Mr. Jose Garcia reports

SILVER X MINING ANNOUNCES UPSIZE TO PRIVATE PLACEMENT

As a result of demand, Silver X Mining Corp. has increased the size of its previously announced non-brokered private placement of units (see new releases dated March 21, 2024, and April 4, 2024). Silver X will now raise aggregate gross proceeds of up to $5-million at 18 cents per unit.

Each unit will consist of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one share of the company at a price of 30 cents per share for a period of 36 months from the date of closing of the private placement.

Proceeds of the private placement will be used for capital expenditures and exploration related to the Nueva Recuperada silver district in Peru and potential acquisitions of assets.

Silver X may pay finders' fees of 6 per cent cash and 6 per cent finder warrants on some portion of the gross proceeds of the private placement to certain arm's-length parties that assist the company in introducing subscribers to the private placement. The securities issued under the private placement will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the private placement. Closing of the private placement is subject to receipt of all necessary regulatory approvals, including final acceptance of the TSX Venture Exchange.

Jose Garcia, chief executive officer, and Sebastian Wahl, vice-president, corporate development, have each expressed an interest in participating the private placement. The participation by the insiders of the company in the private placement constitutes a related party transaction within the meaning of TSX-V 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.

About Silver X Mining Corp.

Silver X is a rapidly expanding silver developer and producer in the Americas. The company owns the greater-than-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.