Silver X Reports a Twelve-Year Extension of Its Social Agreement with the Community of Huachocolpa [EFFECTIVE PERIOD 2023-2035]

VANCOUVER, November 16, 2023 - Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company"), a rapidly expanding silver developer and producer in Central Peru, is pleased to announce a 12-year extension of its social agreement (the "Agreement") with the local Huachocolpa (Huancavelica, Peru) community, solidifying relations and enabling continued operations at the Nueva Recuperada Project (the "Project") until November 2035.

Agreement Highlights:

• Became effective on November 6, 2023, granting twelve additional years of operational activities.
• Encompasses all areas including the Nueva Recuperada Processing Plant, Tangana Mining Unit, and the Red Silver Mining Unit.
• Demonstrates Silver X's commitment to engaging and supporting local businesses, with up to 23 companies actively involved in the current operations.
• Incorporates social development initiatives focusing on education, health, agriculture, livestock, and local employment.

José García, CEO of Silver X commented: "Our commitment to sustainable development and supporting the local community and businesses has been instrumental in our rapid growth since the inception of our operations. This extension of our agreement with the Huachocolpa community is a requirement to increase our production capacity from 720 tonnes per day to 2,220 tonnes with an additional 1,500 tpd mill as outlined in the Preliminary Economic Assessment (PEA) published on February 14, 2023."

"This agreement will serve as the cornerstone for a period of close collaboration between the Company and our local stakeholders, as Silver X aspires to be the partner of choice for developing mining projects in the Andean region. Our guiding principle is 'Sustainable Development Through Mining,' as reflected in our inaugural Sustainability Report published earlier this year." José García, CEO of Silver X added.

About Silver X Mining Corp.

Silver X is a rapidlyexpanding silver developer and producer. The Company owns the +20,000-hectare Nueva Recuperada Silver District in Central Peru and producessilver, 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, please visit our website at www.silverxmining.com.

On Behalf of the Board

José M. García
President, CEO and Director

For further information, please contact:

Sebastian Wahl
Vice President, Corporate Development
+1 647 259 6901 x 101
s.wahl@silverxmining.com

Paola Ricardo
Investor Relations
ir@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 forwardlooking information. Forward-looking information contained in this press release may include, without limitation, exploration plans, metals processing plans, results of operations, expected performance at the Project, the ability of the new zones at the Project to feed production at the Company'sNueva 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, and the expected financial performance of the Company, exploration plans and expected exploration results at the Lily 19 Concession and the Ccasahuasi Concession.

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 renewalsin a timely manner; that the Companywill not experience any material accident,labour dispute or failure of plant or equipment or other materialdisruption in the Company's operations at the Projectand Nueva Recuperada Plant; the availability of financing for operations and development; the Company's abilityto 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 basedare within reasonable bounds of accuracy(including with respectto 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.sedarplus.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 otherfactors 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 shouldnot 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.