Mr. John Lee reports

SILVER ELEPHANT CHANNEL SAMPLING RETURNS 539 G/T SILVER OVER 10 METERS AT APURADITA

Silver Elephant Mining Corp. has discovered a new high-grade silver-bearing mineralized zone in the underground workings of the company's Apuradita silver project in Bolivia.

Underground channel sampling

Channel sampling returned a length-weighted average grade of 539 grams per tonne (g/t) silver (Ag) over a continuous 10.0-metre (m) interval in the main development drift of the Apuradita underground workings at an elevation of 4,216 m above sea level and approximately 21 m below the surface. The interval comprises five consecutive channel samples, each 2.0 m in length. The drift is oriented at an azimuth of 210 degrees and sampling commenced at UTM co-ordinates 739,979 m east/7,750,293 m north(WGS84, zone 19S). The individual sample results are summarized in table 1. Mineralization occurs as discontinuous, lens-shaped bodies, the geometry and orientation of which have not yet been fully defined. The relationship between the reported sample interval and the true thickness of mineralization has therefore not been established, and the true thickness of the reported interval is unknown.

Channel samples were collected from underground workings at the Apuradita project and analyzed at the company's internal APOGEE Pulacayo Laboratory. The APOGEE Pulacayo Laboratory is owned and operated by the company and is used exclusively for operational and exploration support; it is not an ISO/IEC 17025-accredited analytical laboratory.

The mineralization is interpreted to have formed by supergene oxidation developed downward from the surface along the host structure. On this basis, the company's current geological model indicates the mineralized zone remains open updip and has the potential to continue toward the surface. The continuity of oxide mineralization between the current workings and the surface has not been tested by drilling or sampling, and there is no assurance that mineralization is continuous over that interval.

Third concentrate batch

The company has produced its third batch of silver concentrate via toll milling with Apuradita material feed. The third concentrate batch totalled approximately 32 tonnes with an average grade of 12,168 g/t silver and 32.75 per cent lead (Pb). The assay results were provided by SpectrAA Laboratory in Potosi, Bolivia, an independent commercial analytical laboratory.

Mining and development

The company currently plans to produce between 400 and 600 tonnes of mineralized material per month during 2026 and 2027. As outlined in the news release dated July 8, 2024, silver-mineralized material at Apuradita is being extracted using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 m in length, 20 m in height and four m in width.

Historical drilling, together with the company's current geological interpretation, indicates sulphide mineralization averaging approximately 412 g/t Ag, 1.09 per cent Pb and 0.38 per cent zinc (Zn). The historical drilling results are presented solely for geological context and should not be interpreted as current mineral resources or mineral reserves. Readers are referred to the company's news release dated July 8, 2024, for the underlying drill hole parameters, supporting technical data and related National Instrument 43-101 disclosure.

The company's decision to place Apuradita into production and the production estimates disclosed above are not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and no mineral reserves have been established for the project. As a result, there is increased uncertainty and a higher risk of technical and economic failure associated with this production decision than would be the case had the decision been based on a feasibility study.

Qualified person

The technical content of this news release has been prepared under the supervision of Carlos Zamora, a member of the American Institute of Professional Geologists (AIPG) and a certified professional CPG since 2024, who is an employee of the company and is not considered independent. Mr. Zamora is a qualified person (QP) as defined by National Instrument 43-101.

The qualified person has reviewed and verified the data disclosed herein, including sampling, analytical and test data, and considers it to be reliable for the purposes of this disclosure. Data verification consisted of reviewing the original field sampling records, verifying sample locations and channel measurements, reviewing laboratory certificates, confirming analytical results against the original assay reports, and validating the compilation of the analytical database used in this news release. The qualified person also conducted site visits during the exploration program and directly supervised portions of the sampling activities. No independent check assays or umpire laboratory analyses have been completed on the channel samples to date, which the qualified person considers a limitation on the verification process.

QA/QC (quality assurance/quality control)

Silver analyses were performed by fire assay with a gravimetric finish for overlimit silver values. The preliminary underground channel sampling program did not include the insertion of certified reference materials (CRMs), blanks or duplicate samples by the company as part of the field sampling protocol. Analytical quality monitoring was conducted in accordance with the laboratory's internal QA/QC procedures. In addition, selected samples were submitted to SpectroLab, located in Oruro, Bolivia, an independent analytical laboratory, for check assaying as part of the company's analytical verification procedures. The qualified person considers this limitation when assessing the verification of the analytical results reported herein, and the company plans to incorporate a comprehensive QA/QC protocol, including the routine insertion of certified reference materials, blanks and duplicate samples, into future exploration and sampling programs. Other than the QA/QC limitations described above, the qualified person is not aware of any drilling, sampling or recovery factors that could materially affect the reliability of the reported analytical results.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company that optioned the Robinson-Lasher zinc-germanium-gallium project in Kentucky, located near a proposed $7.4-billion (U.S.) smelter. The company also operates the Apuradita silver project in Bolivia.

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