Mr. Jose Garcia reports

SILVER X MINING ANNOUNCES CLOSING OF FINAL TRANCHE OF UPSIZED NON-BROKERED PRIVATE PLACEMENT TO COMPLETE ITS $5,000,000 OFFERING

Silver X Mining Corp. has closed the second and final tranche of its previously announced non-brokered private placement offering with the placement of 21,621,577 units at a price of 18 cents per unit for gross proceeds of $3,891,884. On April 4, 2024, the company announced the closing of the first tranche of the private placement with proceeds of $1,108,116. In total, the company has placed 27,777,776 units for aggregate gross proceeds of $5-million.

Each unit consists 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.

All securities issued and issuable in connection with the second tranche closing of the private placement are subject to a statutory hold period expiring on Aug. 13, 2024. Closing of the private placement 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 paid fees to eligible finders consisting of: (i) $52,153.65 in cash; and (ii) 272,963 finders' warrants, each exercisable into one share at a price of 30 cents; and (iii) 16,668 finder's warrants, each exercisable into one share at a price of 18 cents. The finders' warrants are exercisable for a period of 36 months from the closing date.

Jose M. Garcia, chief executive officer, and Sebastian Wahl, vice-president of corporate development, have each participated for a total of approximately $2,273,009 worth of units in the second tranche of the private placement. The participation by the insiders of the company in the private placement 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 private placement will be filed less than 21 days before the closing of the private placement. This shorter period was reasonable and necessary in the circumstances as the company wished to complete the private placement in a timely manner.

Shares for debt

The company also announces the successful completion of its share-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.

Further to the company's news release dated Feb. 1, 2024, and pursuant to agreements dated Oct. 2, 2023, as amended March 17, 2024, the company has settled $2,181,458 (U.S.) of indebtedness owed to Martinez Contratistas E Ingenieria S.A. through the issuance of six million common shares, the equivalent of an issue price of 49.9 Canadian cents per share. The indebtedness related to design, engineering and technical consulting services rendered to the company. This strategic decision to issue shares in lieu of a cash payment is aimed at preserving the company's working capital, thereby ensuring operational efficiency and financial flexibility. All common shares issued in satisfaction of the indebtedness will be subject to a four-month hold period expiring on Aug. 13, 2024.

About Silver X Mining Corp.

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