Silver X Mining Corp.
An Emerging Silver Producer Poised to Quadruple Production
Published: 3/1/2025
Author: FRC Analysts
Sector: Basic Materials | Industry: Other Industrial Metals & Mining
Ticker Symbols:AGX.V - NEO 🔹AGXPF - NASDAQ 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $0.16 |
| Fair Value | CAD $0.98 |
| Risk | 4 |
| 52 Week Range | CAD $0.15-0.38 |
| Shares O/S (M) | 202 |
| Market Cap. (M) | CAD $32 |
| Current Yield (%) | N/A |
| P/E (forward) | N/A |
| P/B | 1.7 |
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Report Highlights
- We are resuming coverage on Silver X. The company owns the Nueva Recuperada project in Peru, which features an active silver-polymetallic mine. Nueva Recuperada is comprised of the producing Tangana mine, the advanced-stage Plata mining unit, and four exploration projects.
- Earlier this week, the company released an updated resource estimate of 208 Moz AgEq (silver equivalent) across the Tangana Mining Unit (TMU), and the Plata Mining Unit (PMU), reflecting a 40% increase from the previous estimate completed in 2022. The TMU comprises 70% of the total estimate.
- A 2023 Preliminary Economic Assessment (PEA) on the TMU returned promising economics, with an After Tax-NPV10% of $175M, and a high AT-IRR of 39%, using $23/oz silver vs the current spot price of $31/oz. AGX is trading at just 21% of its AT-NPV.
- The company commenced commercial production in January 2023. In 2024 (9M), the mine produced 0.8 Moz AgEq, up 34% YoY. Management aims to reach annual production of 6 Moz by 2028 ($186M in re
