Silver Elephant Closes Second and Final Tranche of Non-Brokered Private Placement

Vancouver, British Columbia--(Newsfile Corp. - February 13, 2026) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Private Placement"), further to its news releases dated January 19, 2026, January 23, 2026 and February 3, 2026, raising gross proceeds of $260,000 through the sale of 1,040,000 units (the "Units") at a price of $0.25 per Unit. Together with the first tranche closing on January 23, 2026, Silver Elephant has raised a gross total of $825,000.

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 $0.32 per Share for a period of three years from issuance.

In connection with the Private Placement, the Company issued 28,000 finder's units (the "Finder's Units") to eligible finders. The finder's Warrants underlying the Finder's Units have the same terms and conditions as the Warrants comprising the Units.

Three insiders of the Company (the "Insiders") 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 ("MI 61-101"). 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% 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.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of that jurisdiction.

About Silver Elephant Mining Corp.

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

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