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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, 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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