Mr. John Lee reports

CLEANTECH TO FOCUS ON FLUORSPAR AND SELL ROBINSON-LASHER ZINC-GERMANIUM-GALLIUM PROJECT TO SILVER ELEPHANT

Cleantech Vanadium Mining Corp. has entered into a binding definitive asset purchase agreement (the APA) with Silver Elephant Mining Corp. dated June 11, 2026, pursuant to which the company will sell its non-core interest in the Robinson-Lasher zinc-germanium-gallium deposit to Silver Elephant. The Robinson-Lasher project is located in the Illinois-Kentucky fluorspar district (IKFD) in Livingston county, Kentucky. Cleantech, through its wholly owned United States subsidiary, entered into an option to purchase (OTP) the Robinson-Lasher project from an arm's-length third party. The terms of the OTP are detailed in Cleantech's news release dated Aug. 12, 2025. The Robinson-Lasher project title will be transferred to Silver Elephant upon Cleantech fulfilling the OTP terms and Silver Elephant fulfilling the transaction terms.

Cleantech's primary focus is developing its fluorspar mineral projects at IKFD. The transaction reduces Cleantech's future property cash payments by divesting non-core assets while retaining exposure to the Robinson-Lasher project through the proposed 9.9-per-cent equity ownership of Silver Elephant.

The transaction terms

Subject to the terms and conditions of the APA, Silver Elephant has agreed to acquire the Robinson-Lasher project from Cleantech in consideration of the following:

• Silver Elephant issuing 6.3 million common shares to Cleantech at a deemed price of 13 cents per share on closing, resulting in Cleantech holding approximately 9.9 per cent of the issued and outstanding common shares of Silver Elephant on a pro forma basis;
• Paying aggregate cash consideration of $1,255,000 (U.S.) in scheduled instalments of: $85,000 (U.S.) on or before Sept. 1, 2026; $85,000 (U.S.) on or before Sept. 1, 2027; $85,000 (U.S.) on or before Sept. 1, 2028; and $1-million (U.S.) on or before Sept. 1, 2029.

In addition, Silver Elephant is required to commit a minimum of $2-million (U.S.) in exploration expenditures at the Robinson-Lasher project and complete an independent technical report prepared by a qualified person.

Separately, Cleantech and Silver Elephant intend to further explore potential joint development of a multipurpose processing facility capable of producing both zinc and fluorspar concentrates by receiving and processing mineral feeds from various deposits at IKFD.

Completion of the transaction remains subject to a number of conditions, including receipt of all required approvals under applicable securities laws and stock exchange requirements, including any required approval of the Toronto Stock Exchange and the TSX Venture Exchange, including, as applicable, any required disinterested shareholder approval of each of Silver Elephant and Cleantech. John Lee serves as chief executive officer and a director of both Silver Elephant and Cleantech. Mr. Lee will abstain from board voting in the transaction.

Qualified person

The technical contents of this news release have been prepared under the supervision of Michael Hendrickson, a member of the American Institute of Professional Geologists (AIPG) and a certified professional geologist (CPG) and an independent qualified person for the purposes of National Instrument 43-101.

About Cleantech Vanadium Mining Corp.

Cleantech is a mining company focused on critical mineral resources in the United States. The company has an option to acquire more than 17,550 acres of mineral rights with historic fluorspar resources across multiple projects in the Illinois-Kentucky fluorspar district. Cleantech also owns a 100-per-cent interest in the Gibellini vanadium mine project in Nevada.

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