Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES MONTHLY RECORD 26,003 TONNES OF OXIDE AVERAGING 180.6 G/T SILVER DELIVERED TO ANDEAN PRECIOUS METALS IN MAY 2024

In May, Silver Elephant Mining Corp. mined a total of 26,003 tonnes of Paca oxide material with an average grade of 180.6 grams per tonne silver and trucked the products to Andean Precious Metals Corp. in Potosi department in Bolivia.

John Lee, chief executive officer of Silver Elephant, commented: "Silver Elephant yet again set a new monthly production record of 839 tonnes per day on average from its Paca project in Bolivia. Such accomplishment with impeccable safety records underscores the dedication of our operations team and support from stakeholders.

"The success of company's Paca oxide operations since October, 2023, has driven our growth in Bolivia. Silver Elephant has become an integral part of the Pulacayo township, fostering development and innovation in the region. We extend our appreciation to the local community and our partners for their continuous collaboration."

Pursuant to the sales and purchase agreement and master service agreement detailed in the news release dated Sept. 12, 2023, Silver Elephant plans to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean for a total of between $5-million (U.S.) and $7-million (U.S.) depending on the silver price. Andean has also agreed to reimburse Silver Elephant for operating expenses under the sales and purchase agreement.

The Paca project hosts a high-grade silver resource according to a technical report by Mercator Geological Services, dated effective Oct. 13, 2020, titled "Mineral Resource Estimate Technical Report for the Pulacayo Project, Potosi Department, Antonnio Quijarro Province, Bolivia." The mineral resource estimate from the technical report is as shown in an attached table.

The technical report was filed on Oct. 26, 2020, and is available under the company's profile on SEDAR+. This news release includes an estimate of mineral resources as disclosed in the technical report. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

About Pulacayo-Paca

The Paca project is part of the company's Pulacayo project with a total indicated resource of 106.7 million ounces silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the technical report and shown in an attached table. Silver Elephant and its subsidiaries have spent over $35-million on the Pulacayo-Paca project, which is considered to be an advanced project with over 96,000 metres of drilling, and a historic feasibility study.

A subsidiary of Silver Elephant entered into a mining production contract (MPC) with Corporacion Minera de Bolivia (COMIBOL), a branch of the Bolivian Ministry of Mining and Metallurgy on Oct. 3, 2019. The MPC grants the company's subsidiary an exclusive right to develop and mine at the Pulacayo and Paca concessions for up to 30 years.

The Pulacayo project is at the centre of a major silver mining district in Bolivia and is within a 250-kilometre driving distance to the San Cristobal mine, the Cerro Rico mine, Pan American's San Vicente mine, Eloro's Iska Iska project, and New Pacific's Silver Sands project.

Qualified person

The technical contents of this news release have been prepared under the supervision of Bill Pincus, who is an independent consultant of the company. Mr. Pincus is a qualified person as defined by the guidelines of National Instrument 43-101.

About Silver Elephant Mining Corp.

Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October, 2023, in Bolivia.

We seek Safe Harbor.