Silver X Mining Announces Closing of Private Placements for Aggregate Gross Proceeds of C$21.5 Million

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

Vancouver, British Columbia, September 29, 2025 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company“) is pleased to announce the closing of its previously announced “bought deal” private placement (the “Brokered Offering”) for gross proceeds of C$16,000,000, which includes the full exercise of the Underwriters’ over-allotment option as explained below. Pursuant to the Brokered Offering, the Company sold 32,000,000 units of the Company (each, a “Unit”) at a price of C$0.50 per Unit (the “Offering Price”). Red Cloud Securities Inc. (“Red Cloud”) acted as lead underwriter, Laurentian Bank Securities (collectively with Red Cloud, the “Underwriters”) acted as co-manager in connection with the Brokered Offering.

Further to the Company’s press release dated September 15, 2025, the Company has also completed its non-brokered private placement (the “Non-Brokered Offering”, and collectively with the Brokered Offering, the “Offerings”) for gross proceeds of C$5,500,000 from the sale of 11,000,000 Units at the Offering Price. The Company raised aggregate gross proceeds of C$21,500,000 from the sale of 43,000,000 Units at the Offering Price under the Offerings. The Underwriters also acted as finders for the Company in connection with the Non-Brokered Offering.

José García, President and CEO of Silver X, stated:

“This is an extremely important milestone for Silver X. We are thrilled with the strength of investor demand that led to not one, but two upsizing’s of this C$21.5 million financing. This is a critical moment in the Company’s trajectory, and we thank all our shareholders for their continued support in sharing our vision of building the next district-scale silver project in Peru.”

“This financing represents more than just capital – it is the catalyst for transformative growth. For the first time in the Company’s history, we have the financial strength required to execute our vision properly and decisively. The injection of capital will allow us to significantly advance our growth plans across exploration, resource conversion, and production scale. Silver X now has the potential to become one of the fastest-growing silver producers in South America, with the foundations in place to deliver sustainable value and operational excellence.”

Each Unit consists of one (1) common share of the Company (each, a “Common Share”) and one-half (1/2) Common Share purchase warrant (each, a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share (each, a “Warrant Share”) at a price of C$0.70 at any time on or before September 29, 2028.

The Company intends to use the net proceeds from the Offering for capital and exploration expenditures related to the Company’s operations in the Nueva Recuperada Silver District in Peru as well as for working capital and general corporate purposes.

In accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units were issued to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Unit Shares and the Warrant Shares underlying the Units sold to purchasers resident in Canada are immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units were also offered to purchasers in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). All securities not issued pursuant to the Listed Issuer Financing Exemption are subject to a statutory hold period in accordance with applicable Canadian securities law and may not be traded until January 30, 2026, except as permitted by applicable securities legislation and the policies of the TSX Venture Exchange (the “TSXV”)

There is an amended and restated offering document (the “Amended Offering Document”) related to the Offerings that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.silverxmining.com.

As consideration for their services for the Offerings, the Underwriters received aggregate cash fees of C$1,258,020 and 2,516,040 non-transferable common share purchase warrants (the “Broker Warrants”). Each Broker Warrant is exercisable into one Common Share (each, a “Broker Warrant Share”) at the Offering Price at any time on or before September 29, 2028. The Broker Warrants and Broker Warrant Shares are subject to a statutory hold period in accordance with applicable Canadian securities law and may not be traded until January 30, 2026, except as permitted by applicable securities legislation and the policies of the TSXV.

Completion of the Offerings remains subject to the final approval of the TSXV.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.