Mr. John Lee reports

SILVER ELEPHANT EXPECTS JUNE SALE OF NEW SILVER CONCENTRATE BATCH AHEAD OF SCHEDULE

Silver Elephant Mining Corp. has trucked 1,220 tonnes of silver-bearing material, with an average silver grade of 410 grams per tonne silver to the toll-milling facility from the company's Apuradita silver project in Bolivia. The silver-bearing material is ready for processing into a third batch of silver concentrate for expected sale in June.

Underground mining operations at Apuradita continue at a steady rate. Production has improved following the development of additional mining faces, equipment upgrades and increased manpower. The company is advancing additional mining faces through crosscuts and drifts to extract silver-bearing mineralized material from these new areas. The company currently expects to produce between 400 and 600 tonnes of mineralized material per month in 2026 subject to permitting threshold, with concentrate sales planned on a quarterly basis.

As outlined in the news release dated July 8, 2024, silver-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, at an extraction rate of 20 to 40 tonnes per day. Historical drilling and internal geological interpretations indicate sulphide mineralization averaging approximately 412 g/t silver, 1.09 per cent lead and 0.38 per cent zinc (refer to the company's news release dated July 8, 2024, for the underlying drill hole assumptions and supporting technical data under National Instrument 43-101 standards).

As announced in the news release dated April 30, 2026, the company is active in surface sampling situated approximately 20 metres vertically above the Apuradita tunnel system. Sampling of additional mineralized zones that are potentially amenable to open-pit mining is also continuing.

The company appreciates the continued support from local communities.

Qualified person

The technical content of this news release has been prepared under the supervision of Carlos Zamora, a member of the American Institute of Professional Geologists, a certified professional geologist 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.

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 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 at 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.

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