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Silver Producer Yields Record Revenue in Q3/22

Source: Timothy Lee


December 12, 2022 ( Newswire) The company grew revenue 73% from Q2/22 while continuing to ramp-up production at its cornerstone Peruvian mining asset, noted a Red Cloud Securities report.

The Q3/22 financial results of Silver X Mining Corp. (AGX:TSX.V) were notable for record revenue and production and revenue from its flagship Nueva Recuperada project in Peru, and the company's first-ever net gain reported Red Cloud Securities mining analyst Timothy Lee in a Nov. 29 research note.

"Overall, these are positive results as they demonstrate continued quarterly production growth with higher grades and lower costs," Lee wrote and presented the data highlights.

Milestones Reached

In Q3/22, the analyst pointed out Silver X generated its best revenue ever of US$5.5 million (US$5.5M). This was a 73% rise quarter over quarter and a 91% increase year over year.

This resulted from increased production as the ramp-up at Nueva Recuperada continued. The company produced about 371,000 ounces of silver equivalent (371 Koz of Ag eq) in Q3/22 versus roughly 139.4 Koz Ag eq in Q3/21.

Other contributing factors were the processing of more material and of material with greater head grades.

Lowered costs also played a role; general and administrative expenses and corporate activities both were lower during Q3/22.

Earnings per share were -US$0.01, missing Red Cloud's US$0.01 estimate. Foreign exchange losses of US$1.1M, specifically appreciation of the Peruvian sol and Canadian dollar against the U.S. dollar, accounted for most of this. However, Lee noted Silver X reported its first-ever net gain during Q3/22: US$0.2M.

Also worth a mention, according to Lee, during Q3/22, Silver X generated CA$3M gross from a private placement.

"We urge investors to remain focused on Silver X's ramp-up to full production as opposed to bottom line earnings at this stage," wrote Lee.

Looking Ahead

Along with the ramp-up, upcoming catalysts for the Canadian silver producer include ongoing exploration of the Tangana vein at Nueva Recuperada, for instance, and expansion of mill capacity to 2,000 tons per day from the current 720 tons per day by 2024.

"Ramp-up to full production along with positive results from exploration activities underway at Nueva Recuperada could lead to a warranted rerating of the stock," Lee wrote.

Red Cloud has a Buy rating and a CA$0.95 per share target price on Silver X, the stock of which is currently trading at about CA$0.45 per share.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with: Silver X Mining Corp. Please click here for more information.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver X Mining Corp., a company mentioned in this article.

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