Mr. John Lee reports

SILVER ELEPHANT RECEIVED US$1.4 MILLION IN CASH PROCEEDS FROM APURADITA SILVER CONCENTRATE SALES IN 2026

Silver Elephant Mining Corp. has provided an update on a significant milestone at its Apuradita silver project in Bolivia. The company has produced and sold three batches of silver-lead concentrate from Apuradita in 2026, resulting in cash proceeds of approximately $1.4-million (U.S.).

Highlights:

• Feed for the three concentrate batches totalled 4,547 tonnes of silver-bearing mineralized material delivered from Apuradita mining operation to the toll milling facility, at a weighted average grade of 297 grams per tonne silver and 0.9 per cent lead; feed for the first batch was 1,223 tonnes grading 250 grams per tonne silver and 0.7 per cent lead; feed for the second batch was 1,845 tonnes grading 248 grams per tonne silver and 0.8 per cent lead; and feed for the third batch was 1,479 tonnes grading 396 grams per tonne silver and 1.2 per cent lead;
• Three silver-lead concentrate batches were produced by toll milling totalling 84.7 dry tonnes of concentrate containing 24,538 ounces of silver and 20 tonnes of lead metal;
• Silver concentrate grade has increased with each successive batch, from 5,916 grams per tonne silver in the first batch to 11,577 grams per tonne silver in the third, with lead grade also increasing from 14.4 per cent to 31 per cent;
• Approximate cash proceeds from the three batches of concentrate sales total $1.4-million (U.S.), with estimated cash flow margin of 35 per cent accounting for direct operating costs and capital expenditure at Apuradita;
• A fourth concentrate batch is in preparation, with mineralized material being stockpiled at the Apuradita project site for delivery to the toll milling facility in October.

Concentrate production to date

Each concentrate batch was produced by toll milling of Apuradita mineralized material at a third party processing facility in Bolivia and sold to an international concentrate buyer under commercial terms referencing prevailing silver and lead prices.

Mineralized material feed by batch

Final settlement of the third concentrate batch has not yet occurred, and final realized proceeds may differ from the amount disclosed.

Mining and development

Underground mining operations at Apuradita continue at a steady rate of 400 to 600 tonnes of mineralized material mined per month, subject to operating conditions and the availability of suitable mineralized material.

Underground mining activities have progressed following the development of additional mining faces, equipment upgrades and increased manpower. The company is advancing additional mining faces through crosscuts and drifts to extract silver-bearing mineralized material from newly accessed areas.

As outlined in the news release dated July 8, 2024, silver-mineralized material at Apuradita is being extracted using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 metres in length, 20 metres in height and 2.5 metres in width.

Qualified person

The technical content of this news release has been prepared under the supervision of Carlos Zamora, a member of the American Institute of Professional Geologists (AIPG) and a certified professional geologist (CPG) since 2024, who is an employee of the company and is not considered independent. Mr. Zamora is a qualified person as defined by National Instrument 43-101.

The qualified person has reviewed and verified the technical data disclosed herein, including sampling and analytical data, and considers such data to be reliable for the purposes of this disclosure. Data verification consisted of reviewing the original field sampling records, verifying sample locations and channel measurements, reviewing laboratory certificates, confirming analytical results against the original assay reports, and reviewing the compilation of the analytical database used in this news release. The qualified person also conducted site visits during the exploration program and directly supervised portions of the sampling activities. Selected channel samples were submitted to SpectroLab in Oruro, Bolivia, an independent analytical laboratory, for check assaying as part of the company's data verification procedures. No umpire laboratory analyses have been completed to date.

Quality assurance/quality control

Silver analyses were performed by fire assay with a gravimetric finish for overlimit silver values. The preliminary underground channel sampling program did not include the insertion of certified reference materials (CRMs), blanks or duplicate samples by the company as part of the field sampling protocol. Analytical quality monitoring was conducted in accordance with the laboratory's internal QA/QC procedures. In addition, selected samples were submitted to SpectroLab, located in Oruro, Bolivia, an independent analytical laboratory, for check assaying as part of the company's analytical verification procedures. The qualified person considers the absence of company-inserted certified reference materials, blanks and duplicate samples when assessing the verification of the analytical results reported herein. The company plans to incorporate a comprehensive QA/QC protocol, including the routine insertion of certified reference materials, blanks and duplicate samples, into future exploration and sampling programs. Other than the QA/QC limitations described above, the qualified person is not aware of any sampling or analytical factors that could materially affect the reliability of the reported analytical results.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company that optioned the Robinson-Lasher zinc-germanium-gallium project in Kentucky, located near a proposed $7.4-billion (U.S.) smelter. The company also operates the Apuradita silver project in Bolivia.

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