Silver Elephant Expects June Sale of New Silver Concentrate Batch Ahead of Schedule

Silver Elephant Mining Corp. (TSX: ELEF,OTC:SILEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") is pleased to announce that 1,220 tonnes of silver-bearing material, with an average silver grade of 410 gt Ag[1], has been trucked to the toll-milling facility from the Company's Apuradita Silver Project ("Apuradita") in Bolivia. The silver-bearing material is ready for processing into a third batch of silver concentrate for expected sale in June.

Underground mining operations at Apuradita continue at a steady rate. Production has improved following the development of additional mining faces, equipment upgrades, and increased manpower. The Company is advancing additional mining faces through crosscuts and drifts to extract silver-bearing mineralized material from these new areas. The Company currently expects to produce between 400 and 600 tonnes of mineralized material per month in 2026 subject to permitting threshold, with concentrate sales planned on a quarterly basis.

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 meters in length, 20 meters in height, and 4 meters in width, at an extraction rate of 20 to 40 tonnes per day. Historical drilling and internal geological interpretations indicate sulphide mineralization averaging approximately 412 g/t Ag, 1.09% Pb, and 0.38% Zn. (refer to the Company's news release dated July 8, 2024, for the underlying drill hole parameters and supporting technical data under National Instrument 43-101 standards).

As announced in the news release dated April 30, 2026, the Company is active in surface sampling situated approximately 20 meters vertically above the Apuradita tunnel system. Sampling of additional mineralized zones that are potentially amenable to open-pit mining is also ongoing.

The Company appreciates the continued support from local communities.

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 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. 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.

QA/QC

Silver Elephant Mining Corp. sends samples to ALS Global Laboratories in Oruro, Bolivia, for sample preparation, after which the prepared pulps are shipped to ALS Global Laboratories for analysis in Lima, Peru. Samples are analyzed using Intermediate Level Four acid digestion. Silver over-limits ("ore grade") are determined by fire assay with a gravimetric finish for precise quantification. ALS Laboratories' sample management system meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures. All samples are collected from HQ and NQ-diameter diamond drill core, which is longitudinally halved using a diamond-blade masonry saw. One-half of the core is submitted for laboratory analysis, while the other half is preserved at the Company's secured core facility for future reference. All core is photographed and undergoes geotechnical analysis and detailed geological logging by the Company's qualified geologists prior to sampling.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company focused on the development of its silver-lead-zinc project in Bolivia.

Further information on Silver Elephant can be found at www.silverelef.com.

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates," "expects," "forecasts," "projects," and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the expected June sale of silver concentrate; production forecasts, rates, throughput and extraction of silver-bearing material; processing and toll-milling of material; concentrate sales; permitting matters; grades, recoveries and mineralization; transport and logistics; commodity prices; and related operational, regulatory, market and technical risks. Such forward-looking information, which reflects management's expectations regarding Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, is based on certain factors and assumptions and involves known and unknown risks and uncertainties that may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information.

Forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including, but not limited to: market conditions; changes in business plans; the ability to secure sufficient financing to advance the Company's mining projects; delays or failures in processing, toll milling, transportation or concentrate sales; delays in obtaining or maintaining permits and other regulatory authorizations; variability in grades, recoveries and metallurgical performance; changes in commodity prices; operational, technical, logistical and community-related risks; and general economic conditions. Additional risk factors about the Company are set out in its latest annual and interim management's discussion and analysis and annual information form available under the Company's profile on SEDAR+ at www.sedarplus.ca.

Forward-looking information is based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking information included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking information in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.

^[1] Grade of mineralized material is based on representative sampling and assay results of the trucked ore lots.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301276