Silver X Mining Announces Strategy Update to Mineral Resource for 2024-2025 Following Social Agreement Signing

Vancouver, British Columbia, May 23, 2024 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the signing of a 15-year social agreement with the Community of Carhuapata in Huancavelica in Peru. This in addition with the 12-year agreement with the Community of Huachocolpa signed on November 6, 2023. This new social contract grants Silver X Mining access to the totality of the Plata Mining Area.

Highlights of the Agreement

• Duration: The 15-year agreement encompasses 100% of the project, providing ample area for the planned expansion and development activities.
• Exploration and Mining: Allows exploration and mining with no restriction within the area of the agreement.
• Strong Support: The unanimous approval by Carhuapata’s Community assembly highlights the strong social support to Silver X’s activities in the district.

“This agreement with the Carhuapata community marks another significant milestone in our efforts to activate and rejuvenate an entire mining district. Plata holds enormous potential and is crucial for the organic growth of our company,” said Silver X CEO Jose Garcia.

Company’s Development Strategy

• Exploration Data: Consisting of a historical mining area, Silver X has compiled geological information from approximately 30,0000 meters of existing drill core and 8,000 meters of underground samples.
• High-grade veins: historical data shows the existence of several high-grade silver and polymetallic veins, some of which were subject to mining in the past century.
• Upcoming Resource: The Company anticipates producing a resource update before the end of 2024.
• District Scale Development: This new development area is expected to boost SilverX’s resource development and mining activities to the full district potential.

The Plata mining area is a part of the Nueva Recuperada Silver District and is a significant component of Silver X Mining’s growth strategy. This area spans over 3,829 hectares and includes 17 surface-exposed mineralized veins, offering substantial exploration potential. Historical data indicate rich silver-polymetallic deposits, with a non-compliant historical inferred resource of 448,812 tonnes grading 220.81 g/t Ag, 2.55% Pb, and 4.58% Zn. (See Preliminary Economic Assessment, Nueva Recuperada Project, Huancavelica, Peru, April 4, 2023.)

“The support from Carhuapata is instrumental as we harness this potential, driving shared prosperity for both the community and Silver X Mining. We are enthusiastic about the future and confident in the transformative impact this project will have on our operations and the local region,” said Garcia.