Silver Elephant Reclaims Pulacayo-Paca Silver Mining Project Following Favorable Ruling by Bolivian Supreme Tribunal of Justice

Vancouver, British Columbia–(Newsfile Corp. – November 6, 2026) – Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) (“Silver Elephant” or the “Company”) is pleased to report that the Bolivian Supreme Tribunal of Justice (the “Court”) has ruled in favor of the Company’s Bolivian subsidiary, Apogee Minerals Bolivia S.A. (“Apogee”), in the administrative judicial review proceedings brought by Apogee on October 31, 2025, concerning the Pulacayo-Paca Mining Production Contract (the “MPC”). The MPC, dated October 3, 2019, is between Apogee and the Corporación Minera de Bolivia (“COMIBOL”), a branch of the Bolivian Ministry of Mining and Metallurgy.

The MPC granted Apogee the exclusive right to develop and mine the Pulacayo-Paca silver mining project, covering 2,803 hectares of the Pulacayo and Paca mining concessions, for up to 30 years.

Apogee was formally notified of the ruling on November 5, 2026. The Court annulled the COMIBOL Board Resolution dated December 16, 2024 that canceled the MPC. The Court also nullified the subsequent administrative proceedings brought by COMIBOL and the Bolivian Ministry of Mining and Metallurgy against Apogee in relation to the MPC.

The Court found that COMIBOL did not properly consider the approvals, permits, and authorizations that it had issued to Apogee, and that the MPC was terminated without legal basis or proper procedure.

About Pulacayo-Paca Silver Mining Project

The Pulacayo-Paca silver mining project has previously reported Indicated Mineral Resources of 106.7 million ounces of silver and Inferred Mineral Resources of 13.1 million ounces of silver, as estimated by Mercator Geological Services Limited, with an effective date of October 13, 2020, and summarized by deposit below. These estimates predate subsequent mining activities at Paca and have not been adjusted in this disclosure to reflect mineral extraction since the effective date.

Pulacayo-Paca Mineral Resource Estimate – Effective Date October 13, 2020

Pulacayo Deposit (“Pulacayo”) – Combined Pit-Constrained and Out-of-Pit

Paca Deposit (“Paca”) – Pit-Constrained

1. Mineral resources were estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The supporting technical report is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
2. AgEq (recovered) = (Ag g/t × 89.2%) + (Pb% × (US$0.95/lb Pb ÷ 14.583 troy oz/lb ÷ US$17/oz Ag) × 10,000 × 91.9%) + (Zn% × (US$1.16/lb Zn ÷ 14.583 troy oz/lb ÷ US$17/oz Ag) × 10,000 × 82.9%). Sulphide recoveries of 89.2% Ag, 91.9% Pb and 82.9% Zn reflect previously disclosed metallurgical testing on the Pulacayo deposit.
3. Pit-constrained resources are reported within optimized pit shells (average slope angle of 45°; strip ratios of 12.3:1 at Pulacayo and 4.3:1 at Paca) at cut-off grades of 30 g/t AgEq for sulphide and 50 g/t Ag for oxide. Pit optimization assumed mining costs of US$2.00/t, processing and G&A costs of US$12.50/t (sulphide) and US$23.50/t (oxide), haulage of US$0.50/t (Pulacayo) and US$2.00/t (Paca), oxide silver recovery of 80% and an exchange rate of C$1.00 = US$0.75.
4. Pulacayo out-of-pit resources are reported outside the pit shells at a cut-off grade of 100 g/t AgEq, assuming conventional underground mining at US$35/t and processing and G&A costs of US$20/t.
5. Totals are tonnage-weighted sums. Tonnages are rounded to the nearest 5,000 tonnes, and totals may not sum due to rounding.
6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A total of 96,021 meters of drilling has been completed on the Pulacayo-Paca silver mining project: 5,009 meters by Apex Silver Mines Limited from 1994 to 1998, 85,024 meters by Apogee Silver Ltd. from 2002 to 2014 and 6,258 meters by Silver Elephant from 2019 to 2022. By deposit, the mineral resource estimate is supported by 73,016 meters of drilling at Pulacayo and 19,916 meters at Paca, which is 7 km north of Pulacayo.

Between October 2023 and November 2024, the Company mined 261,530 wet tonnes of oxide material grading 183 g/t silver from Paca by open-pit mining method.

For further details, please refer to the Company’s news release dated October 7, 2019, September 12, 2023, November 19, 2024, December 9, 2024, December 31, 2024, February 27, 2025, April 2, 2025, January 28, 2026, and June 17, 2026.

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 a Qualified Person as defined by NI 43-101. Mr. Zamora is an employee of the Company and is not independent of the Company.

The mineral resource estimate was prepared by Mercator Geological Services Limited under the supervision of Matthew Harrington, P.Geo., an independent Qualified Person as defined by NI 43-101.

About Silver Elephant Mining Corp.

Silver Elephant is a mining company focused on developing its flagship Pulacayo-Paca silver mining project in Bolivia. Silver Elephant also operates a zinc-germanium-gallium mining project in Kentucky, which is near the $7.4-billion critical minerals smelter under construction.

SILVER ELEPHANT MINING CORP.

ON BEHALF OF THE BOARD

“John Lee”

CEO and 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 the use of words such as “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “could,” “estimates,” “expects,” “forecasts,” “projects,” “scheduled,” and similar expressions, or the negative forms thereof.

Forward-looking information in this news release includes, but is not limited to:

• The legal effect, enforcement, and implementation of the Bolivian Supreme Tribunal of Justice’s ruling regarding the Mining Production Contract;

• The Company’s ability to re-establish, maintain, and exercise exclusive development and mining rights over the Pulacayo-Paca project concessions under the MPC;

• Expectations regarding future relations, compliance, and interactions with COMIBOL and the Bolivian Ministry of Mining and Metallurgy;

• Estimates of mineral resources at the Pulacayo and Paca deposits, including tonnages, grades, contained metals, and metal equivalent figures; and

• The Company’s plans and expectations regarding future exploration, development, and operational activities at the Pulacayo-Paca project.

Such forward-looking information reflects management’s current expectations regarding future events and operational performance and is based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied herein.

These risks and factors include, but are not limited to:

• The risk of administrative delays, non-compliance, legal challenges, or political opposition in Bolivia affecting the full reinstatement, recognition, or execution of the MPC;

• Risks related to operating in Bolivia, including political, legal, and regulatory uncertainties, changes in government policies, social instability, and local infrastructure challenges;

• Uncertainties inherent in mineral resource estimation, including assumptions regarding cut-off grades, metal prices, recovery rates, and metallurgical parameters;

• The absence of mineral reserves and the absence of a feasibility study demonstrating economic and technical viability

• The risk that mineralization may not be continuous or of the grade anticipated;

• Fluctuations in silver, lead, and zinc prices;

• Environmental, permitting, and licensing risks associated with resource development;

• The Company’s need and ability to obtain additional financing on acceptable terms to advance its projects; and

• General economic, market, and business conditions.

Forward-looking information is based on reasonable assumptions made by management as of the date of this news release, including assumptions that: the ruling of the Supreme Tribunal of Justice will be fully recognized, respected, and implemented by COMIBOL and relevant Bolivian authorities; the Company will maintain good standing with respect to its permits, agreements, and concessions; metal prices and exchange rates will remain consistent with current technical assumptions; and the Company will secure the necessary equipment, personnel, and financing to advance its projects.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements in this news release are made as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322855