Mr. John Lee reports

SILVER ELEPHANT DELIVERS ADDITIONAL 3,771 TONNES OF COAL TO CHINA FROM ITS ULAAN OVOO MINE IN MONGOLIA

Further to Silver Elephant Mining Corp.'s news release dated Feb. 1, 2023, two separate rail shipments totalling 3,771 tonnes of coal have departed for China from its Ulaan Ovoo mine in Mongolia.

"The company has consistently demonstrated its capability to export quality thermal coal to China from Mongolia since December, 2022. The company is planning to expand Ulaan Ovoo operation as we continue to receive inquiries from major Chinese coal buyers," commented John Lee, chief executive officer of the company.

Further coal shipment will resume after Mongolian lunar new year (Feb. 21 to Feb. 24). The company expects to fulfill the 15,000-tonne sales and purchase contract with Hong Kong based coal buyer by March 31, 2023.

About Mega Thermal Coal Corp.

Mega Thermal Coal is a wholly owned subsidiary of Silver Elephant that owns and operates the Ulaan Ovoo mine. Mega Thermal Coal also owns and operates the 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.

We seek Safe Harbor.