Silver Elephant Closes 1st Tranche of Non-Brokered Private Placement Raising Gross Proceeds of $198,450

Vancouver, October 18, 2024 - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that, further to its news release dated October 7, 2024, it has closed the first tranche of its non-brokered private placement (the "Private Placement") raising gross proceeds of $198,450 through the sale of 405,000 units (the "Units") at a price of $0.49 per unit.

Each unit consists of one common share of the Company ("Share") and one share purchase warrant with each warrant (the "Warrant") entitling the holder to purchase one additional Share at a price of $0.55 per Share for a period of three years from issuance.

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 a portion of the Private Placement by way of issuance of 4,900 Units.

About Silver Elephant Mining Corp.

Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October 2023 in Bolivia.

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

ON BEHALF OF THE BOARD

"John Lee"
Executive Chairman

Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227136