Mr. John Lee reports

SILVER ELEPHANT CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $285,000

Silver Elephant Mining Corp., further to its news release dated April 8, 2024, has closed the first tranche of its non-brokered private placement offering, raising gross proceeds of $285,000 through the sale of 950,000 units at a price of 30 cents per Unit.

Each Unit consists of one common share of the Company and one-half of one share purchase warrant with each whole warrant (the "Warrant") entitling the holder to purchase one additional common share of the Company at a price of $0.45 per share for a period of three years from issuance.

Proceeds of the Placement will be used for working capital and general corporate purposes.

In connection with a portion of the closing of the first tranche, 33,600 Units were issued as finder's fees to Canaccord Genuity Corp. (as to 17,500 Units) and EDE Asset Management Inc. (as to 16,100 Units).

The securities issued as part of the Private Placement are subject to a regulatory hold period and cannot be traded until August 30, 2024.

Certain directors subscribed for, in the aggregate, 250,000 Units for gross proceeds of $75,000. The issuance of Units to Insiders pursuant to the Private Placement is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying 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 Private 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 transactions in connection with the Placement.

About Silver Elephant Mining Corp.

Silver Elephant is a silver mining and exploration company, with its flagship Pulacayo silver project in Bolivia.

We seek Safe Harbor.