Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES 51,567 TONNES OF PACA SILVER OXIDE DELIVERED TO ANDEAN PRECIOUS METALS CORP. SINCE OCTOBER 2023

From Oct. 17, 2023, to March 30, 2024, Silver Elephant Mining Corp. mined a total of 51,567 tonnes of Paca oxide materials with an average grade of 165.1 grams per tonne (g/t) silver (Ag) (products) and trucked the products to Andean Precious Metals Corp.

All products are excavated from the Paca resources, shown in an attached table.

John Lee, chief executive officer of Silver Elephant, commented: "We are now consistently mining and trucking Paca products to Andean's plant at the rate of over 1,000 tonnes per day. The operation was paused temporarily from early January to mid-March, pending the completion of certain governmental filings. We don't anticipate further interruptions going forward."

Pursuant to the sales and purchase agreement, and master services agreement, both dated Sept. 12, 2023, between Silver Elephant and Andean, Silver Elephant plans to sell and deliver up to 800,000 tonnes of products to Andean for a total of up to $7-million (U.S.). Andean has also agreed to reimburse Silver Elephant for operating expenses under the sales and purchase agreement.

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 associated 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.

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 in the associated 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.

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.

We seek Safe Harbor.