Silver X Mining Expands Silver Resources and Production in Peru

 Silver X Mining

Silver X Aims for 6 Million Ounces by 2028

Silver X Mining Corp. [AGX-TSXV, AGXPF-OTCQB, AGX-F] is emerging as one of the fastest-growing silver producers, offering investors a unique opportunity in an expanding market. The company’s flagship asset, the Nueva Recuperada Silver Project, spans 20,472 hectares in Huachocolpa, Huancavelica, a historically rich silver district in Peru. With a pipeline of production, development, and exploration projects, Silver X targets an annual production of approximately 6.0 million silver-equivalent ounces by 2028.

Production and Expansion Plans

Silver X has divided its Nueva Recuperada property into two main units: the Tangana Mining Unit (TMU) in the north and the Plata Mining Unit (PMU) in the south. The Plata Mining Unit is set to begin production in 2026 and is strategically located near the company's processing infrastructure.

The company acquired the Recuperada Plant, previously owned by Buena Ventura, and restarted commercial production in January 2023. It is currently ramping up from 600 to 720 tonnes per day, aiming to achieve an annual output of 2.0 million silver-equivalent ounces.

A preliminary economic assessment (PEA) released in February 2023 projected a 12-year mine life for the Tangana Mining Unit, with a capacity of 1,500 tonnes per day and an average annual production of 4.2 million ounces. Silver X continues to invest in infrastructure and resource expansion to support its long-term growth.

Updated Resource Estimates and Market Potential

In a February 26, 2025, update, Silver X announced an 18% increase in measured and indicated resources to 4.3 million tonnes and a 45% increase in inferred resources to 17.2 million tonnes. The Plata Mining Unit now holds an indicated silver resource of 5.81 million ounces and an inferred resource of 26 million ounces.

Silver’s demand remains strong, with global consumption expected to rise 1% year-over-year in 2024 to 1.21 billion ounces, making it the second-highest on record. As a crucial component of the green and digital economy, silver remains a key investment amid economic uncertainty.

Financial Performance and Strategic Partnerships

In Q3 2024, Silver X produced 257,635 silver-equivalent ounces, more than doubling the 117,536 ounces recorded in Q3 2023. Revenue surged to $5.0 million from $2.1 million in the same period. For the first nine months of 2024, production climbed 29% year-over-year to 839,710 silver-equivalent ounces.

To further support its growth, Silver X secured a US$1.4 million loan from Trafigura PTE Ltd., with a 25-month term at an interest rate of SOFR plus 6.0%. Additionally, the company announced a $3.0 million private placement, offering up to 17.6 million units at $0.17 per unit, with each unit consisting of a common share and a warrant.

CEO Jose Garcia, a seasoned mining engineer with over 20 years of experience at Anglo American Plc, Inmet, and BHP Billiton Ltd., emphasized the company’s focus on expanding its operations and accessing new high-grade ore zones. "We are making significant improvements and remain confident that our performance will improve substantially in 2025," Garcia stated.

With its ongoing expansion, increased production, and strong financial backing, Silver X Mining is positioning itself as a major player in the silver market, leveraging its assets and infrastructure for sustainable long-term growth.