Mr. Jose Garcia reports

SILVER X MINING CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Further to its news release of May 17, 2023, Silver X Mining Corp. has closed the first tranche of its previously announced non-brokered private placement offering with the placement of 4,210,050 units at a price of 30 cents per unit for gross proceeds of $1,263,015.

Each unit consists of 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.

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.

All securities issued and issuable in connection with the first tranche closing of the offering are subject to a statutory hold period expiring on Oct. 3, 2023. The closing of the second tranche is expected shortly as subscriptions are received. Closing of the offering is subject to receipt of all necessary regulatory approvals, including final acceptance of the TSX Venture Exchange.

Under the first tranche of the private placement, the company paid fees to eligible finders consisting of: (i) $47,340.90 in cash; (ii) 78,003 finder warrants exercisable into one common share at a price of 30 cents; and (iii) 79,800 finder warrants exercisable into one common share at a price of 45 cents. Finder warrants are exercisable until June 2, 2025.

About Silver X Mining Corp.

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