Mr. John Lee reports

SILVER ELEPHANT DELIVERED 683,237 OZ SILVER SINCE OCTOBER 2023, SET NEW MONTHLY PRODUCTION RECORD IN JUNE 2024

In June, Silver Elephant Mining Corp. mined a total of 29,270 tonnes of Paca oxide materials with an average grade of 177.5 grams per tonne silver (products) and trucked the products to Andean Precious Metals Corp. in Potosi department in Bolivia. The company has mined and shipped over 127,734 tonnes of silver-bearing oxide materials grading 177.7 grams per tonne silver with zero safety incident since Paca operational start in October, 2023. These production numbers have exceeded the company's expectations.

John Lee, chief executive officer of Silver Elephant, commented: "Silver Elephant yet again set a new monthly silver mining production record of 976 tonnes per day on average including a daily high of 1,665 tonnes on June 26 from the company's Paca project in Bolivia.

"Silver Elephant has contributed meaningful taxes and royalty revenues to the Bolivian government based on 683,237 oz gross silver production record in the past eight months to the end of June, 2024, and became an integral part of the Pulacayo township with positive community relations.

"Further, Silver Elephant continues to raise its profile as a growing silver producer with the proposed Paca phase one sulphide operation (refer to the company's news release dated July 8, 2024) which will generate further revenue stream."

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. At the current silver price and production run rate, the company expects to receive $2-million (U.S.) before Jan. 31, 2025. In addition, 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."

Oxide resources are based on a pit-constrained estimate using a 90 g/t Ag cut-off. Sulfide resources are based on a pit-constrained estimate using a 200 g/t Ag Eq cut-off. AgEq equals silver equivalent (recovered) equals (Ag g/t multiplied by 89.2 per cent) plus ((Pb (lead) per cent multiplied by (95 U.S. cents/lb Pb/14.583 Troy oz/lb/$17 (U.S.) per Troy oz Ag) multiplied by (10,000 multiplied by 91.9 per cent)) plus ((Zn per cent multiplied by ($1.16 (U.S.)/lb Zn/14.583 Troy oz/lb/$17 (U.S.) per Troy oz Ag) multiplied by (10,000 multiplied by 82.9 per cent)). Sulphide zone metal recoveries of 89.2 per cent for Ag, 91.9 per cent for Pb and 82.9 per cent for Zn were used in the silver equivalent (recovered) equation and reflect metallurgical testing results disclosed previously for the Pulacayo deposit. Matthew Harrington, PGeo, is the independent qualified person for the resource estimate.

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 oz silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the technical report and tabulated herein. 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 km 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 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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