Silver X Mining Announces Non-Brokered Private Placement of Up To C$3.0 Million

All dollar amounts reflected in Canadian dollars unless otherwise stated.

VANCOUVER, BC / ACCESSWIRE / May 17, 2023 / Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") announces a non-brokered private placement (the "Private Placement") of up to 10,000,000 units (the "Units") at a price of $0.30 per Unit for gross proceeds of up to $3,000,000. Each Unit will be comprised of one common share (a "Share") and one Share purchase warrant (a "Warrant") with each Warrant entitling the holder to purchase one Share of the Company at a price of $0.45 per Share for a period of 24 months from the date of closing of the Private Placement (the "Closing Date").

In the event that at any time following the date that is 4 months and one day following the Closing Date, the closing price of the Shares of the Company is at or above $0.60 per Share for a period of 10 consecutive trading days during the Warrant exercise period (with the 10th such trading day hereafter referred to as the "Eligible Acceleration Date"), the Warrant expiry date shall accelerate to the date that is 60 days after the Eligible Acceleration Date.

Finders' fees of 6% cash and 6% finder's warrants may be payable to eligible parties.

The Company intends to use the net proceeds from the Offering for capital expenditures and exploration related to the Nueva Recuperada Silver District in Peru (the "Project") and potential acquisitions of assets.

The securities being offered under the Offering will be issued pursuant to applicable exemptions from the prospectus requirements under applicable securities laws and will be subject to a hold period that will expire four months and one day from the Closing.

Closing of the proposed Offering is anticipated to occur on or about June 29, 2023. Closing of the Offering is subject to receipt of all necessary regulatory approvals including acceptance of the TSX Venture Exchange.

Revenue Mine Assets Acquisition Update

On April 17, 2023, the Company announced that it had signed a purchase agreement to acquire the Revenue Mine assets, in Colorado, USA, out of receivership. The transaction remains subject to a number of conditions, including, without limitation, the approval of the District Court, Ouray County, State of Colorado (the "District Court"). The receiver has filed documents with the District Court seeking approval for the sale. As a part of the receivership process, two creditors have filed objections to the receiver's motion to approve the sale. The parties are awaiting determination of the District Court's review of this matter. At this time the conditions for closing have not been met and there remains uncertainty as to whether they will be met. The Company has been to site and met with the Ouray Board of County Commissioners, receiving positive feedback from the community who are eager to see mining activity return to the region. Silver X will continue providing progress reports as and when available as the Company continues to work to meet the conditions precedent and secure court approval.

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.

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.

ON BEHALF OF THE BOARD

José M. García
President, CEO and Director

For further information, please contact:

Fiona Grant Leydier

Vice President, Investor Relations and Corporate Marketing
T: +1 647 259 6901 x 101
E: f.grant@silverxmining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding "Forward-Looking" Information

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ("forward-looking information"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward-looking information contained in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Project, the ability of the new zones at the Project to feed production at the Company's Nueva Recuperada Plant in the near term, the Company's belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, the expected financial performance of the Company, the ability of the Company to complete the proposed Private Placement, if at all, on the proposed terms, and the use of proceeds of the Private Placement.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company's operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company's ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company's annual and interim MD&As and in its public documents filed on www.sedar.com from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE: Silver X Mining Corp.