Mr. John Lee reports

SILVER ELEPHANT DELIVERS 836,243 OZ SILVER SINCE OCTOBER 2023, PLANS EXPANSION BY YEAR END

In July, 2024, Silver Elephant Mining Corp. mined a total of 27,066 tonnes of Paca oxide materials from its Pulacayo-Paca silver project with an average grade of 175.5 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 154,800 tonnes of silver-bearing oxide materials grading 177.4 g/t silver with no lost-time incidents since Paca's operational start in October, 2023.

John Lee, chief executive officer of Silver Elephant, commented: "In July, Silver Elephant produced consistently at 1,000 tonnes per day over a 27-day work schedule at the company's Paca project in Bolivia while maintaining positive community relations with the Pulacayo township. Silver Elephant has contributed meaningful taxes and royalty revenues to the Bolivian government based on 836,243 oz silver production in the past 9 months to the end of July, 2024.

"Further, Silver Elephant is expanding its Paca operation with planned Paca phase one sulphide mining by year-end (refer to the company's news release dated July 8, 2024) which will generate further revenue."

Pursuant to the sales and purchase agreement (SPA) 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 $2.5-million (U.S.) before Jan. 31, 2025. In addition, Andean has also agreed to reimburse Silver Elephant for operating expenses under the SPA.

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 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 of 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 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.

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