Mining News
Silver X says it achieved quarterly net gain for the first time as production ramps up
(Kitco News) - Silver X Mining (TSXV: AGX) today reported record Q3 2022 operating revenues of $5.5 million, representing a 73% increase from previous quarter.
The company also announced record quarterly AgEq ounces processed and produced of 481,040 and 371,072, respectively, as well as record quarterly operating earnings attained of $2.0 million.
The company added it achieved net gain in a quarter for the first time, with a net gain of $0.2 million, compared to a net loss before tax of $8.8 million in the four months ended September 30, 2021.
Silver X explained that the reduction in loss in the current period was primarily due to increased operating revenues from the sale of pre-commercial mineral production reflective of the continued ramp up of production, reduction in cost of sales and decreased general and administrative expenses.
CEO Jose M. Garcia stated, "Month over month production improvements were the hallmarks of the positive financial results during this quarter that we hope to see continue through the remainder of the year as we continue ramping up to commercial production."
Silver X is a Canadian silver mining company with assets in Peru. The company's flagship asset is the Tangana silver, gold, lead, zinc and copper project located in Huancavelica, Peru, 10 km north-northwest of the Nueva Recuperada polymetallic concentrate plant.
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