December 11, 2024

Silver X Mining – Q3 Financials and Looking Ahead To Growing Throughput And Grades At The Tangana Mine, An Upcoming Resource Update, And Exploration Upside

13 minutes

José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me to review the Q3 2024 financials and operations from the Tangana Mine at the Nueva Recuperada Project, located in central Peru. We also look ahead to Q4 operations thus far, and the plans to expand the mill capacity to grow production, in tandem with exploration success raising the grade profile and factoring into an updated Resource Estimate in Q1.

We start off by having José outline some of the key takeaways from the Third Quarter 2024 financials and operations announced to the market on November 28th. He points out the mine performed well, despite having challenges and interrupting some production in September, and that the All-In Sustaining Costs were affected by capital invested into Tangana in Q3.

Revenues of $5.0 million (3Q24) vs. $2.1 million (3Q23), an increase of $2.9 million.

Significant EBITDA improvement: Adjusted EBITDA of negative $0.1M (3Q24) vs. Adjusted EBITDA of negative $1.0M (3Q23).

Cash costs of $21.5 per AgEq ounce produced and AISC of $26.2 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.0 million adding $3.9 per AgEq ounce produced to the AISC).

Cash cost per tonne was $100 in 3Q24 compared to $148 per tonne in 3Q23, a reduction of 32.3%.

Next we get into a discussion on the current plant capacity of 720 tpd, but that there is an initiative in place to get access to some healthy corporate debt to expand the plant and also build a second plant, which would allow for a large increase in throughput, which would bring costs down with better efficiencies. José also points to the upcoming update to the Resource Estimate due out in Q1, where it will show increasing the deposit size and grade. We also discuss all the exploration upside the Company has across its district scale land package, not just at the Tangana Mining Unit, but also at both the Plata Mining Unit and Red Silver Mining Unit.

If you have any questions for José regarding Silver X Mining, then please email me at [email protected], and we’ll get those addressed by management or covered in future interviews.

In full disclosure, Shad is a shareholder of Silver X Mining at the time of this recording.

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