Vancouver, British Columbia--(Newsfile Corp. - October 13, 2026) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) (the "Company") is pleased to announce that, further to its press releases dated September 3, 2026 and September 29, 2026, the Company has completed the first closing of its previously announced non-brokered private placement (the "Offering") for aggregate gross proceeds of $840,000 by the sale and issuance of 7,000,000 units of the Company ("Units") at a price per Unit of $0.12.

Each Unit consists of one common share in the capital of the Company (each, a "Share") and one Share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one additional Share at a price of $0.16 at any time on or before the three (3) year anniversary of the date of issuance of the Warrants.

In connection with the closing, the Company also issued 106,750 Units ("Finder's Units") to certain finders as finder's fees. Each Finder's Unit consists of one Share and one non-transferable Share purchase warrant (each, a "Finder's Warrant"). Each Finder's Warrant is exercisable to acquire one Share at a price of $0.16 at any time on or before the three (3) year anniversary of the date of issuance of the Finder's Warrants.

John Lee, an insider of the Company (the "Insider") subscribed for 1,500,000 Units under the Offering. The issuance of Units to the Insider is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). 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 the Insider's participation in the Offering did not exceed 25% of the fair market value of the Company's market capitalization.

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 issuance in accordance with applicable Canadian securities laws. The Offering proceeds are expected to be primarily used for the Company's general working capital purposes.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company that optioned the Robinson-Lasher zinc-germanium-gallium project in Kentucky, located near a proposed US$7.4 billion smelter. The Company also operates the Apuradita silver project in Bolivia.

Cautionary Note Regarding Forward-Looking Statements and Reader Advisory

Certain statements contained in this news release, including, but not limited to, statements relating to the use of proceeds from the Offering and the potential for any additional closings pursuant to the Offering, statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding regulatory approvals as may be required, investor demand, the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

U.S. Securities Law Disclaimers

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318726