Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that on January 18, 2024 the Company filed a Form 15 with the United States Securities and Exchange Commission ("SEC") with the intention of voluntarily deregistering its common shares with the SEC as a cost saving measure. The Company's common shares do not trade on a national stock exchange such as NYSE or NYSE American in the United States and are not otherwise required to be registered.

This move does not affect the trading and listing of the Company's common shares on the Toronto Stock Exchange.

The Company's reporting obligations under Section 12(b) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") are currently suspended and the termination of its reporting obligations under Section 12(b) of the Exchange Act is expected to take effect 90 days after filing the Form 15. The deregistration will result in the Company ceasing to be a reporting company with the SEC.

Following the effective date of deregistration, the Company intends to upgrade its OTC quotation to a higher tier such as OTCQB or OTCQX in the United States.

About Silver Elephant

Silver Elephant is a silver mining and exploration company whose primary project is the Pulacayo silver project in Bolivia. The common shares of the Company are listed for trading on the Toronto Stock Exchange.