Revenues of $13.9 million on 0.9 million AgEq ounces produced; 2023 expected to build on
momentum with increasing production and exploration maximizing the potential of the Nueva
Recuperada Silver District
(All dollar amounts expressed in US dollars unless otherwise noted)
Vancouver, BC, April 14, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTC QB: AGXPF) (F: AGX) ("Silver X" or the
"Company") announces financial results for the three- and 12-month period ended December 31, 2022, for the
Nueva Recuperada Silver District in Peru.
“This was a transformational year for Silver X as we successfully completed the ramp-up phase of the Nueva
Recuperada project’s Tangana Mining Unit, leading to the declaration of commercial production this past January,”
stated José García, President and CEO of Silver X. “Although we saw a slowdown in production due to road closures
in Peru late in the fourth quarter, we have now returned to regular run rates and expect future results to continue
improving.
“We advanced on many fronts in terms of our commitment to sustainable development through mining, including
our efforts to conserve water, recirculating 99% of the water used in underground operations, and as part of our
commitment to safety, we implemented extensive improvements and detailed training that will have a positive
impact on our operations and our people. “
Mr. García continued: “Throughout the year we were focused on efficient mine development and continuous
improvement of production. Furthermore, the 2022 exploration program led to an updated mineral resource
estimate with a four-fold increase in Measured and Indicated resources and the Tangana Mining Unit extension
PEA that was announced in February outlining a pathway to potentially tripling production levels over the next few
years. All these achievements form the building blocks for Silver X to generate value from the Nueva Recuperada
Silver District for all stakeholders.”
Q4 2022 and FY 2022 Financial Highlights
• Generated revenues of $3.9 million in Q4 2022 and $13.9 million for the year ended 2022 (“FY 2022”)
reflective of the successful ramp up period initiated during the second quarter of 2022.
• Operating loss in Q4 2022 of $0.3 million, partially affected by demonstrations in Peru during December
2022; $0.5 million operating loss for FY 2022.
• Net loss before tax of $4.7 million in Q4 2022 and $8.6 million in FY 2022.
• Total cash and cash equivalents of $1.0 million at December 31, 2022.
• Cash costs(1) of $14.6 per silver equivalent (“AgEq”) ounce produced(1)(2) and All-In-Sustaining Cost(1) (“AISC”)
of $21.5 per AgEq ounce produced(1)(2) during Q4 2022.
• Cash costs(1) of $17.4 per AgEq ounce produced(1)(2) and AISC(1) of $25.1 per AgEq ounce produced(1)(2) during
FY 2022.
Notes:
1. Cash costs per AgEq ounce produced and AISC per AgEq ounce produced are non-IFRS financial ratios. These are based on non-IFRS
financialmeasuresthat do not have any standardizedmeaning prescribed underIFRS, and therefore may not be comparable to other
issuers. Please referto the “Non-IFRS Measures” section ofthis newsrelease forfurther information.
2. AgEq ounce produced were calculated using the average sales prices of each metal for each month, and revenuesfrom concentrate
sales do not consider metallurgical recoveriesin the calculations as the metal recoveries are built into the sales amounts.
Summary of Selected Financial Results
The information provided below are excerpts from the Company’s annual Financial Statements and Management’s
Discussion and Analysis (“MD&A”), which can be found on the Company’s website at
www.silverxmining.com/investor#report.

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