July 10, 2024
Silver X Continues to Increase Production During Second Quarter of 2024
Vancouver, British Columbia, July 10, 2024 – SILVER X MINING CORP. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”), an expanding silver developer and producer in Central Peru, is pleased to announce its operating results for the second quarter ending June 30, 2024 (“Q2 2024”) at the Company’s Nueva Recuperada property (the “Project”) in Peru.
Q2 2024 Production Highlights
• Demonstrated a significant increase in tonnage mined, with a raise of 20 per cent from Q1 2024, and 33 per cent from Q2 2023, continuing production upscaling.
• Achieved an 8 per cent increase in the production of AgEq ounces. Processed 362,800 oz AgEq in Q2 2024. Met operational targets for Q2 2024, setting a strong precedent for the second half of 2024.
• Solid underground development, enabling new development phases for both production and resource development.
“We are reporting our third consecutive quarter of increased tonnage mined and mill throughput, and expect to continue this trend throughout the rest of the year whilst also concentrating on optimizing grade to the mill,” said Silver X CEO Jose M. Garcia.
“We plan to announce financial results for the second quarter, which benefited from stronger metal prices, within approximately 45 days.”
Nueva Recuperada Production – Q2 2024 compared to Q2 2023¹
Notes:
¹AgEq 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 Q2 2024, AgEq was calculated using metal prices of U.S. $28.92 per oz Ag, U.S. $2,337 per oz Au, U.S. $0.98 per lb of Pb and US$1.29 per lb of Zn.
Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news release.
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 silver producer building a district-scale precious metals platform in central Peru. Its flagship Nueva Recuperada Silver District includes current production, development opportunities, and significant exploration potential. With a clear path to increased throughput and a pipeline of high-grade targets, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.
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On Behalf of the Board
José M. García
CEO and Director
For further information, please contact:
Investor Relations
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”, “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 exploration plans, operating results, expected project performance, the potential for resource expansion at Tangana, the economic viability of the Tangana Mining Unit, and the Company’s expected financial performance.
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, 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.
