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 two mining units and over 200 exploration targets, as well as the recently acquired Pampas Project, which adds further scale and long-term growth potential.
Current production from the Tangana Mining Unit is increasing alongside the planned restart of the Plata, Red Silver and Blenda Rubia mines, supporting a path toward approximately 6 million AgEq ounces annually by 2029. The addition of the Pampas Project strengthens the Company’s asset base and enhances its ability to grow into a district-wide, multi-asset operator.
With existing production, scalable expansion opportunities, and significant exploration upside across multiple assets, Silver X is positioning itself as a next-generation silver company focused on growth, diversification, and long-term value creation.
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 the 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, the Company’s exploration and drilling plans at the Red Silver Project, the objectives, phasing and expected results of the drill program, potential Mineral Resource expansion or resource classification upgrades, and the expected 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 prices of, the commodities produced by the Company; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute, equipment failure or other disruption affecting its operations; the availability of financing for exploration, development and operations; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of mineral resources and the geological, operational and price assumptions on which they are based are within reasonable bounds of accuracy; the Company’s ability to attract and retain qualified personnel; and the ability of management to execute its business strategy.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, without limitation, risks related to exploration and development activities, mineral resource estimation, geological interpretation, permitting, financing, commodity price fluctuations, operating risks, changes in laws and regulations, and the risks described in the Company’s annual and interim MD&As and other public filings available on SEDAR+ at www.sedarplus.ca. 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.
