Silver X rises on improved financials, growth outlook

[Ben Graham]

Silver X Mining (TSXV: AGX) set 52-week highs in successive sessions this week off the back of positive financial results for the first half of 2025.

The Canadian miner, which owns the Nueva Recuperada silver project in central Peru and produces precious and base metals from its Tangana mining unit, reported last week that its operating income for the first six months increased threefold from last year.

This is despite a 22.9% decrease in silver-equivalent production from roughly 582,000 oz. to nearly 449,000 oz., a result of reduced ore processing and lower head grades compared to H1 2024.

The higher operating income, owing to a significant rise in realized silver and gold prices, helped the company to achieve pre-tax profitability of over $165,513 for the first half, compared to a pre-tax loss of $539,444 last year. Net loss (post-tax) was also cut to $409,883, down from $1.4 million in the prior-year period.

“Silver X continues to make steady progress, with consistent improvements in operating income, pre-tax earnings and EBITDA,” CEO Jose Garcia stated in a press release on Friday. He added that “achieving sustained profitability at this stage is a key milestone – one that provides a solid foundation for accelerated growth.”

Shares of Silver X rose for a second straight session on Wednesday, with an intraday high of C$0.42 — its best in over two years. At market close, the stock traded 4% higher at C$0.39 apiece, giving the company a market capitalization of C$85.7 million ($62.1m).

Historic silver district

The Nueva Recuperada project comprises four units and 230 mining concessions across 20,472 fully permitted hectares in Peru’s Huachocolpa mining district. The entire property surrounds Endeavour Silver’s recently acquired Kolpa project, which already has 25 years of production history and produced 5.1 million oz. of silver-equivalent this past year.

The company is currently in the midst of an 8,000-metre drill program to expand the resources at Nueva Recuperada, having already completed nearly 1,900 metres of development work at its existing mine operation.

A technical report filed earlier this year showed that Nueva Recuperada hosts 4.26 million tonnes of measured and indicated resources with grades of 3.28 ounces per tonne silver, 1.88% lead and 2.22% zinc, and 17.18 million tonnes of inferred resources at 5.12 oz/t silver, 2.05% lead and 2.04% zinc. This resource estimate includes the Plata mining unit, from which Silver X plans to restart production next year.

In Friday’s results release, Garcia noted the company is entering a “pivotal” phase. “While we have not yet reached peak performance, we believe that a modest infusion of capital will serve as a catalyst to unlock the full potential of one of Peru’s most prolific yet underdeveloped silver and gold districts,” he said.