Mr. John Lee reports

SILVER ELEPHANT RESUMES TRUCKING FROM APURADITA SILVER MINING OPERATION

Silver Elephant Mining Corp. has resumed trucking of silver-bearing mineralized material from the company's continuing Paca Apuradita mining project to a designated toll mill plant in Bolivia.

The trucking was temporarily suspended due to shortage of diesel fuel and rainy weather. Approximately 1,750 tonnes of silver-bearing mineralized material are currently stockpiled at Apuradita, which are being trucked to a designated toll mill plant in Bolivia to produce high-grade silver-lead concentrate. The concentrate will then be sold at market prices to the international market.

The mining operation at Apuradita tunnel continues at a steady monthly rate of 500 to 1,000 tonnes of silver-bearing mineralized material. The company estimates approximately at least 10,000 tonnes of mineralized material remain within the Apuradita tunnel complex. Mineralized zones are delineated and vertical levels are developed. This estimate is conceptual in nature and is not supported by a current mineral resource or mineral reserve estimate as defined under National Instrument 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability and therefore should not be relied upon.

As outlined in the news release dated July 8, 2024, sulphide mineralized material at Apuradita is being exploited 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, targeting an extraction rate of 30 to 50 tonnes per day. Based on diamond drilling and internal geological modelling, the average grade of extracted sulphide material is 412 grams per tonne silver, 1.09 per cent lead and 0.38 per cent zinc.

Silver Elephant has identified multiple high-grade areas within the Apuradita tunnel, where the company is developing additional mining faces through crosscuts and drifts to access and extract silver-bearing mineralized material from these areas.

In parallel, the company is exploring near-surface oxide mineralized layers within he Apuradita project that are potentially suitable for open-pit mining with favourable strip ratios. The company is very encouraged by the bulk-tonnage oxide mining potential at the current silver price.

Qualified person

The technical contents of this news release have been prepared under the supervision of Carlos Zamora, a member of the American Institute of Professional Geologists (AIPG) and a certified professional geologist (CPG) 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.

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 international standards 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 diamond-blade masonry saw. One-half of the core is submitted for laboratory analysis while the other half is preserved on the company's secured core facility for future reference. All core undergoes geotechnical analysis, photographed and then 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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