Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2)  announces that in September 2024, the Company mined a total of 28,879 tonnes of oxide materials (963 tonnes per day) with an average grade of 189 g/t silver from its Paca project and trucked the Products to Andean Precious Metals Corp. in Potosi department, Bolivia.

The Company has mined and shipped 205,682 tonnes of silver-bearing oxide materials grading 181 g/t silver, which is 1,105,401 oz of silver based on reported government tax records, since Paca’s operation began in October 2023. The operation has seen remarkable grade consistency, and experienced no lost time incidents or interruption.

Silver Elephant plans to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean for a total of between US$5 million and US$7 million. At the current silver price and production run rate, the Company expects to receive US$2.5 million before January 31, 2025. In addition, Andean has also agreed to reimburse Silver Elephant for operating expenses under the sales and purchase agreement detailed in the news release dated September 12, 2023.

In addition to the Paca oxide operation, Silver Elephant commenced tunnel development of Paca sulfide operation in August as detailed in the Company’s news release dated July 8, 2024. The Company expects revenue generation from the sulfide operation, which is outside of the scope of its agreements with Andean, by year end of 2024.

“Today’s production milestone is a step towards re-crowning Pulacayo-Paca as a major silver producer with its illustrious silver production history. Silver Elephant is ramping up Paca silver production with the support from our partners and local communities. The Company is incurring minimum share dilution and remains debt free. We expect to rise through the ranks of the silver juniors league with our growth plans in 2025,” commented John Lee, CEO and Chairman of Silver Elephant.

The Paca project hosts a 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 mineral resource estimate from the Technical Report is as follows:

Mineral Resources are effective October 13, 2020. Oxide resources are based on a Pit-constrained estimate using a 90 g/t Ag cutoff. Sulfide resources are based on a pit-constrained estimate using a 200 g/t Ag Eq cutoff. Ag Eq = Silver Equivalent (Recovered) = (Ag g/t*89.2%) +((Pb%*(US$0.95/lb. Pb/14.583 Troy oz./lb./US$17 per Troy oz. Ag) *(10,000*91.9%)) +((Zn%*(US$1.16/lb. Zn/14.583 Troy oz./lb./US$17 per Troy oz. Ag) *(10,000*82.9%)). Sulphide zone metal recoveries of 89.2% for Ag, 91.9% for Pb, and 82.9% for Zn were used in the Silver Equivalent (Recovered) equation and reflect metallurgical testing results disclosed previously for the Pulacayo Deposit. Matthew Harrington P. Geo. is the independent Qualified Person for the resource estimate.

The Technical Report was filed on October 26, 2020 and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. This news release includes an estimate of mineral resources as disclosed in the Technical Report. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

About Pulacayo-Paca

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.

Mineral Resources are effective October 13, 2020. Combined Indicated Mineral Resources includes Pulacayo pit-constrained and out-of-pit plus only Paca pit-constrained resources. Oxide resources use a 50 g/t Ag cutoff. Sulfide resources use a 100 g/t Ag Eq cutoff. Ag Eq = Silver Equivalent (Recovered) = (Ag g/t*89.2%)+((Pb%*(US$0.95/lb. Pb/14.583 Troyoz./lb./ US$17 per Troy oz. Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb. Zn/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*82.9%)). Sulphide zone metal recoveries of 89.2% for Ag, 91.9% for Pb, and 82.9% for Zn were used in the Silver Equivalent (Recovered) equation and reflect metallurgical testing results disclosed previously for the Pulacayo Deposit. Matthew Harrington P. Geo. is the independent Qualified Person for the resource estimate.

A subsidiary of Silver Elephant entered into a Mining Production Contract with Corporación Minera de Bolivia, 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.

Qualified Person

The technical contents of this news release have been prepared under the supervision of Carlos Zamora, who is an employe of the Company and is not considered independent. Mr. Zamora is a qualified person as defined byf National Instrument 43-101.

About Silver Elephant Mining Corp.

Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October 2023 in Bolivia.