Silver Elephant Increases Non-Brokered Private Placement to CAD 882,000

Silver Elephant Mining Corp. has increased the size of its previously announced non-brokered private placement, originally declared on September 29, 2026. The offering has been raised to up to 7,350,000 units priced at CAD 0.12 per unit, bringing total gross proceeds to up to CAD 882,000. The transaction includes a related-party component in which insiders are expected to purchase up to 2,000,000 units.

Each unit consists of one common share and one share purchase warrant. The warrants allow holders to purchase one additional share at CAD 0.16 per share for a period of three years from issuance. Finder's fees of up to 7% may be paid in Finder's Units, each containing one share and one non-transferable warrant exercisable at CAD 0.16 for three years. Net proceeds from the offering are designated for general working capital.

Completion of the transaction is anticipated by October 9, 2026, subject to TSX approval. Securities issued in the offering are subject to a four-month-and-one-day hold period under Canadian securities laws.

Silver Elephant Mining Corp. (ELEF) announced on September 29 a minor follow-up to its September 3, 2026 offering, which initially provided for 7,000,000 units at $0.12, raising $840,000. The latest filing increases the offering by 350,000 units, adding $42,000 to the gross proceeds.

The pricing remains at $0.12, a level below the recent trading range of $0.13-$0.15 and significantly below the $0.16 warrant exercise price. This structure indicates continued dilution at depressed levels. The financing is expected and incremental, introducing no new strategic assets, operational milestones, or market-moving catalysts. The primary impact is dilutive to existing shareholders, with no offsetting positive operational or financial developments disclosed alongside the financing.

Silver Elephant Mining Corp. (ELEF) is a British Columbia-based exploration and early-stage production company listed on the TSX, Frankfurt, and OTCQX. Its flagship asset is the Apuradita Paca Mining Project in Bolivia, where the company is currently producing silver-lead concentrate via toll milling. Recent operations include the sale of three concentrate batches in 2026, generating approximately $1.4 million in cash proceeds. Underground mining utilizes shrinkage stoping, targeting 400-600 tonnes per month.

The company’s other assets include the Robinson-Lasher zinc-germanium-gallium project in Kentucky, which has been optioned and acquired; the Ulaan Ovoo coal mine in Mongolia, which is leased; and the Pulacayo-Paca project in Bolivia, which is under litigation. The company has no established mineral reserves or NI 43-101 compliant resources for its producing assets. All production is based on conceptual estimates and early-stage sampling.