Silver Elephant Received US$1.4 Million in Cash Proceeds from Apuradita Silver Concentrate Sales in 2026

Vancouver, British Columbia--(Newsfile Corp. - August 21, 2026) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") is pleased to report a significant milestone at its Apuradita silver project ("Apuradita") in Bolivia. The Company has now produced and sold three batches of silver-lead concentrate from Apuradita in 2026, resulting in cash proceeds of approximately US$1.4 million.

Highlights

• Feed for the three concentrate batches totalled 4,547 tonnes of silver-bearing mineralized material delivered from Apuradita mining operation to the toll milling facility, at a weighted average grade of 297 grams per tonne silver and 0.9% lead. Feed for the first batch was 1,223 tonnes grading 250 grams per tonne silver and 0.7% lead, and feed for the second batch was 1,845 tonnes grading 248 grams per tonne silver and 0.8% lead. Feed for the third batch was 1,479 tonnes grading 396 grams per tonne silver and 1.2% lead.
• Three silver-lead concentrate batches were produced by toll milling totaling 84.7 dry tonnes of concentrate containing 24,538 ounces of silver and 20 tonnes of lead metal.
• Silver concentrate grade has increased with each successive batch, from 5,916 grams per tonne silver in the first batch to 11,577 grams per tonne silver in the third, with lead grade also increasing from 14.4% to 31%.
• Approximate cash proceeds from the three batches of concentrate sales total US$1.4 million with estimated cash flow margin of 35% accounting for direct operating costs and capital expenditure at Apuradita.^[1]
• A fourth concentrate batch is in preparation, with mineralized material being stockpiled at the Apuradita project site for delivery to the toll milling facility in October.

Concentrate Production to Date

Table 1. Concentrate produced and sold by batch

* Values are provisional and subject to final assays

Each concentrate batch was produced by toll milling of Apuradita mineralized material at a third-party processing facility in Bolivia and sold to an international concentrate buyer under commercial terms referencing prevailing silver and lead prices.

Mineralized Material Feed by Batch

Table 2. Mineralized material delivered to the toll milling facility for each batch

Final settlement of the third concentrate batch has not yet occurred, and final realized proceeds may differ from the amount disclosed.

Mining and Development

Underground mining operations at Apuradita continue at a steady rate of 400 to 600 tonnes of mineralized material mined per month, subject to operating conditions and the availability of suitable mineralized material.

Underground mining activities have progressed following the development of additional mining faces, equipment upgrades, and increased manpower. The Company is advancing additional mining faces through crosscuts and drifts to extract silver-bearing mineralized material from newly accessed areas.

As outlined in the news release dated July 8, 2024, silver-mineralized material at Apuradita is being extracted using the shrinkage stoping method. The two stopes are designed with approximate dimensions of 30 meters in length, 20 meters in height, and 2.5 meters in width.

Qualified Person

The technical content of this news release has 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 ("QP") as defined by National Instrument 43-101.

The Qualified Person has reviewed and verified the technical data disclosed herein, including sampling and analytical data, and considers such data to be reliable for the purposes of this disclosure. Data verification consisted of reviewing the original field sampling records, verifying sample locations and channel measurements, reviewing laboratory certificates, confirming analytical results against the original assay reports, and reviewing the compilation of the analytical database used in this news release. The Qualified Person also conducted site visits during the exploration program and directly supervised portions of the sampling activities. Selected channel samples were submitted to SpectroLab in Oruro, Bolivia, an independent analytical laboratory, for check assaying as part of the Company's data verification procedures. No umpire laboratory analyses have been completed to date.

QA/QC

Silver analyses were performed by fire assay with a gravimetric finish for over-limit silver values. The preliminary underground channel sampling program did not include the insertion of certified reference materials ("CRMs"), blanks, or duplicate samples by the Company as part of the field sampling protocol. Analytical quality monitoring was conducted in accordance with the laboratory's internal quality assurance and quality control ("QA/QC") procedures. In addition, selected samples were submitted to SpectroLab located in Oruro, Bolivia, an independent analytical laboratory, for check assaying as part of the Company's analytical verification procedures. The Qualified Person considers the absence of Company-inserted certified reference materials, blanks, and duplicate samples when assessing the verification of the analytical results reported herein. The Company plans to incorporate a comprehensive QA/QC protocol, including the routine insertion of certified reference materials, blanks, and duplicate samples, into future exploration and sampling programs. Other than the QA/QC limitations described above, the Qualified Person is not aware of any sampling or analytical factors that could materially affect the reliability of the reported analytical results.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company that optioned the Robinson-Lasher zinc-germanium-gallium project in Kentucky located near a proposed US$7.4 billion smelter. The Company also operates the Apuradita silver 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
[email protected]
www.silverelef.com

NON-GAAP AND OTHER FINANCIAL MEASURES

Cash proceeds, as used in this news release, refers to proceeds received or receivable by the Company from concentrate sales, and does not represent revenue as determined in accordance with International Financial Reporting Standards ("IFRS"). Cash proceeds for the third concentrate batch remain provisional and subject to final settlement and assay, and final realized proceeds may differ from the amount disclosed. Cash proceeds are unaudited and should not be construed as net revenue, earnings or profit.

Cash flow margin is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning under IFRS or generally accepted accounting principles, and may not be comparable to similarly titled measures presented by other issuers. As used in this news release, cash flow margin is calculated as estimated cash proceeds from concentrate sales, less direct operating costs and capital expenditure attributable to Apuradita, expressed as a percentage of estimated cash proceeds from concentrate sales. The underlying cost, capital expenditure and cash proceeds figures used to calculate this measure are preliminary and unaudited, are based on estimates that remain subject to change, and have not been reviewed or audited by the Company's auditors. This measure is intended to provide supplemental information only, does not have any standardized meaning prescribed by IFRS, and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS. Readers are cautioned not to place undue reliance on this measure, which is not necessarily indicative of the Company's future operating results, cash flows or profitability.

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. Forward-looking information in this news release includes, but is not limited to, statements regarding production forecasts, rates, throughput and extraction of silver-bearing material; processing and toll-milling of material; concentrate sales; permitting matters; grades, recoveries and mineralization; transport and logistics; commodity prices; and related operational, regulatory, market and technical risks. 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 that 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; the ability to secure sufficient financing to advance the Company's mining projects; delays or failures in processing, toll milling, transportation or concentrate sales; delays in obtaining or maintaining permits and other regulatory authorizations; variability in grades, recoveries and metallurgical performance; changes in commodity prices; operational, technical, logistical and community-related risks; political, regulatory, fiscal and economic risks associated with the Company's operations in Bolivia, including changes in mining, tax or currency laws, restrictions on the repatriation of capital or earnings, and the risk of expropriation or nationalization of mining assets; 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.

^[1] See "Non-GAAP and Other Financial Measures" below.

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