Silver X Mining Corp.
Record Production and Revenue, Narrowed Losses
Published: March 28, 2025
Author: FRC Analysts
View Complete Report*This report and research coverage is paid for and commissioned by Silver X Mining Corp. – See the bottom of this report for other important disclosures rating, and risk definitions. All figures in C$ unless otherwise specified.
Sector: Basic Materials | Industry: Other Industrial Metals & Mining
Ticker Symbols: AGX.V – NEO AGXPF – NASDAQ
Report Highlights
- 2024 production from the Nueva Recuperada silver-polymetallic mine in Peru rose 20% YoY to 1 Moz AgEq, in line with our estimate, driven by higher throughput, partially offset by lower grades. Recovery rates and cash costs remained relatively stable.
- Revenue increased 39% YoY to $21.85M, beating our estimate by 1%, while net losses narrowed 64% YoY to $4.45M, better than our forecast of $4.91M, driven by higher production and metal prices.
- Junior silver producers are trading at $1.78/oz, while AGX is at just $0.30/oz, an 83% discount. AGX’s forward EV/Revenue is 1.4x, compared to the sector average of 2.6x, a 46% discount.
- In Q1-2025, the company released an updated resource estimate of 208 Moz AgEq across the Tangana Mining Unit (TMU), and the Plata Mining Unit (PMU). Production at the PMU is expected to begin in 2026, with management targeting annual production of 6 Moz by 2028. We see significant resource expansion potential, with multiple veins yet to be included in the current resource estimate.
- The mining industry has experienced heightened M&A activity recently, driven by record commodity prices. We expect this trend to continue as larger miners pursue strategic acquisitions to expand their portfolios.
- We believe AGX presents a compelling value proposition, driven by rapid production ramp-up potential, and a significant discount to peer valuations.
