Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES WARRANT AMENDMENTS

Silver Elephant Mining Corp. is amending the exercise price of 11,676,258 common share purchase warrants to 30 cents, as set out in the attached table. The warrant amendments, other than those warrants held by insiders of the company, as set out in the attached table, will take effect on April 22, 2025. The warrant amendments for the warrants held by insiders will only become effective upon shareholder approval, as described in this news release.

The attached table sets out the details of the warrant amendments.

Insiders hold 2,726,865 of the warrants and the warrant amendments for the insider warrants are subject to disinterested shareholder approval. The company anticipates obtaining shareholder approval at its next annual general meeting.

Insiders are related parties of the company and therefore the warrant amendments affecting the insider warrants constitute a related party transaction as contemplated by Multilateral Instrument 61-101, Protection of Minority Shareholders in Special Transactions. The company relies on the exemption from the formal valuation requirements provided under Section 5.5(a) of MI 61-101 as the fair value of the insider warrants does not exceed 25 per cent of the market capitalization of the company.

The amended warrant exercise price of 30 cents represents a 19.52-per-cent premium to the 21.7-cent five-day volume weighted average price of Silver Elephant's common shares.

The warrant amendments remain subject to Toronto Stock Exchange approval.

The TSX has also advised that warrants held by Ron Motz, an insider, as set out in the attached table, will be subject to a limitation on the exercise, whereby he may not exercise any warrants if such exercise would result in Mr. Motz owning 20 per cent or more of the voting rights attached to the company's securities at the time of exercise, including any securities held by parties acting in combination or in concert with Mr. Motz. The warrant exercise limitation will also apply to 400,000 warrants issued to Mr. Motz on Jan. 15, 2025, which have an exercise price of 30 cents and expire on Jan. 27, 2028. The company anticipates seeking disinterested shareholder approval at its next annual general meeting to remove the warrant exercise limitation.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia.

We seek Safe Harbor.