October 24, 2024
Silver X Announces Steady Production Increase During Third Quarter of 2024 and Board Change
Vancouver, British Columbia, October 24, 2024 – SILVER X MINING CORP. (TSX- V: 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 produced
- 52% more ore mined and 42% more processed
- Grades 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. $29.29 per oz Ag, U.S. $2,462 per oz Au, U.S. $0.93 per lb of Pb and US$1.25 per lb of Zn.
(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 growing silver producer building a multi-asset precious metals platform in Peru. The Company’s portfolio includes the Nueva Recuperada Project, a district-scale land package of 20,795 hectares with three mining units and more than 200 exploration targets, as well as the recently acquired Pampas Project.
With existing production, scalable expansion opportunities, and significant exploration upside, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.
On Behalf of the Board
José M. García
CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
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 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 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.
Cautionary Statement Regarding “Forward-Looking” Information
This press release contains forward looking information within the meaning of applicable Canadian securities legislation (“forward looking information”). Forward looking information is generally identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “targets”, “believes”, or similar expressions, including statements that certain events or results “may”, “could”, “would” or “will” occur. All statements other than historical facts constitute forward looking information, including, without limitation, statements regarding the filing of a technical report, an updated PEA, the evaluation of processing capacity beyond 3,000 tpd, the production profile contemplated in the 2025 PEA including average and peak annual production, the suitability of bulk underground mining methods and their expected costs, mine life, the achievement of a 1,000 tpd run rate, the timing of permits including the ESIA update to 1,500 tpd, future drilling and the conversion of Inferred resources, financing discussions, and the Company’s growth plans.
Forward looking information is based on a number of assumptions, including that general economic and business conditions will not materially worsen; commodity demand and prices will remain stable or improve; required permits and approvals will be obtained on a timely basis; operations will not be materially disrupted by accidents, labour issues or equipment failures; financing will be available; equipment and supplies will be accessible as needed; resource estimates and underlying assumptions (including size, grade and recovery) are reasonable; and the Company will be able to attract and retain qualified personnel and execute its strategic objectives.
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 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. 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.
