Silver X Revises Down Its All-in Sustaining Cost (“Aisc”) According to Revised Methodology

Vancouver, British Columbia, November 5, 2024 – SILVER X MINING CORP. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company“), a growing silver producer and developer in Central Peru, is pleased to announce changes in the methodology and metrics for determining the Company’s All-In Sustaining Cost (AISC), aimed at better reflecting its operating performance and efficiency, enhancing the comparability of metrics with its peers.

To improve the accuracy and presentation of AISC calculations, Silver X refined the composition of General & Administrative Expense in sustaining cost, excluding discretionary costs for business development, investor relations and share-based compensation.

Silver X CFO David Gleit stated, “This revision in our AISC methodology provides a clearer, more accurate view of our costs and operational efficiency, enhancing transparency and aligning Silver X with industry standards. We believe this change will allow investors and stakeholders to better assess our operational performance as we continue advancing our projects in Peru.”

The following table illustrates the impact of these changes for the previously reported three-month period ended March 31, 2024, and June 30, 2024:

Table 1. Silver X Revised AISC Calculation — General and Administrative Expense

Table 2. AISC Reduction – Impact of Methodological Change

As a result of these changes, the following improvements were noted:

Sustaining Costs

• For the three-month period ended March 31, 2024, sustaining costs decreased from $1.4M to $1.1M, representing a $310,000 or 21% reduction
• For the three-month period ended June 30, 2024, sustaining costs decreased from $2.0M to $1.3M representing, a $657,000 or 33% reduction

AISC

• For the three-month period ended March 31, 2024, AISC decreased from $20.26 to $19.22 per AgEq Oz, representing a 5% reduction
• For the three-months period ended June 30, 2024, AISC decreased from $25.85 to $23.54 per AgEq Oz, representing a 9% reduction

Silver X ensures that the AISC is fully reconcilable with amounts reported under IFRS, thereby upholding transparency and compliance with financial reporting standards.

The change in methodology will be applied retroactively to the beginning of 2023.

Gross Sales Presentation

Note that reported revenues under IFRS are net of concentrate treatment and refining charges and penalties. Under the AISC methodology, these costs are added back to arrive at AISC.

In assessing operating margins, Gross Sales (before treatment and refining charges and penalties) should be compared with AISC. Going forward, AGX will report Gross as well as Net Sales to facilitate this comparison.

Non-IFRS Measures

Cash costs ($ per Oz sold) and AISC ($ per Oz sold) are non-IFRS financial measures and non-IFRS ratios in this press release. These measures 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 the Company’s most recently filed Management’s Discussion and Analysis which is available on SEDAR+ at www.sedarplus.ca for full details on these measures, which is incorporated by reference into this press release.

Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news release.

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. Heyl is a consultant for 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.