Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES ACQUISITION OF UNITS OF ORACLE COMMODITY HOLDING CORP.

Silver Elephant Mining Corp. has acquired 3.5 million units of Oracle Commodity Holding Corp. by way of private placement.

On March 28, 2024, Silver Elephant acquired the Units at a price of $0.05 each for a total purchase price of $175,000. Each Unit consists of one common share of Oracle ("Oracle Share") and one share purchase warrant ("Oracle Warrant"). Each Oracle Warrant is exercisable to purchase one additional Oracle Share at a price of $0.06 each for a period of three years from the closing date of the Acquisition. This Acquisition represents an increase of 3.56% in Silver Elephant's ownership interest in the issued and outstanding Oracle Shares. Prior to the Acquisition, Silver Elephant held a total of 31,730,110 Oracle Shares, representing 38.55% of the issued and outstanding Oracle Shares. Subsequent to the Acquisition, Silver Elephant beneficially owns, directly or indirectly, a total of 35,230,110 Oracle Shares, representing 35.82% of the issued and outstanding Oracle Shares, and 3,500,000 Oracle Warrants. Such ownership represents 38.03% of the issued and outstanding Oracle securities on a partially diluted basis, assuming Silver Elephant were to exercise its warrants.

Silver Elephant acquired the Units for investment purposes. As a company whose shares are listed for trading on the Toronto Stock Exchange ("TSX"), Silver Elephant sought and received TSX approval for the Acquisition. Silver Elephant may, subject to further TSX approval, acquire additional securities through the open market or by way of private placement or sell securities through the open market or by private sales in the future based on market conditions, reformulation of business plans or other relevant conditions.

Oracle has received conditional approval from the TSX Venture Exchange to list common shares of Oracle as a Tier 2 Investment Issuer. The common shares of Oracle, when listed, will trade under the symbol "ORCL".

A copy of the early warning report dated March 28, 2024, to be filed by Silver Elephant in connection with the acquisition of the Shares of Oracle will be available on SEDAR+. Copies of such reports will also be available from Silver Elephant upon written request sent to Sara Knappe at sara@silverelef.com

About Silver Elephant Mining Corp.

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

We seek Safe Harbor.