Vancouver, British Columbia--(Newsfile Corp. - July 24, 2025) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") is pleased to announce that it will commence shipping silver-bearing materials from its Apuradita Paca Project ("Apuradita") in Bolivia for toll milling. Shipments will begin the first week of August under a newly executed toll-milling agreement with an arms-length Bolivian private company.
Pursuant to the terms of the toll-milling agreement dated July 7, 2025, Silver Elephant's Bolivian subsidiary will deliver up to 10,000 tonnes of oxide and sulphide-bearing materials for treatment at a fixed toll milling fee. The agreement may be extended as more Apuradita resource is developed. The toll milling facility (the "Toll Milling Facility") will generate a high-grade lead - silver and zinc - silver concentrates from the Apurdita silver materials feed. The Company will then sell the concentrates to an international concentrate buyer under a proposed contract.
As at July 23, 2025, the Company has stockpiled approximately 1,000 tonnes of silver-bearing materials from Apuradita. The mineralized materials will be trucked to the Toll Milling Facility for processing located approximately 180 km from Apuradita. The Apuradita mining claim is registered under Silver Elephant's Bolivia subsidiary with the Bolivian Jurisdictional Administrative Mining Authority. Apuradita is not within the area covered under the Mining Production Contract between the Company and the Corporacion Minera de Bolivia (COMIBOL).
Silver Elephant maintains its near-term monthly production target of 1,000 to 2,000 tonnes of silver-mineralized materials. The Company currently forecasts approximately 10,000 tonnes of mineralized feed over the first campaign, with further upside potential once additional resources are developed.
To date, the main Apuradita tunnel has advanced approximately 175 meters, and in addition, branch drifts of 9 meters to the west and 14 meters to the east have been developed, each positioned to access additional mineralized zones. Logistics have been secured with a fleet of 20-ton trucks operating on a daily rotation between the mine and the Toll Milling Facility.
Metallurgical tests
Independent bench-scale metallurgical tests carried out at the Toll Milling Facility in July 2025 confirmed that conventional flotation efficiently treats materials coming from the Apuradita project:
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Sulphide samples - produced a concentrate assaying 25,552 g/t Ag and 56.6% Pb with recoveries up to 92% silver and 87% lead based on two sulphide samples, each weighing 900 grams and grading 158 g/t Ag, 0.46% Pb, 0.4% Zn.
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Oxide samples - produced a concentrate assaying 14,493 g/t Ag with 79.5% silver recovery based on two oxide samples, each weighing 900 grams and grading 244 g/t Ag and 1% Pb.
These results confirm that both the sulphide and oxide materials from Apuradita respond well to conventional flotation techniques and can produce marketable concentrates that meet smelter specifications.
These tests were conducted on a laboratory scale on limited samples and are not necessarily indicative of full-scale plant performance. Recoveries, grades, reagent consumption and operating conditions may vary materially once commercial-scale processing is undertaken. Investors are cautioned not to place undue reliance on these preliminary results. Data verification consisted of confirming that all samples were taken from within the mineralized zones currently being developed for toll-milling. The Qualified Person ("QP") checked that the sampling protocol used was applicable for the metallurgical test work. In the QP's opinion, the test work conducted was completed by a reputable metallurgical testing facility and used industry-standard methods.
As outlined in the news release dated July 8, 2024, sulphide mineralized materials at Apurdita will be mined using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 meters in length x 20 meters in height x 4 meters in width, with a targeted average extraction rate of 50 to 100 tonnes per day. The calculated average grade of extracted and sorted sulphide materials is 412 g/t Ag, 1.09% Pb, and 0.38% Zn, based on diamond drill holes at Apuradita and an internally developed mine model.
Several examples of high-grade intercepts within the Apuradita mineralized zone include:
| Hole ID | From (m) | To (m) | Length (m) | True Width (m) | Ag (g/t) | Pb (%) | Zn (%) |
| PND004 | 86 | 97 | 11 | 7.78 | 481 | 0.47 | 0.2 |
| PND008 | 47 | 63 | 16 | 11.31 | 507 | 1.14 | 0.57 |
| PND008 | 111.9 | 127 | 15.1 | 10.68 | 424 | 1.96 | 2.65 |
| PND023 | 125 | 157 | 32 | 26.21 | 437 | 1.69 | 1 |
| PND092 | 38 | 52 | 14 | 9.9 | 522 | 0.77 | 0.09 |
| PND110 | 61 | 72 | 11 | 7.78 | 715 | 2.14 | 2.10 |
The full drill hole assay results were previously released on SEDAR+ from 2015 to 2025.
The assumptions set out above are based on a resource estimate at Apuradita that is not a reserve estimate. Mineral resources that are not mineral reserves do not have demonstrated economic viability and therefore should not be relied upon.
The Company is thankful for continued support from local communities.
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.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company with gold and silver projects in Bolivia.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
"John Lee"
CEO and Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661
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www.silverelef.com
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 use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Such forward-looking information, which reflects management's expectations regarding Silver Elephant's future growth, results of operations, performance, business prospects and opportunities, is based on certain factors and assumptions and involves known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information. Forward-looking information in this news release includes the timing to begin shipments of mineralized materials to the Toll Milling Facility, entering into a sales agreement with an international off taker, the anticipated quantity and grade of the concentrate from the Toll Milling Facility, the near-term delivery targets of 1,000 to 2,000 tonnes per month, the total number of tonnes of materials to be delivered to the Toll Mill Facility, the ability to deliver further material upon the expiry of the toll milling agreement referenced herein, the ability of the Toll Milling Facility to process all mineralized material delivered from Apuradita, production at the Apuradita tunnel achieving a rate of 50 to 100 tonnes per day, the anticipated quantity and grade of any mineralized material delivered to the Toll Milling Facility.
Forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: market conditions; changes in business plans; ability to secure sufficient financing to advance the Company's mining projects; and general economic conditions. Additional risk factors about the Company are set out in its latest annual and interim management's discussion and analysis and annual information form available under the Company's profile on SEDAR+ at www.sedarplus.ca.
Forward-looking information is based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking information included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking information in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.
