Mr. John Lee reports

SILVER ELEPHANT ANNOUNCES FAVORABLE TAX TRIBUNAL RULING IN MONGOLIA

The Mongolian Tax Tribunal has issued a decision dismissing and cancelling a supplementary tax assessment issued to Silver Elephant Mining Corp.'s subsidiary, Redhill Mongolian LLC, by the Mongolian tax authorities.

The supplementary tax assessment, issued on Sept. 11, 2024, alleged 63.8 billion Mongolian tugrik (approximately $24.6-million) in corporate income tax, value-added tax, and related penalties and interest, as a result of the company's internal restructuring of its Mongolian subsidiaries in 2021.

Following a hearing on Friday, Jan. 23, 2026, the tribunal ruled by majority vote in favour of Redhill, dismissing the tax assessment in its entirety. As a result of the tribunal's decision, the supplementary tax assessment has been cancelled.

The tribunal's decision is final, and the official written decision and resolution of the tribunal are expected to be delivered in February, 2026.

About Silver Elephant Mining Corp.

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

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