Vancouver, British Columbia, April 2, 2025 — Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX: ELEF, OTC:SILEF, Frankfurt:1P2) is pleased to provide an update on the sulphide mining operation at its Paca Apuradita Silver Project in the Potosi Department of Bolivia, following its news release dated July 8, 2024. The Apuradita mining claim (“Apuradita”) is registered under Silver Elephant’s Bolivia subsidiary with the Bolivian Jurisdictional Administrative Mining Authority (AJAM). Apuradita is not within the area covered under the Mining Production Contract dated October 3, 2019, between the Company and the Corporacion Minera de Bolivia (“Comibol”) which is the subject of ongoing disputes.

In September 2024, the Company started Apuradita tunnel development to mine high-grade sulphide material located beneath the oxide layer. The planned 100-tonne-per-day underground mining operation extracts sulphide material. The mined materials will then be transported to third party toll mill processing plants.

To date, the Company has dug 111 meters of the 160-meter planned tunnel to reach the sulphide mineralized zone. The Company is continuing tunnel development at approximate rate of 2.4 meters per day and expects to start silver production by May 2025.

The essential infrastructure is in place to support sulphide mining activities:

The underground transport rail system is fully installed and operational, with structural reinforcements added to ensure stability and prevent derailments.
Logistics infrastructure including rail for the minecar dump truck loadout area and locomotive recharging station is complete.
The air compressor system and water utility are fully functional, providing air and water services for drilling, ventilation, and dust control.
Civil works at the tunnel site, including secured storage laydown areas and Truck Haulage Road are complete.
In conjunction with tunneling, the Company is finalizing toll milling and concentrate sales agreements with concentrate production and sales anticipated to begin in May 2025.

As outlined in the news release dated July 8, 2024, the tunnel will provide access to sulphide mineralized materials, which will be mined using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 meters in length x 20 meters in height x 4 meters in width, with a targeted extraction rate of 100 to 150 tonnes per day. The calculated average grade of extracted and sorted sulfide materials is 412 g/t Ag, 1.09% Pb, and 0.38% 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:
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