Silver X Completes Debt Settlement, Appoints New Director

VANCOUVER, BC / ACCESSWIRE / June 9, 2022 / SILVER X MINING CORP. (TSX-V:AGX) (OTCQB:AGXPF) ("Silver X" or the "Company") announces that it has completed the debt settlement transaction (the "Debt Settlement") previously announced in its news release dated April 20, 2022, settling US$4,198,356.16 (CAD$5,285,310.58) of debt pursuant to an unsecured convertible debenture maturing on June 21, 2022, through the issuance of 17,617,701 common shares of the Company (the "Shares") at a deemed price of $0.30 per Share, to Baker Steel Resources Trust Limited ("BSRT"). BSRT now has beneficial ownership of, or control or direction over, directly or indirectly, 19,502,695 Shares or 13.89% of the issued and outstanding Shares, (representing an increase of 12.35% from the number of Shares owned by BSRT prior to the Debt Settlement, which was 1,884,994 Shares). The Shares will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue of the Shares. Depending on market conditions and other factors, BSRT may from time to time acquire and/or dispose of securities of Silver X or continue to hold its current position.

The Company is also pleased to announce that it has appointed Francis Johnstone to the board of directors of the Company (the "Board") effective as of the date hereof. Mr. Johnstone was appointed pursuant to the terms of the agreement entered into in connection with the Debt Settlement, whereby the Company granted BSRT the right, among other things, for so long as BSRT and its affiliates together hold at least 10% of the issued and outstanding Shares (determined on a partially diluted basis), to designate one nominee for election or appointment to the Board.

Francis Johnstone has been an Investment Advisor to London Stock Exchange listed specialist resources Investment Company, BSRT, since its inception in 2010. Having trained in corporate finance and mergers and acquisitions at Citibank he entered the mining business in 1989 with Cluff Resources plc. Since that time, he has been active in the mining business as both an executive and non-executive director of a number of junior mining companies, listed and unlisted. He is currently a non-executive director of Tungsten West PLC a mining company quoted on the AIM market of the London Stock Exchange, as well as a number of private companies in the BSRT portfolio.

Silver X CEO José Garcia commented, "We are delighted to welcome Mr. Johnstone to the board. From a business perspective, Francis brings vast experience with a variety of public and private mining companies, as well as the voice of Baker Steel Resources Trust Limited, our cornerstone investor since 2019. We look forward to working with Francis in meeting our corporate goals."

A copy of the early warning report required to be filed with the applicable Canadian securities commissions in connection with the Debt Settlement will be available under the Company's profile on SEDAR at www.sedar.com and can be obtained by contacting Tino Isnardi at +44 (0) 20 7389 0009.

Arnold House
St. Julians Avenue
Guernsey
GY1 1WA

About Silver X Mining

Silver X is a Canadian silver mining company with assets in Peru. The Company's flagship asset is the Nueva Recuperada silver, gold, lead, zinc and copper project located in Huancavelica, Peru, 10 km north-northwest of the Nueva Recuperada polymetallic concentrate plant. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverxmining.com.

Suite 1430 - 800 West Pender Street
Vancouver, British Columbia
V6C 2V6 Canada

ON BEHALF OF THE BOARD

José Garcia
CEO and Director

For further information, please contact:

Silver X Mining Corp.
Jose Garcia, Chief Executive Officer
+1 604 358 1382 | j.garcia@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, statements with respect to the Debt Settlement by the Company.

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.