Mr. Jose Garcia reports

SILVER X GROWS THE AGEQ PROCESSED BY 42% AND GOLD 119% YOY AS NUEVA RECUPERADA PLANT EXPANSION TO 1,000 TPD ADVANCES

Silver X Mining Corp. has released its production results for the third quarter ending Sept. 30, 2026 (Q3 2026), at the company's Nueva Recuperada property in Peru.

Third quarter 2026 production highlights:

• Throughput up 63 per cent, ore mined more than doubled: Processed tonnage increased to 54,681 metric tonnes from 33,505 metric tonnes in Q3 2025 and ore mined rose to 60,694 metric tonnes, up 113 per cent year over year.
• Gold up 119 per cent: Gold ounces processed rose to 1,641 ounces (oz) from 751 oz in Q3 2025, driven by higher throughput and gold head grades averaging 0.93 gram per tonne (g/t), up 34 per cent from 0.70 g/t.
• Silver up 47 per cent, AgEq (silver equivalent) up 42 per cent: Silver ounces processed increased to 138,724 oz from 94,395 oz in Q3 2025. AgEq processed reached 322,822 oz (plus 42 per cent) and AgEq produced reached 225,237 oz (plus 35 per cent), with zinc and lead processed up 42 per cent and 20 per cent.
• Throughput limited during the 1,000-tonne-per-day (tpd) plant expansion: The plant averaged 594 tpd in Q3 2026 (364 tpd in Q3 2025 and 684 tpd in 2Q26), as throughput was limited during the work to repair and install the equipment required to reach 1,000 tpd.
• Tangana mine loaded for the ramp-up: Underground development increased to 3,397 metres (m) (3,159 metres in Q2 (second quarter) 2026) and ore mined exceeded ore processed by approximately 6,000 metric tonnes, around 10 days of plant feed at the Q3 2026 average rate, building stockpile ahead of 1,000 tpd.
• High-grade Red Silver mine development continues with approximately 600 metres developed in Q3 2026.
• Blenda Rubia mine drill exploration carries on the expansion of the known extents and characteristics of the plus-10-metre-wide, mechanized minable mineralization prior to its development.
• Quarter shaped by the 1,000 tpd expansion: Versus Q2 2026, processed tonnage was 12 per cent lower and AgEq produced 20 per cent lower, reflecting the two planned components of the expansion: reduced plant throughput while new equipment was installed; and lower silver, lead and zinc head grades as the mine sourced more ore from development headings while opening the faces that will feed the higher plant rate.

"The third quarter was about building our next step of growth," said Jose M. Garcia, chief executive officer of Silver X. "Plant throughput was limited while we installed the equipment for 1,000 tonnes per day and pushed the mine into development to open the faces that will feed it, and we still grew AgEq processed 42 per cent and gold 119 per cent year over year. We expect the plant to reach 1,000 tonnes per day in the fourth quarter, a 33-per-cent step-up in capacity, and the mine is already ahead of the plant with a stockpile ready to feed it."

Q3 2026 was dedicated to the 1,000 tpd plant expansion at Nueva Recuperada. After ramping the plant up toward its 750 tpd nameplate capacity in Q2 2026, the company began the work to repair and install the equipment required to lift plant capacity to 1,000 tpd. With throughput limited during the expansion, the plant averaged 594 tpd during the quarter, compared with 684 tpd in Q2 2026. In parallel, the Tangana mine prioritized underground development to open the working faces needed to feed the higher plant rate, which temporarily lowered silver, lead and zinc head grades as more ore came from development headings. Together, these planned activities explain the lower processed tonnage and metal production versus Q2 2026, while production remained well above Q3 2025 levels.

Year-over-year growth was driven by a 63-per-cent increase in plant throughput and a 34-per-cent increase in gold head grades, partially offset by lower silver, lead and zinc head grades. With the upgrade work and a growing stockpile in place, the plant is expected to reach 1,000 metric tonnes per day in Q4 (fourth quarter) 2026, 33 per cent above its previous nameplate of 750 metric tonnes per day, supporting continued production growth into 2027.

Qualified person

A. David Heyl, BSc, CPG, 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. 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 continuing mining operations as referenced herein 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 prefeasibility 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 continuing 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 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 20,795 hectares with two mining units and over 200 exploration targets, as well as the recently acquired Pampas project, which adds further scale and long-term growth potential.

Current production from the Tangana mining unit is increasing alongside the planned restart of the Plata, Red Silver and Blenda Rubia mines, supporting a path toward approximately six million AgEq ounces annually by 2029. The addition of the Pampas project strengthens the company's asset base and enhances its ability to grow into a district-wide, multiasset operator.

With existing production, scalable expansion opportunities and significant exploration upside across multiple assets, Silver X is positioning itself as a next-generation silver company focused on growth, diversification and long-term value creation.

We seek Safe Harbor.