Silver X Mining Corp. (TSXV:AGX | OTCQB:AGXPF | F:AGX) has announced its audited results for the year ended December 31, 2024, highlighting substantial progress in both operational output and financial performance.
Year in Review: Financial Turnaround
The company achieved a positive EBITDA of $1.7 million in 2024, marking a dramatic improvement from a negative $8.0 million in 2023. Net operating revenues surged by 39% to $21.9 million, driven by increased production and favourable silver prices.
“Our team delivered a remarkable year,” said CEO Jose Garcia. “Revenue growth and cost discipline helped us significantly reduce losses. With expansion plans underway, we are optimistic about delivering even better results in 2025.”
Net loss before tax was narrowed to $3.4 million, a significant reduction from $10.8 million in 2023.
Production Highlights
- Processed tonnage rose by 36% to 170,676 tonnes.
- Silver equivalent production increased by 20% to 1,100,899 ounces.
- Cash cost per tonne decreased by 15.3%, falling to $106.
- Average realised silver price for Q4 reached $30.94/oz, a 33% increase quarter-over-quarter.
Fourth Quarter Results
Q4 2024 showed strong momentum:
- Processed tonnage was up 21% year-over-year.
- Net operating revenues rose by 35% to $5.8 million.
- Adjusted EBITDA improved to negative $0.4 million, from negative $1.1 million in Q4 2023.
Despite a 10.7% drop in silver-equivalent ounces in Q4 due to pricing dynamics, operational efficiencies offset volume-related declines.
Looking Ahead: Strategic Growth
Silver X is preparing to scale operations:
- Development of the Tangana Mining Unit continued with 2,287 meters of mine work in Q4 alone.
- The Plata Mining Unit is on track to begin production by 2026, with plans to achieve daily output of 3,000 tonnes and over 6 million ounces annually in the near future.
Efficiency and Sustainability
While Q4 saw a 26.4% rise in all-in sustaining cost (AISC) to $29.7 per AgEq ounce, this was attributed to sustained capital investment in long-term productivity. For the full year, AISC decreased 9.1% year-over-year to $24.3 per AgEq ounce.
Source: Silver X Mining Corp. | Investor Relations