Silver Elephant Mining Corp. — Capital/Financing Update 2024

Aug 1, 2024

BC FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1: Name and Address of Company

Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) Suite 1610 – 1409 Granville Street Vancouver, BC V6C 1T2 Item 2: Date of Material Change July 23, 2024 Item 3: News Release

A news release was issued and disseminated through the services of Newsfile Corp. on July 25, 2024, and filed on SEDAR+ (www.sedarplus.ca).

Item 4: Summary of Material Changes

Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX: ELEF, OTC: SILEF, Frankfurt: 1P2) announces that, further to its news release dated July 11, 2024, it has closed the first tranche of its non-brokered private placement offering (the “Private Placement”) raising gross proceeds of $1,111,584 through the issuance of 2,315,800 units (the “Units”) at a price of $0.48 per Unit. Item 5: Full Description of Material Change

Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX: ELEF, OTC: SILEF, Frankfurt: 1P2) announces that, further to its news release dated July 11, 2024, it has closed the first tranche of its non-brokered private placement offering (the “Private Placement”) raising gross proceeds of $1,111,584 through the issuance of 2,315,800 units (the “Units”) at a price of $0.48 per Unit.

Each Unit consists of one common share of the Company and one share purchase warrant with each warrant (the “Warrant”) entitling the holder to purchase one additional common share of the Company at a price of $0.70 per share for a period of three years from issuance.

In connection with a portion of the closing of the first tranche, 159,978 Units were issued as a finder’s fee to Canaccord Genuity Corp. (as to 131,978 Units) and Glores Securities Inc. (as to 28,000 Units).

Proceeds of the Private Placement are expected to be used to commission phase one sulphide operations at the Company’s Paca silver project in Potosi department in Bolivia (refer to the Company’s news release dated July 8, 2024), and for general corporate purposes.

The securities issued in connection with the Private Placement is subject to a regulatory hold period and cannot be traded until November 24, 2024.

Subsequent to the Company’s announcement on July 11, 2024, the Company increased its proposed Private Placement from 2,000,000 Units to 3,000,000 Units.

Item	6:	Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
		Not applicable.
Item	7:	Omitted Information
		None.
Item	8:	Executive Officer
		For further information, please contact:
		John Lee
		Chief Executive Officer
		(604) 569-3661
Item	9:	Date of Report
		July 31, 2024