Not for distribution to the United States Newswire Services or For Dissemination, Distribution, Release or Publication, Directly or Indirectly into the United States

Vancouver, British Columbia, October 15, 2025 — Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt:1P2) announces that, further to its news release dated September 4, 2025 and September 17, 2025, it has closed the second and final tranche of its non-brokered private placement (the “Private Placement”) raising gross proceeds of $445,411 through the sale of 2,783,824 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.

Finder’s Fees of 145,250 Finder’s Units were paid with each Finder’s Unit consisting of one Share and one Warrant.

John Lee, a Director of the Company subscribed for 193,750 Units for gross proceeds of $31,000. The issuance of Units to Mr. Lee is considered a related party transactions 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 Mr. Lee’s 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 with gold and silver projects in Bolivia.