The 20-year-old Australian youth international has impressed during his 11 appearances for the Stags, who are now a healthy eight points clear of the relegation zone.
Able to operate at either left-back or centre-half, Elder played the full 90 minutes for Adam Murray’s side in their last outing on Saturday – a 1-1 draw away at Cheltenham.
Next up for the Stags is a home tie with promotion-chasing Bury on Saturday afternoon, where a victory would help them edge back towards the top half of the table.