Silver X Reports Q3 2024 Financial Results By Investing.com

(All dollar amounts expressed in US dollars unless otherwise noted)

VANCOUVER, BC / ACCESSWIRE / November 28, 2024 / Silver X Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) (“Silver X” or the “Company”) is pleased to report its financial results for the three and nine months ended September 30, 2024 for the Nueva Recuperada Project (the “Project”) in Central Peru.

Q3 2024 Financial Highlights

• 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). (1)(2)

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

Jose Garcia, Silver X Mining’s CEO, commented: “I am pleased to see our mine developing in the right way, accessing new ore-shoots, expanding the orebody both horizontally and at depth, and opening up the terrific potential of our Tangana veins. The team is making significant improvements at the operation and despite some of our challenges, we manage to compete with much larger operations. This is especially notable when comparing year-to-date results with the same period last year. We are convinced our performance will improve substantially in 2025.”

Notes:

1. Cash costs per Silver Equivalent ounce (AgEq) ounce 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 does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts.

Summary of Selected Financial Results

The information provided below are excerpts from the Company’s unaudited interim Financial Statements and Management’s Discussion and Analysis (“MD&A”), which can be found on the Company’s website at www.silverxmining.com/investor#report or on SEDAR+ at www.sedarplus.ca.

Note:

1. EBITDA,…