Mr. John Lee reports

SILVER ELEPHANT COMMENCES 1,500-METER DIAMOND DRILLING PROGRAM AT THE PACA SILVER PROJECT IN BOLIVIA

Silver Elephant Mining Corp. has commenced a diamond drilling program at its open-pit Paca project in the Potosi district in Bolivia.

The initial drilling program consists of drilling 24 holes totalling 1,500 metres to test and confirm continuity of oxide mineralization at depth in the Paca north area. The proposed layout includes 10 of the 24 holes to be drilled outside of the Paca resource envelope, which could potentially expand the mineralized zone. To date, nine drill holes have been completed, with the deepest hole reaching a maximum depth of 81.30 metres. All cores from these drill holes have been sampled and the samples are being sent to ALS Global laboratories in Bolivia. The results of the first samples are expected to be received in June, 2024. An industry-standard quality assurance/quality control program is being utilized.

This drill program is entirely paid for by Andean Precious Metals Corp. Pursuant to the sales and purchase agreement, and master services 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 the associated table.

About Pulacayo-Paca

The Paca project is part of the company's Pulacayo project, with a total indicated resource of 106.7 million ounces (Moz) silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the technical report and shown in the associated table. Silver Elephant and its subsidiaries have spent over $35-million on Pulacayo and Paca, 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 250 kilometres 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.

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