Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES PRIVATE PLACEMENT OFFERING OF UP TO 2,500,000 UNITS FOR GROSS PROCEEDS OF UP TO $750,000

Silver Elephant Mining Corp. proposes to undertake a non-brokered private placement of up to 2.5 million units of the company at a price of 30 cents per unit to raise aggregate gross proceeds of up to $750,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional share of the company at a price of 45 cents per share for two years.

The securities issued as part of the placement will be subject to a hold period of four months plus one day from the date of issue.

Closing of the placement is expected to occur on or about July 20, 2023.

John Lee, executive chairman, will be subscribing for up to 300,000 units for gross proceeds of up to $90,000. The issuance of units to insiders pursuant to the placement will be considered related party transactions within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. 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 per cent 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 transactions in connection with the placement. The placement is subject to approval by the Toronto Stock Exchange.

A finder's fee of 7 per cent in finder's units or cash will be payable in connection with the placement in accordance with the policies of the Toronto Stock Exchange. Each finder's unit will consist of one common share of the company and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional share of the company at a price of 45 cents per share for two years.

Proceeds of the placement are expected to be used for Pulacayo exploration, the Ulaan Ovoo restart, working capital and general corporate purposes.

About Silver Elephant Mining Corp.

Silver Elephant 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.

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