(All dollar amounts expressed in US dollars unless otherwise noted) VANCOUVER, BC / ACCESSWIRE / August 29, 2024 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ('Silver X' or the 'Company') is
VANCOUVER, BC / ACCESSWIRE / August 29, 2024 / Silver X Mining Corp. is pleased to report its financial results for the three and six months ended June 30, 2024 for the Nueva Recuperada Project in Central Peru.Jose Garcia, Silver X Mining's CEO, commented:"Nueva Recuperada is producing steadily with improved operating and financial results.
The increase in income in the current period was primarily due to increased operating revenues from the sale of mineral production of $6.2M compared to $4.7M in the prior period , and gain on debt settlement of $1.1M compared to $Nil in the prior period, net with increase of cost of sales of $5.6M compared to $5.0M in the prior period and partially offset by decrease in foreign exchange gain of $0.1M compared to $0.4M in the prior period .
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.The Company has included certain non-IFRS financial measures and ratios in this news release, as discussed below.
AISC and AISC per AgEq ounce produced are calculated based on guidance published by the World Gold Council . 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.
During the period, cash cost per tonne decreased with the increase of the level of tonnage of ore processed, amounting to 44,601 tonnes for Q2 2024 compared to 35,453 tonnes for Q2 2023. Overall operating efficiencies improved resulting in a lower production cash cost per tonne of $99 in Q2 2024 compared to $125 per tonne in Q2 2023, a reduction of 20.5%.
Refer to the Company's MD&A for more details of the financial results and for reconciliations of the Company's non- IFRS performance measures to the nearest IFRS measure. The full version of the unaudited interim financial statements and accompanying management discussion and analysis can be viewed on the Company's website at www.silverxmining.com and on SEDAR+ at www.sedarplus.ca.
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