Silver X Mining Corp (TSX-V:AGX, OTC:WRPSF), a Peru-focused silver developer and producer, has reported its first quarter financial results which it says show it is on a "good trajectory."
For the three months ended March 31, 2024, revenue from the sale of mineral production was $4.8 million, up 4% from $4.6 million in the year-ago quarter.
The miner swung from an operating loss of about US$410,000 for the same three-month period in 2023 to an operating income of $6,000.
Earnings before interest, taxes, depreciation and amortization (EBITDA) also improved to EBITDA income of $0.3 million from an EBITDA loss of $0.5 million.
This income was attributed to increased operating revenues and a decrease in the cost of sales from $5 million to $4.8 million.
Silver X Mining also narrowed its net loss before tax to $0.9 million from $1.1 million in the year-ago quarter.
The company expects to continue ramping up production during 2024 at its Nueva Recuperada silver project in Central Peru, after producing 363,795 ounces of silver equivalent (AgEq) during the first quarter.
"I am satisfied that as we continue to make operating progress quarter after quarter,” Silver X Mining CEO Jose Garcia said in a statement.
“Our improved performance in conjunction with our cost reduction initiatives continues to yield positive results. These financial results based on our Q1 production of 363,795 ounces AgEq processed confirm our good trajectory.”