Mr. John Lee reports

SILVER ELEPHANT CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF $1,111,584

Further to Silver Elephant Mining Corp.'s news release dated July 11, 2024, it has closed the first tranche of its non-brokered private placement offering raising gross proceeds of $1,111,584 through the issuance of 2,315,800 units at a price of 48 cents per unit.

Each unit consists of one common share of the company and one share purchase warrant with each warrant entitling the holder to purchase one additional common share of the company at a price of 70 cents per share for a period of three years from issuance.

In connection with a portion of the closing of the first tranche, 159,978 units were issued as a finder's fee to Canaccord Genuity Corp. (as to 131,978 units) and Glores Securities Inc. (as to 28,000 units).

Proceeds of the private placement are expected to be used to commission phase one sulphide operations at the company's Paca silver project in Potosi department in Bolivia (refer to the company's news release dated July 8, 2024), and for general corporate purposes.

The securities issued in connection with the private placement is subject to a regulatory hold period and cannot be traded until Nov. 24, 2024.

Subsequent to the company's announcement on July 11, 2024, the company increased its proposed private placement from two million units to three million units.

About Silver Elephant Mining Corp.

Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October, 2023, in Bolivia.

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