Silver X Mining (AGX) Q4 2024 earnings summary

Executive summary

• Achieved significant operational and financial improvement in 2024, with production growth and reduced losses year-over-year.

• Revenue increased nearly 40% for the year, driven by higher processed tonnage and improved metal prices.

• Positive full-year EBITDA of $1.7M, reversing a negative $8.0M EBITDA in 2023.

• Net loss before tax reduced to $3.4M in 2024 from $10.8M in 2023.

• Plans to bring a new mining unit into production in 2026, targeting further growth.

Financial highlights

• Net operating revenues rose to $21.9M in 2024 from $15.7M in 2023, a 39% increase.

• Adjusted EBITDA improved to $0.9M in 2024 from negative $3.6M in 2023.

• Q4 2024 net operating revenues were $5.8M, up 35% from Q4 2023.

• Production cash cost per tonne decreased 15.3% year-over-year to $106 in 2024.

• All-in sustaining cost (AISC) per AgEq ounce produced decreased 9.1% to $24.3 in 2024.

Outlook and guidance

• Management expects stronger growth and improved margins in 2025.

• New Plata Mining Unit expected to commence production in 2026, aiming for 3,000 tonnes per day and over six million ounces annually in the coming years.