Silver X Resumes Operations at Nueva Recuperada; Provides Update on Management Transition

• Silver X announces the immediate resumption of mining operations at its Nueva Recuperada Project in Central Peru
• During the brief pause, operational upgrades were completed that expect to enhance efficiency and profitability, including investment in equipment upgrades, workforce training, and safety measures
• Freddy Mayor, has been appointed as COO and General Manager of the Company, replacing Mr. Enrique Garay

Vancouver, BC, September 19, 2023 — 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 the resumption of its mining operations at the Nueva Recuperada Project (“Nueva Recuperada”), effective immediately. The resumption follows a brief mining activity pause, during which the Company made operational upgrades and implemented new protocols to optimize production.

Operational Resumption Highlights at Nueva Recuperada:

• A revised production schedule targeting areas of higher certainty. The predominant source of feed will come from the Tangana 1 and Tangana 2 veins, while surface exploration of the Morlupo and Cauca veins has revealed promising high-grade areas that could significantly improve the base case.
• The recommencement of milling operations will be executed using stockpiled materials, ensuring a consistent and uninterrupted feed to the mill, thereby enhancing operational stability.
• Significant cost reductions have been achieved through a prudent reduction in headcount, the ongoing implementation of the sub-level stopping method (“SLS”), and the addition of operational measures aimed at minimizing underground transportation and mineral handling.
• A stronger alliance with the principal contractor is being established, fostering a collaborative working environment characterized by shared objectives, risk reduction, and economic incentives.

“Today marks a significant milestone in Silver X’s journey,” said José García, CEO of Silver X. “The restart of Nueva Recuperada confirms our commitment to make Nueva Recuperada a profitable operation, based on improved safety standards, efficiency, head grades and costs.”

Operational Upgrades and Importance for Investors

While mining activities were paused, the Company seized the opportunity to identify several costs reduction initiatives in key areas such as labour, mining method, mine haulage and milling efficiency. These initiatives are expected to yield improved production rates and decreased unit costs.

The new operational upgrades not only enable the mine’s production capabilities but also bolster the resilience of the business model in the face of market fluctuations. The Company is now well-positioned to execute its growth plans, establishing a strong foundation for long-term success.

FIGURE 1: Aerial View of Nueva Recuperada

Management Changes

Silver X is also pleased to announce the appointment of Mr. Freddy Mayor Zevallos as Chief Operating Officer (“COO”) and General Manager for the Peruvian subsidiary (“Recuperada SAC”) of the Company, effective immediately. Mr. Mayor takes over these roles following the resignation of Mr. Enrique Garay from his position as COO. Mr. Mayor brings over four decades of mining engineering expertise, garnered through his tenure at numerous companies in Peru. His extensive career has included significant roles such as General Manager at Hochschild Mining, Vice President for Bolivia at Glencore, and General Manager for Silver X Mining between 2019 and 2021.

Jose Garcia, CEO of Silver X Mining Corp. stated, “On behalf of our management team and Board of Directors, I extend a warm welcome to Freddy. Freddy is a distinguished mining professional, and his association with Silver X dates back to our private company days. As a key member of the founding team, Freddy is now assuming leadership of our operations to ensure the preservation of the work culture that underpinned our company’s performance in the past. We deeply appreciate Enrique Garay’s valuable contributions and insights during his time with us and wish him the very best in his future endeavors.”

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.

About Nueva Recuperada Project

Nueva Recuperada, situated in Peru’s Huachocolpa Mining District, hosts the Tangana Mining Unit, comprising 230 mining concessions spanning 20,472 hectares. Silver X consolidated these concessions from Buenaventura, Pan American Silver, and Peruvian Metals, benefiting from robust local community support in this historically significant mining region. The project features a processing plant with a processing capacity of up to 720 tonnes per day, and over 60-year silver production history. The plant yields two types of concentrates, a gold/silver/lead concentrate, and a zinc concentrate. The Company is actively updating the Environmental and Social Impact Assessment (ESIA), fostering collaborative discussions with stakeholders, and reinforcing its strong social license to operate, committed to minimizing environmental impact while sharing the economic benefits of resource development with the community.