Silver X Mining (AGX) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $6.2M, up 31% sequentially and 34% year-over-year, with operating income of $0.5M versus a loss in Q2 2023.

• Positive EBITDA of $1.9M and Adjusted EBITDA of $0.8M, reversing losses from the prior year.

• Net income before tax was $0.4M for Q2 2024, compared to a $1.4M loss in Q2 2023.

• Production remained stable with 362,714 AgEq oz processed in Q2 2024, supporting operational reliability.

Financial highlights

• Six-month revenue totaled $11.0M, up 19% year-over-year; net loss before tax narrowed to $0.5M from $2.5M.

• EBITDA for the first half was $2.2M, compared to a $1.1M loss in the prior year.

• Cash costs per AgEq oz produced were $18.8 in Q2 2024, down from $20.8 in Q2 2023; AISC per AgEq oz was $25.9, down from $28.2.

• Production cash cost per tonne processed dropped to $99 in Q2 2024 from $125 in Q2 2023, a 20.5% reduction.

Outlook and guidance

• Management is focused on further cost reductions through mine design optimization and adapting mining methods.

• Nueva Recuperada is expected to maintain production above 700 tonnes per day with good grades for the remainder of 2024.