Mr. John Lee reports

SILVER ELEPHANT INCREASES NON-BROKERED PRIVATE PLACEMENT TO CAD 882,000

Silver Elephant Mining Corp. has increased the size of its non-brokered private placement previously announced on Sept. 3, 2026, to an aggregate of up to 7.35 million units at a price of 12 cents per unit for gross proceeds of up to $882,000. Each unit consists of one common share of the company and one share purchase warrant with each warrant entitling the holder to purchase one additional share at a price of 16 cents per share for a period of three years from the date of issuance.

Finders' fees of up to 7 per cent in finders' units may be payable in connection with the private placement. Each finder's unit will consist of one share and one non-transferable share purchase warrant with each warrant entitling the holder to purchase one additional share of the company at a price of 16 cents per share for three years from the date of issuance.

The issuance of up to two million units in the aggregate to insiders of the company constitutes a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the units to be acquired by the participating insiders, nor the consideration to be paid by such insiders is anticipated to exceed 25 per cent of the company's market capitalization.

All securities issued in connection with the private placement will be subject to a regulatory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. The company intends to use the net proceeds from the private placement primarily for general working capital purposes.

The company is expecting to complete the private placement by Oct. 9, 2026, subject to approval by the Toronto Stock Exchange.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company that optioned the Robinson-Lasher zinc-germanium-gallium project in Kentucky located near a proposed $7.4-billion (U.S.) smelter. The company also operates the Apuradita silver project in Bolivia.

We seek Safe Harbor.