February 1, 2024

SILVER X DELIVERS STEADY PRODUCTION DURING FOURTH QUARTER 2023 AND SUCCESSFULLY IMPLEMENTS SHARES FOR DEBT INITIATIVE

Vancouver, B.C., February 1, 2024 – SILVER X MINING CORP. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company“), a rapidly expanding silver developer and producer in Central Peru, is pleased to announce its operating results for the fourth quarter ending December 31, 2023 (“Q4 2023”) at the Company’s Nueva Recuperada property (the “Project”) in Peru.

Q4 2023 Production Highlights

  • Processing of 354,205 oz AgEq in Q4, 193% increase with respect to the previous quarter. Similar production levels as Q1 2023 (359,000 oz AgEq).
  • Successful restart of operations on September 19, 2023, with 445,000 oz AgEq processed. Average head grade of 308 g AgEq/t (9.78 oz AgEq/t)
  • Ramp-up continues alongside in-fill drilling activities to take the mine to its highest level of productivity.
  • Effective cost reduction strategies in place, having achieved a solid cost reduction in Q4.

“Our team is doing a great job in taking Recuperada back to positive cashflows”, stated Jose M. Garcia, CEO of Silver X. “As a result of the operational reset between July and September last year, we have managed to streamline operations, improve performance, and run the mine at a more competitive cost. Those economic results will be published in the next few weeks. We continue to forge ahead in increasing throughput and to improve head-grades by better ore selectivity and more robust mine development. I look forward to a successful 2024 year ahead for Silver X”.

Tangana Mine Production – Q4 2023 compared to Q4 2022 (1)

Notes:

  • (1) AgEq 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 Q4 2023, AgEq was calculated using metal prices of US$23.20 per oz Ag, US$1,959 per oz Au, US$0.96 per lb of Pb and US$1.13 per lb of Zn.

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

Shares for Debt Transaction

The Company is also pleased to announce the successful implementation of its shares for debt initiative, a strategic step in strengthening its balance sheet and positioning the Company for future growth. This initiative is in line with the Company’s commitment to financial prudence and shareholder value maximization.

The Company entered into an agreement dated October 2, 2023, to settle US$2,181,458 of indebtedness owed to an arm’s length creditor through the issuance of 6,000,000 common shares, the equivalent of an issue price of C$0.499 per share. The indebtedness relates to design, engineering and technical consulting services rendered to the Company. This strategic decision to issue shares in lieu of cash payment is aimed at preserving the Company’s working capital, thereby ensuring operational efficiency and financial flexibility. The common shares will be issued upon acceptance by the TSX Venture Exchange and approval by the directors of the Company. All common shares issued in satisfaction of the indebtedness will be subject to a four-month hold period from the date of issuance.

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 three mining units and more than 200 exploration targets, as well as the recently acquired Pampas Project.

With existing production, scalable expansion opportunities, and significant exploration upside, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.

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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 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.

Cautionary Statement Regarding “Forward-Looking” Information

This press release contains forward looking information within the meaning of applicable Canadian securities legislation (“forward looking information”). Forward looking information is generally identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “targets”, “believes”, or similar expressions, including statements that certain events or results “may”, “could”, “would” or “will” occur. All statements other than historical facts constitute forward looking information, including, without limitation, statements regarding the Mineral Resource Estimate, the conversion of Inferred resources, future drilling, the 2025 PEA and an updated PEA, the expansion and permitting of the Recuperada plant, and the Company’s growth plans.

Forward looking information is based on a number of assumptions, including that general economic and business conditions will not materially worsen; commodity demand and prices will remain stable or improve; required permits and approvals will be obtained on a timely basis; operations will not be materially disrupted by accidents, labour issues or equipment failures; financing will be available; equipment and supplies will be accessible as needed; resource estimates and underlying assumptions (including size, grade and recovery) are reasonable; and the Company will be able to attract and retain qualified personnel and execute its strategic objectives.

Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to those risks described in the Company’s annual and interim MD&As and in its public documents filed on www.sedarplus.ca from time to time. 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.