Silver Elephant Mining Corp. announced the Company has commenced mining Paca silver oxide materials ("Products") and trucking the Products to Andean Precious Metals Corp. (Andean).

All Products are excavated from the Paca resources tabulated below. Pursuant to the sales and purchase agreement entered between Silver Elephant and Andean on September 12, 2023, approximately 4,500 tonnes of the Products with an average grade of 252 g/t Ag have been delivered to Andean's processing facility in Potosi since mid October. In light of the successful early Phase 1 Paca project commissioning in October, the company is accelerating the time table of Phase 2 Paca sulphide development.

The objective is to start mining Paca sulphide materials and truck them to one of several nearby milling plants that will produce lead-silver and zinc concentrates for sale in early 2024. Paca project hosts high grade silver resource according to a technical report by Mercator Geological Services, dated effective October 13, 2020 titled "Mineral Resource Estimate Technical Report for the Pulacayo Project, Potosi Department Antonnio Quijarro Province Bolivia" (the "Technical Report") The Paca project is part of the Company's Pulacayo project with a total indicated resource of 106.7 million oz silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the Technical Report and tabulated below. 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 meters of drilling, and a historic feasibility study.

A subsidiary of Silver Elephant entered into a Mining Production Contract ("MPC") with Corporación Minera de Bolivia ("COMIBOL"), a branch of the Bolivian Ministry of Mining and Metallurgy on October 3, 2019. The MPC grants 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 center of a major Bolivia silver mining district and is within 250 km 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.

The technical contents of this news release have been prepared under the supervision of Bill Pincus, who is an independent consultant of the Company. Bill Pincus is a qualified person as defined by the guidelines of NI 43-101.