Mr. John Lee reports

SILVER ELEPHANT COMPLETES FIRST HIGH-GRADE SILVER CONCENTRATE SALE FROM APURADITA MINING OPERATION

Silver Elephant Mining Corp. 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 $47.4 (U.S.)/ounce silver and 90 U.S. cents/pound lead prices, with additional shipments planned on a monthly schedule. Assay results returned concentrate grades of 5,853 grams per tonne Ag and 14.9 per cent 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 metres in length, 20 metres in height and four metres 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 grams per tonne Ag, 1.09 per cent Pb (lead) and 0.38 per cent Zn (zinc).

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 favourable 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.

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 (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.

QA/QC (quality assurance/quality control)

About Silver Elephant Mining Corp.

Silver Elephant sends samples to ALS Global Laboratories in Oruro, Bolivia, for sample preparation, after which, the prepared pulps are shipped to ALS Global laboratories for analysis in Lima, Peru. Samples are analyzed using intermediate level four acid digestion. Silver overlimits (ore grade) are determined by fire assay with a gravimetric finish for precise quantification. ALS Laboratories sample management system meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures. All samples are collected from HQ and NQ-diameter diamond drill core which is longitudinally halved using diamond blade masonry saw. One-half of the core is submitted for laboratory analysis, while the other half is preserved on the company's secured core facility for future reference. All core undergoes geotechnically analysis, photographed and then detail geological logging by the company's qualified geologists prior to sampling.

About Silver Elephant Mining Corp.

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

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