Silver X Mining Announces the Appointment of New Chief Operating Officer and Bolstered Operational Focus for 2023

Vancouver, BC, June 1, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the appointment of Enrique Garay, P.Geo., as Chief Operating Officer (“COO”) effective June 1, 2023.

The appointment of a new COO is part of the Company’s commitment to operational improvement and its overarching strategy to ensure its growth potential at the Nueva Recuperada Project (the “Project”) in Peru. Mr. Garay is a seasoned senior exploration and mine geologist with almost 30 years of experience in maximizing the potential of operating assets and bringing new mines into production in the Americas. Throughout his career, he was a key member in the evaluation, acquisition, development, construction, commissioning and operation of three gold mines: Pierina, La Arena and Shahuindo, all in Peru. Mr. Garay served as Senior Vice President, Geology, for Rio2 Limited from 2018 to 2022, monitoring $100 million CapEx and $10 million OpEx budgets with exploration teams based in Peru and Chile. Prior to joining Rio2 Limited, Mr. Garay was Corporate Manager, Geology and Exploration, for Nexa Resources in Peru, supervising the Cerro Lindo mine, Peru’s largest underground polymetallic mine, and El Porvenir and Atacocha mines and Nexa’s exploration program in Peru. Mr. Garay has also held positions with Rio Alto Mining Limited, Consorcio Minero Horizonte, Hochschild Mining PLC, and Minera Barrick Misquichilca S.A. Mr. Garay holds a degree in Geological Engineering from the National University of Engineering, Lima, Peru, a Master of Science, Mineral Economic degree from Queen’s University, Canada, and is a Professional Geoscientist in British Columbia. As part of his appointment as COO, Mr. Garay will also become the Qualified Person (QP), as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, for Silver X.

“I am very excited to have Enrique join our team, one of the leading mining professionals in Peru” stated José M. García, President & CEO of Silver X. “This appointment is a key step forward in Silver X’s strategy to establish itself as an intermediate silver producer in the Americas. Enrique brings unparalleled experience in the management and growth of operating mining companies. Enrique’s focus will be on building a sustainable and profitable operation, bringing our costs in line with our performance in the third quarter of 2022, and demonstrating the growth potential of our Project.”

As ramp up to nameplate capacity at the Nueva Recuperada mill continues, the Company has focused its resources on the development of the Tangana Mining Unit with record performance in terms of development and mine preparation as well as accessing higher grade areas. In addition, among other measures, the Company has reduced headcount and engaged contractors to carry out most of its operations making changes to the management team and appointing Carlos Trillo Medrano as General Manager of Operations. These adjustments are expected to deliver more sustainable levels of production in future quarters while improving effectiveness and reducing costs.

RSU and Options Grant

The Company also announces it has awarded of 70,000 restricted share units of the Company (“RSUs”) pursuant to the Company’s Restricted Share Unit Plan to an officer of the Company. The RSUs have a term of one year and vest as to 50% on the date that is six months from the date of grant and as to the other 50% on the date that is 12 months following the date of the grant. Additionally, the Company announces that it has granted 250,000 stock options (the “Options”) to purchase common shares of the Company pursuant to the Company’s Stock Option Plan to an officer of the Company. The Options are exercisable to purchase common shares of the Company at an exercise price of $0.29 per common share for a period of five years expiring on June 1, 2028, and vest as to 30% immediately upon grant, as to 35% on the date that is six months following the date of grant and as to the final 35% on the date that is 12 months following the grant.

Non-Brokered Private Placement

Further to the Company’s announcement on May 17, 2023, of its intention to complete a non-brokered private placement (the “Financing”), the Company has amended the terms of the warrants forming part of the units of the Company that are expected to be issued under the Financing to remove the acceleration clause.