Silver X Reports Significant Operational and Financial Improvement for the Full-Year and Fourth Quarter of 2024 Audited Financial Results show Positive 12-Month EBITDA of US$1.7M
SILVER X MINING CORP.
Suite 1012 – 1030 West Georgia Street | Vancouver, BC | V6E 2Y3
Silver X Reports Significant Operational and Financial Improvement
for the Full-Year and Fourth Quarter of 2024
Audited Financial Results show Positive 12-Month EBITDA of US$1.7M
(All dollar amounts expressed in US dollars unless otherwise noted)
Vancouver, BC, April 22, 2025 – Silver X Mining Corp. (TSX -V: AGX) (OTCQB: AGXPF) (F: AGX) ("Silver X" or the
"Company") is pleased to report its financial results for the three months and year ended December 31, 2024, for
the Nueva Recuperada Project (the “Project”) in Central Peru.
Jose Garcia, Silver X Mining’s CEO, commented: "As fourth quarter and full -year results at the Tangana Mining
Unit demonstrate, our team accomplished a great deal in 2024. Production stabilized and grew. Revenue was
nearly 40% higher, and we pared losses significantly compared to 2023. I expect both stronger growth and
improved margins in 2025.
In addition to our focus on growth and profitability at Tangana, we are excited to bring our new Plata Mining Unit
into production in 2026. We continue to grow the value of our district, which we envision to be producing at least
3,000 tonnes per day and more than six million ounces within the next few years.”
Q4 2024 Production Highlights
• 21% increase in processed tonnage to 41,548 tonnes in Q4 2024 from 34,300 in Q4 2023.
• 33% increase in realized silver price (23.21 $/oz in Q3 2024 to 30.94 $/oz in Q4 2024). Head grades
remained steady during both quarters.
• 10.7% reduction in silver-equivalent ounces mainly due to silver price appreciation quarter-on-quarter.
• 2,287 meters of mine development during Q4 2024 to enable sufficient tonnage to maximize mill capacity.
• Ag recovery increased to 91%, prioritizing recovery of AGX main metal.
FY 2024 Production Highlights:
• 36% increase in processed tonnage to 170,676 tonnes in 2024 from 126,679 in 2023.
• Higher tonnage supported by 7,567 meters of development in 2024 and the widening of veins as we go
deeper into the mine.
• Silver equivalent ounces (AgEq) produced increased by 20% to 1,100,899 in 2024 from 918,654 in 2023.
• Silver equivalent ounces (AgEq) increased despite the 21.4% realized silver price increase (from $23.30
$/oz in 2023 to 28.29 $/oz in 2024). Head grades were higher in 2024 than in 2023.
2
Production Highlights (4Q 2024 vs 3Q 2024 and full year 2024 vs 2023)
Notes:
1. Average Realized Price, production cost per tonne processed, AgEq sold, cash cost per AgEq ounce produced and AISC per AgEq ounce produced
are non-IFRS ratios with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
For further information, including detailed reconciliations to the most directly comparable IFRS measures, see "Non -IFRS Measures" in this news
release and the MD&A.
2. AgEq ounces processed and produced were calculated based on all metals processed and produced using the average sales prices of each metal
for each month during the period. Revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal
recoveries are built into the sales amounts.
Q4 2024 Financial Highlights
• Net operating revenues of $5.8 million (4Q24) vs. $4.3 million (4Q23), an increase of 35% or $1.5 million.
• Significant EBITDA improvement: Adjusted EBITDA of negative $0. 4M (4Q24) vs. Adjusted EBITDA of
negative $1.1M (4Q23).
• Cash costs of $25.3 per AgEq ounce produced and AISC of $29.7 per AgEq ounce produced, reflective of the
sustaining capital expenditure invested in the development of the Tangana mining unit ($0.8 million adding
$3.1 per AgEq ounce produced to the AISC). (1)(2)
• Production cash cost per tonne was $133 in 4Q24 compared to $134 per tonne in 4Q23, a decrease of 0.7%.
FY 2024 Financial Highlights
• Net operating revenues of $21.9 million (2024) vs. $15.7 million (2023), an increase of 39% or $6.2 million.
• Significant EBITDA improvement: Adjusted EBITDA of positive $0.9M (2024) vs. Adjusted EBITDA of
negative $3.6M (2023).
• Cash costs of $19.8 per AgEq ounce produced and AISC of $24.3 per AgEq ounce produced, reflective of the
sustaining capital expenditure invested in the development of the Tangana Mining Unit ($3.4 million, adding
$3.1 per AgEq ounce produced to the AISC). (1)(2)
• Production cash cost per tonne was $106 in 2024 compared to $126 per tonne in 2023, a decrease of 15.3%.
Notes:
1. Cash costs per Silver Equivalent ounce (AgEq) produced and All-In-Sustaining Cost (AISC) per AgEq ounce produced are non-IFRS financial ratios. These
are based on non- IFRS financial measures that do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to
other issuers. Please refer to the “Non-IFRS Measures” section of this news release for further information.
2. AgEq ounce produced was calculated using the average sales prices of each metal for each month, and revenues from concentrate sales do not consider
metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts.
Unit dec 31, 2024 dec 31, 2023 dec 31, 2024 dec 31, 2023 Change Change % Change Change %
Ore mined tonnes 39,312 29,900 160,778 109,800 9,412 31.5% 50,978 46.4%
Ore processed tonnes 41,548 34,300 170,676 125,679 7,248 21.1% 44,997 35.8%
Average head grades
Silver g/t 80.16 92.10 75.05 68.10 (11.93) -13.0% 6.95 10.2%
Gold g/t 0.41 1.04 0.61 1.03 (0.63) -60.6% (0.42) -41.1%
Zinc % 2.29 1.84 2.09 1.55 0.46 25.0% 0.54 34.5%
Lead % 1.88 1.71 1.79 1.51 0.17 9.8% 0.29 19.0%
Average AgEq head grades g/t 242 314 251 271 (73) -23.1% (20) -7.4%
Average AgEq head grades oz/t 7.77 10.10 8.08 8.73 (2.34) -23.1% (0.64) -7.4%
Average recoveries
Silver % 91% 89% 87% 88% 1.7% 1.9% -0.9% -1.0%
Gold % 43% 70% 58% 69% -27.5% -39.0% -11.0% -16.0%
Zinc % 86% 85% 84% 82% 0.8% 0.9% 2.1% 2.5%
Lead % 87% 87% 88% 87% 0.4% 0.5% 0.8% 0.9%
AgEq processed 1 2
oz 322,658 354,207 1,379,629 1,144,755 (31,549) -8.9% 234,874 20.5%
AgEq produced 1 2
oz 261,189 292,380 1,100,899 918,654 (31,191) -10.7% 182,245 19.8%
For the three months ended For the year ended Comparison to Prior 4Q Comparison to Prior Year
3
Summary of Selected Financial Results
The information provided below are excerpts from the Company’s Audited Financial Statements and
Management’s Discussion and Analysis (“MD&A”), which can be found on the Company’s website at
www.silverxmining.com/investors/financial-reports/ or on SEDAR+ at www.sedarplus.ca.
Note:
1. EBITDA, Adjusted EBITDA, and Adjusted EBITDA per share are non-IFRS ratios with no standardized meaning under IFRS, and therefore may not be
comparable to similar measures presented by other issuers. For further information, including detailed reconciliations to the most directly comparable IFRS
measures, see "Non-IFRS Measures" in this news release and the MD&A.
Three months ended December 31, 2024 vs. 2023
For the three months ended December 31, 2024, the Company recorded:
• Net loss before tax of $ 0.9M, compared to a net loss before tax of $5.9M in the three months ended
December 31, 2023.
• EBITDA negative of $ 0.3M, compared to an EBIT DA negative of $5.2M in the three months ended
December 31, 2023.
• Adjusted EBITDA negative of $0. 4M, compared to an Adjusted EBI TDA negative of $1.1M in the three
months ended December 31, 2023.
The smaller loss in the fourth quarter of 2024 was primarily due higher net operating revenues from the sale of
mineral production of $ 5.8M compared to $4.3M in the prior year ( an increase of $1.5M), offset by an increase in
cost of sales of $6.3M compared to $5.3M in the prior year (an increase of $1.0M), resulting in an operating loss of
$0.8M compared to an operating loss of $1.0M in the prior year. In 2023, the Company also incurred an impairment
of $4.4M on its Coriorcco & Las Antas property in Peru.
December 31, 2024 December 31, 2023 Change
% December 31, 2024 December 31, 2023 Change
%
Operating revenue (net) $ 5,844,806 $ 4,347,995 34% $ 21,854,446 $ 15,667,142 39%
Mining and processing (5,748,712) (4,729,445) (18,005,469) (16,159,012)
Amortization (1) (534,998) (602,744) 11% (4,467,741) (2,108,691) -112%
Operating loss $ (438,904) $ (984,194) 55% $ (618,764) $ (2,600,561) 76%
Exploration Expenditures (132,108) (27,956) -373% (224,302) (262,245) 14%
General and Administrative expenses (378,204) (830,350) 54% (3,047,381) (3,176,748) 4%
Other items 11,200 (4,094,560) 100% 478,225 (4,749,534) 110%
Net loss before tax $ (938,016) $ (5,937,060) 84% $ (3,412,222) $ (10,789,088) 68%
Deferred income tax recovery (expense) 42,207 (2,262,000) 102% (1,039,000) (1,642,000) 37%
Net loss $ (895,809) $ (8,199,060) 89% $ (4,451,222) $ (12,431,088) 64%
Gain (Loss) on translation of foreign
operations 456,147 (873,846) 152% (315,511) (597,332) 47%
Total comprehensive loss $ (439,662) $ (9,072,906) 95% $ (4,766,733) $ (13,028,420) 63%
Shareholders
Loss per share, basic and diluted $ (0.00) $ (0.05) 91% $ (0.02) $ (0.08) 70%
EBITDA $ (285,720) $ (5,193,688) 94% $ 1,681,411 $ (8,047,145) 121%
Adjusted EBITDA (424,495) (1,103,523) 62% 920,397 (3,642,033) 125%
Adjusted EBITDA per share (0.002) (0.007) 68% 0.005 (0.022) 122%
For the three months ended For the year ended
4
Year ended December 31, 2024 vs. 2023
For the year ended December 31, 2024, the Company recorded:
• Net loss before tax of $3.4M, compared to a net loss before tax of $10.8M in the year ended December 31,
2023.
• Positive EBITDA of $1.7M, compared to a negative EBITDA of $8.0M in the year ended December 31, 2023.
• Positive Adjusted EBITDA of $0.9M, compared to a negative Adjusted EBITDA of $3.6M in the year ended
December 31, 2023.
The smaller loss in the year to December 31, 2024 was primarily due to increased net operating revenues from the
sale of mineral production of $2 1.8M compared to $15.7M in the prior year ( an increase of $ 6.1M), offset by an
increase in cost of sales of $2 2.5M compared to $18.3M in the prior year ( an increase of $ 4.2M). In the year to
December 31, 2024, the Company also gained $1.1M in settlement of accounts payable balances. In the comparative
year, the Company incurred an impairment of $4.4M on its Coriorcco & Las Antas property in Peru.
The following table reconciles the Net Loss to the EBITDA and Adjusted EBITDA:
Financial Position
For the three
months ended
December 31, 2024
For the three
months ended
December 31, 2023
For the year ended
December 31, 2024
For the year ended
December 31, 2023
Net Loss $ (895,809) $ (8,199,060) $ (4,451,222) $ (12,431,088)
Deferred income tax expense (recovery) (42,207) 2,262,000 1,039,000 1,642,000
Finance cost 117,298 140,628 625,892 633,252
Amortization 534,998 602,744 4,467,741 2,108,691
EBITDA $ (285,720) $ (5,193,688) $ 1,681,411 $ (8,047,145)
Foreign exchange gain (87,268) (461,705) 69,373 (299,355)
Gain on lease written off (41,230) - (41,230) -
Impairment of exploration and evaluation
assets - 4,415,637 - 4,415,637
Gain on settlement of accounts payable
balances - - (1,132,260) -
Share-based payments (10,277) 136,233 343,103 288,830
Adjusted EBITDA $ (424,495) $ (1,103,523) $ 920,397 $ (3,642,033)
Adjusted EBITDA per share $ (0.002) $ (0.007) $ 0.005 $ (0.022)
5
Operational Results
Notes:
1. Average Realized Price, production cost per tonne processed, AgEq sold, cash cost per AgEq ounce produced and AISC per AgEq ounce produced
are non-IFRS ratios with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
For further information, including detailed reconciliations to the most directly comparable IFRS measures, see "Non -IFRS Measures" in this news
release and the MD&A.
2. AgEq ounces processed and produced were calculated based on all metals processed and produced using the average sales prices of each metal
for each month during the period. Revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal
recoveries are built into the sales amounts.
3. Average realized price corresponds to the average prices for each metal on the following month after delivery, used to calculate the final value of
the concentrate delivered in a given month before any deductions.
Unit December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Ore mined tonnes 39,312 29,900 160,778 109,800
Ore processed tonnes 41,548 34,300 170,676 125,679
Average head grades
Silver g/t 80.16 92.10 75.05 68.10
Gold g/t 0.41 1.04 0.61 1.03
Zinc % 2.29 1.84 2.09 1.55
Lead % 1.88 1.71 1.79 1.51
Average AgEq head grades g/t 242 314 251 271.45
Average AgEq head grades oz/t 7.77 10.10 8.08 8.73
Average recoveries
Silver % 91% 89% 87% 88%
Gold % 43% 70% 58% 69%
Zinc % 86% 85% 84% 82%
Lead % 87% 87% 88% 87%
Metal processed
Silver oz 107,088 99,171 411,862 273,301
Gold oz 546 1,114 3,321 4,153
Zinc lbs 2,101,283 1,356,324 7,857,603 4,603,298
Lead lbs 1,718,983 1,260,263 6,754,095 4,450,454
AgEq processed 1 2
oz 322,658 354,207 1,379,629 1,144,755
Metal produced
Silver oz 97,230 88,367 359,711 241,819
Gold oz 235 799 1,917 2,924
Zinc lbs 1,805,039 1,155,609 6,619,218 3,786,913
Lead lbs 1,501,190 1,096,166 5,931,907 3,788,382
AgEq produced 1 2
oz 261,189 292,380 1,100,899 918,654
Metal sold
Silver oz 102,095 83,268 366,671 243,498
Gold oz 217 750 1,779 3,021
Zinc lbs 1,896,123 1,026,037 6,517,884 3,704,715
Lead lbs 1,561,808 1,044,681 5,868,677 3,819,358
AgEq sold 1 2
oz 249,530 240,950 1,006,250 850,106
Average realized price 2 3
Silver $/oz 30.94 23.14 28.29 23.32
Gold $/oz 2,635 1,937 2,221 1,932
Zinc $/lbs 1.35 1.13 1.25 1.20
Lead $/lbs 0.91 1.00 0.94 0.98
Cash cost per AgEq ounce produced 2
$/oz 25.3 18.2 19.8 19.9
AISC per AgEq ounce produced 2
$/oz 29.7 23.5 24.3 26.7
For the three months ended For the year ended
6
Non-IFRS Measures
The Company has included certain non-IFRS financial measures and ratios in this news release, as discussed below.
The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide
investors an improved ability to evaluate the underlying performance of the Company. The non -IFRS measures
and ratios are intended to provide additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do
not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers.
Cash Costs, All-In Sustaining Cost, EBITDA, and Adjusted EBITDA
The Company uses cash costs, cash cost per AgEq ounce produced, AISC, AISC per AgEq ounce produced, EBITDA
and Adjusted EBITDA to manage and evaluate its operating performance in addition to IFRS measure because the
Company believes that conventional measures of performance prepared in accordance with IFRS do not fully
illustrate the ability of its operations to generate cash flows. The Company understands that certain investors use
these measures to determine the Company’s ability to generate earnings and cash flows for use in investing and
other activities. Management and certain investors also use this information to evaluate the Company’s
performance relative to peers who present this measure on a similar basis.
Cash costs is calculated by starting with cost of sales, and then adding treatment and refining charges, and changes
in depreciation and amortization.
Total cash production costs include cost of sales, changes in concentrate inventory, changes in amortization, less
transportation and other selling costs and royalties. Cash costs per AgEq ounce produced is calculated by dividing
cash costs by the AgEq ounces produced.
AISC and AISC per AgEq ounce produced are calculated based on guidance published by the World Gold Council
(and used as a standard of the Silver Institute). The Company presents AISC on the basis of AgEq ounces produced.
AISC is calculated by taking the cash costs and adding sustaining costs. Sustaining costs are defined as capital
expenditures and other expenditures that are necessary to maintain current production. Management has
exercised judgment in making this determination.
7
The following table reconciles cash costs, cash costs per AgEq ounce, AISC and AISC per AgEq ounce produced to
cost of sales, the most directly comparable IFRS measure:
The following table shows the calculation of the cash costs and AISC per AgEq ounce produced:
To improve the accuracy and presentation of AISC calculations, Silver X refined the composition of General &
Administrative Expense in sustaining cost, excluding discretionary costs for business development, investor
relations and share-based compensation. For comparative purposes the prior year were also recalculated based on
the revised methodology, resulting in AISC of $29.7 for the three-month period ending December 31, 2024,
compared to $23.5 for the same period in 2023 (26.4% increase) and $24.3 for the year ending December 31, 2024,
compared to $26.7 for the same year in 2023 (9.1% decrease).
During 4Q24, silver equivalent ounces produced decreased compared to 4Q23, primarily due to an increase in our
realized price of silver, which rose 33% to $30.94/oz in 4Q24 from $23.21/oz in 4Q23. Head grades remained
steady in both quarters, and tonnage processed increased in 4Q24. Therefore, the decrease in silver equivalent
ounces is attributed mainly to the change in metal prices.
For the three
months ended
December 31, 2024
For the three
months ended
December 31, 2023
For the year ended
December 31, 2024
For the year ended
months ended
December 31, 2023
Tonnage 41,548 34,300 170,676 125,679
Operating revenue (gross) $ 6,919,956 $ 5,068,565 $ 25,557,267 $ 18,206,000
Operating revenue (net) 5,844,806 4,347,995 21,854,446 15,667,142
Cost of sales $ 6,283,710 $ 5,332,189 $ 22,473,210 $ 18,267,703
Changes in concentrate inventory (204,131) (121,578) 142,045 (379,905)
Royalties (144,889) (136,591) (566,403) (208,648)
Transportation and other selling costs (132,985) (72,757) (459,266) (264,279)
Amortization (1) (534,998) (602,744) (4,467,741) (2,108,691)
Total cash production costs $ 5,266,708 $ 4,398,519 $ 17,121,845 $ 15,306,180
Royalties 144,889 136,591 566,403 208,648
Transportation and other selling costs 132,985 72,757 459,266 264,279
Treatment and refining charges and penalties 1,075,150 720,570 3,702,821 2,538,858
Total cash costs (A) $ 6,619,731 $ 5,328,437 $ 21,850,335 $ 18,317,965
General and administrative 294,118 570,464 1,357,207 1,841,347
Operating lease payments 19,500 80,871 78,000 318,484
Accretion and Amortization of Reclamation
Cost 20,601 20,601 82,404 82,404
Sustaining Capital Expenditure 811,559 876,241 3,376,580 4,004,265
Sustaining costs (B) $ 1,145,778 $ 1,548,177 $ 4,894,191 $ 6,246,501
All-In-Sustaining costs (A+B) $ 7,765,509 $ 6,876,614 $ 26,744,526 $ 24,564,466
For the three
months ended
December 31, 2024
For the three
months ended
December 31, 2023
For the year ended
December 31, 2024
For the year ended
December 31, 2023
AgEq ounces produced 261,189 292,380 1,100,899 918,654
Totals:
Cash costs $ 6,619,731 $ 5,328,437 $ 21,850,335 $ 18,317,965
Sustaining costs 1,145,778 1,548,177 4,894,191 6,246,501
All-In-Sustaining costs$ 7,765,509 $ 6,876,614 $ 26,744,526 $ 24,564,466
Per AgEq ounces produced:
Cash costs $ 25.3 $ 18.2 $ 19.8 $ 19.9
Sustaining costs 4.4 5.3 4.4 6.8
All-In-Sustaining costs$ 29.7 $ 23.5 $ 24.3 $ 26.7
8
As a result of the lower equivalent production, the all -in sustaining cost (AISC) per ounce in 4Q24 was higher.
However, this price-driven effect has less impact when analyzed over the full year. During 2024, our average realized
silver price was $28.29/oz, compared with $23.30/oz in 2023, an increase of 21% during the year. The impact of the
lower year-on-year price appreciation from silver was less than the impact of the increase in tonnage, resulting in a
notable reduction in the AISC per silver equivalent ounce for the 12-month period.
Production Cost Per Tonne Processed
A reconciliation between production cost per tonne (excluding amortization and changes in inventories) and the
cost of sales is provided below. Changes in inventories are excluded from the calculation of Production Cost per
Tonne Processed. Changes in inventories reflect the net cost of concentrate inventory (i) sold during the current
period but produced in a previous period or (ii) produced but not sold in the current period. The Company uses
Production Cost Per Tonne Processed to evaluate its operating performance in addition to IFRS measure because
the Company believes that conventional measures of performance prepared in accordance with IFRS do not fully
illustrate the ability of its operations to generate cash flows. Management and certain investors also use this
information to evaluate the Company’s performance relative to peers who present this measure on a similar basis.
During the period, cash cost per tonne decreased with the increase of the level of tonnage of ore processed,
amounting to 41,548 tonnes for 4Q24 compared to 34,300 tonnes for 4Q24. Overall operating efficiencies
improved resulting in a lower production cash cost per tonne of $ 133 in 4Q24 compared to $ 134 per tonne in
4Q24, a reduction of 0.7%.
The capital expenditure deployed in the development of the Tangana mining unit during the period was the main
cost contributor to AISC. Investment in sustainable CAPEX will enable the Company to access new production
fronts and transition to higher head-grade areas.
Average Realized Price
Average realized price is a non -IFRS financial measure. The Company uses "average realized price per ounce of
silver”, "average realized price per ounce of gold”, "average realized price per ounce of zinc” and "average realized
price per ounce of lead” because it understands that in addition to conventional measures prepared in accordance
with IFRS, certain investors and analysts use this information to evaluate the Company’s performance as
compared with “average market prices” of metals for the period.
Average realized metal prices represent the sale price of the metal. Average realized price corresponds to the
average prices for each metal on the following month after delivery, used to calculate the final value of the
concentrate delivered in a given month before any deductions:
For the three
months ended
December 31, 2024
For the three
months ended
December 31, 2023
For the year ended
December 31, 2024
For the year ended
December 31, 2023
Cost of Sales $ 6,283,710 $ 5,332,189 $ 22,473,210 $ 18,267,703
Adjustments - increase/(decrease):
Amortization (534,998) (602,744) (4,467,741) (2,108,691)
Changes in inventories (204,131) (121,578) 142,045 (379,905)
Production cash costs (excluding inventory
adjustments) $ 5,544,581 $ 4,607,867 $ 18,147,514 $ 15,779,107
Tonnes processed 41,548 34,300 170,676 125,679
Production cash cost per tonne processed $/t 133 $/t 134 $/t 106 $/t 126