The ^ characters in the filenames may cause problems with DOS commands but, before we get to that, it looks like the elevated command prompt cannot see that drive at all.
Are you running as a separate non-admin user and elevating by typing in another account's credentials (rather than just clicking a button)? If so, I don't think the command-prompt will see the P: drive at all (well, depending on how it is mapped; if it's mapped for only your account then the admin account won't see it).
If you go to the same folder via its UNC path (\servername\share...) then it may work, unless the Administrator account you're using does not have access to the share.
When you try that, also try on some files that don't have ^ characters in their names to ensure that isn't causing extra problems.