Mr. John Lee reports

SILVER ELEPHANT INCREASES NON-BROKERED PRIVATE PLACEMENT TO $825,000

Silver Elephant Mining Corp. has increased the size of its non-brokered private placement, previously announced in its news releases of Jan. 19, 2026, and Jan. 23, 2026, to an aggregate of up to 3.3 million units at a price of 25 cents per unit, for gross proceeds of up to $825,000. 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 32 cents per share for a period of three years from the date of issuance.

Finders' fees of up to 7 per cent finders' units may be payable in connection with the private placement. Each finder's unit will consist of one share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional share of the company at a price of 32 cents per share for three years from the date of issuance.

The company intends to use the net proceeds from the private placement primarily for directors' fees and general working capital purposes.

The securities issued in connection with the private placement are subject to a regulatory hold period of four months plus one day from the date of issue under applicable Canadian securities laws. The private placement is subject to final acceptance by the Toronto Stock Exchange.

Further to the company's news release dated Jan. 28, 2026, the company continues its efforts to collect amounts owing from Andean Precious Metals Corp. pursuant to the arbitration award.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company focused on the development of its silver-lead-zinc project in Bolivia.

We seek Safe Harbor.