Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES 30,844 TONNES OF PACA SILVER OXIDE DELIVERED TO ANDEAN PRECIOUS METALS CORP. SINCE OCTOBER

From Oct. 17, 2023, to Dec. 27, 2023, Silver Elephant Mining Corp. mined a total of 30,844 tonnes of Paca oxide materials with an average grade of 162.2 grams per tonne silver (products) and trucked the products to Andean Precious Metals Corp.

All products are excavated from the Paca resources noted herein.

Pursuant to the sales and purchase agreement and master services agreement both dated Sep. 12, 2023, between Silver Elephant and Andean, Andean has agreed to 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, Silver Elephant chief executive officer, comments: "The continued progress and activities demonstrated Paca operational scalability at close to 1,000 tonnes per day. Silver Elephant aims to expand 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 noted herein.

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 shown herein. 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.

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 kilometres 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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