Silver Elephant Mining Corp. announced from October 17, 2023 to March 30, 2024 the Company mined a total of 51,567 tonnes of Paca oxide materials with an average grade of 165.1 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, Silver Elephant plans to sell and deliver up to 800,000 tonnes of Products to Andean for a total of up to USD 7 million. Andean has also agreed to reimburse Silver Elephant for operating expenses under the sales and purchase agreement. 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 the 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 silver mining district in Bolivia 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.