Mr. John Lee reports

SILVER ELEPHANT CLOSES FINAL TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $507,650

Silver Elephant Mining Corp. has closed the second and final tranche of its private placement offering announced on March 13, 2023, which was upsized as described in a news release on March 23, 2023.

Pursuant to the Closing, the Company issued an aggregate amount of 1,128,111 Units for aggregate gross proceeds of $507,650. Each Unit will consist 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 3 years (the "Units").

In total, including the first tranche of the Placement that closed on March 22, 2023, the Company raised total gross proceeds of $ 1,182,650 through the aggregate sales of 2,628,111 Units at $0.45 per Unit.

In connection with the Closing, an aggregate of 34,650 Units ("Finder's Units") were issued by the Company to eligible finders as finder's fees in accordance with the policies of the TSX. Each Finder's Unit will consist of one common share of the Company and one non-transferable 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 3 years.

John Lee, Executive Chairman, subscribed for 291,111 Units for gross proceeds of $131,000. The issuance of Units to insiders pursuant the Placement are considered related party transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI-61-101"). The Company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization. The Company will file a material change report in respect of the related party transaction in connection with the Placement.

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

Proceeds of the Placement are expected to be used for the Company's mineral project development and for general working capital purposes.

Additionally, the Company announces that it has entered into debt settlement agreements with certain former directors of the Company (the "Debt Settlements"), pursuant to which the Company will issue an aggregate of 116,953 shares of the Company to settle an aggregate of $54,968 in outstanding debts accrued since 2022. The Debt Settlements are subject to TSX acceptance.

About Silver Elephant Mining Corp.

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

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