Mr. Jose Garcia reports

SILVER X REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS

Silver X Mining Corp. has released its interim financial results for the nine months ended Sept. 30, 2023 (Q3 2023), for the Nueva Recuperada project in central Peru.

Third quarter 2023 highlights:

• Silver X placed operations temporarily on hold to launch an operational upgrade on July 26, 2023, and resumed operations on Sept. 19, 2023, with the aim of revisiting the project plan and streamlining production.
• Since the announcement on Sept. 19, 2023, the company has successfully processed 230,444 ounces (oz) of silver equivalent (AgEq) in just 45 days, with an average head grade of 304.25 grams per tonne (g/t) (9.71 oz/ton).
• Generated revenues of $2.1-million compared with $4.7-million in Q3 2023 and $5.5-million in the quarter ended Sept. 30, 2022 (Q3 2022).
• Operating loss of $800,000 compared with an operating gain of $2-million in Q3 2022.
• Net loss before tax of $2.3-million compared with a net loss of $4.9-million in Q3 2022.
• Cash costs of $22.01 per silver equivalent ounce produced and all-in-sustaining cost (AISC) of $33.45 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.3-million adding $11.44 per AgEq ounce produced to the AISC).
• During the three months ended Sept. 30, 2023, the company completed its operational hold between July 26, 2023, to Sept. 19, 2023, to implement a strategic operational reset. During the brief pause, operational upgrades were successfully completed and are expected to enhance efficiency and profitability, including investment in equipment upgrades, work force training and safety measures. As a result of this pause, revenues and production metrics decreased, while cost per unit increased during the quarter.

Commenting on the third quarter 2023 results, Jose M. Garcia, chief executive officer of Silver X, commented: "Throughout the quarter, we faced an unforeseen decline in grades within certain mineralized zones, resulting in a reduction in metal output and impacting our bottom-line financial performance. We have re-evaluated our mine plan and strengthened our collaboration with our main contractor to enhance our short-term performance. I am pleased to announce the resumption of our operations on Sept. 19, 2023, and I am highly confident that these adjustments will contribute to the transformation of the Nueva Recuperada project into one of the most attractive silver districts in the region."

Notes:

• Cash costs per AgEq ounce produced and AISC per AgEq ounce produced are non-IFRS (international financial reporting standards) financial ratios. These are based on non-IFRS financial measures that do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable with other issuers.
• AgEq ounce produced was calculated using the average sales prices of each metal for each month, and revenues from concentrate sales does not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts.

Events subsequent to the end of the quarter:

• On Oct. 3, 2023, the company announced the appointment of Jason Tong as chief financial officer of Silver X Mining, effective Oct. 1, 2023.
• On Nov. 16, 2023, the company announced a 12-year extension of its social agreement with the local Huachocolpa (Huancavelica, Peru) community, solidifying relations and enabling continued operations at the project until November, 2035.
• On Nov. 28, 2023, Silver X and Maverix Metals Inc., a subsidiary of Triple Flag Precious Metals Corp., entered into an agreement amending the terms of the original royalty agreement between the parties to, among other things, expand the royalty to cover the entire Tangana mining unit in the project. This strategic restructuring results in gross proceeds of $2.42-million (U.S.).

Summary of selected financial results

The information provided herein are excerpts from the company's unaudited interim financial statements, and management's discussion and analysis (MD&A), which can be found on the company's website or on SEDAR+.

For the nine months ended Sept. 30, 2023, the company recorded:

• Net loss before tax of $2.3-million, compared with a net income before tax of $500,000 in Q3 2022.
• EBITDA loss of $1.7-million, compared with an EBITDA income of $1.4-million in Q3 2022.
• Adjusted EBITDA loss of $1-million, compared with an adjusted EBITDA income of $1.4-million in Q3 2022.

The loss in the current period was primarily due to a decrease in operating revenues from the sale of mineral production of $2.1-million compared with $5.5-million in the prior year (decrease of $3.4-million), offset by cost of sales of $2.9-million compared with $3.5-million in the prior year (decrease of $600,000), resulting in a operating loss of $800,000 compared with a operating gain of $2-million in the prior period. The decrease in revenues and the operating loss was due to the company placing the operations on hold between July 26, 2023, and Sept. 19, 2023, to implement a strategic operational reset. The company also had a foreign exchange loss of $800,000 compared with a foreign exchange gain of $51,000 in the comparative period.

Loss or gain in translation of foreign operations fluctuates depending on the strength of the Peruvian sol and Canadian dollar against the United States dollar. A relative appreciation of the sol or Canadian against U.S. will result in gains in translation of foreign operations, and vice versa.

Financial position

The available cash during the period decreased by $400,000 reflecting the net outflow from its continuing development of the Tangana mine unit, which saw higher development rates during the period. This was offset by the company's non-brokered private placement of net proceeds of $1.8-million completed during the period. The company continues to actively manage the existing payables either through the cash flow generated from the operations and/or through other available sources of financing to further improve its working capital.

Cash provided by operating activities for nine months ended Sept. 30, 2023, was $1.6-million compared with $2.4-million cash used in operating activities for the nine months ended Sept. 30, 2022. The cash inflow in the current period was due to increased production at the company's mining operations.

Cash provided by financing activities during the nine months ended Sept. 30, 2023, was $1.8-million compared with $200,000 cash used during the nine months ended Sept. 30, 2022, primarily due to non-brokered private placement offerings during the current period of net proceeds of $1.9-million.

Cash used in investing activities during the nine months ended Sept. 30, 2023, was higher at $4.1-million compared with $1.4-million cash used during the nine months ended Sept. 30, 2022, as the company continued to invest in the development of the Tangana mining unit.

Qualified person

Enrique Garay, MSc, PGeo (AIG member), 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. Garay is the company's chief operating officer.

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 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 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.