Mr. John Lee reports

SILVER ELEPHANT MINING REACHES HIGH-GRADE SILVER ZONE AT PACA APURADITA TUNNEL AND PREPARES FOR FIRST CONCENTRATE SALES IN JUNE

Silver Elephant Mining Corp.'s tunnel development has reached the first front stope access in the high-grade silver zone at its Paca Apuradita silver project in the Potosi department of Bolivia, following its news release dated July 8, 2024. The Apuradita mining claim is registered under Silver Elephant's Bolivia subsidiary with the Bolivian Jurisdictional Administrative Mining Authority. Apuradita is not within the area covered under the mining production contract between the company and the Corporacion Minera de Bolivia.

The company has dug the Apuradita tunnel to its targeted high-grade silver zone and begun development of its first production stope. Mineralized material is currently being hauled to surface by rail, where the initial stockpile of high-grade material has reached approximately 150 tonnes and is increasing daily.

As of May 31, 2025, the company completed approximately 157 metres of horizontal tunnelling and has intersected high-grade sulphide mineralized zone. The exposed mineralized face shows strong visual indicators of disseminated silver minerals, galena and sphalerite, as well as the presence of veining, consistent with internal block model based on exploration drill holes at Apuradita.

The company would like to thank the support from local communities, including the population of Pulacayo, the community of Huanchaca and the authorities of Ayllu. All of the company employees and consultants on site are Bolivian nationals, the majority of whom are locals.

Toll milling and offtake agreements

The company has received multiple toll milling proposals from processing plants in the Potosi region. The mined materials from Apuradita will be hauled by trucks to Potosi plants to be processed into concentrates containing silver, lead and zinc. These concentrates will then be exported to international markets and sold at prevailing metal prices. The company aims to sign a toll milling agreement in June.

Concurrently, the company is engaged in negotiations with a number of potential buyers for Apuradita silver-bearing concentrates. The company expects to sign an offtake agreement in June.

As outlined in the news release dated July 8, 2024, the Apuradita tunnel provides access to sulphide mineralized materials, which will be mined using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 metres in length by 20 metres in height by four metres in width, with a targeted average extraction rate of 50 to 100 tonnes per day. The calculated average grade of extracted and sorted sulphide materials is 412 grams per tonne Ag (silver), 1.09 per cent Pb (lead) and 0.38 per cent Zn (zinc), based on diamond drill holes at Apuradita and an internally developed mine model.

Several examples of high-grade intercepts within the Apuradita mineralized zone include that shown in the attached table.

The full drill hole assay results have previously been released on SEDAR+. All laboratory assays were conducted by ALS Global, with sample preparation carried out at ALS Bolivia and the analyses performed at ALS Canada or Peru.

The assumptions set out above are based on a resource estimate at Apuradita that are not mineral reserves. Mineral resources that are not mineral reserves have not demonstrated economic viability and therefore should not be relied upon.

Potosi Region

Potosi town district hosts the Cerro Rico silver deposit and is home to about 100 privately owned, small-sized processing facilities (ranging from 50- to 500-tonne-per-day capacity) that produce zinc and lead concentrates sold to many active commodity traders. Potosi department is one of the most active silver producing regions in the world.

Qualified person

The technical contents of this news release have been prepared under the supervision of Carlos Zamora, who is an employee of the company and is not considered independent. Mr. Zamora is a qualified person as defined by National Instrument 43-101.

QA/QC (quality assurance/quality control)

Silver Elephant Mining sends samples to ALS Global Laboratories in Ururo, Bolivia, for preparation, which are then shipped to ALS Global laboratories for analysis 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 Laboratories sample management system meets all requirements of 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 HQ-diameter core which 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 on the company's secured core facility for reference. All core is geotechnically analyzed, photographed and then logged by geologists prior to sampling.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with silver projects in Bolivia.

We seek Safe Harbor.