Silver X Mining : PROVIDES 2021 PROGRESS OVERVIEW AND OUTLINES KEY OBJECTIVES FOR 2022

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SILVER X MINING CORP.

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

SILVER X PROVIDES 2021 PROGRESS OVERVIEW AND OUTLINES KEY

OBJECTIVES FOR 2022

Vancouver, B.C., January 10th, 2022. SILVER X MINING CORP. (TSX-V: AGX) (OTC QB: WRPSF) ("Silver X" or the "Company") is pleased to provide a summary of 2021 achievements and key targets for 2022 at the Company's flagship Nueva Recuperada project (the "Project") located in Huancavelica, Peru.

2021 Year End Highlights

• 4,114 metres of mine development completed at the Tangana and San Antonio Mining Units
• 8,423 metres of resource expansion, resource upgrading, and exploration drilling completed at the Nueva Recuperada project over 41 drill holes
• 732 surface channel samples taken across outcropping silver-(gold)-polymetallic mineralized structures at the Tangana Mining Unit
• 834 underground channel samples from pre-existing and new mine infrastructure at Tangana
• Consolidated the Tangana Mining Unit with the acquisition of the Tangana West concessions
• Commenced plant capacity expansion from 600 tpd to 720 tonnes per day (expected completion March 15, 2022)
• Began updating the Company's Environmental and Social Impact Assessment (ESIA) to expand mining and processing capacity to 2,500 tpd

2022 Objectives

• Complete new resource estimate report in Q2 2022 to be followed by a Preliminary Economic Assessment in Q3 2022
• Advance 9,000 metres underground to exploit multiple veins at the Tangana Mining Unit to access sufficient stoping blocks to profitably sustain commercial production
• Complete 15,500 metres of resource expansion, resource upgrading, and exploration diamond drilling from surface and underground

• Esperanza Project - Begin operations in this silver-polymetallic project containing several intermediate epithermal high-grade vein targets. Social permit expected for Q2, first drilling in Q3-Q4
• Satellite Projects - Map and sample Tangana West and Pucapunta silver-(gold)- polymetallic mineralized structures
• Ccasahuasi Project - Commence drilling of a breccia-hosted disseminated gold target located adjacent to Tangana

Updated Resource Statement and PEA Targeted for Q2 2022

The ongoing comprehensive exploration program at Tangana has thus far expanded the extent of silver-(gold)-polymetallic mineralization at surface and underground by over 1.7 km horizontally and 400 m vertically along the main Tangana structure. The three faceted programme that includes diamond core drilling, surface and underground channel sampling has identified two potential high-grade mineralized zones that will be the focus of immediate follow-up work (See Figure 1).

The results from 2022 resource upgrade activities in combination with results from 834 underground channel samples, 732 surface channel samples, and 8,422.5 metres of diamond drilling completed during 2021, will contribute to a new mineral resource estimate in Q2 2022 and a Preliminary Economic Assessment (PEA) targeted for completion in Q3 2022. Surface channel sample results along the outcropping portions of the Tangana and neighbouring along-strike Morlupo veins confirm the presence of high-grade mineralization along a consistently mineralized strike length of 1.7 km (see November 30, 2021 news release). These results, along with those taken from underground channel samples in historical workings (see September 3, 2021 news release) and diamond drill core samples (see August 23, 2021 news release), support the Company's interpretation that Tangana is a potentially economically mineralized silver-(gold)- polymetallic structure with considerable resource potential.

To provide additional support for the proposed PEA study (scheduled for reporting during Q3 2022), Silver X has budgeted 15,500 m of complementary resource extension drilling from some 16 underground drill locations, 2,000 m of underground channel sampling from accessible historical and new underground development infrastructure, as well as 2,000 metres of additional surface channel sampling.

2022 Exploration Strategy

Tangana Mining Unit

As part of its exploration strategy during 2022 and following on from the positive 2021 sampling results, Silver X will be prioritizing underground mine development and resource expansion drilling in this extensive system of silver-(gold)-polymetallic veins to provide feed for the plant whose capacity is being increased to 720 tons per day with expected completion by March 15, 2022.

Figure 1: Compilation long-section and plan view of the Tangana 1 & 2 silver-(gold)-polymetallic vein projects showing current underground development, past-producingmined-out stopes, locations of recently reported results from drill hole intercepts and channel samples, and AgEq (g/t) grade contours spotlighting high priority silver-(gold)- polymetallic resource extension exploration targets (blue arrows). To see the figure in full size, click here.

Tangana 1 & 2

Exploration and development budgeting for 2022 includes 7,500 metres of underground resource evaluation drilling on the Tangana structures (See Figure 2). The drilling is expected to facilitate the evaluation and upgrading of more than 500,000 tonnes of potentially economic silver-(gold)- polymetallic mineralization. The mentioned 7,500 metres of drilling will target underground extensions of the Tangana 1 & 2 mineralized structures by drilling from its 4590 and 4650 levels. Exploration will focus on:

1. Resource extension diamond drilling on upper levels from surface
2. Systematic channel sampling of approximately 2,000 metres along surface as well as planned future underground mining infrastructure within mineralized structures
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Figure 2: Map of the Tangana Mining Unit, showing the location of key veins (Tangana veins located centrally towards the North; Cauca immediately towards the North of Tangana), infrastructure, concession limits.

Cauca

Cauca (See Figure 2) represents a possible low-cost, rapid expansion of the Tangana Mining Unit. The Cauca silver-(gold)-polymetallic structure (aligned sub-parallel to the Tangana 1 & 2 structures and located 400 metres to the NE), is historically interpreted to be 2.2 kilometres long, average some 1.1 metres in width, and have an estimated average grade of 306.67g/t AgEq1.

Existing mine infrastructure includes an interconnecting 450 metre long crosscut from Tangana 1

• 2 which intersects with the Cauca structure. This crosscut will be used to facilitate i) rapid low- cost access; ii) early mining infrastructure development; iii) other preparatory mining activities; and iv) resource extension and evaluation programs. Recent analytical results from first systematic surface channel sampling of the Tangana Mining Unit's Cauca vein, which on surface extends over 1.77 kilometres of strike at an average width of 1.8 metres, include values up to 1,296 g/t AgEq with an average grade of 236 g/t AgEq (seeNovember 2, 2021 news release).

With the objective of advancing resource knowledge concerning the tenor of silver-(gold)- polymetallic mineralization and its potential economic viability, Silver X´s 2022 exploration strategy at Cauca incorporates:

1. Underground systematic channel sampling of approximately 2,000 metres of accessible as well as planned future mining infrastructure
2. 2,500 metres of underground resource extension evaluation drilling

1 Latitude Silver, "Plan Comparativo del Proyecto Tangana para Segundo Pulmón de Mineral, Setiembre de 2020" (Issue Date: September 2020)

District Consolidation

The recently acquired Tangana West property (see September 22, 2021 news release), lies westwards and along strike from Tangana and may be an extension of the same underlying structure. Silver X acquired the 250-hectare Tangana West silver project hosting silver- polymetallic veins with surface channel samples returning grades up to 9,379 g/t Ag, 2.7% Pb and 1% Zn over 1.5 metres (See Figure 3). The Tangana West Las Animas mineralized structure extends 1.3 kilometres along strike and based on field observation is interpreted to be vertically continuous for over 500 metres. Silver X now controls over 3.0 kilometres of the Tangana and Tangana West silver-polymetallic mineralized system which has an average vein thickness of 1.05 metres.

Figure 3: Map of Silver X claims of the Tangana Mining Unit, identifying the newly acquired Tangana West claims and showing relationship to roads and surrounding veins.

Processing Plant Expansion to 720 TPD

In late October, the Company secured the environmental permit required to increase production capacity at its Recuperada polymetallic concentrate plant to 720 tonnes per day (see October 20, 2021, press release). Installation of a new crushing circuit and flotation cells has commenced, and Silver X expects full commissioning by March 15, 2022. New mineralized zones encountered at the Tangana Mining Unit has necessitated an increase in plant capacity to keep pace with the processing of development mineralization.

Environmental and Social Impact Assessment - ESIA

The ESIA is a key component of a comprehensive environmental and social permitting process to further expand processing plant operations. The 4,900-ha study area covers the Tangana silver-