Silver X Mining Corp. (TSXV: AGX | OTCQB: AGXPF | F: AGX) has reported its financial results for the three months and year ended 31 December 2024 for the Nueva Recuperada Project in Central Peru.
Jose Garcia, Silver X Mining’s CEO, commented, “As fourth quarter and full-year results at the Tangana Mining Unit demonstrate, our team accomplished a great deal in 2024. Production stabilized and grew. Revenue was nearly 40% higher, and we paired losses significantly compared to 2023. I expect both stronger growth and improved margins in 2025.”
FY 2024 production highlights:
- 36% increase in processed tonnage to 170,676t in 2024 from 126,679 in 2023
- Higher tonnage supported by 7,567m of development in 2024 and the widening of veins as we go deeper into the mine
- AgEq produced increased by 20% to 1,100,899 in 2024 from 918,654 in 2023
- AgEq increased despite the 21.4% realized silver price increase (from US$23.30 $/oz in 2023 to US28.29 $/oz in 2024). Head grades were higher in 2024 than in 2023
FY 2024 financial highlights:
- Net operating revenues of US$21.9 million (2024) vs. US$15.7M (2023), an increase of 39% or US$6.2M
- Significant EBITDA improvement: Adjusted EBITDA of positive US$0.9M (2024) vs. adjusted EBITDA of negative US$3.6M (2023)
- Cash costs of US$19.8 per AgEq ounce produced and AISC of US$24.3 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana Mining Unit (US$3.4M, adding US$3.1 per AgEq ounce produced to the AISC)
- Production cash cost per tonne was US$106 in 2024 compared to US$126 per tonne in 2023, a decrease of 15.3%
“In addition to our focus on growth and profitability at Tangana, we are excited to bring our new Plata Mining Unit into production in 2026. We continue to grow the value of our district, which we envision to be producing at least 3,000 tonnes per day and more than six million of ounces within the next few years.” Added Mr. Garcia.
For the three months ended 31 December 2024, the company recorded:
- Net loss before tax of US$0.9M, compared to a net loss before tax of US$5.9M in the three months ended 31 December 2023
- EBITDA negative of US$0.3M, compared to an EBITDA negative of US$5.2M in the three months ended 31 December 2023
- Adjusted EBITDA negative of US$0.4M, compared to an adjusted EBITDA negative of US$1.1M in the three months ended 31 December 2023
To find out more, please visit www.silverxmining.com
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