Silver Elephant Resumes Trucking from Apuradita Silver Mining Operation

Rhea-AI Summary

Silver Elephant (OTCQB: SILEF) resumed trucking of silver-bearing material from the Paca Apuradita mining project to a toll mill in Bolivia after a temporary diesel-and-weather suspension. Approximately 1,750 tonnes are stockpiled and being trucked; monthly underground output runs 500–1,000 tonnes. The Company estimates at least 10,000 tonnes remain in the tunnel complex, but this is conceptual and not a NI 43-101 mineral resource or reserve. Average sulphide grades from drilling are reported at 412 g/t Ag, 1.09% Pb, 0.38% Zn. QA/QC protocols use ALS Global labs with standard ISO accreditations.

Positive

• 1,750 tonnes of silver-bearing material currently stockpiled and being trucked
• Ongoing monthly production of 500–1,000 tonnes of mineralized material
• Reported average sulphide grade of 412 g/t Ag, 1.09% Pb, 0.38% Zn
• QA/QC program using ALS Global with ISO/IEC 17025:2017 accreditation

Negative

• Estimate of ≥10,000 tonnes is conceptual and not a NI 43-101 mineral resource
• Trucking previously suspended due to diesel shortages and adverse weather
• Open-pit oxide potential described as prospective without demonstrated economic viability

Vancouver, British Columbia--(Newsfile Corp. - February 5, 2026) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that it has resumed trucking of silver-bearing mineralized material from the Company's on-going Paca Apuradita Mining Project ("Apuradita") to a designated toll-mill plant in Bolivia.

The trucking was temporarily suspended due to shortage of diesel fuel and rainy weather. Approximately 1,750 tonnes of silver-bearing mineralized material are currently stockpiled at Apuradita which is being trucked to a designated toll-mill plant in Bolivia to produce high-grade silver-lead concentrate. The concentrate will then be sold at market prices to the international market.

The mining operation at Apuradita tunnel continues at a steady monthly rate of 500 to 1,000 tonnes of silver-bearing mineralized material. The Company estimates approximately at least 10,000 tonnes of mineralized material remain within the Apuradita tunnel complex. Mineralized zones are delineated, and vertical levels are developed. This estimate is conceptual in nature and is not supported by a current mineral resource or mineral reserve estimate as defined under NI 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability and therefore should not be relied upon.

As outlined in the news release dated July 8, 2024, sulphide mineralized material at Apuradita is being exploited using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 meters in length, 20 meters in height, and 4 meters in width, targeting an extraction rate of 30 to 50 tonnes per day. Based on diamond drilling and internal geological modeling, the average grade of extracted sulphide material is 412 g/t Ag, 1.09% Pb, and 0.38% Zn.

Silver Elephant has identified multiple high-grade areas within the Apuradita tunnel where the Company is developing additional mining faces through crosscuts and drifts to access and extract silver-bearing mineralized material from these areas.

In parallel, the Company is exploring near-surface oxide mineralized layers within the Apuradita project that are potentially suitable for open-pit mining with favorable strip ratios. The company is very encouraged by the bulk tonnage oxide mining potential at the current silver price.

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.

QA/QC

Silver Elephant Mining Corp. sends samples to ALS Global Laboratories in Oruro, Bolivia for sample preparation, after which, the prepared pulps are shipped to ALS Global laboratories for analysis in Lima, Peru. Samples are analyzed using Intermediate Level Four acid digestion. Silver over limits ("ore grade") are determined by fire assay with a gravimetric finish for precise quantification. ALS Laboratories sample management system meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures. All samples are collected from HQ and NQ-diameter diamond drill core which is longitudinally halved using diamond-blade masonry saw. One-half of the core is submitted for laboratory analysis, while the other half is preserved on the Company's secured core facility for future reference. All core undergoes geotechnical analysis, photographed and then detailed geological logging by the Company's qualified geologists prior to sampling.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company focused on the development of its silver-lead-zinc project 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
info@silverelef.com
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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282782

FAQ

What does Silver Elephant (SILEF) restarting trucking at Apuradita mean for production?

It means immediate movement of existing inventory to market; about 1,750 tonnes are being trucked. According to the company, material will be milled in Bolivia to produce high-grade silver-lead concentrate for sale at market prices, restoring cashflow potential from toll milling.

How much mineralized material does Silver Elephant report is remaining at Apuradita (SILEF)?

The company estimates at least 10,000 tonnes remain in the tunnel complex, a conceptual estimate. According to the company, this figure is not a current NI 43-101 mineral resource or reserve and lacks demonstrated economic viability.

What grades did Silver Elephant (SILEF) report for sulphide material at Apuradita?

Reported average sulphide grades are 412 g/t Ag, 1.09% Pb, and 0.38% Zn. According to the company, these grades derive from diamond drilling and internal geological modelling for the extracted sulphide material.

What is the ongoing monthly extraction rate at Apuradita reported by Silver Elephant (SILEF)?

The tunnel operation is reported at about 500–1,000 tonnes of mineralized material per month. According to the company, stopes are designed to target extraction rates of 30–50 tonnes per day using shrinkage stoping.

How does Silver Elephant (SILEF) ensure sample quality and analysis for Apuradita?

Samples are prepared in Oruro and analyzed in Lima using standard fire assay and multi-acid digestion methods. According to the company, ALS Global laboratories handle samples and meet ISO/IEC 17025:2017 and ISO 9001:2015 accreditation standards.