Silver X Mining (AGX) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues rose to $5.0M, up 139% from $2.1M in Q3 2023, driven by higher mineral sales and operational improvements.

• Adjusted EBITDA loss narrowed to $0.09M from $1.0M loss in Q3 2023; net loss before tax improved to $1.9M from $2.3M.

• Ore processed increased to 46,624 tonnes in Q3 2024, up from 15,716 tonnes in Q3 2023, reflecting expanded operations.

Financial highlights

• Operating revenues for the nine months ended September 30, 2024, were $16.0M, up 41% year-over-year.

• EBITDA for the nine months was $1.7M, a $4.6M improvement from a $2.9M loss in the prior year.

• Adjusted EBITDA for the nine months reached $1.1M, compared to a $2.5M loss year-over-year.

• Cash cost per AgEq ounce produced in Q3 2024 was $21.5, down from $27.1 in Q3 2023; AISC per AgEq ounce was $26.2, down from $37.9.

• Cash cost per tonne processed dropped to $100 in Q3 2024 from $148 in Q3 2023, a 32.3% reduction.

Outlook and guidance

• Management expects substantial performance improvement in 2025, citing ongoing mine development and access to new ore zones.