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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 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.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) has filed an independent technical report titled "Nueva Recuperada, Huancavelica, Peru. Preliminary Economic Assessment" following its January news release. The report, dated April 4, 2023, provides a preliminary economic assessment for the Tangana Mining Unit extension. It includes updated mineral resource grades but maintains the same tonnage as previously reported. The effective date for mineral resources is corrected to October 31, 2022, from February 13, 2023. The report highlights several categories of mineral resources, including a total of 3.61 million tonnes measured and indicated, and 11.89 million tonnes inferred. The results emphasize the speculative nature of inferred resources and the associated risks as production decisions are not based on proven reserves.
Silver X Mining Corp. (AGXPF) announced positive results from a Preliminary Economic Assessment (PEA) for its Tangana Mining Unit, part of the Nueva Recuperada Silver District. The PEA, compliant with NI 43-101 standards, indicates plans to triple production capacity from 720 to 2,220 tonnes per day by 2026. Key highlights include upgraded mineral resources of 3.60 Mt Measured and Indicated from 0.98 Mt, demonstrating a 300% increase. The project has a life of mine of 12 years with an after-tax NPV of $175 million and an IRR of 39%. Initial capital costs are estimated at $61 million, supporting the company's growth ambitions.