Mr. John Lee reports

SILVER ELEPHANT CLOSES 2ND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF $135,000

Silver Elephant Mining Corp., further to its news releases dated Jan. 16, 2025, Jan. 27, 2025, and Jan. 30, 2025, has closed the second and final tranche of its non-brokered private placement, raising gross proceeds of $135,000, through the sale of 900,000 units at a price of 15 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 30 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.

John Lee, chief executive officer and a director of the company, subscribed for 400,000 units for gross proceeds of $60,000. 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 transactions in connection with the private placement.

The company paid a finder's fee to Canaccord Genuity Corp. in connection with the second tranche of the private placement by way of issuance of 21,000 units. The finder's units will have the same terms as the units.

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

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with the Paca silver project and Triunfo gold project in Bolivia.

We seek Safe Harbor.