Silver Elephant Completes First High-Grade Silver Concentrate Sale from Apuradita Mining Operation
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On November 19, 2025, Silver Elephant Mining Corp. issued two press releases:
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First Concentrate Sale from Apuradita: The company announced the completion of its first silver-lead concentrate sale from the Apuradita Paca Mining Project in Bolivia. The 29.8-tonne shipment featured exceptionally high grades of 5,853 g/t silver and 14.9% lead. This marks the beginning of commercial production at the project, with a near-term monthly target of producing 1,000 to 1,500 tonnes of mineralized material.
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Arbitration Update: The company provided an update on its arbitration proceedings against Andean Precious Metals Corp., seeking to collect a US$1,000,000 payment plus interest and legal costs. The arbitration hearing was completed between November 3 and November 7, 2025, with closing submissions due November 21, 2025. A final decision is expected before the end of 2025.
The announcement of the first concentrate sale from the Apuradita project is a game-changing event for Silver Elephant and must be viewed in the context of the severe challenges the company has faced over the past year.
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Background of Crisis: In late 2024, the company's primary operation involved mining oxide material from its Paca project and selling it to Andean Precious Metals under a Master Services Agreement (MSA). This operation was abruptly halted on December 31, 2024, when the state mining entity, Corporacion Minera de Bolivia (Comibol), unilaterally cancelled the company's Mining Production Contract (MPC) for the main Pulacayo-Paca area, alleging illegal mining. This event, coupled with Andean's subsequent refusal to pay a US$1 million fee, created an existential crisis for Silver Elephant, causing its stock price to collapse from over $0.40 to a low of $0.14.
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Strategic Pivot and Execution: Management's response was to pivot focus to the adjacent Apuradita concession, which it holds directly and is not part of the disputed MPC area. The company laid out a plan to drive a new tunnel to access high-grade sulphide mineralization. News releases throughout 2025 tracked this progress:
- April 2: Production at Apuradita expected to begin in May.
- June 10: Reached the first stope access.
- July 24: Signed a toll milling agreement for up to 10,000 tonnes.
- September 4: Began trucking material to the toll mill.
- October 9: Commenced toll milling and executed a concentrate offtake agreement.
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Material Impact of Current News: The November 19 news is the successful culmination of this strategic pivot. It confirms that the company can mine, process via a third-party mill, and sell a high-grade, high-value concentrate product from Apuradita. This is the company's first revenue from its own mining and processing stream, fundamentally de-risking the new operating plan and providing a crucial path to generating cash flow. For a company with a distressed balance sheet, achieving production is a monumental milestone that validates management's ability to execute under extreme pressure.
The update on the Andean arbitration is also positive, bringing the company a step closer to a potential US$1 million cash injection, which would be highly material given its cash balance of only $237k as of September 30, 2025.
Taken together, these developments shift the narrative from corporate survival to operational ramp-up. While significant risks remain, this news fundamentally improves the company's outlook.
Silver Elephant Mining Corp. is a Canadian mineral exploration and development company. Its flagship asset is the Pulacayo-Paca silver-lead-zinc project in the Potosi Department of Bolivia, a historically significant silver district.
The project consists of two main areas: 1. The MPC Area: Covers the main historical Pulacayo deposit and the Paca oxide resource. A Mining Production Contract (MPC) with Bolivia's state mining company, Comibol, governed this area. This contract was unilaterally cancelled by Comibol in December 2024, and the area is currently subject to a legal dispute, rendering the large resource within it inaccessible. 2. The Apuradita Concession: A directly-held claim adjacent to the MPC area. Following the MPC cancellation, the company pivoted to developing an underground mine at Apuradita to access high-grade sulphide mineralization. As of November 2025, this operation has commenced production and sales via a toll-milling arrangement.