Silver X Reports First Quarter 2023 Financial Results

Generated revenues of $4.6 million, sustaining capital expenditures at Tangana while production ramp up continues

(All dollar amounts expressed in US dollars unless otherwise noted)

VANCOUVER, BC / ACCESSWIRE / May 24, 2023 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(FRA:AGX) ("Silver X" or the "Company") is pleased to report its interim financial results for the three months ended March 31, 2023 ("Q1 2023") for the Nueva Recuperada Project (the "Project") in central Peru.

"The year is off to a great start as ramp up of production progressed and strong metals prices contributed to revenues of $4.6 million," stated José M. García, President and CEO of Silver X. "Overall, I am pleased with the progress we are seeing at Tangana. Cash generated from operations sustained capital expenditures for the Tangana mining unit where development was accelerated to over 2,000 metres to support steady production throughout the remainder of the year. Results from the third quarter of 2022 are representative of where we expect to see production and costs stabilize as full ramp up is achieved."

First Quarter 2023 Highlights

• Generated revenues of $4.6 million, representing an 18% increase when compared to the fourth quarter of 2022 and demonstrative of the ramp up towards stable production.
• Operating loss of $0.4 million, partially affected by the social disruption in Peru during Q1 2023, compared with an operating loss of $2.5 million in Q1 2022.
• Net loss before tax of $1.1 million compared with a net loss of $3.1 million in Q1 2022, a 38% improvement as ramp up of production continues.
• Cash costs^[1] of $18.50 per silver equivalent ("AgEq")^[2] ounce produced and All-In-Sustaining Cost ("AISC")¹ of $26.60 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.5 million adding $5.2 million to the AISC).

[1] Cash costs per AgEq ounce produced and AISC per AgEq ounce produced are non-IFRS financial ratios. These are based on non-IFRS financial measures that do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Please refer to the "Non-IFRS Measures" section of this news release for further information.

[2] AgEq ounce produced were calculated using the average sales prices of each metal for each month, and revenues from concentrate sales do not consider metallurgical recoveries in the calculations as the metal recoveries are built into the sales amounts.

Events Subsequent to the End of the Quarter

• On May 17, 2023, announced a non-brokered private placement of up to CAD$3 million.
• Published the Company's inaugural Sustainability Report, which can be found on the Silver X website at https://www.silverxmining.com/sustainable-development.

Summary of Selected Financial Results

The information provided below are excerpts from the Company's unaudited interim Financial Statements and Management's Discussion and Analysis ("MD&A"), which can be found on the Company's website at www.silverxmining.com/investor#report or on SEDAR at www.sedar.com.

Notes:

1. EBITDA, Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS ratios with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information, including detailed reconciliations to the most directly comparable IFRS measures, see "Non-IFRS Measures" in this news release and the MD&A.

For the three months ended March 31, 2023, the Company recorded a net loss before tax of $1.1 million, compared to a net loss before tax of $3.2 million in the three months ended March 31, 2022 ("Q1 2022").

The reduction in loss in the current period was primarily due to increased operating revenues from the sale of pre- commercial mineral production of $4.6 million (vs. $1.3 million in Q1 2022) reflective of the continued ramp up of production partially offset by increased production costs in line with the higher production level achieved in the current period of 40,271 tonnes processed (11,403 in Q1 2022).

Loss or gain on translation of foreign operations fluctuates depending on the strength of the Peruvian sol and Canadian dollar against the US dollar. The Company recorded loss on translation for the three months ended March 31, 2023, of $0.08 million (vs. $0.4 million gain in Q1 2022) resulting in a comprehensive loss of $0.95 million (vs. $1.05 million comprehensive loss in Q1 2022).

Financial Position

The available cash during the period was reduced by $0.2M mainly driven by the investment deployed for the continuing development of the Tangana mine unit, which saw higher development rates during the period. The Company continues to actively manage the existing payables either through the cash flow generated from the operations and/or through other available sources of financing to further improve its working capital.

Operational Results