Mr. John Lee reports

SILVER ELEPHANT INCREASES NON-BROKERED PRIVATE PLACEMENT TO $420,000 AND CLOSES FIRST TRANCHE FOR $330,000

Further to Silver Elephant Mining Corp.'s news release dated Jan. 16, 2025, it has increased the size of the private placement to 2.8 million units for aggregate gross proceeds of $420,000 at a price of 15 cents per unit. 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 30 cents per share for a period of three years from issuance.

The company further announces that it has closed the first tranche of the private placement raising gross proceeds of $330,000 through the sale of 2.2 million units.

The securities issued as part of 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.

The company paid a finder's fee to Canaccord Genuity Corp. in connection with the first tranche of the private placement by way of issuance of 119,000 units.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with the Paca silver project and Triunfo gold project in Bolivia.

We seek Safe Harbor.