Mr. John Lee reports

SILVER ELEPHANT DELIVERS ADDITIONAL HIGH-GRADE SILVER CONCENTRATE SALE IN APRIL FROM ITS BOLIVIAN SILVER MINING OPERATION

Silver Elephant Mining Corp. has sold a second silver-lead concentrate lot from the company's Apuradita Paca mining operation in Bolivia.

The 31.6-tonne (dry basis) silver-lead concentrate grading 8,795 grams per tonne (g/t) silver (Ag) and 24 per cent lead (Pb) was produced at a toll mill facility and sold in April, 2026. Approximately 8,936 ounces (oz) of silver was contained in concentrate and sold at $74.8 (U.S.) per oz. The processing campaign treated approximately 1,845 tonnes of Apuradita feed grading 248 g/t Ag and 0.8 per cent Pb.

Underground mining operations at Apuradita continue at a steady rate with the company maintaining a monthly production target of 300 tonnes of silver-bearing mineralized material for the remainder of 2026. The company notes highly prospective exploration potential with initial tranche results demonstrating the silver-bearing mineralization at Apuradita extends to surface, which is approximately 20 metres vertically from the tunnel. The feed tonnages may be expanded beyond 2026 as additional mineralized zones are delineated and developed.

As outlined in the news release dated July 8, 2024, sulphide mineralized material at Apuradita is being extracted using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 metres in length, 20 metres in height and four metres in width, targeting an extraction rate of 20 to 40 tonnes per day. Based on historical diamond drilling and internal geological modelling, the average grade of sulphide material is 412 g/t Ag, 1.09 per cent Pb and 0.38 per cent zinc (Zn) (see the company's news release dated July 8, 2024, for the underlying drill hole parameters and technical data required by National Instrument 43-101).

Continuing underground development has delineated multiple high-grade areas within the Apuradita tunnel, and the company is advancing additional mining faces through crosscuts and drifts to access and extract silver-bearing mineralized material from these zones.

In parallel, the company has identified three distinct mineralization zones within the broader Apuradita project that are potentially amenable to open-pit mining. Systematic sampling of all zones is under way to define the silver grade and lateral extent of mineralization.

The company appreciates the continued support from local communities, while operations continue at a steady rate with expansion plans under way.

Qualified person

The technical contents of this news release have been prepared under the supervision of Carlos Zamora, a member of the American Institute of Professional Geologists (AIPG) and a certified professional geologist (CPG) since 2024, 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. The qualified person has reviewed and verified the data disclosed herein, including sampling, analytical and test data, and considers it to be reliable for the purposes of this disclosure.

QA/QC (quality assurance/quality control)

Silver Elephant sends samples to ALS Global Laboratories in Oruro, Bolivia, for sample preparation, after which the prepared pulps are shipped to ALS Global laboratories for analysis in Lima, Peru. Samples are analyzed using intermediate-level four-acid digestion. Silver overlimits (ore grade) are determined by fire assay with a gravimetric finish for precise quantification. 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 collected from HQ- and NQ-diameter diamond drill core, which is longitudinally halved using a diamond-blade masonry saw. One-half of the core is submitted for laboratory analysis, while the other half is preserved on the company's secured core facility for future reference. All core is photographed and undergoes geotechnical analysis and detailed geological logging by the company's qualified geologists prior to sampling.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company focused on the development of its silver-lead-zinc project in Bolivia.

We seek Safe Harbor.