Mr. John Lee reports

SILVER ELEPHANT CLOSES PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $1,384,499 AND ANNOUNCES CHANGE OF DIRECTORS

Silver Elephant Mining Corp., further to its news releases dated Nov. 21, 2022, and Nov. 29, 2022, has closed its initial tranches of its previously announced private placement offering.

Pursuant to the closing, the company issued an aggregate of 3,076,666 units for aggregate gross proceeds of $1,384,499. 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 of the company at a price of 55 cents per share for 36 months from closing.

In connection with the closing, the company issued 75,600 units and paid $4,619.97 in cash as finders' fees.

The securities issued as part of the offering will be subject to a four-month hold period.

Proceeds of the offering are expected to be used for exploration, working capital and general corporate purposes.

The company also announces that effective Dec. 7, 2022, Nigel Lees has been appointed to the board of directors. In addition, Marc Leduc has resigned from the board of directors. The board would like to thank Mr. Leduc for his dedicated services.

Mr. Lees has over 30 years of experience in merchant and investment banking in the United Kingdom and Canada. His career in Canada commenced with RBC Dominion Securities as a research analyst. During his career in Canada, he has been a partner and director of several investment dealers, and has assisted in financing companies in the process of going public on the Canadian stock exchanges.

He has served as a member of the listing committee of the Toronto Stock Exchange, as well as an officer and board member of several publicly listed junior mining companies. He was a founder and past director of TVX Gold Inc., a significant North American and South American gold producer, which merged with Kinross Gold in 2003. He served as a director of Yamana Gold Inc. for 17 years until 2020, when he served as the chairman of the compensation committee.

About Silver Elephant Mining Corp.

Silver Elephant is a premier silver mining and exploration company. It also owns 100 per cent of Mega Thermal Coal Corp. and 39 per cent of Oracle Commodity Holding Corp. Oracle has equity investments in nickel and vanadium mining companies.

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