(All dollar amounts expressed in US dollars unless otherwise noted)

VANCOUVER, BC / ACCESSWIRE / August 28, 2023 / Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") is pleased to report its interim financial results for the three months ended June 30, 2023 ("Q2 2023") for the Nueva Recuperada Project (the "Project") in central Peru and provides Management update.

Second Quarter 2023 Highlights

Generated revenues of $4.7 million, representing a 2% increase when compared to the quarter ended March 31, 2023 ("Q1 2023") and 46% increase when compared to the quarter ended June 30, 2022 ("Q2 2022").
Operating loss of $0.4 million, partially affected by the changes implemented in the mine planning, lower Zinc prices and unexpected drop in grades in some mineralized areas, compared with an operating gain of $0.3 million in Q2 2022.
Net loss before tax of $1.4 million compared with a net loss of $1.3 million in Q2 2022.
Cash costs of $20.80 per Silver Equivalent ("AgEq") ounce produced (1)(2) and All-In-Sustaining Cost ("AISC") (1)(2) of $29.76 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.3 million adding $5.4 per AgEq ounce produced to the AISC). The development expenditure translated into 2,133 meters.
Commenting on the second quarter results, Silver X's CEO, José M. García stated, "During the quarter, we encountered an unforeseen decline in grades within certain mineralized zones, leading to reduced metal output and adversely affecting our bottom line. The company continues actively working with its technical team, consultants, and contractors to implement the previously announced operational reset with the goal of restarting the operations under an improved operating framework. I am very confident that these changes will help transform Nueva Recuperada Project into one of the most attractive silver districts in the region". see & read more on
https://www.accesswire.com/777469/SilverXReportsSecondQuarter2023FinancialResultsandprovidesManagementUpdate