Mr. John Lee reports

SILVER ELEPHANT CLOSES 1ST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF $198,450

Further to Silver Elephant Mining Corp.'s news release dated Oct. 7, 2024, it has closed the first tranche of its non-brokered private placement raising gross proceeds of $198,450 through the sale of 405,000 units at a price of 49 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 share at a price of 55 cents per share for a period of three years from issuance.

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

Proceeds of the private placement are expected to be used for general corporate purposes.

The company paid a finder's fee to Canaccord Genuity Corp. in connection with a portion of the private placement by way of issuance of 4,900 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.