Mr. John Lee reports

SILVER ELEPHANT SIGNS AGREEMENT TO SELL 15,000 TONNES OF ULAAN OVOO COAL TO A HONG KONG COAL BUYER BY MARCH END

A sales and purchase agreement (SPA) has been entered between Silver Elephant Mining Corp.'s Mongolia subsidiary and a Hong Kong commodity trading and logistics company with significant presence in Mongolia.

The seller and purchaser are sometimes hereafter referred to collectively as the parties.

Under the SPA, the seller will supply to the purchaser 15,000 tonnes of coal from the company's Ulaan Ovoo mine. The seller will deliver the trial shipment at the Sukhbaatar rail station in Mongolia (point of delivery). The trial shipment will then travel southbound to China by rail. The delivery is scheduled to be completed by March 31, 2023.

"After a brief pause for the lunar new year, coal sales and delivery from Silver Elephant's Ulaan Ovoo mine is resuming in February. Our goal is to achieve steady continued coal sales year-round in 2023, which we expect to be the record year in sales revenue for Ulaan Ovoo," commented John Lee, chief executive officer of the company.

Parties intend to expand the sales volume under the SPA after successful completion of the trial shipment. The SPA expires on Dec. 31, 2023.

About Silver Elephant Mining Corp.

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

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