- 39% increase in net operating revenues to $21.9M in 2024
- Positive EBITDA of $1.7M, a significant improvement from a negative $8.0M in 2023
- 15.3% decrease in production cash cost per tonne to $106
Silver X Mining Corp. (AGXPF, Financial) has reported remarkable operational and financial advancements for the fiscal year 2024. The company posted a positive EBITDA of $1.7 million, a stark turnaround from the negative $8.0 million recorded in 2023. Moreover, net operating revenues surged by 39%, reaching $21.9 million.
The company's operational achievements are notable, with a 36% boost in processed tonnage to 170,676 tonnes and a 20% rise in silver equivalent production, totaling 1,100,899 ounces in 2024. Production costs have seen improvements as well, with a 15.3% reduction in cash cost per tonne, decreasing to $106.
In the fourth quarter, Silver X Mining experienced a 21% increase in processed tonnage and a 33% rise in the realized silver price, averaging $30.94 per ounce. Despite these gains, the company reported a net loss before tax of $3.4 million for the year, which is an improvement from the $10.8 million loss in 2023.
Looking ahead, Silver X Mining plans to expand its operations. The company aims to commence production at its new Plata Mining Unit by 2026, with an objective to achieve 3,000 tonnes per day and over six million ounces of production in the coming years.
