Business
Silver X Reports Third Quarter 2023 Financial Results
VANCOUVER, BC / ACCESSWIRE / November 29, 2023 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF...
About this update from Silver X Mining Corp
[{"type":"text","content":"Silver X Reports Third Quarter 2023 Financial ResultsVANCOUVER, BC / ACCESSWIRE / November 29, 2023 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(FRA:AGX) (\"Silver X\" or the \"Company\"), a rapidly expanding silver developer and producer in Central Peru, is pleased to report its interim financial results for the nine months ended September 30, 2023 (\"Q3 2023\") for the Nueva Recuperada Project (the \"Project\") in Central Peru.Third Quarter 2023 HighlightsSilver X placed operations temporarily on hold to launch an operational upgrade on July 26, 2023, and resumed operations on September 19, 2023 with the aim of revisiting the Project plan and streamline productionSince the announcement on September 19, 2023, the Company has successfully processed 230,444 ounces of silver equivalent (\"oz AgEq\") in just 45 days, with an average head grade of 304.25 g AgEq/t (9.71 oz AgEq/t).Generated revenues of $2.1 million compared $4.7 million in Q3 2023 and $5.5 million quarter ended September 30, 2022 (\"Q3 2022\").Operating loss of $0.8 million compared with an operating gain of $2.0 million in Q3 2022.Net loss before tax of $2.3 million compared with a net loss of $4.9 million in Q3 2022.Cash costs of $22.01 per Silver Equivalent (\"AgEq\") ounce produced (1)(2) and All-In-Sustaining Cost (\"AISC\") (1)(2) of $33.45 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.3 million adding $11.44 per AgEq ounce produced to the AISC).During the three months ended September 30, 2023, the Company completed its operational hold between July 26, 2023 to September 19, 2023 to implement a strategic operational reset. During the 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. As a result of this pause, revenues and production metrics decreased while cost per unit increased during the quarter.Commenting on the third quarter 2023 results, José M. García, CEO of Silver X, commented, \"Throughout the quarter, we faced an unforeseen decline in grades within certain mineralized zones, resulting in a reduction in metal output and impacting our bottom line financial performance. We have re-evaluated our mine pla...