Silver X Announces Steady Production Increase During Third Quarter of 2024 and Board Change
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SILVER X MINING CORP
Suite 1012 – 1030 West Georgia Street | Vancouver, BC | V6E 2Y3
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.”
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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
Unit Q3 2024 Q3 2023 3 YTD 2024 YTD 2023 3 Change Change %
Ore mined tonnes 42,849 14,065 121,466 79,900 41,566 52.0%
Ore processed tonnes 46,624 15,826 129,128 91,489 37,640 41.1%
Average head grades
Average AgEq head grades g/t 220 282 255 274.66 (20) -7.3%
Average AgEq head grades oz/t 7.09 9.07 8.19 8.83 (0.65) -7.3%
Average recoveries
Silver % 89% 89% 89% 88% 0.7% 0.7%
Gold % 49% 78% 59% 69% -10.0% -14.5%
Zinc % 82% 80% 83% 82% 1.6% 2.0%
Lead % 87% 88% 88% 88% -0.2% -0.2%
AgEq processed 1 2
oz 330,462 136,992 1,056,972 792,213 264,759 33.4%
AgEq produced 1 2
oz 257,635 117,538 839,710 648,637 191,073 29.5%
Comparative with prior year
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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 rapidly expanding silver developer and producer. The Company owns the
20,000-hectare Nueva Recuperada Silver District in Central Peru and produces silver,
gold, lead and zinc from its Tangana Project. We are building a premier silver company
that aims to deliver outstanding value to all stakeholders, consolidating and developing
undervalued assets, adding resources and increasing production while aspiring to
social and environmental excellence. For more information visit our website at
www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. Garcia, CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
+1 778 323 0959
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 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, exploration plans, results of
operations, expected performance at the Project, the Company’s belief that the
Tangana system will provide considerable resource expansion potential, that the
Company will be able to mine the Tangana Mining Unit in an economic manner, and
the expected financial performance of the Company.
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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 price for the commodities we
produce; receipt of regulatory and governmental approvals, permits and renewals in a
timely manner; that the Company will not experience any material accident, labour
dispute or failure of plant or equipment or other material disruption in the Company’s
operations at the Project and Nueva Recuperada Plant; the availability of financing for
operations and development; the Company’s ability to procure equipment and operating
supplies in sufficient quantities and on a timely basis; that the estimates of the
resources at the Project and the geological, operational and price assumptions on
which these and the Company’s operations are based are within reasonable bounds of
accuracy (including with respect to size, grade and recovery); the Company’s ability to
attract and retain skilled personnel and directors; and the ability of management to
execute strategic goals.
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.