Mr. Jose Garcia reports

SILVER X FILES NI 43-101 TECHNICAL REPORT FOR THE UPDATED NUEVA RECUPERADA MINERAL RESOURCE: 10.4 MT MEASURED AND INDICATED AT 202 G/T AGEQ (67.3 MOZ AGEQ) AND 21.6 MT INFERRED AT 260 G/T AGEQ (184.3 MOZ AGEQ)

Silver X Mining Corp. has filed on SEDAR+ the technical report titled "NI 43-101 Technical Report Updated Mineral Resource Estimation for the Nueva Recuperada Property, Peru," with an effective date of Aug. 31, 2026, and a report date of Oct. 26, 2026. The technical report supports the updated mineral resource estimate (MRE) for the company's Nueva Recuperada project in Huancavelica, Peru, first announced in the company's news release of Sept. 22, 2026. The technical report was prepared by A. David Heyl, BSc, CPG, and is available under the company's profile on SEDAR+ and on the company's website.

Measured and indicated resources total 10.4 million tonnes containing 67.3 million ounces AgEq (silver equivalent), including 38.8 million ounces of silver, nearly three times the tonnage of the previous estimate of May 31, 2025. Inferred resources total 21.6 million tonnes containing 184.3 million ounces AgEq, including 120.1 million ounces of silver.

During the finalization of the technical report, certain figures were revised from those disclosed in the September news release. The revisions do not change the tonnage or the classification of any mineral resource. Measured and indicated AgEq ounces decreased by 3.5 million ounces (4.9 per cent), while inferred AgEq ounces increased by 3.5 million ounces (1.9 per cent).

Highlights

• Measured and indicated tonnage up 173 per cent, from 3.8 million to 10.4 million tonnes, containing 67.3 million ounces AgEq, up 107 per cent from 32.5 million ounces.
• Inferred tonnage up 43 per cent, from 15.1 million to 21.6 million tonnes, containing 184.3 million ounces AgEq.
• Measured and indicated silver up 189 per cent, from 13.4 million to 38.8 million ounces, and inferred silver of 120.1 million ounces.
• Red Silver, the highest-grade silver resource in the district: Measured and indicated resources of 517,171 tonnes grading 20.03 oz/t silver (623 g/t) for 10.4 million ounces, more than five times the average silver grade of the company's total measured and indicated resources, plus inferred resources of 3.11 million tonnes grading 17.12 ounces/t silver (532 g/t) for 53.2 million ounces.
• Red Silver is just getting started: Underground channel sampling along the drifts returned 735 g/t silver over 65 metres of drift length and 649 g/t silver over 40 metres of drift length (announced July 22, 2026), and the company has expanded its Red Silver drill program more than fivefold, from approximately 1,200 to 6,650 metres, to test the extensions of the system.
• A new bulk tonnage resource in the Plata mining unit: BR contains 5.5 million indicated tonnes grading 112 g/t AgEq for 19.8 million ounces AgEq, in a body averaging more than 11 metres wide and amenable to bulk underground mining, a mining method that typically operates at a fraction of the cost per tonne of narrow-vein mining.
• A two-engine mining unit: The Plata mining unit now combines high-grade narrow veins with a large bulk tonnage deposit and becomes the largest contributor to the company's measured and indicated resources.
• Feeding the plant that is already being expanded: Tonnage from the Plata and Red Silver mining units is destined for the Recuperada plant, for which the company is advancing the permit to expand capacity from 720 tpd (tonnes per day) to 1,500 tpd, with an intermediate target of 1,100 tpd in 1H27 and full environmental permit approval for the 1,500 tpd expansion expected in Q4 2028.
• Base metal credits: Measured and indicated resources of 10.4 million tonnes grading 1.61 per cent lead and 1.70 per cent zinc contain 166,263 tonnes of lead and 175,590 tonnes of zinc.
• Reinforcing the 2025 PEA: Measured and indicated resources now represent approximately 85 per cent of the 12.25 million tonne mining inventory underpinning the 14-year mine plan in the company's 2025 preliminary economic assessment (PEA), up from 31 per cent.

Reconciliation with the Sept. 22, 2026, news release

In the course of finalizing the technical report, the qualified person, and the company identified and corrected the following items in the mineral resource tables disclosed in the September news release. No change was made to tonnages, cut-off, metal prices, metallurgical recoveries or resource classification.

• Silver grade of indicated polygonal resources (all other veins): A transcription error recorded the silver grade of 157,502 indicated tonnes as 20.7 oz/t instead of 2.07 oz/t. The correction reduces indicated silver and AgEq by 2.93 million ounces each.
• AgEq of the Plata mining unit narrow veins: Plata resources are estimated in short tons and converted to metric tonnes. In the September news release the conversion factor was applied to the full AgEq grade, including the lead and zinc components, which do not change with the unit of tonnage. AgEq was recalculated using the converted metric grades and the same formula used for the rest of the property, reducing Plata AgEq by 540,000 ounces in the indicated category (12.62 instead of 13.17 oz/t AgEq) and by 2.49 million ounces in the inferred category (10.19 instead of 10.64 oz/t AgEq). Silver ounces are unchanged.
• Zinc grade of inferred polygonal resources (all other veins): The reported average zinc grade of 0.94 per cent was corrected to 2.29 per cent, the tonnage-weighted average of the individual vein estimates. The correction adds 84,224 tonnes of contained zinc and 5.96 million ounces AgEq to the inferred category.

CEO commentary

Jose M. Garcia, chief executive officer, commented, "With the technical report now filed, the update stands on the record: we have nearly tripled the silver in the resources that mines are planned and financed on. Two mining unit stories drive it. Blenda Rubia is a different kind of mine for us: not a vein, but a wide silver hydrothermal breccia dike body averaging more than 11 metres wide, with 5.5 million tonnes already in the indicated category. And Red Silver, the highest silver-grade part of our district, hosts more than 10 million ounces of measured and indicated silver at around 20 ounces per tonne. The Plata unit now has two engines, at Plata high-grade veins we can mine selectively and at BR bulk tonnage we can mine at a much lower cost per tonne. Approximately 85 per cent of the 12.25 million tonne inventory in our 2025 PEA now sits in our higher-confidence categories, against less than a third when the PEA was published and it feeds the plant we are already expanding. The next PEA will be about how much bigger this district can be."

Updated mineral resources

Against the previous estimate of May 31, 2025, measured and indicated tonnage increased 173 per cent, silver ounces 189 per cent and AgEq ounces 107 per cent. Inferred tonnage increased 43 per cent.

Estimation methodology and QA/QC (quality assurance/quality control)

The estimation methodology, data verification and QA/QC procedures supporting the mineral resource estimate are unchanged from those described in the September news release and are set out in full in the technical report.

Cautionary statement regarding the PEA

The 2025 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Qualified person

The technical report, with an effective date of Aug. 31, 2026, was prepared by A. David Heyl, BSc, CPG, a qualified person as defined by National Instrument 43-101, who has reviewed and approved the scientific and technical content of this news release for Silver X. Mr. Heyl is a consultant for Silver X.

About Silver X Mining Corp.

Silver X is a growing silver producer building a multiasset precious metals platform in Peru. The company's portfolio includes the Nueva Recuperada project, a district-scale land package of 20,795 hectares with three mining units and more than 200 exploration targets, as well as the recently acquired Pampas project.

With existing production, scalable expansion opportunities and significant exploration upside, Silver X is positioned for continued growth and long-term value creation.

We seek Safe Harbor.