Mr. Jose Garcia reports

SILVER X REPORTS STEADY PERFORMANCE DURING FIRST QUARTER OF COMMERCIAL PRODUCTION

Silver X Mining Corp. has released its production results for the three months ended March 31, 2023, for the company's wholly owned Nueva Recuperada project in central Peru.

First quarter 2023 production highlights

• Declared commercial production in January, 2023, and returned to targeted throughput in January after a period of social disruption in Peru.
• Total production of 282,687 silver equivalent (AgEq) ounces with an average head grade of 277 grams per tonne AgEq.
• Ramp up continues with record throughput of 17,239 tonnes at 575 tonnes per day in March, 2023.
• Processed 265 per cent more AgEq ounces in the first quarter (Q1) of 2023 as compared with Q1 2022, equating to 358,727 AgEq ounces compared with 98,327 AgEq ounces, respectively.

"I am pleased to report positive momentum and strong operating performance in our first quarter of commercial production at Nueva Recuperada," stated Jose M. Garcia, president and chief executive officer of Silver X. "Despite supply shortages in the fourth quarter of 2022 due to road blockages in Peru, we achieved record performance in March of 17,500 tonnes processed at a rate of 575 tonnes per day. Throughput continues to increase along with improved ore selectivity and stronger mine development translating into better head grades. These outcomes reflect Silver X's dedication to efficiency and signal the potential for positive results in future quarters."

Production was maintained at the previous quarter's level. The head grades mined were lower due to stope selection of lower grading blocks to avoid poor gold recoveries for the higher-quality ores while the plant's gold circuit was repaired. Ore purchased from third parties increased the overall quantity of ore processed and represents overall 2.2 per cent of total ore processed.

Underground development was emphasized with 649 metres of advances on the T1 and T2 veins on the levels 4700 and 4550. Silver X is planning to continue drilling at Tangana, particularly T1, T2 and T3 with up to 16 drill holes underneath the known mineralized zones, totalling 3,800 metres. Furthermore, additional surface drilling on the T1 vein is intended to prove up the extension of the vein on strike for more than 500 metres.

Qualified person

A. David Heyl, BSc, CPG, who is a qualified person under National Instrument 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. Heyl is a consultant for Silver X.

About Silver X Mining Corp.

Silver X is a rapidly expanding silver developer and producer. The company owns the 22,000-hectare Nueva Recuperada silver district in central Peru and produces silver, gold, lead and zinc from its Tangana project. The company's mission is to be a premier silver company delivering outstanding value to all stakeholders and Silver X aims to achieve this by consolidating and developing undervalued assets, creating value by adding resources and increasing production while aspiring to social and environmental excellence.

We seek Safe Harbor.