Mr. John Lee reports

SILVER ELEPHANT UPSIZES PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT TO $696,830

Silver Elephant Mining Corp. proposes to amend the terms of the non-brokered private placement originally announced on April 1, 2025, and as amended on April 17, 2025. The private placement will be increased to raise gross proceeds of $696,830 through the sale of 3,871,277 units at a price of 18 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.

Finders' fees of 193,989 finder units will be payable. Each finder unit will consist of one share and one warrant.

John Lee, a director of the company, will be subscribing for 50,000 units for gross proceeds of $9,000 and Ron Motz, a shareholder holding more than 10 per cent of the company's common shares, will be subscribing for 450,000 units for gross proceeds of $81,000. The issuance of units to Mr. Lee and Mr. Motz are considered related party transactions 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 Mr. Lee's and Mr. Motz's participation in the private placement 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.

The securities issued under 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 private placement is subject to approval by the Toronto Stock Exchange.

About Silver Elephant Mining Corp.

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

We seek Safe Harbor.