Mr. John Lee reports

SILVER ELEPHANT CLOSES SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Silver Elephant Mining Corp. has closed the second and final tranche of its previously announced non-brokered private placement, further to its news releases dated Jan. 19, 2026, Jan. 23, 2026, and Feb. 3, 2026, raising gross proceeds of $260,000 through the sale of 1.04 million units at a price of 25 cents per unit. Together with the first tranche closing on Jan. 23, 2026, Silver Elephant has raised a gross total of $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 issuance.

In connection with the private placement, the company issued 28,000 finders' units to eligible finders. The finders' warrants underlying the finder's units have the same terms and conditions as the warrants comprising the units.

Three insiders of the company subscribed for aggregate gross proceeds of $85,000. The issuance of units to the insiders are considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. 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 insiders participation in the private placement did 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.

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 issue. Proceeds of the private placement are expected to be used for general corporate purposes.

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.