Mr. John Lee of Silver Elephant reports

ORACLE COMMODITY HOLDING AND SILVER ELEPHANT AMEND EXISTING COAL AND SILVER ROYALTY AGREEMENTS

Silver Elephant Mining Corp. and Oracle Commodity Holding Corp. have executed, amended and restated the net smelter return (NSR) royalty agreements covering Silver Elephant's Mongolian coal properties and Bolivian silver properties, replacing and restating prior royalty arrangements.

For the Mongolian coal properties, subject to the terms of the royalty agreements and any applicable regulatory or stock exchange approval, Silver Elephant and Oracle agreed that coal royalty is revised to the greater of $2 (U.S.) per tonne or 3-per-cent NSR (from the greater of $3 (U.S.) per tonne or 5-per-cent NSR). Silver Elephant agreed to provide guarantee of coal royalty payments on behalf of Silver Elephant's Mongolian subsidiaries, which are the royalty payers.

For the Bolivian silver properties, subject to the terms of the royalty agreements and any applicable regulatory or stock exchange approval, Silver Elephant and Oracle have agreed that:

1. Silver royalty based on raw or unprocessed minerals is reduced to 2 per cent of (70 per cent of gross metal value of sold materials), from 2 per cent of (100 per cent of gross metal value of sold materials);
2. Silver royalty is payable regardless of silver price. Threshold silver price of $30 per ounce (oz) is removed;
3. Silver Elephant to provide guarantee of silver royalty payments on behalf of Silver Elephant's Bolivian subsidiaries, which are the silver royalty payers.

Silver Elephant is a control person of Oracle. As such, Silver Elephant and Oracle are related parties to each other within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, and the amended and restated royalty agreements are related party transactions within the meaning of MI 61-101. Silver Elephant and Oracle each intend to rely on available exemptions from the formal valuation and minority approval requirements of MI 61-101 in respect of the amended and restated royalty agreements.

Qualified person

The technical contents of this news release have been prepared under the supervision of Carlos Zamora, a member of the American Institute of Professional Geologists (AIPG) and a certified professional geologist (CPG) since 2024, who is an employee of the company and is not considered independent. Mr. Zamora is a qualified person as defined by National Instrument 43-101.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia.

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