AGX.V · 2022-09-06 12:00:00

Higher-Grade-Ore-from-The-Tangana-Vein-Leads-to-Further-57-percent-Increase-in-Silver- Equivalent-Processed-In-August

Corporate Updates

SILVER X MINING CORP.

Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6

Higher-Grade-Ore-from-The-Tangana-Vein-Leads-to-Further-57-percent-Increase-in-Silver-

Equivalent-Processed-In-August

Vancouver, B.C., September 6, 2022 - SILVER X MINING CORP. (TSX-V: AGX) (OTC QB:

AGXPF) (F: WPZ) ("Silver X" or the "Company") is pleased to provide a monthly operational update

for August 2022.

August 2022 Highlights

• 195,038 silver equivalent ounces* (AgEq) processed in August, a 57% increase from July 2022.

• Average processing plant head grade of 18.29 oz/t (568.77 g/t) AgEq* in August

• August processing plant metal calculated recoveries of 87% for silver , 80% for gold, 84% for

zinc and 89% for lead

• Intercepted the Cauca vein with a cross-cut at the 650 Level and started its underground

exploration and development.

• Cauca development will allow for the eventual doubling of active fronts at Tangana

• Mine development focused on gold rich ore-shoots and prioritizing ore grades

• Advanced 327 meters of workings at Tangana, both in drifting along Tangana & Cauca veins,

development ramps, and cross cutting.

In August 2022 the head grade at the Recuperada processing plant averaged 18.29 oz/t AgEq*.

Recoveries at the plant were 86.88% for silver, 79.94% for gold, 88.77% for lead and 83.88% for zinc

based on mass balance calculations.

*Note: Silver equivalent ounces for August were calculated using $1,766/oz Au, $19.8/oz Ag, $7,961/t

Cu, $2,078/t Pb, $3,573/t Zn and does not consider metallurgical recoveries.

Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news

release.

In August 2022, Silver X continued to develop the Tangana 1 & 2 veins, and intercepted the Cauca vein

with a cross-cut at the 650 Level. Underground exploration and development at Cauca will allow for the

eventual doubling of active fronts at Tangana. In the month, underground workings were extended by a

further 327 meters.

Furthermore, the elevated gold content in recovered concentrate continues to drive increasing sale values

with overall concentrate grades exceeding initial expectations. The installation in the Recuperada plant

of a new, centrifugal gravity circuit for the recovery of free gold is on track to start operating in

September. The Recuperada plant’s analytical lab is now conducting fire assays for gold, reducing

reporting times of results by several days, increasing operational efficiency.

- 2 -

Figure 1: Recuperada monthly processing figures for 2022.

“Having reached our initial target plant throughput in July we are now seeing the benefit of the higher

grade ore being produced from the Tangana Vein ” stated José M. Garcia, CEO of Silver X. “We have

now reached our first target capacity of approximately 2M oz AgEq per year and are continuing our

exploration programme in order to to further increase our resources which in due course will allow us

to move to the next stage of production expansion. We remain on course to execute on our strategy to

become one of South America’s premiere silver districts”

Figure 2: Long section of the Tangana 1 Vein showing stopes mined in the month of August in light blue.

2,000

4,000

6,000

8,000

10,000

12,000

14,000

50,000

100,000

150,000

200,000

250,000

Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22

Tonnes Processed

Silver Equivalent Ounces

Recuperada 2022 Monthly Processing

Silver Equivalent Ounces Produced Tonnes Processed

50 m2

T6T7T8T9T10T11

T16T17

T18T19T20

T21

T14T15

VTN. 469VTN. 469-1VTN. 469-2

R10

R12

VTN. 340 BP. 469

GAL. 333 SW

CH. 615CH. 690CH. 750

CH. ORE PASS

CH. 410

CH. 450

CH. 490

CH. 470

CH. 530

CH. 90

CH. 70

CH. 50

CH. 35

CH. 20

CH. 15

CH. 25

CH. 40

CH. 55

CH. 85

CH. 100

CH. 115CH. 130

S S1 S2NN1 S3

N3N4N6

S9 S10

GAL. 469 NW

R14

R16

CH. 510

SN. 255 SESN. 255 NW

12E

4E3E2E1E15W

1AW1W2AW

3AW

8W 7W 6W

4W 3W 2W 1W C 9E 10E 11E 12E 13E 14E

CH. 70

GAL. 469 NW

Nv. 650

Nv. 700

Nv. 630

T12T13

R24

R22

R20

R18

Pot. 1.50 m

Ag. 3.50

Cu. 0.37

4700 m.s.n.m.

4675 m.s.n.m.

4650 m.s.n.m.

4700 m.s.n.m.

4675 m.s.n.m.

4650 m.s.n.m.

4725 m.s.n.m. 4725 m.s.n.m.

SN. 1604 SEBP. 2695

BP. 469 NW

PUENTE

SN. 255 SE

RP. 225 (+)

SN4SN5

SN3 SN2

SN1

SN4

SN3SN2

SN1SN

PUENTE

BLOCK 4680-2

TMS Au Ag Cu Pb Zn US$ VM

618.80 2.31 0.09 3.44 2.08

BLOCK 4680-3

BLOCK 4680-1

SN. 255 SE

SN. 6313 NW PROYECTO SN. 6313 SE

CH. 360

SNSN1

SN. 6313 SE

Nv. 650

CH. ECHADERO

BLOCK 4680-3

TMS Au Ag Cu Pb Zn US$ VM

1,681.90 1.80 0.13 1.12 1.01

BLOCK 4615-3

TMS Au Ag Cu Pb Zn US$ VM

1,562.36 2.83 0.16 2.57 1.77

TMS Au Ag Cu Pb Zn US$ VM

654.28 2.43 0.16 1.79 1.60

200 m2

108 m2

110 m2 88 m2 83 m2

171 m2

79 m2

190 m2221 m2 58 m2

224 m2 97 m2

432 m2

554 m2

4725-1

4615-2

4615-3

4615-4

4680-5

4680-1

TMS Au Ag Cu Pb Zn US$ VM

3.61 0.34 2.83 2.30 TMS Au Ag Cu Pb Zn US$ VM 76 m2

TMS Au Ag Cu Pb Zn US$ VM

4.08 0.24 3.45 2.78

TMS Au Ag Cu Pb Zn US$ VM

3.28 0.32 1.65 2.72

4.12 0.31 2.62 2.85195 m2 106 m2

TMS Au Ag Cu Pb Zn US$ VM

6.27 0.33 2.89 2.71

250 m2353 m2

248 m2

122 m2

N-8561250

N-8561350

E-499275

E-499300

E-499275

E-499250

E-499225

E-499200

E-499175

E-499150

E-499125

E-499100

E-499125

E-499100

E-499175

E-499200

E-499225

N-8561225

N-8561200

N-8561300

N-8561175

N-8561250

N-8561225N-8561275

N-8561200

E-499325

E-499300

E-499250

E-499150

E-499350

N-8561300

N-8561325

N-8561350

N-8561375

E-499100

N5N6

N7N8

N10

GL 6313 SE

GL 6313 NW

SN1

C3A

C2A

VN 5699

SS SS1

SN3A

SN4

SN5

SN6

SEM

MES

S10

S11

N-8561200

15/06/22

RP1

R11

R12

R15 R16

R5A

R7A

R8R10

R11

R15 R16

R17

R18

R19R20

R21

R22

VN469

VN469-1

VN469-2

RP+255

CX.9306

DDH-PS-22-014

09/06/22

NV.700

R6 R7

15/06/22

SN 1604NW

SNSN1

SN3

SN2

SN4

SN5

SN4A

SN5A

SN 255 NW

SN 6313NW

N-8561350

SN4

SN5

SN5A

SECCION LONGIT UD INA L V ETA T ANGANA 1

Scale 1:250

5 10 15 200

(meters)

25 SECCION LO NGITUDINAL T OPOGRAFI CA

UNIDAD PRODUCCION TANGANA - GL 6313 NW Y SE

N° PLANO

Escala : 1/250 Fecha: 30 AGOSTO 2022 Datum.: WGS - 84DESCRIPCIONES FECHA DIB.MODIFICADO

REVISIONES

A Para su Revisión MINERA TA NGANA PERU SA CJ.Q.N.

Geo. : A. Alvarez Q. - A. Jalixto P.

SUB BLO QUES DE PRODUCCION JU LI O-AGOSTO

Una compania de SILVER Rev. :

Apr. :

GIS : Renzo Ariza

Mina. :

Juan Moran Concha

V°B°. :

Juan Moran Concha

Roberto Llovet

Eduardo Jacobo - Sarahi Holguin

LEYENDA

MINERALIZACION

Falla

ESTRUCTURAL

Fracturamiento 72°

LITOLOGIA

Sulfuros = Ga, Sf, Cpy.

Nivel 590

OTROS

Cuarzo

63°

Zona de cizalla

Falla Sinextral

Falla Dextral

Brecha Hidrotermal

Brecha Tectonica

Dique Latita Cuarcifera

Andesita

Brecha Tinqui Traza de Vetas

Proyectos

Puntos de Muestreo

>80.00$

60 - 80 $

50 $ - 60 $

<50 $

VALO RES

Au (G r/ tm) 25.26

Ag (O z/ tm) 12.30

Cu (%) 0.00

Pb (%) 13.40

Zn (%) 18.03

VALOR PUNTO

LEVANTAMIENTOS TOPOGRAFICOS

TAJO - JULIO

TAJO - AGOSTO

Tangana 1 Vein Long Section

- 3 -

Qualified Person

Mr. A. David Heyl, who is a qualified person under NI 43-101, has reviewed and approved the technical

content of this news release for Silver X. Mr. Heyl, B.Sc., C.P.G., QP is a Certified Professional

Geologist and] Qualified Person under NI 43 -101. With over 25 years of fi eld and upper management

experience, Mr. Heyl has a solid geological background in generating and conducting exploration and

mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl

has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for

Southern Peru Copper, and spent over twelve years working in and supervising underground and open

pit mining operations in the Americas. Mr. A. David Heyl is a consultant for Silver X.

Cautionary Note regarding Production without Mineral Reserves

The decision to commence production at the Nueva Recuperada Project and the Company's ongoing

mining operations as referenced herein (the "Production Decision and Operations") are based on

economic models prepared by the Company in conjunction with management's knowledge of the

property and the existing estimate of inferred mineral resources on the property. The Production Decision

and Operations are not based on a preliminary economic assessme nt, a pre -feasibility study or a

feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there

is increased uncertainty and economic and technical risks of failure associated with the Production

Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk

that additional construction or ongoing mining operations are more difficult or more expensive than

expected; and production and economic variables may vary considerably, due to the absence of a detailed

economic and technical analysis in accordance with NI 43-101.

About Silver X

Silver X is a Canadian silver mining company with assets in Peru. The Company’s flagship asset is the

Tangana silver, gold, lead, zinc and copper project (the "Project") located in Huancavelica, Peru, 10 km

north-northwest of the Nueva Recuperada polymetal lic concentrate plant. Founders and management

have a successful track record of increasing shareholder value. For more information visit our website at

www.silverxmining.com.

ON BEHALF OF THE BOARD

José M. Garcia

CEO and Director

For further information, please contact:

Silver X Mining Corp.

José M. Garcia, CEO

+1 604 358 1382 | [email protected]

- 4 -

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defi ned 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 certa in

acts, events or results “may”, “could”, “would”, “might” or “will be take n”, “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 limitatio n, 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 pro vide considerable resource

expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected

financial performance of the Company.

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 publ ic 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 id entify 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.

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