Silver Elephant’s Flying Nickel Private Placement Vote to Exclude Interested Shareholders

27243134v2

Silver Elephant’s Flying Nickel Private Placement Vote to Exclude

Interested Shareholders

Not for distribution to United States Newswire Services or for dissemination in the United States

Vancouver, British Columbia, December 17, 2021 – Silver Elephant Mining Corp. (“Silver Elephant”,

or the “Company”) (TSX: ELEF, OTCQX: SILEF, Frankfurt: 1P2N) is pleased to provide an update on the

disinterested shareholder approval requirements for the previously completed equity private placement of

its subsidiary Flying Nickel Mining Corp. (“ Flying Nickel”), which closed on November 29, 2021 for gross

proceeds of $8,600,000 (the “ Flying Nickel Offering ”). The proceeds of the Flying Nickel Offering are

currently held in escrow, pending completion of certain escrow release conditions. The escrow release

conditions include approval of the Toronto Stock Exchange (“TSX”), which, as a condition of approval of the

Flying Nickel Offering, requires that the Flying Nickel Offering be approved by an ordinary resolution of

disinterested shareholders of the Company (the “ Flying Nickel Resolution ”) at the Company’s upcoming

special meeting of shareholders to be held on December 22, 2021 (the “ Meeting”). For the purposes of

determining disinterested shareholder approval, those shareholders of the Company that participated in the

Flying Nickel Offering (the “ Interested Shareholders”) will not be permitted to vote on the Flying Nickel

Resolution at the Meeting.

The Company wishes to confirm that Interested Shareholders, holding an aggregate of 4,732,800 common

shares of the Company, will be excluded from voting on the Flying Nickel Resolution at the Meeting. No

directors or officers of the Company or Flying Nickel are amongst the Interested Shareholders. The

holdings of the Interested Shareholders represent approximately 2.1% of the outstanding common shares

of the Company as of the record date for the Meeting. The Interested Shareholders will be entitled to vote

on all other items of business at the Meeting.

For further information regarding the Arrangement and the Meeting, refer to the Company’s management

information circular which is available under the Company’s profile at www.sedar.com. For further

information regarding the Flying Nickel Offering, please refer to the Company’s news release dated

November 30, 2021.

Additionally, the Company announces the appointment of Flora Lo as the Company’s corporate secretary.

About Silver Elephant Mining Corp.

Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.

27243134v2

Further information on Silver Elephant and Flying Nickel can be found at www.silverelef.com and

www.flynickel.com.

SILVER ELEPHANT MINING CORP.

ON BEHALF OF THE BOARD

“John Lee”

Executive Chairman

For more information about Silver Elephant, please contact Investor Relations:

+1.604.569.3661 ext. 101

[email protected] www.silverelef.com

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as

“expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements

related to matters which are not historical facts, are forward-looking information within the meaning of

applicable securities laws. Such forward-looking statements, which reflect management’s expectations

regarding Silver Elephant’s future growth, results of operations, performance, business prospects and

opportunities, are based on certain factors and assumptions and involve known and unknown risks and

uncertainties which may cause the actual results, performance, or achievements to be materially different

from future results, performance, or achievements expressed or implied by such forward-looking

statements.

These factors should be considered carefully, and readers should not place undue reliance on the Silver

Elephant’s forward-looking statements. Silver Elephant believes that the expectations reflected in the

forward-looking statements contained in this news release are reasonable, but no assurance can be given

that these expectations will prove to be correct. In addition, although Silver Elephant has attempted to

identify important factors that could cause actual actions, events or results to differ materially from those

described in forward looking statements, there may be other factors that cause actions, events or results

not to be as anticipated, estimated or intended. Silver Elephant undertakes no obligation to release publicly

any future revisions to forward-looking statements to reflect events or circumstances after the date of this

news or to reflect the occurrence of unanticipated events, except as expressly required by law.

None of the securities to be issued pursuant to the Flying Nickel Offering have been or will be registered

under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act ”), or any state

securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon

available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S.

Securities Act and applicable exemptions under state securities laws. This press release does not

constitute an offer to sell or the solicitation of an offer to buy any securities.