Mr. Jose Garcia reports

SILVER X MINING ANNOUNCES CLOSING OF PRIVATE PLACEMENTS FOR AGGREGATE GROSS PROCEEDS OF C$21.5 MILLION

Silver X Mining Corp. has closed its previously announced bought deal private placement for gross proceeds of $16-million, which includes the full exercise of the underwriters' overallotment option as explained below. Pursuant to the brokered offering, the company sold 32 million units of the company at a price of 50 cents per unit. Red Cloud Securities Inc. acted as lead underwriter, Laurentian Bank Securities, acted as co-manager in connection with the brokered offering.

Further to the company's press release dated Sept. 15, 2025, the company has also completed its non-brokered private placement for gross proceeds of $5.5-million from the sale of 11 million units at the offering price. The company raised aggregate gross proceeds of $21.5-million from the sale of 43 million units at the offering price under the offerings. The underwriters also acted as finders for the company in connection with the non-brokered offering.

Jose Garcia, president and chief executive officer of Silver X, stated:

"This is an extremely important milestone for Silver X. We are thrilled with the strength of investor demand that led to not one, but two upsizing's of this $21.5-million financing. This is a critical moment in the company's trajectory, and we thank all our shareholders for their continued support in sharing our vision of building the next district-scale silver project in Peru.

"This financing represents more than just capital -- it is the catalyst for transformative growth. For the first time in the company's history, we have the financial strength required to execute our vision properly and decisively. The injection of capital will allow us to significantly advance our growth plans across exploration, resource conversion and production scale. Silver X now has the potential to become one of the fastest-growing silver producers in South America, with the foundations in place to deliver sustainable value and operational excellence."

Each unit consists of one common share of the company and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of 70 cents at any time on or before Sept. 29, 2028.

The company intends to use the net proceeds from the offering for capital and exploration expenditures related to the company's operations in the Nueva Recuperada silver district in Peru as well as for working capital and general corporate purposes.

All securities not issued pursuant to the listed issuer financing exemption are subject to a statutory hold period in accordance with applicable Canadian securities law and may not be traded until Jan. 30, 2026, except as permitted by applicable securities legislation and the policies of the TSX Venture Exchange.

There is an amended and restated offering document related to the offerings that can be accessed under the company's profile at SEDAR+ and on the company's website.

As consideration for their services for the offerings, the underwriters received aggregate cash fees of $1,258,020 and 2,516,040 non-transferable common share purchase warrants. Each broker warrant is exercisable into one common share at the offering price at any time on or before Sept. 29, 2028. The broker warrants and broker warrant shares are subject to a statutory hold period in accordance with applicable Canadian securities law and may not be traded until Jan. 30, 2026, except as permitted by applicable securities legislation and the policies of the TSX-V.

Completion of the offerings remains subject to the final approval of the TSX-V.

About Silver X Mining Corp.

Silver X Mining is a rapidly expanding silver producer and developer advancing the Nueva Recuperada project in Peru, a 20,795-hectare, district-scale land package with two mining units and over 200 targets. Current production at the Tangana mining unit is scaling alongside the planned restart of the Plata mine, supporting a path to about six million AgEq (silver equivalent) ounces annually by 2029. With immediate revenue, scalable growth and long-term discovery upside -- all within one integrated project -- Silver X is building the next-generation silver company defined by growth, resilience and responsible mining.

We seek Safe Harbor.