Silver X closes $69-million debenture offering

Mr. Jose Garcia reports SILVER X MINING CLOSES C$69M BROKERED PRIVATE PLACEMENT OF SECURED CONVERTIBLE DEBENTURES Silver X Mining Corp. has closed its previously announced brokered private placement of secured convertible debentures for aggregate gross proceeds of $69-million, which includes the full exercise of the agent's overallotment option as explained below. Pursuant to the offering, the company issued an aggregate of 69,000 debentures at an issue price of $1,000 per debenture. Due to strong investor demand, the agent exercised its option in full to increase the size of the offering by 15 per cent, resulting in additional gross proceeds of $9-million, and total gross proceeds increased from $60-million to $69-million. The offering was conducted on a best effort agency basis, with Ventum Financial Corp. acting as sole agent and sole bookrunner. "Closing this private placement is an important step toward our ambition to become South America's next premier silver company," said Jose Garcia, chief executive officer of Silver X. "This capital enables us to continue advancing the Nueva Recuperada project across production expansion, development and exploration, where we expect to deliver meaningful results in the months ahead. In parallel, we will evaluate selective acquisition opportunities that support our long-term growth strategy. We appreciate the support of Ventum Financial and the investors who participated in this financing, and we look forward to updating the market as we execute our plans." The principal amount of the debentures will bear interest at a fixed rate of 10.0 per cent per annum, payable semi-annually, and will mature on the date that is five years following the date of issuance of the debentures. For the first four interest payment dates, the company may elect to pay interest in cash or common shares of the company at the company's sole discretion. Thereafter, interest will be paid in cash. Any issuance of common shares in satisfaction of interest payable will be subject to prior approval of the TSX Venture Exchange. The principal amount of each debenture will be convertible, at the election of the holder, into common shares at a conversion price of $1.62 per share, subject to customary anti-dilution adjustments, at any time until the earlier of: (i) the business day preceding the maturity date; and (ii) the date of repayment in full of the principal amount of the debentures and all accrued and unpaid interest thereon. Silver X intends to use the net proceeds of the offering for development capital expenditures, working capital and general corporate purposes. The offering was conducted pursuant to the terms of an agency agreement dated March 18, 2026, among the company and the agent. In accordance with the terms of the agency agreement, in consideration for its services, the agent received a total cash commission equal to 6 per centof the total gross proceeds. The debentures are secured by a substantial portion of the company's assets, including those of its subsidiaries. These assets have been placed into two Peruvian trust structures: an asset trust and an administration trust. The loan is additionally secured by a general security agreement in Canada and will also be guaranteed by certain company subsidiaries. The offering remains subject to final approval of the TSX Venture Exchange. The securities issued under the offering, including any common shares issued on conversion of the debentures, will be subject to a statutory hold period under applicable Canadian securities laws expiring four months and one day from the closing date. About Silver X Mining Corp. Silver X is a rapidly expanding silver producer and developer advancing the Nueva Recuperada project in Peru, a 20,795-hectare, district-scale land package with two mining units and over 200 targets. Current production at the Tangana mining unit is scaling alongside the planned restart of the Plata mine, supporting a path to approximately six million silver equivalent ounces. With immediate revenue, scalable growth and long-term discovery upside -- all within one integrated project -- Silver X is building the next-generation silver company defined by growth, resilience and responsible mining. We seek Safe Harbor.