July 9, 2026

Silver X Delivers Record Quarterly Production During the Second Quarter of 2026

Processed tonnage increased 39% quarter-over-quarter and 78% year-over-year, as the Nueva Recuperada plant sustained nominal capacity through the quarter.

Gold production rose 55% quarter-over-quarter and 233% year-over-year, with silver up 40% and 75% respectively.

Vancouver, British Columbia, July 9, 2026 – SILVER X MINING CORP. (TSX-V: AGX) (OTCQX: AGXPF) (F: AGX) (“Silver X” or the “Company”), a precious-metals exploration, development, and production company operating a multi-asset platform in Peru, is pleased to announce its production results for the second quarter ending June 30, 2026 (“2Q26”) at the Company’s Nueva Recuperada property (the “Project”) in Peru.

Second Quarter 2026 Production Highlights

  • Processed tonnage increased to 62,252 MT in 2Q26, up 39% from 44,883 MT in 1Q26 and up 78% from 34,899 MT in 2Q25, as processing capacity continued to ramp at the Nueva Recuperada plant. The plant averaged approximately 684 MT per day during the quarter, with April reaching approximately 751 MT per day, meeting the plant’s nominal capacity of 750 MT per day.
  • Silver ounces processed increased to 175,560 oz in 2Q26, up 40% from 125,195 oz in 1Q26 and up 75% from 100,193 oz in 2Q25, driven by higher throughput.
  • Gold ounces processed rose to 2,204 oz in 2Q26, up 55% from 1,419 oz in 1Q26 and up 233% from 663 oz in 2Q25, driven by higher throughput and gold head grades averaging 1.10 g/t as the Company targeted higher-value zones.
  • Silver equivalent ounces (AgEq) processed reached 380,436 oz and AgEq produced reached 283,029 oz in 2Q26, up 50% and 57% respectively over 1Q26.
  • Underground development totaled 3,159 metres in 2Q26 (compared to 2,440 metres in 1Q26), enhancing access to additional mining areas and supporting sustained production growth.
  • First half 2026 production reached approximately 634,000 AgEq oz processed and 463,000 AgEq oz produced, consistent with the Company’s path toward approximately 6 million AgEq ounces annually by 2029.

“The second quarter confirms the operational step forward we signaled at the end of the first quarter,” said José M. Garcia, CEO of Silver X. “Lifting throughput 39% quarter-over-quarter while sustaining nominal plant capacity, together with a 55% increase in gold production, demonstrates the operating leverage of Nueva Recuperada as we continue to invest in our mining and processing capacity and advance toward our next growth targets.”

The production performance in 2Q26 reflects the continued ramp of mining and processing capacity at Nueva Recuperada. Following the milestone reached in March, when the plant first achieved nominal capacity, throughput was sustained through the second quarter at nominal capacity, translating into materially higher metal production quarter-over-quarter.

Growth in the quarter was driven primarily by higher plant throughput as Nueva Recuperada reached and sustained nominal capacity, with head grades broadly stable quarter-over-quarter. These results position the Company for continued production growth throughout 2026, as it further optimizes mining flexibility and continues to invest in its operations and plant capacity expansion.

Nueva Recuperada Project Production

Notes:
1Silver equivalent ounces processed is a measure of performance with no prescribed definition under IFRS. Refer to the “Non-IFRS Measures” section of this press release.
2AgEq ounces produced were calculated based on all metals produced using the average sales prices of each metal for each month during the period. Revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts. In Q2 2026, AgEq was calculated using metal prices of US$73.85 per oz Ag, US$4,528 per oz Au, US$0.88 per lb. of Pb and US$1.56 per lb. of Zn.

Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news release.

Qualified Person
Mr. A. David Heyl, B.Sc., C.P.G who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. A. David Heyl is a consultant for Silver X.

Cautionary Note Regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations”) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.

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About Silver X

Silver X is a growing silver producer building a multi-asset precious metals platform in Peru. The Company’s portfolio includes the Nueva Recuperada Project, a district-scale land package of 20,795 hectares with two mining units and over 200 exploration targets, as well as the recently acquired Pampas Project, which adds further scale and long-term growth potential.

Current production from the Tangana Mining Unit is increasing alongside the planned restart of the Plata, Red Silver and Blenda Rubia mines, supporting a path toward approximately 6 million AgEq ounces annually by 2029. The addition of the Pampas Project strengthens the Company’s asset base and enhances its ability to grow into a district-wide, multi-asset operator.

With existing production, scalable expansion opportunities, and significant exploration upside across multiple assets, Silver X is positioning itself as a next-generation silver company focused on growth, diversification, and long-term value creation.

On Behalf of the Board

José M. García

CEO and Director

For further information, please contact:

Susan Xu
Investor Relations

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information contained in this press release may include, without limitation, the Company’s exploration and drilling plans at the Red Silver Project, the objectives, phasing and expected results of the drill program, potential Mineral Resource expansion or resource classification upgrades, and the expected performance of the Company.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving prices of, the commodities produced by the Company; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute, equipment failure or other disruption affecting its operations; the availability of financing for exploration, development and operations; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of mineral resources and the geological, operational and price assumptions on which they are based are within reasonable bounds of accuracy; the Company’s ability to attract and retain qualified personnel; and the ability of management to execute its business strategy.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, without limitation, risks related to exploration and development activities, mineral resource estimation, geological interpretation, permitting, financing, commodity price fluctuations, operating risks, changes in laws and regulations, and the risks described in the Company’s annual and interim MD&As and other public filings available on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.