Silver X Mining Corp (TSX-V:AGX, OTC:WRPSF) achieved 12% year-over-year revenue growth in fiscal year 2023, signaling increased sales or improved pricing, while managing to reduce cash costs per AgEq ounce produced at its Nueva Recuperada project in central Peru.
During the quarter ended December 31, 2023, Silver X recorded cash costs of $18.22 per silver equivalent (AgEq) ounce produced and an all-in-sustaining cost (AISC) of $24.96 per AgEq ounce produced, reflecting sustained capital expenditures in the development of the Tangana mining unit.
The company also generated revenues of $4.3 million during the same period, marking a noteworthy 12% increase compared to $3.9 million in Q4 2022.
The junior mining company attributed the revenue growth to a successful operational ramp-up following upgrades implemented in the third quarter of 2023.
“The momentum at Nueva Recuperada remains strong as we continue to progress towards our ambitious goal of processing 700 tonnes per day of good grades,” CEO Jose Garcia said in a statement accompanying the results.
“Looking ahead, we anticipate that the positive trajectory observed in Q4 2023 and in Q1 2024 will persist throughout the second quarter and the remainder of the 2024 year.”
Garcia told shareholders that the company’s cost reduction initiatives at Nueva Recuperada are yielding “good results.”
“Despite the challenges we faced during 2023, our team has made. Tremendous effort in reconducting our operations successfully.”
Silver X reported an operating loss of $1 million and a net loss before tax of $5.9 million in Q4 2023.
Last month, Silver X revealed mining tonnage of 35,751 tons in the first quarter, up almost 20% from the fourth quarter.
It attributed this to continued production upscaling following the restart in September 2023.
Silver equivalent processing increased 2.7% sequentially to 363,795 ounces. This marked a 2% increase from a year earlier.
Additionally, Silver X Mining said it achieved improved silver recovery rates in the quarter, averaging 89.2%.