Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) is pleased to announce that it has completed its first silver-lead concentrate sale from the Company’s Apuradita Paca Mining Project in Bolivia, marking an important milestone that demonstrates the marketability of Apuradita metals concentrate product.

The first 29.8-tonne silver-lead concentrate shipment was completed in November 2025 at US$47.4/oz silver and US$0.90/lb lead prices, with additional shipments planned on a monthly schedule. Assay results returned concentrate grades of 5,853 g/t Ag and 14.9% Pb, consistent with the Company’s internal metallurgical forecasts.

Mining operations at Apuradita continue at a steady rate, and Silver Elephant forecasts a monthly production target of 1,000 to 1,500 tonnes of silver-bearing mineralized material. The Company internally estimates a total of 10,000 tonnes of mineralized feed in the initial six-month campaign, which may be extended as additional mineralized zones are delineated and developed.

As outlined in the news release dated July 8, 2024, sulphide mineralized material at Apuradita is being exploited using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 meters in length, 20 meters in height, and 4 meters in width, targeting an extraction rate of 30 to 50 tonnes per day. Based on diamond drilling and internal geological modeling, the average grade of extracted sulphide material is 412 g/t Ag, 1.09% Pb, and 0.38% Zn.

Building on these results, Silver Elephant has identified multiple high-grade areas within the Apuradita tunnel where the Company is developing additional mining faces through crosscuts and drifts to access and extract silver-bearing mineralized material from these areas.

In parallel, the Company is exploring near-surface oxide mineralized layers within the broader Apuradita project that are potentially suitable for open-pit mining with favorable strip ratios. Silver Elephant is in sales discussions with third-party processing facilities that could potentially purchase the Apuradita silver oxide materials.

The Company is thankful for continued support from local communities, while operations at Apuradita continue to advance despite challenging macroeconomic conditions in Bolivia.

About Silver Elephant Mining Corp.

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

Further information on Silver Elephant can be found at www.silverelef.com.