Silver Elephant Announces $840,000 Non-Brokered Private Placement

Silver Elephant Mining Corp. (ELEF) announced a non-brokered private placement to raise gross proceeds of $840,000. The offering consists of 7,000,000 units priced at $0.12 per unit. Each unit contains one common share and one share purchase warrant exercisable at $0.16 per share for three years.

Insider subscriptions are expected to total up to $240,000, representing 28.5% of the raise. The transaction is structured as a related-party transaction under MI 61-101, relying on exemptions from minority shareholder approval and formal valuation. Net proceeds are designated for general working capital. Securities carry a four-month-plus-one-day regulatory hold period pending TSX approval.

Silver Elephant Mining Corp. (ELEF) has navigated a series of operational and financial milestones since late 2025. In September and October 2025, the company initiated toll-milling at Apuradita and successfully sold its first concentrate batches, securing financing at $0.16 per unit. By November and December 2025, a second concentrate sale confirmed marketability, with management raising capital at a higher price of $0.25 per unit.

The balance sheet improved in January and February 2026 following a favorable arbitration award of $1 million and a win in a Mongolian tax tribunal. Trucking operations resumed, and a third financing closed at $0.25 per unit. Operations scaled further between April and June 2026, marked by a third batch sale and the acquisition of the Robinson-Lasher project. During this period, the company also filed legal action against Andean Precious Metals over the Pulacayo contract.

In July and August 2026, high-grade channel sampling returned 539 g/t silver over 10 meters, and the company realized $1.4 million in cash proceeds from three concentrate batches. A fourth batch is currently prepared for October.

The most recent financing occurred in September 2026 at $0.12 per unit. This price represents a significant step-down from prior raises and sits at the absolute 52-week low. The $840,000 raise introduces approximately 12% dilution to the company’s share count of approximately 57.5 million shares. The issue price is below the recent trading range of $0.12 to $0.15 and represents a discount to the $0.16 and $0.25 tranches closed earlier in the year.

Silver Elephant Mining Corp. (ELEF) is an exploration-stage mineral company focused on precious and base metals. Its flagship asset is the Apuradita Paca Project in Bolivia, an underground silver-lead-zinc mine that utilizes shrinkage stoping. The company employs toll-milling for concentrate production and has established an offtake agreement with a major international buyer.

The company also holds additional assets, including the Robinson-Lasher Project in Kentucky, USA, which is an optioned zinc-germanium-gallium project located approximately 90 miles from a proposed $7.4 billion Korea Zinc smelter. In Bolivia, the Pulacayo Project is a silver-lead-zinc project subject to a 15-year production contract with COMIBOL and is currently under legal dispute. Additionally, the Ulaan Ovoo Coal Mine in Mongolia is leased to a major conglomerate for thermal coal extraction.

Silver Elephant Mining Corp. currently has no NI 43-101 compliant mineral reserves or resources. Its operations are based on conceptual estimates and historical drilling data.