Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES FIRST CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Silver Elephant Mining Corp., further to its news releases dated Sept. 3, 2026, and Sept. 29, 2026, has completed the first closing of its previously announced non-brokered private placement for aggregate gross proceeds of $840,000 by the sale and issuance of seven million units of the company at a price per unit of 12 cents.

Each unit consists of one common share in the capital of the company and one share purchase warrant. Each warrant shall entitle the holder thereof to purchase one additional share at a price of 16 cents at any time on or before the three-year anniversary of the date of issuance of the warrants.

In connection with the closing, the company also issued 106,750 units to certain finders as finders' fees. Each finder's unit consists of one share and one non-transferable share purchase warrant. Each finder's warrant is exercisable to acquire one share at a price of 16 cents at any time on or before the three-year anniversary of the date of issuance of the finders' warrants.

John Lee, an insider of the company, subscribed for 1.5 million units under the offering. The issuance of units to the insider is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the insider's participation in the offering did not exceed 25 per cent of the fair market value of the company's market capitalization.

The securities issued under the private placement will be subject to a regulatory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities laws. The offering proceeds are expected to be primarily used for the company's general working capital purposes.

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.

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