Mr. John Lee reports

SILVER ELEPHANT CLOSES PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $192,000

Silver Elephant Mining Corp. has closed the first tranche of its private placement offering, announced on June 23, 2023.

Pursuant to the closing, the company issued in the aggregate 639,999 units for aggregate gross proceeds of $192,000. Each unit consists of one common share of the company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional share of the company at a price of 45 cents per share for a period of 24 months from the date of issuance.

In connection with a portion of the closing of the first tranche, a finder's fee was paid in the amount of $210.

John Lee, executive chairman, subscribed for 180,000 units for gross proceeds of $54,000. The issuance of units to insiders pursuant the placement 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 participation in the placement by insiders 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 in connection with the placement.

The securities issued as part of the private placement is subject to a regulatory hold period expiring on Dec. 18, 2023.

Proceeds of the placement are expected to be used for the company's mineral project development and for general working capital purposes.

About Silver Elephant Mining Corp.

Silver Elephant is a premier silver mining and exploration company, with its flagship Pulacayo silver project in Bolivia.

We seek Safe Harbor.