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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. (TSXV:AGX)(OTCQB:AGXPF) announces an upsized non-brokered private placement offering due to strong investor demand. The offering is expected to raise up to $3,000,000 through the sale of 13,636,363 units at $0.22 per unit. The first tranche closed on October 20, 2022, generating $1,902,616.06 from 8,648,254 units. The funds will support drilling at the Tangana project and resource updates for the Plata project. The offering is pending regulatory approval from the TSX Venture Exchange.
Silver X Mining Corp. (TSXV:AGX, OTCQB:AGXPF) has closed the first tranche of its non-brokered private placement, raising $1,902,616.06 by issuing 8,648,254 units at $0.22 each. The offering will be upsized to target $2,500,000 with the potential sale of 11,363,636 units. Funds will support ongoing drilling at the Tangana project and advance resource updates for the Plata project. An insider participated, investing $25,000. All securities are subject to a hold period until February 21, 2023.
Silver X Mining Corp. has announced a non-brokered private placement aiming to raise $2,000,000 through the sale of 9,090,909 units at a price of $0.22 per unit. Each unit consists of one common share and half a warrant, with warrants priced at $0.33 for two years post-closing. Proceeds will support ongoing drilling at the Tangana project and other resource updates. Insider participation is planned, with exemptions under TSX regulations. The offering's closing is expected by November 10, 2022, pending regulatory approval.
Silver X Mining Corp. (AGXPF) released its operational update for September 2022, reporting 162,049 silver equivalent ounces processed. The average processing plant head grade was 18 oz/T AgEq with metal recoveries of 86.88% for silver, 79.83% for gold, 84.71% for lead, and 74.76% for zinc. The company advanced 245 meters in workings at the Tangana project while focusing on grade control and mine expansion, despite recent operational challenges. Upcoming potential improvements are expected from recent drill intersections.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) announced promising updates from the Nueva Recuperada project. Recent diamond drilling confirmed high-grade silver mineralization across three structural blocks of the Tangana 1 vein, extending over 300 meters horizontally and 250 meters vertically. The focus will shift to the Western block, anticipated to yield richer silver ores. Improved understanding of the ore geometry has emerged from multiple drill holes, enhancing exploration potential in nearby veins (Morlupo, Cauca, etc.). The company emphasizes the long-term viability of the Tangana project.
Silver X Mining Corp. (TSXV:AGX) (OTCQB:AGXPF) has announced the resumption of operations at its Tangana project in Huancavelica, Peru, following a thorough incident review. The company has reaffirmed its commitment to safety protocols before restarting activities. With a focus on silver, gold, lead, zinc, and copper mining, Silver X aims to enhance shareholder value through its operational strategies.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) reported a tragic fatality at its Tangana mining project in Peru on September 22, 2022. A worker from contractor Minera Tangana SAC was fatally injured, potentially due to a rock fall. Fortunately, no other personnel were harmed. All operations at the site have been suspended as investigations are underway. The company expressed condolences to those affected. Silver X holds a flagship asset in the Tangana silver-gold project, underscoring its commitment to increasing shareholder value.
Silver X Mining Corp. held its annual general meeting on September 15, 2022, where shareholders approved all submitted matters. Key outcomes include setting the number of directors at five and electing a new slate comprising Jose Maria Garcia Jimenez, Sebastian Wahl, Michael Hoffman, Darryl Cardey, and Francis Johnstone. Additionally, Shim & Associates LLP was reappointed as auditors, and the company's amended share option and restricted share unit plans were approved. Silver X operates primarily in Peru, focusing on the Tangana silver project.
Silver X Mining Corp. (TSX-V:AGX, OTCQB:AGXPF) reported significant operational progress for August 2022. The company processed 195,038 silver equivalent ounces, marking a 57% increase from July. The average head grade was 18.29 oz/t AgEq, with recoveries of 87% for silver and others. Underground development of the Cauca vein commenced, enhancing future production potential. A new centrifuge for gold recovery is set to enhance operational efficiency. CEO José M. Garcia remains confident in reaching the target of 2M oz AgEq annually.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) has successfully completed a debt settlement transaction, paying CAD$540,377 in royalties to Maverix Metals Inc. by issuing 1,801,256 shares at CAD$0.30 per share. The shares are subject to a four-month hold period. Silver X operates the Tangana project in Peru, focusing on silver and other metals. The management emphasizes a commitment to enhancing shareholder value.
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