April 16, 2026

Silver X Intersects up to 17.86 m True Width at Blenda Rubia, Advancing Scalable Mining Strategy

Vancouver, British Columbia, April 16, 2026 – Silver X Mining Corp. (TSX-V: AGX | OTCQB: AGXPF | F: AGX) (“Silver X” or the “Company”) is pleased to report additional underground diamond drilling results from the Blenda Rubia target, located near the Company’s Nueva Recuperada operation in central Peru.

The latest results continue to define a broad and continuous high-grade silver-polymetallic system, with estimated true widths reaching up to 17.86 meters and averaging approximately 6.0 meters in areas where the geometry of the system is sufficiently constrained by drilling and ongoing modelling.

Importantly, drilling indicates that mineralization extends beyond discrete veins into a wider mineralized corridor, supporting the potential for bulk-style mining scenarios in selected areas while maintaining vein mining elsewhere, and positioning Blenda Rubia as a potential low-cost feed source near the Company’s processing plant, with the ability to enhance production scale and operating margins, representing a potential step change in mining scale and cost efficiency at Nueva Recuperada.

Key Highlights

Up to 17.86 m true width intersected at Blenda Rubia, confirming significant mining widths
54.85 m apparent width (17.86 m true width) in DDH-BR-003, defining a broad mineralized corridor
35.35 m apparent width in DDH-BR-005, confirming continuity of mineralization beyond the current drill pattern
Consistent widths averaging ~6.0 m true width where constrained by drilling
Mineralization extends beyond discrete veins into a continuous mineralized corridor, supporting scale
Geometry supports bulk-style mining in selected areas, while maintaining Silver X’s conventional underground vein mining methods elsewhere
System remains open and expanding, with mineralization extending outside the current drill footprint

CEO Statement – Step Change Toward Scalable Mining

José M. Garcia, CEO of Silver X, commented: “These results fundamentally change our understanding of Blenda Rubia. What we are seeing is not a narrow vein system, but a broad and continuous mineralized corridor that has the potential to support bulk-style mining in selected areas.

When combining these widths with consistent silver grades, the system has the potential to deliver strong value per tonne, which is critical as we scale production.

This is particularly important given the proximity to our processing plant, positioning Blenda Rubia as a potential low-cost feed source that can materially enhance our operating flexibility and cost profile.

As we continue to advance the asset, we see Blenda Rubia playing a key role in supporting multiple mining fronts and contributing to our objective of building toward 6 million silver-equivalent ounces of annual production. This combination of scale, grade and location is uncommon and highly strategic within our district.”

Strategic Importance – Scalable, Low-Cost Growth Driver

Blenda Rubia is emerging as a key component of Silver X’s production strategy at Nueva Recuperada.

The system complements high-grade narrow vein mining at Tangana by introducing the potential for wider mining zones and, in selected areas, bulk-style extraction, while maintaining conventional vein mining in other parts of the district. This combination supports:

Improved mining efficiency and lower unit costs
Strong value per tonne from consistent silver grades
Reduced transportation costs due to proximity to the processing plant
Increased production flexibility through multiple mining fronts

As the Company advances multiple mining areas, Blenda Rubia is expected to play an important role in supporting scalable production growth toward approximately 6 million silver-equivalent ounces annually.

Geological Interpretation – Broad Mineralized Corridor

The current geological model indicates that Blenda Rubia is controlled by two principal veins, Vein 1 and Vein 3, which locally converge and diverge along strike and at depth.

Drilling demonstrates that the space between these structures is consistently mineralized by veinlets, hydrothermal breccias and disseminated sulphides, forming a continuous mineralized corridor rather than isolated narrow veins.

This evolving interpretation supports the potential for greater scale, improved continuity and enhanced mine planning flexibility.

Next Steps

The Company is actively advancing Blenda Rubia through a focused and expanding drill program designed to rapidly define the scale and mining potential of the system.

Step-out drilling is ongoing to extend the mineralized corridor laterally and at depth
Infill drilling is being accelerated between key intercepts to define continuity and support near-term mine planning
Multiple drill platforms are being utilized, enabling simultaneous advancement from different areas of the system
Ongoing geological modelling is focused on defining mining shapes and evaluating bulk mining scenarios in selected zones
Results are expected to continue expanding the system and supporting the integration of Blenda Rubia into the Company’s production pipeline

Figure 1. Longitudinal Section of Blenda Rubia Vein 3

Table 1. Drill Hole Collar Locations and Orientation Parameters for Blenda Rubia

Drill hole collar locations and orientation parameters for the holes referenced in this release are provided in Table 1.
Table 2. Selected Drill Intercepts from Blenda Rubia

Notes:

“Composite mineralized package” refers to the combined interval formed by Vein 1, Vein 3 and the intervening mineralized fill of veinlets, breccias and disseminated sulphides, where recognized.
Estimated true widths are being calculated from the Company’s current geological interpretations and ongoing vein modelling and may change as the interpretation is refined.
DDH-BR-005 was drilled well away from the main drill pattern. Because the local orientation of the vein system at the intercept point is not yet sufficiently constrained, only apparent width is reported for that hole at this stage.
DDH-BR-004 intercepted an extension of a barren post-mineral dyke and is therefore not included in this report.

Table 3. Drill Intercept Summary from the Current Geological Interpretation at Blenda Rubia

Reported apparent widths and estimated true widths are based on the Company’s current geological interpretation and ongoing vein modelling. Estimated true widths may change as the interpretation is refined DDH-BR-005 is reported only as apparent width because the local orientation of the vein system at the intercept location is not yet sufficiently constrained to support a true-width estimate.

Note: “Composite package” refers to the combined interval formed by the two principal veins and the intervening mineralized fill where these can be recognized within the drill intercept. Rows labelled “Including” denote internal higher-grade or discrete component intervals within the broader intercept. DDH-BR-004 intercepted an extension of a barren post-mineral dyke and is not included in this table.

Quality Assurance and Quality Control (QA/QC)

Drill core from Blenda Rubia was logged, photographed, sawn and sampled by Silver X personnel under Company protocols. Sample intervals were selected based on geological criteria including veins, breccias, sulphide distribution and alteration intensity.

Analytical work referenced in this release was completed using both the Company’s internal laboratory and Bureau Veritas (Peru), depending on the hole and sample batch. Silver X’s QA/QC program includes the insertion of certified reference materials, blanks and duplicates, together with chain-of-custody procedures and periodic external check assays.

As geological interpretation and vein modelling remain in progress, estimated true widths referenced in this release are subject to refinement.

Qualified Person

Mr. A. David Heyl, B.Sc., C.P.G., 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 to 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 over 20,000 hectares with two 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:

Simon Willcocks
Investor Relations

778-323-0959
ir@silverxmining.com

NON-IFRS MEASURES

The Company has included certain non-IFRS financial measures and ratios in this news release, as discussed below. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers.

EBITDA and Adjusted EBITDA

“EBITDA” is comprised as income (loss) less interest, income tax and depreciation and amortization. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See “Reconciliation of Net (Loss) / Income to Adjusted EBITDA” for a quantitative reconciliation of EBITDA to the most directly comparable financial measure.

“Adjusted EBITDA” is comprised as income (loss) less interest, income tax, depreciation, amortization, share-based compensation, foreign exchange gain (loss), and certain non‑recurring or non‑cash items where applicable. Management believes that Adjusted EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See “Reconciliation of Net (Loss) / Income to Adjusted EBITDA” for a quantitative reconciliation of Adjusted EBITDA to the most directly comparable financial measure.

Cash Costs and All-In Sustaining Cost (“AISC”)

The Company uses cash costs, cash costs per AgEq ounce produced, AISC, and AISC per AgEq ounce produced to manage and evaluate its operating performance in addition to IFRS measure because Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operations to generate cash flows. The Company understands that certain investors use these measures to determine the Company’s ability to generate earnings and cash flows for use in investing and other activities. Management and certain investors also use this information to evaluate the Company’s performance relative to peers who present this measure on a similar basis.

Cash costs are calculated by starting with cost of sales, and then adding treatment and refining charges, and changes in depreciation and amortization. Total cash production costs include cost of sales, changes in ore and concentrate inventories, changes in depreciation and amortization, less transportation and other selling costs and royalties. Cash costs per AgEq ounce is calculated by dividing cash costs by the AgEq ounces produced.

AISC and AISC per AgEq ounce produced are calculated based on guidance published by the World Gold Council (and used as a standard of the Silver Institute). The Company presents AISC based on AgEq ounces produced. AISC is calculated by taking the cash costs and adding sustaining costs. Sustaining costs are defined as capital expenditures and other expenditures that are necessary to maintain current production. Management has exercised judgment in making this determination.

The following table shows the calculation of the cash costs and AISC per AgEq ounces produced and per metric tonne processed:

Cautionary Note Regarding Production without Mineral Reserves

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”, “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 exploration plans, operating results, expected project performance, the potential for resource expansion at Tangana, the economic viability of the Tangana Mining Unit, and the Company’s expected financial performance.

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, as the case may be, 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. 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.

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.