Impact: Positive
Silver X reported Q3/22 financial results including record revenue and production for the third quarter from its 100%-owned Nueva Recuperada operations in Peru. While EPS was -US$0.01/sh versus our estimate of US$0.01/sh, the company did report a net gain of US$0.2M for the first time, with the net loss occurring primarily due to foreign exchange losses. Overall, these are positive results, as they demonstrate continued quarterly production growth with higher grades and lower costs. While this is a good step, we urge investors to remain focused on AGX’s ramp up to full production as opposed to bottom-line earnings at this stage.
