in Q3 2023. The company invested $1.0 million in the development of the Tangana mining unit, contributing $3.9 per AgEq ounce to the AISC.
Silver X Mining announced the termination of its previously announced private placement from October 30, 2024, citing unfavorable market conditions. CEO Jose Garcia attributed the decision to the dramatic decline in equity prices and metal prices, particularly silver, stating that completing the offering would not serve shareholders' best interests under current market circumstances.
Silver X Mining has announced changes to its All-In Sustaining Cost (AISC) calculation methodology, focusing on better operational performance representation. The revision excludes discretionary costs like business development, investor relations, and share-based compensation from General & Administrative Expenses.
Key improvements include: For Q1 2024, sustaining costs decreased by 21% (from $1.4M to $1.1M) and AISC reduced by 5% (from $20.26 to $19.22 per AgEq Oz). For Q2 2024, sustaining costs dropped by 33% (from $2.0M to $1.3M) and AISC decreased by 9% (from $25.85 to $23.54 per AgEq Oz). The company will apply these changes retroactively to early 2023 and will now report both Gross and Net Sales for better margin assessment.
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.
FAQ
What is the current stock price of Silver X Mining (AGXPF)?
What is the market cap of Silver X Mining (AGXPF)?
What is Silver X Mining Corp.'s primary focus?
What are the key assets of Silver X Mining Corp.?
How does Silver X Mining generate revenue?
What makes Silver X Mining Corp. unique in the mining industry?
What are the growth prospects for Silver X Mining Corp.?
What sustainability initiatives does Silver X Mining undertake?
What is the significance of the Nueva Recuperada Silver District?
How does Silver X Mining ensure operational efficiency?
Who are the key stakeholders in Silver X Mining Corp.?
What are the future plans for Silver X Mining Corp.?
