Silver Elephant Mining Corp. announced from October 17, 2023 to December 2, 2023, the Company mined a total of 13,072 tonnes of Paca oxide materials with an average grade of 190.2 g/t silver ("Products") and trucked the Products to Andean Precious Metals Corp. (Andean).

Pursuant to the sales and purchase agreement and master services agreement both dated September 12, 2023 between Silver Elephant and Andean, Andean will pay Silver Elephant $1.8 million by January 31, 2024, or when 36,000 tonnes of Products have been delivered to Andean's processing facility. The Company is studying a proposed Phase 2 for 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 2024.

The Company has in parallel, engaged consultants to prepare and apply for the environmental permit to build a sulphide processing plant to produce metal concentrates on site at Pulacayo. The time table to obtain such permit will be provided in early 2024. 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.

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.