Silver Insider Finds Breakthrough Growth in Peru

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* Disclosure for the quote from the Clive Maund article published on March 4, 2025

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Silver X Mining Corp. (AGX:TSX.V; AGXPF:OTC) reported significantly improved financial and operational performance for the full year and fourth quarter of 2024 at its Nueva Recuperada Project in Central Peru. The company recorded net operating revenues of US$21.9 million in 2024, up from US$15.7 million in 2023, marking a 39% increase. Silver equivalent production rose 20% to 1,100,899 ounces, supported by a 36% increase in processed tonnage and extensive mine development, including 7,567 meters of new access.

For the full year, Silver X achieved positive EBITDA of US$1.7 million, reversing a negative EBITDA of US$8.0 million in 2023. Adjusted EBITDA was US$0.9 million, compared to a negative US$3.6 million the prior year. CEO Jose Garcia attributed the performance to production stability and improved silver prices, stating in the announcement, "Revenue was nearly 40% higher, and we pared losses significantly compared to 2023."

In the fourth quarter of 2024, Silver X processed 41,548 tonnes of ore, a 21% increase from Q4 2023. Despite steady head grades, silver equivalent output declined 10.7% due to a 33% increase in realized silver price, which rose from US$23.21 per ounce in Q3 to US$30.94 in Q4, affecting the equivalency calculation. Q4 net operating revenues rose to US$5.8 million, up 35% year-over-year. Adjusted EBITDA narrowed to a loss of US$0.4 million in Q4 2024 from a US$1.1 million loss in the prior year.

Operating efficiencies also improved, with full-year production cash costs declining to US$106 per tonne, down 15.3% from US$126 per tonne in 2023. Cash costs per silver equivalent ounce produced in 2024 were US$19.8, with an all-in sustaining cost (AISC) of US$24.3 per ounce. In Q4, the AISC increased to US$29.7 per ounce due to higher sustaining capital expenditures at the Tangana Mining Unit.

Silver X reduced its annual net loss before tax to US$3.4 million in 2024, down from US$10.8 million in 2023. Gains included a US$1.1 million settlement of accounts payable balances. The year-over-year comparison also benefited from the absence of a US$4.4 million impairment charge recognized in 2023 for the Coriorcco and Las Antas property.

Silver's Rebound Potential Amid Economic Headwinds and Bullish Gold Trends

The silver sector has remained a focal point for investors and analysts navigating macroeconomic uncertainty and pricing disparities between precious metals. In an April 17 quote, Chen Lin of What is Chen Buying? What is Chen Selling? commented that gold prices had been "going parabolic," noting several US$100 intraday moves. He stated, "Gold is dragging gold miners and silver along the way," and emphasized that "the gold/silver ratio is over 100." Lin added, "Historically, the gold rally NEVER ends with a gold/silver ratio this high," suggesting that silver had significant room for upward movement.

A report published on April 18 by MarketWatch provided further context for silver's relative undervaluation. At the time, it took 102 ounces of silver to purchase one ounce of gold, a level described by Stefan Gleason of Money Metals Exchange as a "historically extreme undervaluation of silver versus gold." Gleason pointed out that similar ratios were previously seen during the Great Depression and the early days of the COVID-19 pandemic. Adrian Ash, director of research at BullionVault, stated, "The split between gold and silver both signals the depths of recessionary fears and offers an opportunity," reinforcing that the pricing gap may present upside for silver investors. Ash added, "If gold holds on to its recent move, that offers big upside in silver prices".

Christian Magoon, CEO of Amplify ETFs, also weighed in during the April 18 coverage, explaining that silver's price "is powered nearly equally by store-of-value and industrial demand." He highlighted how "tariff drama, recession fears and general geopolitical tensions" had affected sentiment around industrial demand, which is a major factor in silver's performance. "Investors should focus on tariff and trade news related to electronic goods, electric vehicles, batteries, and solar panels to understand silver's industrial tells," he said.

Global supply and demand data from the Silver Institute, cited in the same article, revealed that silver demand continued to outpace supply. In 2024, global silver supply was estimated at 1.015 billion ounces compared to demand of 1.164 billion ounces. A further deficit was forecast for 2025, with supply projected at 1.031 billion ounces and demand at 1.148 billion ounces.

On April 20, Shad Marquitz of Excelsior Prosperity discussed the investment case for junior silver producers, framing them as an "opportunity within this turbulent, complex, and volatile sector." Marquitz emphasized the value of companies with defined development pipelines, production upside, and exploration potential. While his article focused on a specific producer, he encouraged readers to "consider the broader points of attraction" across the junior silver space, particularly under current market conditions marked by structural deficits and lagging silver prices relative to gold.

Pipeline for Expansion: Unlocking Value in Peru's Silver District

Silver X continues to expand its footprint across a 20,472-hectare district in the Huancavelica region, aiming to grow production to over 6 million silver equivalent ounces by 2028. At the center of these efforts is the Tangana Mining Unit, which is currently producing at 600 tonnes per day (tpd) and is expected to scale up to 720 tpd in the near term. The Tangana unit, hosting polymetallic silver, gold, lead, and zinc veins, has been the primary driver of 2024's production growth.

According to the company's April 2025 presentation, the Tangana brownfield expansion is also underway, with active development in high-grade vein systems such as San Antonio and Positivas. The company has identified significant upside in these systems, including a gold target at Ccasahuasi that is under evaluation.

Looking ahead, the Plata Mining Unit is projected to begin production in 2026. Covering 3,829 hectares and featuring 17 surface-exposed mineralized veins, the Plata unit adds depth to Silver X's organic growth pipeline. The unit includes 0.95 million tonnes of indicated resources grading 6.11 oz/t silver and 5.39 million tonnes inferred at 4.82 oz/t silver, according to the company's most recent NI 43-101 estimate.

Silver X's October 2024 mineral resource update reported an 18% increase in measured and indicated resources and a 45% increase in inferred resources. These gains are supported by an exploration strategy targeting both immediate production growth and long-term district consolidation.

With a fully permitted processing plant ramping up to 720 tpd, over 200 identified targets, and recent acquisitions from major operators, Silver X is positioning its Nueva Recuperada Project as a core hub in one of Peru's most underdeveloped silver districts. 

Analysts Point to Deep Value and Expansion Potential at Silver X

Silver X Mining Corp. received a favorable assessment from Fundamental Research Corp. in early 2025, as Head of Research Sid Rajeev, in a February 28 report, gave the company a Buy rating and a fair value estimate of CA$0.98 per share. This valuation reflected a potential return of 838% at the time of publication. Rajeev stated that "Silver X offers a compelling value proposition, driven by its substantial resource growth, ability to ramp up production quickly, and a significant discount to peer valuations."

Rajeev noted that resources at the Nueva Recuperada project had increased by 40% to 208 million ounces silver equivalent, supported by the economics outlined in the 2023 Preliminary Economic Assessment. The PEA indicated an after-tax net present value (NPV) of US$175 million and an internal rate of return of 39%, using a base silver price of US$23 per ounce. At the time of the report, silver was trading near US$31 per ounce. He also highlighted the company's production of 800,000 silver equivalent ounces in the first nine months of 2024, representing a 34% year-over-year increase, and noted that Silver X had turned EBITDA positive during the period. Revenue was projected to reach CA$186 million annually by 2028, with production expected to scale to 6 million ounces per year. While the company faced a working capital shortfall at the end of Q3 2024, Rajeev stated that financing options remained available. Upcoming developments included an updated PEA anticipated in Q2 2025 and the commencement of production at the Plata Mining Unit in 2026.

*Technical analyst Clive Maund also identified Silver X as a favorable opportunity in his March 4 report, issuing an "Immediate Buy" rating across all time frames. Maund observed that the stock had returned to the lower boundary of a well-established trading range, which he viewed as a favorable technical setup.

He pointed to steady operational progress, including cost efficiencies and production gains, alongside broader silver market dynamics. Maund outlined initial upside targets in the CA$0.22 to CA$0.23 range, with secondary targets at CA$0.36 to CA$0.38 and a further resistance zone at CA$0.45 to CA$0.50. He concluded that continued momentum could allow the stock to "ascend to higher levels," citing Silver X's combination of expanding resources and improved production metrics.

Ownership and Share Structure

According to Refinitiv, six strategic investors own 21.63% of Silver X. The top shareholder is Baker Steel Resources Trust Ltd. with 8.8% followed by CEO Garcia with 6.4%. 

The rest of the company's shares are in retail.  

As for share structure, Silver X has 274.7 million (274.7M) outstanding shares and 232.9M free float traded shares.