Silver X Mining Corp (TSX-V:AGX, OTC:WRPSF) reported that the first quarter saw an increase in mine production and mill throughput for the second quarter in a row at its Nueva Recuperada silver project in Peru.
The company announced mining tonnage of 35,751 tons in the first quarter, up almost 20% from the fourth quarter.
It attributed this to continued production upscaling following the restart in September 2023.
Silver equivalent processing increased 2.7% sequentially to 363,795 ounces. This marked a 2% increase from a year earlier.
Additionally, Silver X Mining said it achieved improved silver recovery rates in the quarter, averaging 89.2%.
The company said it met its operational targets for Q1 2024. It believes this sets a “strong precedent” for Q2 as it seeks to increase production volumes.
"We are pleased to report our second consecutive quarter of increased mine production and mill throughput, alongside persistent efforts towards reducing costs at both operational corporate levels," Silver X CEO Jose Garcia commented.
"These results confirm that our Nueva Recuperada operations are on track. The combination of production with this outstanding geological setting makes Silver X one of the most attractive investment cases."
In addition to owning the 20,000-hectare Nueva Recuperada Silver District in Central Peru, Silver X Mining produces silver, gold, lead and zinc at its Tangana project, also located in Peru.