Mr. John Lee reports

SILVER ELEPHANT SIGNS TOLL MILLING AGREEMENT AND READY TO START APURADITA SILVER-BEARING SHIPMENTS IN EARLY AUGUST 2025

Silver Elephant Mining Corp. will commence shipping silver-bearing materials from its Apuradita Paca project in Bolivia for toll milling. Shipments will begin the first week of August under a newly executed toll-milling agreement with an arms-length Bolivian private company.

Pursuant to the terms of the toll-milling agreement dated July 7, 2025, Silver Elephant's Bolivian subsidiary will deliver up to 10,000 tonnes of oxide and sulphide-bearing materials for treatment at a fixed toll milling fee. The agreement may be extended as more Apuradita resource is developed. The toll milling facility will generate a high-grade lead-silver and zinc-silver concentrates from the Apurdita silver materials feed. The company will then sell the concentrates to an international concentrate buyer under a proposed contract.

As at July 23, 2025, the company has stockpiled approximately 1,000 tonnes of silver-bearing materials from Apuradita. The mineralized materials will be trucked to the toll milling facility for processing located approximately 180 kilometres from Apuradita. The Apuradita mining claim is registered under Silver Elephant's Bolivia subsidiary with the Bolivian Jurisdictional Administrative Mining Authority. Apuradita is not within the area covered under the mining production contract between the company and the Corporacion Minera de Bolivia (COMIBOL).

Silver Elephant maintains its near-term monthly production target of 1,000 to 2,000 tonnes of silver mineralized materials. The company currently forecasts approximately 10,000 tonnes of mineralized feed over the first campaign, with further upside potential once additional resources are developed.

To date, the main Apuradita tunnel has advanced approximately 175 metres, and in addition, branch drifts of nine metres to the west and 14 metres to the east have been developed, each positioned to access additional mineralized zones. Logistics have been secured with a fleet of 20-ton trucks operating on a daily rotation between the mine and the toll milling facility.

Metallurgical tests

Independent bench-scale metallurgical tests carried out at the toll milling facility in July, 2025, confirmed that conventional flotation efficiently treats materials coming from the Apuradita project:

• Sulphide samples -- produced a concentrate assaying 25,552 grams per tonne Ag (silver) and 56.6 per cent Pb (lead) with recoveries up to 92 per cent silver and 87 per cent lead based on two sulphide samples, each weighing 900 grams and grading 158 g/t Ag, 0.46 per cent Pb and 0.4 per cent Zn (zinc).
• Oxide samples -- produced a concentrate assaying 14,493 g/t Ag with 79.5 per cent silver recovery based on two oxide samples, each weighing 900 grams and grading 244 g/t Ag and 1 per cent Pb.

These results confirm that both the sulphide and oxide materials from Apuradita respond well to conventional flotation techniques and can produce marketable concentrates that meet smelter specifications.

These tests were conducted on a laboratory scale on limited samples and are not necessarily indicative of full-scale plant performance. Recoveries, grades, reagent consumption and operating conditions may vary materially once commercial-scale processing is undertaken. Investors are cautioned not to place undue reliance on these preliminary results. Data verification consisted of confirming that all samples were taken from within the mineralized zones currently being developed for toll milling. The qualified person (QP) checked that the sampling protocol used was applicable for the metallurgical testwork. In the QP's opinion, the testwork conducted was completed by a reputable metallurgical testing facility and used industry-standard methods.

As outlined in the news release dated July 8, 2024, sulphide mineralized materials at Apurdita will be mined using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 metres in length by 20 metres in height by four metres in width, with a targeted average extraction rate of 50 to 100 tonnes per day. The calculated average grade of extracted and sorted sulphide materials is 412 g/t Ag, 1.09 per cent Pb and 0.38 per cent Zn, based on diamond drill holes at Apuradita and an internally developed mine model.

Several examples of high-grade intercepts within the Apuradita mineralized zone include that shown in the attached table.

The full drill hole assay results were previously released on SEDAR+ from 2015 to 2025.

The assumptions set out above are based on a resource estimate at Apuradita that is not a reserve estimate. Mineral resources that are not mineral reserves do not have demonstrated economic viability and therefore should not be relied upon.

The company is thankful for continued support from local communities.

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.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia.

We seek Safe Harbor.