Mr. David Gleit reports

SILVER X REVISES DOWN ITS ALL-IN SUSTAINING COST ("AISC") ACCORDING TO REVISED METHODOLOGY

Silver X Mining Corp. has made changes in the methodology and metrics for determining the company's all-in sustaining cost (AISC), aimed at better reflecting its operating performance and efficiency, enhancing the comparability of metrics with its peers.

To improve the accuracy and presentation of AISC calculations, Silver X refined the composition of general and administrative expense in sustaining cost, excluding discretionary costs for business development, investor relations and share-based compensation.

Silver X chief financial officer David Gleit stated: "This revision in our AISC methodology provides a clearer, more accurate view of our costs and operational efficiency, enhancing transparency and aligning Silver X with industry standards. We believe this change will allow investors and stakeholders to better assess our operational performance as we continue advancing our projects in Peru."

The attached table illustrates the impact of these changes for the previously reported three-month period ended March 31, 2024, and June 30, 2024.

As a result of these changes, the following improvements were noted.

Sustaining costs:

• For the three-month period ended March 31, 2024, sustaining costs decreased from $1.4-million to $1.1-million, representing a $310,000 or 21-per-cent reduction.
• For the three-month period ended June 30, 2024, sustaining costs decreased from $2-million to $1.3-million representing a $657,000 or 33-per-cent reduction.

AISC:

For the three-month period ended March 31, 2024, AISC decreased from $20.26 to $19.22 per silver equivalent (AgEq) ounce (oz), representing a 5-per-cent reduction.

For the three-months period ended June 30, 2024, AISC decreased from $25.85 to $23.54 per AgEq oz, representing a 9-per-cent reduction.

Silver X ensures that the AISC is fully reconcilable with amounts reported under IFRS (international financial reporting standard), thereby upholding transparency and compliance with financial reporting standards.

The change in methodology will be applied retroactively to the beginning of 2023.

Gross sales presentation

Note that reported revenues under IFRS are net of concentrate treatment and refining charges and penalties. Under the AISC methodology, these costs are added back to arrive at AISC.

In assessing operating margins, gross sales (before treatment and refining charges and penalties) should be compared with AISC. Going forward, AGX will report gross as well as net sales to facilitate this comparison.

Non-IFRS measures

Cash costs (dollar per ounce sold) and AISC (dollar per oz sold) are non-IFRS financial measures and non-IFRS ratios in this press release. These measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable with other issuers. Please refer to the non-IFRS measures section of the company's most recently filed management's discussion and analysis which is available on SEDAR+ for full details on these measures, which is incorporated by reference into this press release.

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.

About Silver X Mining Corp.

Silver X is a rapidly expanding silver producer and developer. The company owns the 20,472-hectare Nueva Recuperada silver project in central Peru and produces silver, gold, lead and zinc from its Tangana mining unit.

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