Mr. John Lee reports

SILVER ELEPHANT UPDATES ON ARBITRATION PROCEEDINGS AGAINST ANDEAN PRECIOUS METALS TO COLLECT US$1,000,000 PLUS FEES

The five-day hearing for Silver Elephant Mining Corp.'s arbitration case against Andean Precious Metals Corp. was completed on Nov. 7, 2025.

As disclosed in the company's news release dated Feb. 27, 2025, and April 2, 2025, the proceedings relate to Andean's failure to pay $1-million (U.S.) to Silver Elephant under the master service agreement and sales and purchase agreement executed on Sept. 11, 2023. The additional consideration became payable to Silver Elephant on Dec. 18, 2024, after the price of silver averaged above $28 (U.S.) per ounce for 260 trading days. Andean failed to remit payment within the contractual cure period, leading to Silver Elephant to terminate the MSA and SPA on Dec. 31, 2024, and commence arbitration proceedings on Jan. 14, 2025.

The arbitration hearing was held in Vancouver, B.C., from Nov. 3 to Nov. 7, 2025. Silver Elephant is seeking an award for payment of the $1-million (U.S.) plus accrued interest and legal costs.

The company maintains the position that all conditions (pursuant to the MSA and SPA) that triggered the additional consideration payment have been met.

Upon completion of the hearing, the arbitrator directed Silver Elephant and Andean to provide their closing and cost submissions by Nov. 21, 2025. Upon completion of these submissions, the arbitrator will close the proceedings and render its final decision before the end of 2025.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia.

We seek Safe Harbor.