Silver X Reports Strong First Quarter 2024 Financial Results

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

VANCOUVER, BC / ACCESSWIRE / May 16, 2024 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") is pleased to report its financial results for the three months ended March 31, 2024, for the Nueva Recuperada Project (the "Project") in Central Peru.

Q1 2024 Financial Highlights

• Generated revenues of $4.8 million.
• Cash costs of $15.36 per silver equivalent ("AgEq") ounce produced ⁽¹⁾⁽²⁾ and All-In Sustaining Cost ("AISC") ⁽¹⁾⁽²⁾ of $21.36 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.8 million adding $6.00 per AgEq ounce produced to the AISC).
• Positive EBITDA of $0.3 million and Positive Adjusted EBITDA of $0.4 million.
• Operating income of $6,000 and Net loss before tax of $0.9 million.

Silver X Mining CEO Jose Garcia said, "I am satisfied that as we continue to make operating progress quarter after quarter. Our improved performance in conjunction with our cost reduction initiatives, continue to yield positive results."

"These financial results based on our Q1 production of 363,795 oz AgEq processed confirm our good trajectory. Looking ahead, we anticipate continuing to increase performance over the rest of 2024, which will turn into growth and value creation for our shareholders," added Garcia.

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.silvermining.com or on SEDAR+ at sedarplus.ca.

Foto: Accesswire

Note:

1. EBITDA, Adjusted EBITDA, and Adjusted EBITDA per share are non-IFRS ratios with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information, including detailed reconciliations to the most directly comparable IFRS measures, see "Non-IFRS Measures" in this news release and the MD&A.

Three months ended March 31, 2024 vs.2023.

For the three months ended March 31, 2024, the Company recorded:

• Net loss before tax of $0.9 million, compared to a net loss before tax of $1.1M million in the three months ended March 31, 2023.
• EBITDA income of $0.3 million, compared to an EBITDA loss of $0.5 million in the three months ended March 31, 2023.
• Adjusted EBITDA income of $0.4 million, compared to an Adjusted EBITDA loss of $0.6 million in the three months ended March 31, 2023.

Income in the current period was primarily due to increased operating revenues from the sale of mineral production of $4.8 million compared to $4.6 million in the prior period (increase of $0.2 million), decrease of cost of sales of $4.8 million compared to $5.0 million in the prior period (decrease of $0.2 million).