Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES PROPOSED EXTENSION TO 960,000 WARRANTS

Silver Elephant Mining Corp. plans to extend, in the aggregate, the term of 960,000 outstanding warrants by an additional two years. In May, 2020, the company conducted a private placement, whereby it issued 1.52 million share purchase warrants, exercisable at a price of $1.60 per share (on a postconsolidated basis) with a three-year term, of which 463,800 warrants are due to expire on May 1, 2023, and 496,200 are due to expire on May 20, 2023. The remaining 560,000 warrants from the May, 2020, warrants have already been exercised prior to the date of this news release. No insiders of the company hold any of these warrants and the extension of these warrants is subject to the approval of the Toronto Stock Exchange.

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 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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