Mr. Masateru Igata reports

CLEANTECH TO ACQUIRE RIGHTS TO EL TRIUNFO GOLD-ANTIMONY PROJECT IN BOLIVIA FROM SILVER ELEPHANT

Silver Elephant Mining Corp. and Cleantech Vanadium Mining Corp. have entered into an option assignment agreement, pursuant to which Silver Elephant proposes to assign its rights in and to an option agreement dated July 10, 2020, pursuant to which, among other things, Silver Elephant has the right, through a wholly owned subsidiary of Silver Elephant, to acquire 100 per cent of the equity interests in the capital of Mururata S.R.L., a commercial society existing pursuant to the laws of Bolivia, which owns certain Bolivian mining rights that comprise the El Triunfo gold and antimony project, to Cleantech in consideration for the payment of $155,000 in cash.

Closing of the transaction is subject to the satisfaction of certain conditions precedent thereto, including, without limitation, satisfactory completion of due diligence in respect of the Triunfo project by Cleantech, the receipt of the requisite regulatory and stock exchange approvals by each of Silver Elephant and Cleantech, and the execution of an amendment to the Triunfo option agreement in form and substance acceptable to Cleantech. Cleantech has provided Silver Elephant with a refundable deposit in the amount of $155,000, which such deposit shall be repaid in the event the transaction is not completed by Dec. 31, 2025, or if the option assignment agreement is otherwise terminated.

For purposes of Policy 5.3 of the TSX Venture Exchange, the transaction is non-arm's length as John Lee is a director and chief executive officer of Silver Elephant and Cleantech, Greg Hall is a director of Silver Elephant and Cleantech, Andrew Yao is the chief financial officer of Silver Elephant and Cleantech, Sara Knappe is the corporate secretary of Silver Elephant and Cleantech, and Alex Bayer is the chief legal officer of Silver Elephant and Cleantech. Both Mr. Lee and Mr. Hall declared their interest and abstained from voting on the transaction.

The Triunfo project is a gold-antimony project located in the Bolivian department of La Paz, about 75 kilometres to the east of Bolivia's capital city of La Paz, and spans an area of approximately 256 hectares.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with precious metal projects in Bolivia.

About Cleantech Vanadium Mining Corp.

Cleantech is an exploration-stage mining company focused on vanadium and critical mineral resources. The company owns a 100-per-cent interest in the Gibellini vanadium mine project in Nevada.

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