Silver X Delivers Solid Production Growth During the First Quarter of 2024

VANCOUVER, BC / ACCESSWIRE / April 24, 2024 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company"), an expanding silver developer and producer in Central Peru, is pleased to announce its operating results for the first quarter ending March 31, 2024 ("Q1 2024") at the Company's Nueva Recuperada property (the "Project") in Peru.

Q1 2024 Production Highlights
Demonstrated a significant increase in mining tonnage, with a raise of 20 per cent from Q4 2023, marking a robust continuation of production upscaling since the pivotal restart in September 2023.

Achieved a 3 per cent increase in silver equivalent processing to 363,795 oz AgEq in Q1 2024, compared to the previous quarter, and a 2 per cent uplift from Q1 2023, showcasing sustained growth.

Recorded an improvement in silver recovery rates, reaching an average of 89.2 per cent in Q1 2024, indicating enhanced efficiency in mineral extraction processes.

Successfully met operational targets for Q1 2024, setting a strong precedent for the upcoming quarter as the company pivots towards replicating this success in Q2, with a strategic outlook on enhancing production volumes.

"We are pleased to report our second consecutive quarter of increased mine production and mill throughput, alongside persistent efforts towards reducing costs at both operational corporate levels," said Silver X CEO Jose M. Garcia.

"These results confirm that our Nueva Recuperada operations are on track. The combination of production with this outstanding geological setting, makes Silver X one of the most attractive investment cases," he added.

Tangana Mine Production - Q1 2024 compared to Q4 2023 ⁽¹⁾

Foto: Accesswire

Notes:

(1)
AgEq ounces produced were calculated based on all metals produced using the average sales prices of each metal for each month during the period. Revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts. In Q1 2024, AgEq was calculated using metal prices of U.S. $23.56 per oz Ag, U.S. $2,073 per oz Au, U.S. $0.94 per lb of Pb and US$1.11 per lb of Zn.

Please see "Cautionary Note regarding Production without Mineral Reserves" at the end of this news release.

Qualified Person
Mr. A. David Heyl, B.Sc., C.P.G who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. A. David Heyl is a consultant for Silver X.