Silver X Mining Announces Closing of Final Tranche of Upsized Non-Brokered Private Placement to Complete its $5,000,000 Offering - Seite 2

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Shares for Debt

The Company also announced announces the successful completion of its shares 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 February 1, 2024 and pursuant to agreements dated October 2, 2023, as amended March 17, 2024, the Company has settled US$2,181,458 of indebtedness owed to MARTINEZ CONTRATISTAS E INGENIERIA S.A. through the issuance of 6,000,000 common shares, the equivalent of an issue price of C$0.499 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 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 August 13, 2024.

About Silver X Mining Corp.

Silver X is a rapidly-expanding silver developer and producer in the Americas. The Company owns the +20,000-hectare Nueva Recuperada Silver District in Central Peru and produces silver, gold, lead and zinc from the district's Tangana Mining Unit. Our mission is to be a premier silver company delivering outstanding value to all stakeholders and we aim to achieve this by consolidating and developing undervalued assets, creating value by adding resources and increasing production while aspiring to social and environmental excellence. For more information visit our website at www.silverxmining.com.