Silver X Delivers Steady Production During Fourth Quarter 2023 and Successfully Implements Shares FOR Debt Initiative
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SILVER X DELIVERS STEADY PRODUCTION DURING FOURTH QUARTER
2023 AND SUCCESSFULLY IMPLEMENTS SHARES FOR DEBT INITIATIVE
Vancouver, B.C., February 1, 2024 – SILVER X MINING CORP. (TSX -V: AGX) (OTCQB:
AGXPF) (F: AGX) ("Silver X" or the "Company"), a rapidly expanding silver developer and producer in
Central Peru, is pleased to announce its operating results for the fourth quarter ending December 31, 2023
(“Q4 2023”) at the Company’s Nueva Recuperada property (the “Project”) in Peru.
Q4 2023 Production Highlights
• Processing of 354,205 oz AgEq in Q4, 193% increase with respect to the previous quarter. Similar
production levels as Q1 2023 (359,000 oz AgEq).
• Successful restart of operations on September 19, 2023 , with 445,000 oz AgEq processed.
Average head grade of 308 g AgEq/t (9.78 oz AgEq/t)
• Ramp-up continues alongside in -fill drilling activities to take the mine to its highest level of
productivity.
• Effective cost reduction strategies in place, having achieved a solid cost reduction in Q4.
“Our team is doing a great job in taking Recuperada back to positive cashflows,” stated Jose M. Garcia,
CEO of Silver X. “ As a result of the operational reset between July and September last year, we have
managed to streamline operations, improve performance, and run the mine at a more competitive cost.
Those economic results will be published in the next few weeks. We continue to forge ahead in increasing
throughput and to improve head-grades by better ore selectivity and more robust mine development. I look
forward to a successful 2024 year ahead for Silver X.”
Tangana Mine Production – Q4 2023 compared to Q4 2022(1)
Notes:
(1) AgEq ounces produced were calculated based on all metals produced using the average sales prices of each metal for each month duri ng the
period. Revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recover ies are built into
the sales amounts.
Unit Q4-2023 Q4-2022 Change Change %
Ore processed tonnes 34,300 33,392 908 2.72%
Average head grades
Average AgEq(2) head grades g/t 321 367 -46 -12.48%
Average AgEq(2) head grades oz/t 10.33 11.79 -1 -12.41%
Average recoveries
Silver % 89% 87% 2.11% 2.43%
Gold % 72% 73% -1.19% -1.63%
Zinc % 85% 79% 6.21% 7.86%
Lead % 87% 88% -1.03% -1.17%
AgEq(2) processed oz 354,205 393,622 -39,417 -10.01%
AgEq(2) produced oz 292,380 302,386 -10,006 -3.31%
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In Q4 2023, AgEq was calculated using metal prices of US$23.20 per oz Ag, US$1,959 per oz Au, US$0.96 per lb of Pb and US$1.13 per lb
of Zn.
Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news
release.
Shares for Debt Transaction
The Company is also pleased to announce the successful implementation of its shares for debt initiative,
a strategic step in strengthening its balance sheet and positioning the Company for future growth. This
initiative is in line with the Company's commitment to financial prudence and shareholder value
maximization.
The Company entered into an agreement dated October 2, 2023, to settle US$2,181,458 of indebtedness
owed to an arm’s length creditor through the issuance of 6,000,000 common shares , the equivalent of an
issue price of C$0.499 per share. The indebtedness relates to design, engineering and technical consulting
services rendered to the Company. This strategic decision to issue shares in lieu of cash payment is aimed
at preserving the Company’s working capital, thereby ensuring operational efficiency and financ ial
flexibility. The common shares will be issued upon acceptance by the TSX Venture Exchange and
approval by the directors of the Company. All common shares issued in satisfaction of the indebtedness
will be subject to a four-month hold period from the date of issuance.
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. Mr. A. David 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 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. Our mission is to be a premier silver com pany delivering outstanding value to all
stakeholders and we aim to achieve this by consolidating and developing undervalued assets, creating
value by 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
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José M. Garcia
CEO and Director
For further information, please contact:
Sebastian Wahl
Vice President, Corporate Development
+1 647 259 6901 x 101
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 certa in
acts, events or re sults “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.
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 thes e
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.sedar.com 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.