AGXPF - Boost in Mining Revenues Signals Optimistic Year Ahead Amid Operational Expansions | Benzinga
Source: Streetwise Reports 05/06/2024
Silver X Mining Corp.recently released its financial outcomes for the fourth quarter and full year of 2023, showing promising progress.
Silver X Mining Corp. (OTC: AGXPF) recently released its financial outcomes for the fourth quarter and full year of 2023, showing promising progress in its operations. The company reported a 12% increase in Q4 2023 revenue compared to Q4 2022, totaling US$4.3 million. Despite facing challenges throughout the year, Silver X managed an operating loss of US$1.0 million in the last quarter and closed the year with a net loss before tax of US$5.9 million, indicating an improvement from previous periods.
For the full year, Silver X generated US$15.7 million in revenue, up 12% from 2022, with an operating loss of US$2.6 million and a net loss before tax of US$10.8 million. These financials reflect the heavy capital expenditures, particularly the US$7.8AgEq ounce. The significant investments made throughout 2023 are expected to support the expansion and modernization of its mining operations.
Jose Garcia, CEO of Silver X, expressed optimism about the company's direction, highlighting the successful ramp-up of operations and cost-reduction initiatives. The first quarter of 2024 continued the positive trend with 363,795 oz AgEq processed, demonstrating a strong operational momentum that is anticipated to continue throughout the year.
As Silver X Mining Corp. navigates through 2024, it aims to increase its processing capacity to 700 tonnes per day, leveraging both the operational improvements and the strategic development of its mining units. This ambitious target underscores the company's commitment to enhancing its production capabilities and driving shareholder value, reflecting a proactive approach in a challenging yet promising mining sector.
Why Silver?
The silver sector is seeing a notable resurgence, fueled by several global factors that underscore its increasing value and utility. As reported by Mining Technology, the anticipated growth in global silver production is set to increase by 4.1% in 2024, marking a significant rebound primarily due to the resumption of operations previously halted in 2023.
Countries like Mexico, the U.S., China, and Russia are expected to see increases in their silver production, which will help meet the rising global demand. However, despite these increases, global silver mine production is expected to decline by 2030, highlighting a critical period for the silver industry to innovate and possibly increase mining efficiency.
Technical Analyst Clive Maund expressed optimism over Silver X's potential moving forward, writing, "After the dip in its price in recent weeks, Silver X Mining Corp. stock is looking most ...