Mr. Jose Garcia reports

SILVER X MINING ANNOUNCES CLOSING OF SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Silver X Mining Corp. has closed the second tranche of its previously announced non-brokered private placement offering with the placement of 3,006,700 units at a price of 30 cents per unit for gross proceeds of $902,010. On June 5, 2023, the company announced the closing of the first tranche of the offering with proceeds of $1,263,015. In total, the company has placed 7,216,750 units for aggregate gross proceeds of $2,165,025.

Each unit consisted of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 45 cents for a period expiring two years following the closing date of the offering.

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.

Chief executive officer Jose Garcia and vice-president of corporate development Sebastian Wahl have each participated for a total of approximately $133,000 worth of units in the second tranche of the offering. The participation by the insiders of the company in the offering constitutes a related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a), as neither the fair market value of the securities issued, nor the fair market value of the consideration for the securities issued exceeds 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101. A material change report in connection with the offering will be filed less than 21 days before the closing of the offering. This shorter period was reasonable and necessary in the circumstances as the company wished to complete the offering in a timely manner.

All securities issued and issuable in connection with the second tranche closing of the offering are subject to a statutory hold period expiring on Oct. 29, 2023. Closing of the offering is subject to receipt of all necessary regulatory approvals, including final acceptance of the TSX Venture Exchange.

Under the second tranche of the private placement, the company has paid fees to eligible finders consisting of: (i) $10,902.60 in cash; (ii) 21,780 finder warrants, each exercisable into one common share at a price of 45 cents; and (iii) 14,562 finder warrants, exercisable into one common share at a price of 30 cents. Finder warrants are exercisable until June 28, 2025.

The company expects to close the final tranche of the offering in early July and has identified additional orders.

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.