Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES 4,500-TONNES OF PACA'S SILVER OXIDE DELIVERED TO ANDEAN PRECIOUS METALS CORP. IN OCTOBER

Silver Elephant Mining Corp. has commenced mining Paca silver-oxide materials and trucking the products to Andean Precious Metals Corp. All products are excavated from the Paca resources tabulated herein.

Pursuant to the sales and purchase agreement entered between Silver Elephant and Andean on Sept. 12, 2023, approximately 4,500 tonnes of the products with an average grade of 252 grams per tonne Ag have been delivered to Andean's processing facility in Potosi since mid-October.

John Lee, Silver Elephant chief executive officer, comments: "The progress and activities at Paca demonstrated team effort and community support. Silver Elephant aims to grow and maintain local employment; in addition to contributing to government royalties in the months and years ahead."

In light of the successful early phase 1 Paca project commissioning in October, the company is accelerating the time table of phase 2 Paca sulphide development. The objective is to start mining Paca sulphide materials and truck them to one of several nearby milling plants that will produce lead-silver and zinc concentrates for sale in early 2024.

Paca project hosts 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."

Oxide resources are based on a pit-constrained estimate using a 90 g/t Ag cut-off. Sulphide resources are based on a pit-constrained estimate using a 200 g/t AgEq (silver equivalent) cut-off. Ag Eq equals silver equivalent (recovered) equals (Ag g/t multiplied by 89.2 per cent) plus ((Pb per cent multiplied by (95 U.S. cents/pound Pb/14.583 Troy ounce/lb/$17 (U.S.) per Troy oz Ag) multiplied by (10,000 multiplied by 91.9 per cent)) plus ((Zn per cent multiplied by ($1.16 (U.S.)/lb Zn/14.583 Troy oz/lb/$17 (U.S.) per Troy oz Ag) multiplied by (10,000 multiplied by 82.9 per cent)). Sulphide zone metal recoveries of 89.2 per cent for Ag, 91.9 per cent for Pb and 82.9 per cent for Zn were used in the silver equivalent (recovered) equation and reflect metallurgical testing results disclosed previously for the Pulacayo deposit.

Matthew Harrington, PGeo, is the independent qualified person for the resource estimate.

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 oz silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the technical report and attached table. 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.

Combined indicated mineral resources includes Pulacayo pit-constrained and out-of-pit plus only Paca pit-constrained resources. Oxide resources use a 50 g/t Ag cut-off. Sulphide resources use a 100 g/t Ag Eq cut-off. AgEq equals silver equivalent (recovered) equals (Ag g/t multiplied by 89.2 per cent) plus ((Pb per cent multiplied by (95 U.S. cents/lb Pb/14.583 Troy oz/lb/$17 (U.S.) per Troy oz Ag) multiplied by (10,000 multiplied by 91.9 per cent)) plus ((Zn per cent multiplied by ($1.16 (U.S.)/lb Zn/14.583 Troy oz/lb/$17 (U.S.) per Troy oz Ag) multiplied by (10,000 multiplied by 82.9 per cent)). Sulphide zone metal recoveries of 89.2 per cent for Ag, 91.9 per cent for Pb and 82.9 per cent for Zn were used in the silver equivalent (recovered) equation and reflect metallurgical testing results disclosed previously for the Pulacayo deposit. Matthew Harrington, PGeo, is the independent qualified person for the resource estimate.

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 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 Bolivia silver mining district 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 Bill Pincus, who is an independent consultant of the company. Bill Pincus is a qualified person as defined by the guidelines of National Instrument 43-101.

About Silver Elephant Mining Corp.

Silver Elephant Mining is an active silver mining and exploration company advancing its flagship Pulacayo silver project in Bolivia.

We seek Safe Harbor.