Mr. Jose Garcia reports

SILVER X DELIVERS STEADY PRODUCTION DURING FOURTH QUARTER 2023 AND SUCCESSFULLY IMPLEMENTS SHARES FOR DEBT INITIATIVE

Silver X Mining Corp. has released its operating results for the fourth quarter ended Dec. 31, 2023, at the company's Nueva Recuperada property in Peru.

Q4 2023 Production Highlights

• Processing of 354,205 oz AgEq in Q4, 193% increase with respect to the previous quarter. Similar production levels as Q1 2023 (359,000 oz AgEq).
• Successful restart of operations on September 19, 2023, with 445,000 oz AgEq processed. Average head grade of 308 g AgEq/t (9.78 oz AgEq/t)
• Ramp-up continues alongside in-fill drilling activities to take the mine to its highest level of productivity.
• Effective cost reduction strategies in place, having achieved a solid cost reduction in Q4.

"Our team is doing a great job in taking Recuperada back to positive cashflows," stated Jose M. Garcia, CEO of Silver X. "As a result of the operational reset between July and September last year, we have managed to streamline operations, improve performance, and run the mine at a more competitive cost. Those economic results will be published in the next few weeks. We continue to forge ahead in increasing throughput and to improve head-grades by better ore selectivity and more robust mine development. I look forward to a successful 2024 year ahead for Silver X."

In Q4 2023, AgEq was calculated using metal prices of US$23.20 per oz Ag, US$1,959 per oz Au, US$0.96 per lb of Pb and US$1.13 per lb of Zn.

Please see "Cautionary Note regarding Production without Mineral Reserves" at the end of this news release.

Shares for Debt Transaction

The Company is also pleased to announce the successful implementation of its shares for debt initiative, a strategic step in strengthening its balance sheet and positioning the Company for future growth. This initiative is in line with the Company's commitment to financial prudence and shareholder value maximization.

The Company entered into an agreement dated October 2, 2023, to settle US$2,181,458 of indebtedness owed to an arm's length creditor through the issuance of 6,000,000 common shares, the equivalent of an issue price of C$0.499 per share. The indebtedness relates to design, engineering and technical consulting services rendered to the Company. This strategic decision to issue shares in lieu of cash payment is aimed at preserving the Company's working capital, thereby ensuring operational efficiency and financial flexibility. The common shares will be issued upon acceptance by the TSX Venture Exchange and approval by the directors of the Company. All common shares issued in satisfaction of the indebtedness will be subject to a four-month hold period from the date of issuance.

Qualified Person

Mr. A. David Heyl, B.Sc., C.P.G who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. A. David Heyl is a consultant for Silver X.

Cautionary Note regarding Production without Mineral Reserves

The decision to commence production at the Nueva Recuperada Project and the Company's ongoing mining operations as referenced herein (the "Production Decision and Operations") are based on economic models prepared by the Company in conjunction with management's knowledge of the property and the existing estimate of mineral resources on the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.

About Silver X

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 its Tangana Project. Our mission is to be a premier silver company delivering outstanding value to all stakeholders and we aim to achieve this by consolidating and developing undervalued assets, creating value by adding resources and increasing production while aspiring to social and environmental excellence. For more information visit our website at www.silverxmining.com.

We seek Safe Harbor.