The 20-year-old Australian youth international, who can operate at either left-back or centre-half, initially joined the Stags last month, and has won plenty of admirers in his five appearances since.
His league debut came in a 2-1 defeat away to Jacob Blyth’s table-topping Burton Albion on 10 January, and he most recently featured in a 1-0 home victory over Stevenage on Saturday 7 February.
Elder will hope to continue his productive form for Mansfield on Tuesday 10 February when the 20th-placed Stags travel to mid-table Morcambe in the league.