Mr. John Lee reports

SILVER ELEPHANT REPORTS ASSAY RESULTS UP TO 34 G/T GALLIUM, 266 G/T INDIUM AT THE PULACAYO-PACA SILVER PROJECT IN BOLIVIA

Silver Elephant Mining Corp. has released gallium and indium assay results from the selected drill core at its flagship Pulacayo-Paca silver-lead-zinc project in Potosi department, Bolivia.

The results show extensive occurrences of gallium and indium in the assayed samples over a strike length of approximately 750 metres that appear to be correlated to zinc. The company is highly encouraged by the gallium and indium results, and will continue to evaluate this potential. These elements could add significant value to any final concentrate produced from mining and processing activities.

A total of 199 core samples from 12 diamond drill holes were collected from the Pulacayo-Paca project and submitted to ALS Laboratory in Bolivia to assay for gallium and indium. The samples were selected because of their proximity to drill holes PUD 028, PUD 029, PUD 030 and PUD 031, whose samples were assayed by the previous operator for gallium and indium. Results from those drill holes included 99 metres of 27.8 grams per tonne gallium and 9.7 g/t indium. (Refer to the company news release dated May 21, 2024.)

The drill holes reported in the attached tables were previously assayed for silver, lead and zinc only. It should be noted that only selected intervals were assayed for gallium and indium in this initial discovery test.

In the next table, the company presents the silver, lead and zinc assay results (previously reported by Apogee Minerals Ltd. and Silver Elephant) of the same drill holes where gallium and indium analysis was performed in 2024. The historic drill results show wide intersections of mineralization.

The Pulacayo-Paca project has a total indicated resource of 106.7 million ounces of silver, 1.4 billion pounds of zinc and 690 million pounds of lead (48 million tonnes of nine g/t Ag, 1.3 per cent Zn and 0.7 per cent Pb) published in the technical report dated Oct. 13, 2020, and tabulated herein.

Quality assurance/quality control

An industry standard quality assurance/quality control program was used during the various drill campaigns. All core and other samples were split with half being bagged, labelled and shipped directly to the laboratory. The other 50-per-cent split is retained in a secure facility. Both standards and blanks were inserted at regular intervals within each sample batch prior to shipment to the laboratory. These comprised 3 to 5 per cent (depending on the phase of the drill campaign) of analyzed material. For further details, the reader is referred to National Instrument 43-101 cited herein.

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 NI 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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