Silver X $50M debt raise: Nueva Recuperada capex and mine plan lens for engineers
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Silver X Mining has raised C$69 million ($50 million) via an oversubscribed convertible debenture placement, selling 10,000 debentures at C$6,900 each after exercising a 15% overallotment option above its initial C$60 million target. The funds will support development capex at the Nueva Recuperada district in Peru, where a September PEA outlined a 3,000 t/d operation over at least 14 years, targeting 6 million oz/year silver-equivalent output from the Tangana and restart-ready Plata units. The study drew on 35.65 million oz AgEq measured and indicated and 116.55 million oz inferred, with a 40,000 m drilling campaign now in progress.
Technical Brief
- Convertible debentures were issued via a brokered private placement, with 10,000 units priced at C$6,900.
- Agent exercised a 15% overallotment option, adding C$9 million above the initial C$60 million target.
- Market capitalisation post-financing sits around C$189 million, despite a share price drop of up to 10%.
- Nueva Recuperada land package covers nearly 208 km², hosting Tangana, restart-ready Plata and 200+ exploration targets.
- The historic Nueva Recuperada plant operated ~60 years, producing ~200 Moz AgEq within a 30 km radius.
- Operations were placed on care and maintenance in 2014 and subsequently returned to commercial production in 2022 under Silver X.
- Current 40,000 m drilling campaign is the company’s largest to date, aimed at resource growth around existing units.
- Nueva Recuperada was consolidated from concessions formerly held by Buenaventura, Pan American Silver and Peruvian Metals, simplifying district-scale planning.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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