Mr. John Lee reports

SILVER ELEPHANT CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $13,500

Further to its news releases dated Nov. 21, 2022, Nov. 29, 2022, and Dec. 7, 2022, Silver Elephant Mining Corp. has closed the final tranche of its previously announced private placement offering.

Pursuant to the Closing, the Company issued an aggregate of 30,000 Units for aggregate gross proceeds of $13,500. 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 $0.55 per share for 36 months from Closing (the "Units").

In connection with the Closing, the Company paid $945 in cash as a Finder's Fee.

The securities issued as part of the Offering will be subject to a 4-month hold period.

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Silver Elephant

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

We seek Safe Harbor.