Mr. John Lee of Silver Elephant reports

SILVER ELEPHANT ANNOUNCES 13,072 TONNES OF PACA SILVER OXIDE DELIVERED TO ANDEAN PRECIOUS METALS CORP. SINCE OCTOBER

From Oct. 17, 2023, to Dec. 2, 2023, Silver Elephant Mining Corp. mined a total of 13,072 tonnes of Paca oxide material with an average grade of 190.2 grams per tonne silver and trucked the products to Andean Precious Metals Corp. All products are excavated from the Paca resources tabulated herein.

Pursuant to the sales and purchase agreement and master services agreement (both dated Sept. 12, 2023) between Silver Elephant and Andean, Andean will pay Silver Elephant $1.8-million (U.S.) by Jan. 31, 2024, or when 36,000 tonnes of products have been delivered to Andean's processing facility.

John Lee, chief executive officer of Silver Elephant, commented: "The continued 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."

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.

The company is studying a proposed phase 2 for 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 2024.

The company has, in parallel, engaged consultants to prepare and apply for the environmental permit to build a sulphide processing plant to produce metal concentrates on site at Pulacayo. The timetable to obtain such permit will be provided in early 2024.

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/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-kilometre 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. Mr. 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.

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