Mr. John Lee reports

SILVER ELEPHANT DELIVERS ADDITIONAL 6,600 TONNES OF COAL TO CHINA FROM ITS ULAAN OVOO MINE IN MONGOLIA

Further to Silver Elephant Mining Corp.'s news release dated Dec. 28, 2022, and Nov. 21, 2022, an additional 6,600 tonnes of coal in two separate rail shipments have arrived in Tianjin seaport in China from its Ulaan Ovoo mine in Mongolia. In total, 9,766 tonnes (three rail shipments) of coal have been exported to China since the cross-border sales started on Dec. 9, 2022. Tianjin is a major Chinese seaport and exposes Ulaan Ovoo coal to international seaborne coal pricing.

"Bringing Ulaan Ovoo coal to Tianjin is a monumental achievement for the company. This means potentially broader market reach and the indexing of Ulaan Ovoo coal sales price to international seaborne pricing with transparency.

"We are on to a good start in 2023 to reach our sales target of 200,000 to 500,000 tonnes. The company has received additional coal purchase interests from several international buyers. Every coal sale generates profits for Silver Elephant as our Mongolia operating partner is responsible for coal extraction," commented John Lee, chief executive officer of Silver Elephant.

For each shipment, approximately 3,000 tonnes of Ulaan Ovoo coal were loaded onto 50 wagons (driven by a dedicated Ulan Bator railway locomotive) at Mongolia's Sukhbaatar station (sales delivery point). The train travelled southbound, arriving at China's Erlian port, where the coal was unloaded. The coal may then be picked up and further transported within the China rail network. As of the date of this news release, the wagons have been returned to Sukhbaatar to start the fourth run.

The company holds 100 per cent of the rights to the Ulaan Ovoo mineral claims and mining licences. The company and its Mongolian operating partner have agreed to share the proceeds from coal sales from stockpiled coal sales on a 50/50 basis until June 30, 2023. There are approximately 75,000 tonnes of coal mined by the Mongolian operating partner stockpiled at the Ulaan Ovoo mine site and the nearby Sukhbaatar rail siding.

About Mega Thermal Coal Corp.

Mega Thermal Coal is a wholly owned subsidiary of Silver Elephant, which owns and operates the Ulaan Ovoo mine. Mega Thermal Coal also owns and operates Chandgana Khavtgai and Chandgana Tal coal mines in Mongolia.

About Silver Elephant Mining Corp.

Silver Elephant Mining is a premier silver mining and exploration company, with its flagship Pulacayo silver project in Bolivia. It also owns 100 per cent of Mega Thermal Coal and 39 per cent of Oracle Commodity Holding Corp. Oracle has equity and royalty investments in nickel and vanadium mining companies.

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