Mr. John Lee of Silver Elephant reports

SILVER ELEPHANT DRILLS 41 METERS GRADING 237 G/T SILVER INCLUDING 3.75 METERS GRADING 438 G/T SILVER AT PACA IN BOLIVIA

Silver Elephant Mining Corp. has released diamond drill results from the Paca deposit within its 100-per-cent-controlled Pulacayo-Paca silver project in the Potosi department in Bolivia.

Further to the company's news releases dated June 12, 2024, a total of 28 holes were drilled in the Paca north area totalling 1,458 metres. The results for the first 13 holes were announced in the company's news release dated July 22, 2024. The assays for the next seven holes (two exploration holes and five infill holes) have been received and are reported herein. The remainder of the assays are expected in August, 2024.

Notable results include PC24-11, which intercepted 41.06 metres of 237 grams per tonne silver from surface, and PC24-01, which intercepted 38.15 metres of 83 grams per tonne silver from surface.

This drill program was paid for by Andean Precious Metals Corp. Pursuant to the sales and purchase agreement and master service agreement detailed in the company's 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 $2.5-million (U.S.) before Jan. 31, 2025. Andean has also agreed to reimburse Silver Elephant for operating expenses under the SPA.

John Lee, chief executive officer of Silver Elephant, commented: "These drill hole results improve the confidence level of the Paca resource model. The exploration drill hole results continue to prove additional silver mineralization outside of existing Paca resource area. Any oxide sales exceeding 800,000 tonnes will be subject to a new offtake agreement between Silver Elephant and Andean."

The drill program continues to confirm a highly deformed, disseminated mineralization located within a north-south structural trend.

The Paca project hosts a high-grade silver resource, according to a technical report by Mercator Geological Services dated effective Oct. 13, 2020, and 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 effective Oct. 13, 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.

Quality assurance and quality control

Silver Elephant adopts industry-recognized best practices in its implementation of QA/QC methods. A geochemical standard control sample, one duplicate and one blank sample are inserted into the sample stream at every 25th sample. Samples are shipped to ALS Global Laboratories in Ururo, Bolivia, for preparation. They are then shipped for analysis to ALS Global's laboratories in Lima, Peru. Samples are analyzed using intermediate-level four-acid digestion. Silver overlimits (ore grade) are analyzed using fire assay with a gravimetric finish. ALS's sample management system meets all the requirements of the international standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

All samples are taken from PQ-diameter or HQ-diameter core and were split in half by a diamond-blade masonry saw. One-half of the core is submitted for laboratory analysis and the other half is preserved for reference at the company's secured core facility. All the core is geotechnically analyzed, photographed and then logged by geologists prior to sampling.

About Pulacayo-Paca

The Paca project is part of the company's Pulacayo-Paca project with a total indicated resource of 106.7 million ounces silver, 1.4 billion pounds zinc and 690 million pounds lead, published in the technical report and shown in an attached 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-Paca project is at the centre of a major silver mining district in Bolivia and is within 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 Carlos Zamora, who is not independent of the company in that he is employed by it. Mr. Zamora 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.