Vancouver, British Columbia--(Newsfile Corp. - January 28, 2026) - Silver Elephant Mining Corp.  (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that it has received a favorable arbitration award in its dispute with Andean Precious Metals Corp. ("Andean") arising from a contractual dispute under the parties' Master Services Agreement ("MSA") and related sales and purchase agreement executed on September 11, 2023. As previously disclosed in its news release dated February 27, 2025, Silver Elephant delivered a dispute notice to Andean under the MSA, which led to the commencement of the arbitration proceedings.

Pursuant to the binding decision, the arbitrator found that Andean breached the MSA by failing to pay additional consideration owing to Silver Elephant and ordered Andean to pay Silver Elephant USD 1.0 million (the "Additional Consideration"), together with pre-judgment interest of approximately USD 36,077.37, compounded monthly from December 18, 2024 to the date of the award.

In her 88-page award dated January 26, 2026, the arbitrator rejected all of Andean's counterclaims, including allegations that Silver Elephant wrongfully terminated the MSA, as asserted in Andean's news release dated December 31, 2024.The arbitrator further found that Silver Elephant did not engage in any illegal mining activities, as alleged by Andean and by Corporación Minera de Bolivia ("COMIBOL"), as detailed in the Company's news release dated December 31, 2024.

The arbitrator further ordered that USD 274,553.55 in respect of a security deposit advanced by Andean in 2024 be set off against the Additional Consideration payable to Silver Elephant. This set-off amount is consistent with Silver Elephant's calculations and results in a substantial net recovery to the Company. The outcome is well received by Silver Elephant.

Separately, the Company is evaluating further claims against Andean in connection with Andean's ongoing mining activities in the Paca area, which forms a core part of the Mining Production Contract ("MPC") that has been in dispute since December 31, 2024, between COMIBOL and Silver Elephant. The MPC had granted Silver Elephant exclusive rights to mine and develop Pulacayo and Paca projects since 2019. Silver Elephant continues to pursue a number of administrative and judicial avenues to reinstate the MPC with COMIBOL and will provide further updates as appropriate.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company focused on the development of its silver-lead-zinc project in Bolivia.

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

SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD

"John Lee"
CEO and Executive Chairman

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Such forward-looking information, which reflects management's expectations regarding Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, is based on certain factors and assumptions and involves known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information.

Forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: market conditions; changes in business plans; ability to secure sufficient financing to advance the Company's mining projects; and general economic conditions. Additional risk factors about the Company are set out in its latest annual and interim management's discussion and analysis and annual information form available under the Company's profile on SEDAR at www.sedarplus.ca.

Forward-looking information is based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking information included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking information in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281936