Mr. John Lee reports

SILVER ELEPHANT RECLAIMS PULACAYO-PACA SILVER MINING PROJECT FOLLOWING FAVORABLE RULING BY BOLIVIAN SUPREME TRIBUNAL OF JUSTICE

The Bolivian Supreme Tribunal of Justice has ruled in favour of Silver Elephant Mining Corp.'s Bolivian subsidiary, Apogee Minerals Bolivia SA, in the administrative judicial review proceedings brought by Apogee on Oct. 31, 2025, concerning the Pulacayo-Paca mining production contract. The MPC, dated Oct. 3, 2019, is between Apogee and the Corporacion Minera de Bolivia (Comibol), a branch of the Bolivian Ministry of Mining and Metallurgy.

The MPC granted Apogee the exclusive right to develop and mine the Pulacayo-Paca silver mining project, covering 2,803 hectares of the Pulacayo and Paca mining concessions, for up to 30 years.

Apogee was formally notified of the ruling on Nov. 5, 2026. The court annulled the Comibol board resolution dated Dec. 16, 2024, that cancelled the MPC. The court also nullified the subsequent administrative proceedings brought by Comibol and the Bolivian Ministry of Mining and Metallurgy against Apogee in relation to the MPC.

The court found that Comibol did not properly consider the approvals, permits and authorizations that it had issued to Apogee, and that the MPC was terminated without legal basis or proper procedure.

About Pulacayo-Paca silver mining project

The Pulacayo-Paca silver mining project has previously reported indicated mineral resources of 106.7 million ounces of silver and inferred mineral resources of 13.1 million ounces of silver, as estimated by Mercator Geological Services Ltd., with an effective date of Oct. 13, 2020, and summarized by deposit below. These estimates predate subsequent mining activities at Paca and have not been adjusted in this disclosure to reflect mineral extraction since the effective date.

A total of 96,021 metres of drilling has been completed on the Pulacayo-Paca silver mining project: 5,009 metres by Apex Silver Mines Ltd. from 1994 to 1998, 85,024 metres by Apogee Silver Ltd. from 2002 to 2014 and 6,258 metres by Silver Elephant from 2019 to 2022. By deposit, the mineral resource estimate is supported by 73,016 metres of drilling at Pulacayo and 19,916 metres at Paca, which is seven kilometres north of Pulacayo.

Between October, 2023, and November, 2024, the company mined 261,530 wet tonnes of oxide material grading 183 grams per tonne silver from Paca by open-pit mining method.

For further details, please refer to the company's news release dated Oct. 7, 2019, Sept. 12, 2023, Nov. 19, 2024, Dec. 9, 2024, Dec. 31, 2024, Feb. 27, 2025, April 2, 2025, Jan. 28, 2026, and June 17, 2026.

Qualified person

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

The mineral resource estimate was prepared by Mercator Geological Services under the supervision of Matthew Harrington, PGeo, an independent qualified person as defined by National Instrument 43-101.

About Silver Elephant Mining Corp.

Silver Elephant is a mining company focused on developing its flagship Pulacayo-Paca silver mining project in Bolivia. Silver Elephant also operates a zinc-germanium-gallium mining project in Kentucky, which is near the $7.4-billion critical mineral smelter under construction.

We seek Safe Harbor.