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 favor of Apogee Minerals Bolivia S.A., the Bolivian subsidiary of Silver Elephant Mining Corp. (ELEF), in administrative judicial review proceedings that were commenced on October 31, 2025. The Court annulled the COMIBOL Board Resolution dated December 16, 2024, which had cancelled the Mining Production Contract (MPC) dated October 3, 2019, and nullified subsequent administrative proceedings brought by COMIBOL and the Ministry of Mining and Metallurgy. According to the Court’s findings, COMIBOL did not properly consider approvals, permits, and authorizations it had previously issued to Apogee, and the MPC was terminated "without legal basis or proper procedure."

Apogee was formally notified of the ruling on November 5, 2026. The MPC granted exclusive rights over 2,803 hectares of the Pulacayo and Paca concessions for up to 30 years. The company’s release does not provide a timetable for the reinstatement of operations, nor does it state whether COMIBOL has complied with or waived appeal. There is no information regarding recourse or compensation for the approximately 23 months of lost access, nor any capex or development plan. Additionally, the release offers no update on the BC Supreme Court action against Andean Precious Metals and does not disclose a financing plan.

The release reiterates the October 13, 2020 Mercator resource estimates without updating them. The data includes: * Pulacayo Indicated: 26.35 Mt at 70.2 g/t Ag, 903.7 Mlb Zn, 386.0 Mlb Pb (133.4 moz AgEq) * Pulacayo Inferred: 11.4 moz AgEq * Paca Indicated: 21.69 Mt at 37.0 g/t Ag, 485.8 Mlb Zn, 304.2 Mlb Pb (70.2 moz AgEq) * Paca Inferred: 9.2 moz AgEq * Headline silver: 106.7 moz Indicated, 13.1 moz Inferred

The company explicitly warns that these estimates "predate subsequent mining activities at Paca and have not been adjusted... to reflect mineral extraction since the effective date." Disclosed extraction from Paca between October 2023 and November 2024 by open pit totaled 261,530 wet tonnes of oxide at 183 g/t Ag, representing roughly 1.54 moz of contained silver, or about 1.4% of the stated Indicated resource.

Drilling support totals 96,021 m, comprising 5,009 m from Apex (1994–98), 85,024 m from Apogee (2002–14), and 6,258 m from Silver Elephant (2019–22). This includes 73,016 m at Pulacayo and 19,916 m at Paca. Resource parameters are based on stale prices of US$17/oz silver, US$0.95/lb Pb, and US$1.16/lb Zn, with US$2.00/t mining costs, 45° pit slopes, and strip ratios of 12.3:1 for Pulacayo and 4.3:1 for Paca. Cut-offs are set at 30 g/t AgEq for sulphide, 50 g/t Ag for oxide, and 100 g/t AgEq for out-of-pit material.

QA/QC disclosure in this release is limited to naming the Qualified Persons. Carlos Zamora (AIPG, CPG), a company employee, is explicitly "not independent." The resource was prepared by independent QP Matthew Harrington, P.Geo. of Mercator. No CRM, blank, or duplicate protocol is described in the release.

Silver Elephant Mining Corp. (ELEF) announced that a final court ruling has reinstated the legal instrument underpinning its flagship asset, reversing a voiding that occurred in December 2024. The company had previously signaled its intent to pursue legal remedies to reinstate the terminated contract in releases dated June 17, 2026, and January 28, 2026. The reinstatement removes a legal cloud over the asset, which holds a stated Indicated resource of approximately 203.6 moz AgEq, though the ruling does not by itself generate cash flow.

Financial data for the period ending June 30, 2026, shows the company held CAD 603,513 in cash against CAD 1,794,110 in current liabilities, with an operating cash outflow of CAD 89,190 for the quarter. Intangible assets of CAD 21,725,107 represent approximately 97% of total assets valued at CAD 22,491,231. The Pulacayo asset is not currently being mined; revenue is derived solely from a small Apuradita toll-milling campaign, which generated US$1.4 million in proceeds across three batches in 2026.

The resource estimate is dated October 13, 2020, utilized a US$17/oz silver price, and has not been converted into reserves. The company’s release reiterated that resources do not have demonstrated economic viability, and no Preliminary Economic Assessment, feasibility study, mine plan, or capital expenditure figures are included in the provided materials. While realized silver prices in 2026, cited at US$74.8/oz on a concentrate sale in an April 30, 2026 release, would improve economics compared to 2020 assumptions, no work has been done to quantify the impact.

The stock price rose from $0.12 on October 14 to $0.18 on October 15, 2026, following a routine core-sampling release, before returning to $0.12 by November 2. Other positive developments during the period include the cancellation of a CAD 24.6 million Mongolian tax assessment and a US$1.0 million arbitration award plus interest won against Andean, both reported on January 28, 2026. These events contributed to equity moving from negative CAD 10.3 million for the six months ended September 30, 2025, to positive CAD 19.0 million.

Silver Elephant Mining Corp. (TSX: ELEF, OTCQB: SILEF, FSE: 1P2) is a British Columbia-incorporated mineral exploration company listed on the Toronto Stock Exchange. The company has no history of profitable mineral production. John Lee serves as both CEO and Chairman.

The company’s flagship asset is the Pulacayo-Paca silver-lead-zinc project located in the Potosí Department of Bolivia, approximately 18 km east of Uyuni. A Mining Production Contract (MPC) with COMIBOL covers 2,803 hectares of the Pulacayo and Paca concessions for a term of up to 30 years. Materials present a discrepancy regarding the total land package: an investor presentation describes seven concessions totaling approximately 3,560 hectares plus a separate arrangement for the Apuradita concession, while the current release cites 2,803 hectares under the MPC. Current production originates from the Apuradita tunnel operation, and it remains unclear whether that ground is governed by the restored MPC or a separate right.

According to a resource estimate by Mercator effective October 13, 2020, unadjusted for depletion, the Pulacayo and Paca projects contain 106.7 million ounces (Moz) of silver in the Indicated category and 13.1 moz in the Inferred category. This totals 133.4 moz AgEq Indicated at Pulacayo and 70.2 moz AgEq Indicated at Paca, resulting in approximately 203.6 moz AgEq Indicated and 20.6 moz AgEq Inferred in total. The Indicated category also includes 1,389.5 million pounds (Mlb) of zinc and 690.2 Mlb of lead. No mineral reserves exist and no feasibility study has been completed.

Current operations involve small-scale underground shrinkage stoping at Apuradita, producing 400–600 tonnes per month of ore that is toll-milled in Bolivia. Three concentrate batches were sold in 2026 for roughly US$1.4 million, derived from 4,547 tonnes of feed grading 297 grams per tonne (g/t) silver. The operation reported an estimated 35% cash margin, including direct costs and capital expenditures. Concentrate quality improved throughout the year, rising from 5,916 g/t Ag to 9,295 g/t Ag, and finally to 11,577 g/t Ag.

Silver Elephant also holds the Robinson-Lasher zinc-germanium-gallium project in Livingston County, Kentucky, covering approximately 1,524 acres. The site is located about 90 miles from Korea Zinc’s proposed US$7.4 billion Clarksville, Tennessee smelter. Historical estimates include 387,225 tons at 14% zinc from US Steel in 1983, and 2008 core drilling that intersected up to 350 g/t germanium and 28.12% zinc over 6.6 feet. There is no current resource estimate and no certainty regarding economic germanium or gallium recovery. The acquisition is signed, involving 6,300,000 shares deemed worth C$0.13 plus US$1,255,000 in cash through 2029, but title transfer remains contingent on CleanTech exercising its own option.

The company’s third asset is the Ulaan Ovoo coal project in Mongolia. The lease has been granted to an arm’s-length conglomerate at a rate of US$2 per tonne, increasing to US$3 per tonne from January 1, 2028. A US$300,000 advance has already been paid, with the lease term extending to December 31, 2031.

Other assets include the El Triunfo project in Bolivia, as well as indirect interests in Nevada Vanadium (17.2%) and Flying Nickel (12.8%). The Titan and Mongolian Chandgana coal assets are fully impaired in the company’s presentation.