Silver X Announces Steady Production Increase During Third Quarter of 2024 and Board Change
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 riporta una crescita della produzione nel suo progetto Nueva Recuperada in Peru per il terzo trimestre del 2024. I risultati dall'inizio dell'anno evidenziano un aumento del 30% nella produzione di AgEq, con il 52% di minerale estratto in più e il 42% di materiale lavorato in più rispetto ai primi nove mesi del 2023. L'azienda mantiene buoni livelli di qualità e continua lo sviluppo sotterraneo. I risultati del Q3 2024 non sono direttamente comparabili con quelli del Q3 2023 a causa di una pausa operativa di 8 settimane lo scorso anno. L'azienda si aspetta di annunciare i risultati finanziari del Q3 nelle prossime settimane, con la direzione che segnala un impatto positivo dai prezzi dell'argento.
Inoltre, l'azienda ha annunciato le dimissioni di Sebastian Wahl dal consiglio di amministrazione, con effetto immediato.
Silver X Mining informa sobre el crecimiento de la producción en su Proyecto Nueva Recuperada en Perú para el tercer trimestre de 2024. Los destacados acumulados hasta la fecha muestran un aumento del 30% en la producción de AgEq, con un 52% más de mineral extraído y un 42% más procesado en comparación con los primeros nueve meses de 2023. La empresa mantiene niveles estables y continúa con el desarrollo subterráneo. Los resultados del Q3 2024 no son directamente comparables con los del Q3 2023 debido a una pausa operativa de 8 semanas el año pasado. La empresa espera anunciar los resultados financieros del Q3 en las próximas semanas, con la gerencia señalando un impacto positivo de los precios de la plata.
Además, la empresa anunció la renuncia de Sebastian Wahl de su junta directiva, con efecto inmediato.
Silver X Mining은 2024년 3분기 페루의 Nueva Recuperada 프로젝트에서 생산 성장을 보고했습니다. 올해 누적 주요 결과는 AgEq 생산량 30% 증가, 광석 채굴 52% 증가, 가공량 42% 증가를 보여줍니다. 이는 2023년 첫 9개월과 비교한 수치입니다. 회사는 안정적인 품질을 유지하며 지하 개발을 계속하고 있습니다. 2024년 3분기 결과는 작년에 발생한 8주간의 운영 중단으로 인해 2023년 3분기 결과와 직접 비교할 수 없습니다. 회사는 향후 몇 주 내에 3분기 재무 결과를 발표할 것으로 예상하며, 경영진은 은 가격의 긍정적인 영향을 언급했습니다.
추가로, 회사는 Sebastian Wahl이 이사회에서 즉시 사임했다고 발표했습니다.
Silver X Mining annonce une augmentation de la production de son projet Nueva Recuperada au Pérou pour le troisième trimestre de 2024. Les points marquants depuis le début de l'année montrent une augmentation de 30% de la production en AgEq, avec 52% de minerai extrait en plus et 42% de plus traité par rapport aux neuf premiers mois de 2023. L'entreprise maintient des teneurs stables et continue le développement souterrain. Les résultats du T3 2024 ne sont pas directement comparables à ceux du T3 2023 en raison d'une interruption opérationnelle de 8 semaines l'an dernier. L'entreprise prévoit d'annoncer les résultats financiers du T3 dans les prochaines semaines, la direction signalant un impact positif des prix de l'argent.
De plus, l'entreprise a annoncé la démission de Sebastian Wahl de son conseil d'administration, avec effet immédiat.
Silver X Mining berichtet über Produktionswachstum in seinem Nueva Recuperada Projekt in Peru für das 3. Quartal 2024. Die bisherige Jahresbilanz zeigt einen 30%igen Anstieg der AgEq-Produktion, mit 52% mehr abgebautem Erz und 42% mehr verarbeitetem Material im Vergleich zu den ersten neun Monaten des Jahres 2023. Das Unternehmen erhält gleichbleibende Werte und setzt die Untertageentwicklung fort. Die Ergebnisse des Q3 2024 sind nicht direkt mit den Ergebnissen des Q3 2023 vergleichbar, da es im letzten Jahr eine 8-wöchige Betriebsunterbrechung gab. Das Unternehmen erwartet, in den kommenden Wochen die Finanzzahlen für das 3. Quartal bekannt zu geben, wobei die Geschäftsführung auf einen positiven Einfluss der Silberpreise hinweist.
Zusätzlich gab das Unternehmen die sofortige Rücktritt von Sebastian Wahl aus dem Vorstand bekannt.
- 30% increase in AgEq production YTD compared to 2023
- 52% increase in ore mining YTD
- 42% increase in ore processing YTD
- Steady mineral grades maintained
- Favorable silver prices supporting operations
- Operations lack formal economic and technical viability studies
- Increased uncertainty and economic risks due to absence of feasibility study
- Risk of lower than expected mineral grades
VANCOUVER, BC / ACCESSWIRE / October 24, 2024 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company"), a growing silver producer and developer in Central Peru, is pleased to announce its operating results for the third quarter ending September 30, 2024 ("Q3 2024") at the Company's Nueva Recuperada Project (the "Project") in Peru.
Q3 2024 Production Highlights
YTD production results demonstrate sustained growth compared to the first nine months of 2023:
30% more AgEq produced52% more ore mined and42% more processedGrades holding steady
Steady production continued during Q3 2024.
Q3 2024 is not comparable to Q3 2023 due to the Operational Reset last year with operations being paused for 8 weeks.
Underground development continues, enabling new phases for both production and resource development.
"Our wholly owned Nueva Recuperada Project is producing as expected. We are pleased with the steady growth of the operation and are excited about the future of this Project. Our dedicated team continues to work hard to realize the potential of this promising silver district high in the Andes," said Silver X CEO Jose M. Garcia.
"Financial results for the third quarter are expected to be announced in the next few weeks. Metals prices, particularly silver, continue to be a wind in our sails."
Nueva Recuperada Project Production
Quarter and nine month ending September 30, 2024, compared to September 30, 20233
Notes
(1) Measure of performance with no prescribed definition under IFRS. Refer to the "Non-IFRS Measures" section of this press release.
(2) AgEq ounces produced were calculated based on all metals produced using the average sales prices of each metal for each month during the period. Revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts. In Q3 2024, AgEq was calculated using metal prices of U.S.
(3) During the three months ended September 30, 2023, the Company completed its operational hold from July 26, 2023, to September 19, 2023, to implement a strategic operational reset. During this brief pause, operational upgrades were successfully completed and are expected to enhance efficiency and profitability, including investment in equipment upgrades, workforce training, and safety measures.
Please see "Cautionary Note regarding Production without Mineral Reserves" at the end of this news release.
Board Change
Silver X also announces that Sebastian Wahl has resigned as a director of the Company, effective today.
"Sebastian has been a valuable member of Silver X's Board since inception, and we are grateful for his leadership and contributions during his tenure," stated Silver X CEO Jose M. Garcia. "We wish him the very best in his future endeavors."
Qualified Person
Mr. A. David Heyl, B.Sc., C.P.G who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Heyl is a consultant for Silver X.
Cautionary Note regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the Company's ongoing mining operations as referenced herein (the "Production Decision and Operations") are based on economic models prepared by the Company in conjunction with management's knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.
About Silver X
Silver X is a rapidly expanding silver developer and producer. The Company owns the 20,000-hectare Nueva Recuperada Silver District in Central Peru and produces silver, gold, lead and zinc from its Tangana Project. We are building a premier silver company that aims to deliver outstanding value to all stakeholders, consolidating and developing undervalued assets, adding resources and increasing production while aspiring to social and environmental excellence. For more information visit our website at www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. Garcia, CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
ir@silverxmining.com
+1 778 323 0959
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ("forward-looking information"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward- looking information contained in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Project, the Company's belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected financial performance of the Company.
The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company's operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company's ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company's annual and interim MD&As and in its public documents filed on www.sedarplus.ca from time to time. Forward- looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE: Silver X Mining Corp.
View the original press release on accesswire.com
FAQ
What are Silver X Mining's (AGXPF) Q3 2024 production highlights?
Why can't Silver X Mining's (AGXPF) Q3 2024 results be compared to Q3 2023?
What board changes occurred at Silver X Mining (AGXPF) in October 2024?
