SILVER X FILES PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL REPORT WITH UPDATED MINERAL RESOURCE ESTIMATE

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, October 17, 2025 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the filing of a new Preliminary Economic Assessment (“PEA”) demonstrating a district-scale project with combined mining and processing capacity of 3,000 tonnes per day (“tpd”) and annual metal production in excess of 6 Moz AgEq.

Positive PEA results demonstrate the upside of having two operating mines, Tangana and Plata, which together have the necessary resources and the potential to establish Silver X as a mid-tier silver producer.

“We are extremely excited to publish this expanded PEA, which confirms what we have believed since the inception of our company – Nueva Recuperada is a district-scale silver project with the potential to operate and grow for decades,” stated José García, CEO of Silver X. “With a 14-year mine life at 3,000 tonnes per day and average annual production of more than six million ounces of silver equivalent, the study provides a concrete framework for scaling Silver X into a mid-tier producer. Our plan to operate two milling facilities – one at Tangana and one dedicated to Plata – is now fully validated as both achievable and value-accretive.”

Mr. García continued: “The strong investor support in our recent oversubscribed bought deal reinforces that this vision is widely shared. This financing gives us the flexibility to immediately begin executing the development plan – upgrading and expanding resources, optimizing mine operations, and accelerating the restart at the Plata Mining Unit. With both technical validation and financial backing now in place, we are advancing confidently toward becoming one of South America’s most significant silver producers.”

PEA Highlights

• After-Tax Net Present Value (NPV) of $439 million at a 5% discount rate
• Average annual production of approximately 6.2 million ounces of silver equivalent (AgEq)¹, excluding first and last years of LOM.
• Life of Mine (LOM) of 14 years at a maximum of 3,000 tpd combined mining and processing capacity.
• Initial Capex of $82 million, including 13% contingency, for the new processing facility, dry-stacked tailings and mine development.
• After-tax payback of 3.0 years.
• LOM Cash Costs² of $11.8/oz AgEq and LOM All-In Sustaining Costs (“AISC”)2 of $15.8/oz AgEq.
• Cumulative cashflow of $606 million after tax over 13 years on base case

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¹ AgEq ounces were calculated based on all metals produced and mined using the estimated prices based on CIBC’s August 2025 prices consensus.

² Cash costs and AISC are non-IFRS financial ratios. These are based on non-IFRS financial measures that do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Please refer to the “Non-IFRS Measures” section of this press release for further information.

The PEA was prepared by Edgard Vilela, AusIMM, CP (Mining), Allen David Heyl, MAusIMM CP (Geo), Adam Johnston, FAusIMM, CP (Met) and Donald Hickson, P.Eng. (Alberta) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has an effective date of May 31st, 2025.

Cautionary Statement Regarding PEA

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Qualified Person(s)

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. With over 35 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over twelve years working in and supervising underground and open pit mining operations in the Americas.

Mr. Edgard Vilela who is qualified person and chartered professional in mining with the grade of Fellow of AusIMM, has reviewed and approved the content of the chapter 16 and technical content of this news release for Silver X. With over 25 years of field and upper management experience. Mr. Vilela has a solid mining background in operating and short and long term mine planning and projects development for gold, silver and polymetallic deposits. Mr. Vilela has worked in several mines in Perú as Volcan Mining Company, Pan American Silver, Fortuna Mining as Mining Chief, Technical Manager and Manager of Planning and projects development in addition to consulting developing mining projects in México, Chile, Argentina, Colombia and Perú.

Donald Hickson, a Qualified Person and Professional Engineer registered in the provinces of Alberta and British Columbia, Canada, reviewed and approved the technical content of this news release for Silver X. Mr. Hickson has over 30 years of technical and management experience in the areas of mine waste and environmental management. He has participated in the design, construction, operation and closure of numerous tailings facilities, including projects/operations throughout North and South America. Mr. Hickson is currently Managing Director of Envis, and previously has held senior technical and management positions at Ausenco, Amec, and Golder.

Adam Johnston, who is a Qualified Person and a Chartered Professional with the Australian Institute of Metallurgy has reviewed and approved the technical content of this news release for Silver X. Mr Johnston has over 30 years of experience in the metallurgical testing, plant design, and plant operations of base metal and precious metal ores. He is a graduate of the Western Australian School of Mines with Bachelor of Minerals Engineering), 1995. Mr Johnston is currently Chief Metallurgist at Transmin.

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 inferred 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.