Mr. Jose Garcia reports

SILVER X ACQUIRES 100% OF CCASAHUASI: A GOLD SYSTEM NEXT DOOR TO A PRODUCING MINE, DEFINED WITH ONLY 903 METERS OF DRILLING AND OPEN ALONG STRIKE AND AT DEPTH

Silver X Mining Corp. has secured 100-per-cent ownership of the Ccasahuasi gold project through the acquisition of the Lily 19 mining concession, located within its Nueva Recuperada district in Huancavelica, central Peru.

Silver X's National Instrument 43-101 preliminary economic assessment for the Nueva Recuperada project, effective May 31, 2025 (the PEA), includes an inferred mineral resource of 1,405,587 tonnes grading 0.936 gram per tonne Au (gold) and containing 42,303 ounces Au, defined with fewer than 1,000 metres of drilling, sitting one kilometre from a mine that is already in production and acquired through a capital-efficient transaction structure. What the numbers do not yet tell is how far this system extends -- and that is precisely the opportunity.

Investment highlights

• Capital-efficient acquisition: Silver X acquired 100 per cent of the Lily 19 concession for total cash consideration of $30,000 (U.S.), consolidating full ownership of the Ccasahuasi project, which hosts an inferred mineral resource of 1,405,587 tonnes grading 0.936 g/t Au and containing 42,303 oz Au.
• Next door to production: Ccasahuasi sits approximately one kilometre from the Tangana mine, Silver X's producing asset. If the system extends toward Tangana as current interpretation suggests, incremental ounces could feed existing mill infrastructure with minimal additional capex (capital expenditure).
• Limited drilling completed to date: The current inferred mineral resource of 1,405,587 tonnes grading 0.936 g/t Au and containing 42,303 oz Au was outlined using only 903.5 metres of diamond drilling in four holes. Three of those four holes returned intercepts exceeding 26 metres at grades above 0.7 g/t Au. The system has not been drilled to depth or along strike.
• Broad mineralized intervals: Results include 45.9 m grading 0.97 g/t Au and 42.0 m grading 0.88 g/t Au. Intercepts are reported as drilled lengths; true widths have not been determined.
• Mineralization open for further evaluation: Geologists interpret the tabular Au-Ag (gold-silver) body as extending toward the south and southwest -- toward the Tangana mine footprint. If confirmed by drilling, this interpretation could support future resource expansion within the Ccasahuasi target area.
• District gold potential: Ccasahuasi supports the geological rationale for further gold exploration within Nueva Recuperada, including conceptual high sulphidation target areas such as Carboncuyocc.
• Already included in the PEA (preliminary economic assessment): Ccasahuasi is included in the company's current National Instrument 43-101 preliminary economic assessment for the Nueva Recuperada project, effective May 31, 2025.

CEO commentary

Jose M. Garcia, chief executive officer of Silver X, commented:

"This transaction is not only about the current inferred mineral resource at Ccasahuasi. It is about securing control over a gold system that sits immediately beside our producing mine, was defined with limited drilling and remains open in directions that warrant additional exploration.

"Three of our four drill holes returned intercepts of more than 26 metres at encouraging gold grades. The system is open. Our working interpretation is that mineralization extends toward the south and southwest -- toward Tangana. We acquired 100 per cent of this concession because we believe additional drilling is warranted to evaluate the potential scale of the system.

"Ccasahuasi is not a stand-alone prospect. It is a strategic piece of a district we are building into a multiasset precious metals platform. With full ownership, we can now move systematically to test the scale of this system on our own timeline."

Transaction terms

Silver X acquired 100 per cent of the Lily 19 mining concession from Barrick Mining Corp. under terms that include cash consideration payable in stages and a net smelter return royalty with a partial buyback provision. The structure reflects a negotiated, bilateral agreement directly with Barrick -- one of the world's largest gold producers -- providing Silver X with unencumbered operational control over the full Ccasahuasi land package.

Ccasahuasi project overview

Ccasahuasi is a volcanic-hosted disseminated gold system covering approximately 1,350 hectares within the Nueva Recuperada district, Huancavelica, central Peru. A core altered zone of approximately 160 hectares has been defined through geological mapping and more than 1,200 surface samples collected since 2021.

Gold mineralization is hosted in andesitic volcanic rocks associated with diorite intrusions. Gold occurs primarily with arsenopyrite within hydrothermal breccias and altered host rock -- a mineralogical association interpreted by the company as consistent with an intermediate- to low-sulphidation epithermal system.

Silver X geologists interpret the mineralized body as a tabular Au-Ag system approximately 40 metres thick. Based on drill geometry and structural interpretation, the body is assessed as open toward the south and southwest, with potential continuation beneath the Cauca and Tangana areas. This interpretation forms the basis for a conceptual follow-up drill program.

Current mineral resource

According to the company's National Instrument 43-101 preliminary economic assessment for the Nueva Recuperada project, effective May 31, 2025, Ccasahuasi hosts an inferred mineral resource of 1,405,587 tonnes grading 0.936 g/t Au and containing 42,303 oz Au, reported at a 0.25 g/t Au cut-off.

The estimate also reports 3.23 Moz AgEq (silver equivalent) based on the conversion parameters set out in the PEA.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate is classified as an inferred mineral resource under the CIM (Canadian Institute of Mining) definition standards, and there is no certainty that any portion of the inferred mineral resource will be converted to an indicated or measured mineral resource or to a mineral reserve.

Exploration work completed

Since 2021, Silver X has systematically advanced Ccasahuasi through a multiphase program covering all critical aspects of early stage resource definition:

• Geological mapping and surface geochemical sampling (greater than 1,200 samples);
• Alteration characterization using Terraspec mineralogy studies;
• 3-D geological modelling integrated in Leapfrog Geo;
• Block model construction and grade estimation in Datamine RM;
• Resource classification and validation reviewed by qualified person A. David Heyl.

The resource model integrates structural, lithological and geochemical data. Block model validation was performed using sectional review and swath plot analysis. The work program reflects industry-standard methods applied consistently across all Nueva Recuperada assets.

2023 drill program: four holes, three strong intercepts

In 2023, Silver X completed four diamond drill holes totalling 903.5 metres at Ccasahuasi -- the first systematic drill test of the system. Results were decisive: three of the four holes returned broad, continuous gold mineralization, providing the principal drill data supporting the current inferred mineral resource of 1,405,587 tonnes grading 0.936 g/t Au and containing 42,303 oz Au.

Key intercepts

• DDH-CSH-2023-003: 45.9 m at 0.97 g/t Au, 23.50 g/t Ag -- strongest hole of the program;
• DDH-CSH-2023-001: 42.0 m at 0.88 g/t Au, 13.96 g/t Ag -- confirms system width;
• DDH-CSH-2023-002: 26.2 m at 0.72 g/t Au, 16.93 g/t Ag -- demonstrates lateral continuity;
• DDH-CSH-2023-004: 4.30 m at 1.06 g/t Au plus 6.95 m at 0.46 g/t Au -- two zones in one hole.

Broad intercepts across four spatially separated holes support the interpretation of a coherent mineralizing system. Additional drilling is required to determine the lateral and vertical continuity of mineralization. The system was not drilled to its limits. The deepest holes remain open at depth, and the southwestern extension has not been tested.

Intercepts are reported as drilled lengths; true widths have not been determined. Detailed technical disclosure including collar locations, survey data, interval calculation methodology, analytical laboratory and QA/QC (quality assurance/quality control) procedures will be provided prior to first-time detailed National Instrument 43-101 reporting of the 2023 drill data set.

Expansion potential: the opportunity in front of the drill

The current inferred mineral resource covers the central portion of the interpreted mineralized system. Silver X geologists assess the tabular body as remaining open in multiple directions, with the most compelling vector being the southwestern extension toward the Cauca area and, potentially, toward the Tangana mine infrastructure.

To test this upside, the company has outlined a conceptual 5,320-metre follow-up drill program comprising two phases:

• Surface drilling (3,650 m): targeting the southwestern strike extension of the tabular body;
• Underground drilling (1,670 m): testing down-dip continuity from existing development.

If the southwestern extension is confirmed by drilling, Ccasahuasi could represent part of a broader mineralized corridor within the Nueva Recuperada district, potentially extending toward the Tangana area.

This program is conceptual only and has not been approved by the company. No budget or schedule has been established. There can be no assurance the program will be undertaken as described or that it will materially expand the current resource.

Strategic context: what this means for Nueva Recuperada

Nueva Recuperada has been built as a silver-polymetallic district. Ccasahuasi adds a gold component supported by drilling and a current inferred mineral resource reported in the company's NI 43-101 PEA. Its proximity to production infrastructure supports continued technical evaluation within the broader district strategy.

With 100-per-cent ownership now consolidated, Silver X can:

• Advance exploration on Ccasahuasi on its own timeline, without third party concession constraints;
• Evaluate integration of Ccasahuasi ore into existing Tangana processing infrastructure;
• Evaluate the potential to build a district-wide gold resource base to complement silver-polymetallic production;
• Position Nueva Recuperada as a diversified Au-Ag platform rather than a single-metal story.

District gold upside: Carboncuyocc target area

Carboncuyocc is a conceptual target area for further exploration within the Nueva Recuperada district. Internal geological work has identified advanced argillic alteration, including alunite, pyrophyllite, quartz-alunite and silica, over an area of approximately three by 1.6 kilometres. This alteration assemblage is interpreted by the company as consistent with the upper levels of a high-sulphidation epithermal system.

Silver X's internal interpretation identifies an area for further exploration beneath the advanced argillic alteration footprint. Carboncuyocc remains conceptual in nature, and there has been insufficient exploration to define a mineral resource. Taken together with Ccasahuasi, Carboncuyocc supports the geological rationale for further district-scale gold exploration within Nueva Recuperada.

Quality assurance and qualified person

The technical information relating to the Ccasahuasi project contained in this news release is derived principally from the company's National Instrument 43-101 preliminary economic assessment for the Nueva Recuperada project, effective May 31, 2025 (the PEA), together with supporting geological, drilling and resource modelling work completed by the company.

The Ccasahuasi inferred mineral resource estimate of 1,405,587 tonnes grading 0.936 g/t Au and containing 42,303 oz Au is based on four diamond drill holes totalling 903.5 metres, geological mapping, surface geochemical sampling and three-dimensional geological modelling. Resource estimation and validation were completed using industry-standard methodologies and software, including Leapfrog Geo and Datamine RM. The company's quality assurance and quality control program includes the use of certified reference materials, blanks and duplicates, chain-of-custody procedures, and independent laboratory analyses.

The geological interpretations, conceptual target areas and conceptual drill programs discussed in this release are based on current technical information and remain subject to further evaluation and drilling. Any references to potential extensions of mineralization or future resource growth are conceptual in nature and there can be no assurance that further exploration will result in the delineation of additional mineral resources.

Qualified person

A. David Heyl, BSc, CPG, a qualified person under National Instrument 43-101, has reviewed and approved the technical content of this news release on behalf of Silver X. Mr. Heyl is a consultant to the company. The technical disclosure in this release is based principally on the company's current NI 43-101 preliminary economic assessment for the Nueva Recuperada project.

About Silver X Mining Corp.

Silver X is a growing silver producer building a multiasset precious metals platform in Peru. The company's portfolio includes the Nueva Recuperada project, a district-scale land package of over 20,000 hectares with two mining units and more than 200 exploration targets, as well as the recently acquired Pampas project.

With existing production, scalable expansion opportunities and significant exploration upside, Silver X is positioned for continued growth and long-term value creation.

We seek Safe Harbor.