Mr. John Lee reports

SILVER ELEPHANT CLOSES SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT RAISING GROSS PROCEEDS OF $44,000

Silver Elephant Mining Corp., further to its news releases dated June 11, 2025, and June 25, 2025, has closed the second and final tranche of its non-brokered private placement, raising gross proceeds of $44,000 through the sale of 220,000 units at a price of 20 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.

John Lee, a director of the company, subscribed for 220,000 units for gross proceeds of $44,000. The issuance of units to Mr. Lee is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied 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 participation in the private placement did 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.

About Silver Elephant Mining Corp.

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

We seek Safe Harbor.