Mr. John Lee of Silver Elephant reports

SILVER ELEPHANT EARLY WARNING REPORT

Silver Elephant Mining Corp., on Sept. 15, 2025, sold an aggregate of 3.5 million common shares in the capital of Oracle Commodity Holding Corp. through the facilities of the TSX Venture Exchange for total consideration of $87,500.

Prior to the Oracle share sale, Silver Elephant held 15,700,110 Oracle common shares, representing approximately 15.11 per cent of Oracle's issued and outstanding common shares. After the Oracle share sale, Silver Elephant now holds 12,200,110 Oracle shares, representing approximately 11.74 per cent of Oracle's issued and outstanding common shares on a non-diluted basis, and 9.15 per cent on a fully diluted basis. This represents a change of 3.37 per cent in Silver Elephant's shareholdings in Oracle.

Silver Elephant will use the proceeds from the Oracle share sale for general working capital purposes. Silver Elephant may from time to time increase or decrease ownership or control of securities of Oracle depending on market conditions and/or other relevant factors.

A copy of the early warning report has been filed on SEDAR+.

About Silver Elephant Mining Corp.

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

We seek Safe Harbor.