Silver Elephant Increases Previously Announced Non-Brokered Private Placement to $735,200

Vancouver, British Columbia--(Newsfile Corp. - September 24, 2025) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that it proposes to amend the terms of the non-brokered private placement (the "Private Placement") originally announced on September 4, 2025. The Private Placement will be increased to raise gross proceeds of $735,200 through the sale of 4,595,000 units (the "Units") at a price of $0.16 per unit. Each unit consists of one common share of the Company (a "Share") and one share purchase warrant (a "Warrant") with each warrant entitling the holder to purchase one additional Share at a price of $0.20 per Share for a period of three years from issuance.

A Finder's Fees of up to 7% Finder's Units may be payable. Each Finder's Unit will consist of one common share of the Company 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 $0.20 per share for three years.

Company insiders will be subscribing for 1,000,000 Units for gross proceeds of up to $160,000. The issuance of Units to the insiders will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relies 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 will not exceed 25% 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.

The Private Placement is subject to approval by the Toronto Stock Exchange ("TSX").

About Silver Elephant Mining Corp.

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

Further information on Silver Elephant can be found at www.silverelef.com.

SILVER ELEPHANT MINING CORP.

ON BEHALF OF THE BOARD

"John Lee"

CEO and Executive Chairman

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