Mr. John Lee reports

SILVER ELEPHANT MINED AND DELIVERED 22,669 TONNES AT PACA GRADING 193 G/T SILVER FOR AUGUST 2024

In August, 2024, Silver Elephant Mining Corp. mined a total of 22,669 tonnes of Paca silver project oxide materials (731 tonnes per day) with an average grade of 193 grams per tonne silver (products) and trucked the products to Andean Precious Metals Corp. in Potosi department in Bolivia.

August production was slowed compared with July production due to a brief Bolivian national labour strike and planned overburden removal. The company has mined and shipped 176,803 tonnes of silver-bearing oxide materials grading 180 g/t silver, which is 965,531 ounces of silver based on reported government tax records, with no lost-time incidents since Paca's operation began in October, 2023.

In addition to the Paca oxide operation, Silver Elephant initiated the Paca phase 1 sulphide operation in August (refer to the company's news release dated July 8, 2024). The company expects revenue generation from the sulphide operation by year-end of 2024.

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 $2.5-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." 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 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 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 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.