SILVER ELEPHANT MNG CORP - SILEF STOCK NEWS

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has announced a non-brokered private placement to raise $300,000 through the sale of 2,000,000 units at $0.15 per unit. Each unit includes one common share and one share purchase warrant, allowing holders to purchase an additional share at $0.30 for three years.

The placement includes a Finder's Fee of up to 7% cash or units. A company director will subscribe for 400,000 units ($60,000). Securities will have a four-month plus one day regulatory hold period. The proceeds will be used for general corporate purposes, pending Toronto Stock Exchange approval.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has terminated its Mining Services Agreement (MSA) and Sale and Purchase of Paca Materials agreement (SPA) with Andean Precious Metals Corp. The termination comes after Andean failed to make a required US$1,000,000 payment due on December 18, 2024, and the subsequent cure period expired. The agreements, originally signed on September 11, 2023, have ceased operations, and Silver Elephant is now preparing to take steps to collect the outstanding payment from Andean.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has received a notice of cancellation for its Pulacayo Mining Production Contract (MPC) from Comibol, Bolivia's state-owned mining company. The cancellation notice cites alleged illegal mining, though Silver Elephant maintains full compliance with authorizations. The MPC, signed in October 2019, granted the company's subsidiary exclusive mining rights for up to 30 years in Pulacayo and Paca areas, pending Bolivian congressional ratification.

The cancellation does not affect Silver Elephant's Apuradita mining concession, where the company is developing a tunnel for silver sulphide materials. The company plans to appeal the cancellation under both MPC terms and Bolivian law. Mining activities in the MPC area must cease until the dispute resolution.

Silver Elephant Mining reports mining 24,153 wet tonnes of silver oxide materials averaging 197 g/t silver from its Paca project in November 2024. Since operations began in October 2023, the company has mined and shipped 261,530 wet tonnes grading 183 g/t silver, totaling 1,440,219 oz of silver.

The company plans to sell up to 800,000 tonnes of Paca oxide materials to Andean Precious Metals for US$5-7 million. At current rates, Silver Elephant expects to receive US$2.5 million before January 31, 2025. The Paca project contains indicated oxide resources of 800,000 tonnes at 231 g/t silver and indicated sulfide resources of 1,810,000 tonnes at 256 g/t silver.

Silver Elephant Mining achieved a record production of 31,693 tonnes of oxide materials in October 2024, with an average grade of 184 g/t silver from its Paca project. Since operations began in October 2023, the company has mined and shipped 237,377 tonnes of silver-bearing oxide materials grading 181 g/t silver, totaling 1,300,144 oz of silver. The company plans to sell up to 800,000 tonnes of Paca oxide materials to Andean Precious Metals for US$5-7 million, expecting to receive US$2.5 million before January 2025 while remaining debt-free. Additionally, Silver Elephant initiated tunnel development for the Paca sulfide project in August 2024, with revenue anticipated by year-end.

Silver Elephant Mining has completed the second and final tranche of its non-brokered private placement, raising $291,550 through the sale of 595,000 units at $0.49 per unit. Each unit includes one common share and one warrant, allowing purchase of an additional share at $0.55 for three years. CEO John Lee subscribed for 500,000 units ($245,000). The securities have a four-month plus one-day regulatory hold period. No finder's fees were paid for this tranche, and proceeds will be used for general corporate purposes.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has closed the first tranche of its non-brokered private placement, raising gross proceeds of $198,450. The company sold 405,000 units at a price of $0.49 per unit. Each unit consists of one common share and one share purchase warrant, allowing the holder to purchase an additional share at $0.55 for three years from issuance.

The securities issued will be subject to a four-month plus one day regulatory hold period. Proceeds are expected to be used for general corporate purposes. Silver Elephant paid a finder's fee to Canaccord Genuity Corp. through the issuance of 4,900 units.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) announces significant progress in its Paca project silver production. In September 2024, the company mined 28,879 tonnes of oxide materials with an average grade of 189 g/t silver. Since operations began in October 2023, Paca has produced 1,105,401 oz of silver from 205,682 tonnes of silver-bearing oxide materials.

The company plans to sell up to 800,000 tonnes of Paca oxide materials to Andean Precious Metals Corp. for US$5-7 million, expecting to receive US$2.5 million before January 31, 2025. Silver Elephant has also started tunnel development for Paca sulfide operations, with revenue expected by the end of 2024.

The Paca project hosts a high-grade silver resource, with indicated oxide resources of 5.9 Moz silver and indicated sulfide resources of 14.9 Moz silver, according to a 2020 technical report.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) announces a non-brokered private placement to raise $490,000 through the sale of 1,000,000 units at $0.49 per unit. Each unit includes one common share and one warrant, with warrants exercisable at $0.55 for three years. CEO John Lee will subscribe for 500,000 units ($245,000). Proceeds will be used for general corporate purposes.

The company also appoints Alex Bayer as Chief Legal Officer, effective October 2, 2024. Bayer, a corporate securities lawyer with over 15 years of experience in the mining sector, will lead all legal matters for Silver Elephant. Additionally, Sara Knappe is appointed as Corporate Secretary, replacing Marion McGrath.