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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. (TSX-V:AGX) (OTCQB:AGXPF) announced on August 22, 2022, the board's approval for a CAD$540,377 (US$494,706) debt settlement by issuing 1,801,256 common shares at $0.30 each to Maverix Metals Inc.. This settlement addresses accrued royalties and interest as of June 30, 2022, and is pending TSX Venture Exchange acceptance. The shares will be subject to a four-month hold period. Silver X focuses on silver mining in Peru, particularly at the Tangana project.
Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF) reported a significant operational update for July 2022, achieving 123,952 silver equivalent ounces, a 58% increase from June. The average head grade was 10.84 oz/t AgEq, with metal recoveries of 86% for silver and 74% for gold. The company is expanding processing operations and continues to develop the Tangana 1 vein system. CEO José M. Garcia expressed optimism about future growth and cash flow improvements as access expands to higher-grade areas.
Silver X Mining Corp. (AGXPF) announced significant findings at the Tangana Mining Unit (TMU) within the Nueva Recuperada project, revealing visible gold in channel samples. A review of the geology and drilling data indicates enhanced gold mineralization, with samples grading up to 4.85 g/T Au. The company is improving gold recovery by installing a Falcon centrifugal concentrator. CEO Jose Garcia highlighted gold's increasing contribution to concentrate sales, comprising up to 38% of gross value in Q2 2022, indicating a shift in the perception of the district as primarily silver-focused.
Silver X Mining Corp. (OTCQB: AGXPF) released its operational update for Q2 2022, highlighting a significant increase in production. The company mined 219,482 silver equivalent ounces, representing a 115% rise from Q1 2022. The processing plant recorded an average head grade of 10.51 oz/t AgEq and achieved recoveries of 87% for silver, 57% for gold, 76% for zinc, and 86% for lead. The company is set to expand production further in Q3 with improved access to the Cauca structure and additional underground developments at Tangana.
Silver X Mining Corp. (TSX-V:AGX) (OTCQB:AGXPF) has finalized a debt settlement of US$4.2 million (CAD$5.3 million) by issuing 17.6 million shares at $0.30 each to Baker Steel Resources Trust Limited (BSRT). This transaction increases BSRT's ownership in Silver X to 13.89% of shares. Additionally, Francis Johnstone has joined the board as a representative of BSRT, enhancing the company's governance with his extensive mining experience.
Silver X Mining Corp. announced a significant increase in mineral resources for its Nueva Recuperada Project in Peru, reporting a 104% rise to 14.9 million tonnes at 162.65 g/T Ag, 2.54% Pb, and 2.50% Zn. The updated Technical Report shows measured and indicated resources of 841,286 tonnes. The company has invested $1.7 million in exploration, and this expansion positions it for future production growth. CEO José Garcia highlighted the report as a roadmap for expansion, with the processing capacity increased to 720 tonnes per day.
Silver X Mining Corp. (TSX-V:AGX) (OTCQB:AGXPF) announced a default status report following a management cease trade order (MCTO) due to the delay in filing audited annual financial statements for the year ending December 31, 2021. The audit is ongoing, with expectations to complete and file the statements by May 30, 2022. The company will issue bi-weekly updates until compliance is achieved and will adhere to alternative information guidelines during this period.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) announces attendance at two major mining investor conferences in Vancouver this month. The Metals Investor Forum will be held on May 15-16, where the company will present at 3:30 PM on May 15. Silver X will also participate in the Vancouver Resource Investment Conference on May 17, featuring CEO Jose Garcia on the 'Silver Forecast' panel at 9:10 AM. Investors are invited to engage with the team at booth #628 during the event.
Silver X Mining Corp. (TSXV:AGX, OTCQB:AGXPF) announced a delay in filing its audited annual financial statements for the year ended December 31, 2021, citing COVID-19 impacts on its accounting staff. A management cease trade order was issued by the British Columbia Securities Commission, allowing trading to continue for non-insider shareholders. The company anticipates filing the statements by May 30, 2022, and will issue bi-weekly updates regarding the filing status. There are no ongoing insolvency proceedings or undisclosed material information.
Silver X Mining Corp. (TSX-V:AGX) announced a significant debt settlement of US$4,198,356.16 through a share issuance of 17,617,701 shares at $0.30 each to Baker Steel. This transaction removes the largest overhanging dilutive instrument, enhancing Silver X's balance sheet. Baker Steel will secure a seat on the board and will hold approximately 13.89% of the shares post-transaction. This move signifies a step towards establishing a key institutional partnership that supports Silver X's growth in the silver production sector.
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