Silver X Reports Strong First Quarter 2024 Financial Results

Silver X Mining Corp. announced its financial outcomes for the first quarter of 2024, ending March 31. The Nueva Recuperada Project in Central Peru showcased significant financial metrics, marking a forward movement in the company's performance.

The firm generated revenues of $4.8 million and reported a positive EBITDA of $0.3 million alongside a slightly better Adjusted EBITDA of $0.4 million. The financial highlights include an operating income merely hitting $6,000, against a net loss before tax of $0.9 million. Despite this loss, comparative figures from 2023 indicate an improvement where the net loss reduced from $1.1 million, and EBITDA turned positive reversing from a $0.5 million loss.

Key expenditures included $1.8 million allocated for the development of the Tangana mining unit. This investment notably contributed an additional $6.00 per AgEq ounce to the All-In Sustaining Cost (AISC), which stood at $21.36 per AgEq ounce produced. Silver production metrics were underlined by 363,795 oz of AgEq processed during this period.

CEO Jose Garcia commented on the outcomes stating the company is set on a trajectory of increased performance and continuous operation improvements for 2024.