Mr. John Lee reports

SILVER ELEPHANT CLOSES 2ND AND FINAL TRANCHE OF PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF $78,362

Further to its news releases dated July 11, 2024, and July 25, 2024, Silver Elephant Mining Corp. has closed the second and final tranche of its non-brokered private placement offering, raising gross proceeds of $78,362 through the issuance of 163,254 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 for a period of three years from issuance.

Proceeds of the private placement are expected to be used to commission phase 1 sulphide operations at the company's Paca silver project in the Potosi department, Bolivia (refer to the company's news release dated July 8, 2024), and for general corporate purposes.

John Lee, chief executive officer and a director of the company, subscribed for 75,754 units for gross proceeds of $36,362. The issuance of units to the insider pursuant to the private placement will be considered a related party transaction, 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 private placement by the insider 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 transaction in connection with the private placement.

No finders' fees were paid in connection with the second tranche of this private placement.

The securities issued in connection with the private placement are subject to a regulatory hold period and cannot be traded until Dec. 14, 2024.

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.

We seek Safe Harbor.