Silver X Mining’s Nueva Recuperada project in Peru. Credit: Silver X MiningSilver X Mining (TSXV: AGX) has closed a convertible debenture financing of C$69 million ($50 million) to support its projects based in Peru.Under a brokered private placement, the Canadian silver miner sold a total of 10,000 debentures priced at C$6,900 each. It initially planned to raise C$60 million, but due to high demand, the agent exercised its 15% overallotment exercise for an additional C$9 million in proceeds.Shares of Silver X fell as much as 10% on the financing close, in line with a broader market selloff in the metals sector. Its market capitalization is approximately C$189 million ($137 million).The proceeds, as detailed previously, will go towards development capital expenditures. CEO José García called the private placement “an important step” towards its goal of becoming South America’s next premier silver company.Path to 6 million oz.The Vancouver-headquarter company holds a large land package (nearly 208 sq. km) in Peru known as the Nueva Recuperada district, containing two mining units — Tangana and the restart-ready Plata — as well as over 200 exploration targets.Together, these two mining units are expected to provide a path towards 6 million oz. of silver-equivalent production a year, Silver X has said. This was confirmed via a preliminary economic assessment last September, which envisioned a 3,000-tonne-per-day mine operating for at least 14 years.The PEA was based on a resource estimate of 35.65 million oz. silver equivalent measured and indicated and 116.55 million oz. inferred. To expand the resource, the company is currently in the process of completing a 40,000-metre campaign, representing its largest to date.Silver X acquired the Nueva Recuperada property through the consolidation of various mining concessions held by Buenaventura, Pan American Silver and Peruvian Metals.The project lies within a historic mining area, where mining has taken place since the 16th Century. The Nueva Recuperada plant operated for 60 years, accounting for approximately 200 million oz. of silver equivalent production within a 30 km radius. The project was placed on care and maintenance in 2014. Silver X subsequently took over the project and brought it to commercial production in 2022.
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