Mr. Jose Garcia reports

SILVER X MINING ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UP TO C$3.0 MILLION

Silver X Mining Corp. has arranged a non-brokered private placement of up to 10 million units at a price of 30 cents per unit for gross proceeds of up to $3-million. Each unit will comprise one common share and one share purchase warrant, with each warrant entitling the holder to purchase one share of the company at a price of 45 cents per share for a period of 24 months from the date of closing of the private placement.

In the event that at any time following the date that is four months and one day following the closing date, the closing price of the shares of the company is at or above 60 cents per share for a period of 10 consecutive trading days during the warrant exercise period (with the 10th such trading day hereafter referred to as the eligible acceleration date), the warrant expiry date shall accelerate to the date that is 60 days after the eligible acceleration date.

Finders' fees of 6 per cent cash and 6 per cent finder warrants may be payable to eligible parties.

The company intends to use the net proceeds from the offering for capital expenditures and exploration related to the Nueva Recuperada silver district in Peru and potential acquisitions of assets.

The securities being offered under the offering will be issued pursuant to applicable exemptions from the prospectus requirements under applicable securities laws and will be subject to a hold period that will expire four months and one day from the closing.

Closing of the proposed offering is anticipated to occur on or about June 29, 2023. Closing of the offering is subject to receipt of all necessary regulatory approvals, including acceptance of the TSX Venture Exchange.

Revenue mine assets acquisition update

On April 17, 2023, the company announced that it had signed a purchase agreement to acquire the Revenue mine assets, in Colorado, United States, out of receivership. The transaction remains subject to a number of conditions, including, without limitation, the approval of the District Court, Ouray County, State of Colorado. The receiver has filed documents with the district court seeking approval for the sale. As a part of the receivership process, two creditors have filed objections to the receiver's motion to approve the sale. The parties are awaiting determination of the district court's review of this matter. At this time, the conditions for closing have not been met and there remains uncertainty as to whether they will be met. The company has been to site and met with the Ouray board of county commissioners, receiving positive feedback from the community who are eager to see mining activity return to the region. Silver X will continue providing progress reports as and when available as the company continues to work to meet the conditions precedent and secure court approval.

About Silver X Mining Corp.

Silver X is a rapidly expanding silver developer and producer in the Americas. The company owns the plus-20,000-hectare Nueva Recuperada silver district in central Peru and produces silver, gold, lead and zinc from the district's Tangana mining unit. The company's mission is to be a premier silver company delivering outstanding value to all stakeholders and the company 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.