Silver Elephant Mining Uncovers New High-Grade Silver Zone at Bolivia's Apuradita Project

Underground Channel Sampling Results at Apuradita

Silver Elephant Mining disclosed results from channel sampling conducted in the underground workings of the Apuradita silver project. The program targeted the main development drift, collecting five consecutive channel samples each 2.0 meters long, totaling 10.0 meters. The length-weighted average grade across this interval was 539 grams per tonne silver, with individual samples ranging from 109 g/t to 838 g/t silver.

Sampling began at UTM coordinates 739,979 mE / 7,750,293 mN (WGS84, Zone 19S) along a drift oriented at an azimuth of 210 degrees. The sampled interval is located at 4,216 meters elevation, approximately 21 meters below surface. Samples were analysed at Silver Elephant's internal APOGEE Pulacayo Laboratory, operated for exploration and operational support, though it is not an ISO/IEC 17025 accredited facility.

Geological Interpretation and Mineralization Geometry

The company’s geological interpretation suggests the newly identified mineralized zone formed via supergene oxidation descending from the surface along the host structure. Mineralization occurs as discontinuous, lens-shaped bodies with geometry and orientation yet to be fully defined. The relationship between the sampled interval and true mineralization thickness remains unknown.

The current geological model indicates the mineralized zone remains open up-dip and may extend toward the surface. However, continuity of oxide mineralization between the workings and surface has not been tested by drilling or sampling, and there is no assurance of continuous mineralization across this interval. This uncertainty is critical for investors assessing the discovery’s significance.

Third Silver Concentrate Production Batch

Silver Elephant completed its third silver concentrate batch via toll milling using Apuradita material. This batch weighed approximately 32 tonnes, grading 12,168 grams per tonne silver and 32.75% lead. Assays were conducted by SpectrAA Laboratory in Potosí, Bolivia, an independent commercial lab, differing from the internal lab used for channel sampling.

Completing three concentrate batches marks progression beyond exploration into commercial-scale production at Apuradita, demonstrating the company is extracting and processing mineralized material, translating exploration into tangible production outcomes.

Mining Operations and Production Guidance

Silver Elephant is extracting mineralized material using shrinkage stoping, as detailed in the July 8, 2024 news release. Two stopes measure approximately 30 meters long, 20 meters high, and 4 meters wide. The company plans to produce between 400 and 600 tonnes of mineralized material monthly during 2026 and 2027.

Historical drilling indicates sulphide mineralization at Apuradita averages about 412 grams per tonne silver, 1.09% lead, and 0.38% zinc. These historical results provide geological context but do not represent current mineral resources or reserves. Investors are referred to the July 8, 2024 release for drill parameters, technical data, and National Instrument 43-101 disclosures.

Production Decision Based on Limited Economic Assessment

The company clarifies that the decision to commence production at Apuradita and related production estimates are not based on a feasibility study demonstrating economic and technical viability. No mineral reserves have been established for the project.

This disclosure highlights increased uncertainty and higher risk of technical and economic failure compared to decisions based on comprehensive feasibility studies. Investors should consider this risk when evaluating the company’s operational strategy and production viability.

Quality Assurance and Analytical Verification Procedures

Silver Elephant detailed quality assurance and control measures for channel sampling and analyses. Silver assays were performed by fire assay with gravimetric finish for over-limit values. The preliminary sampling did not include certified reference materials, blanks, or duplicates as part of the field protocol.

Analytical quality was monitored per the internal lab’s procedures. Selected samples were sent to SpectroLab in Oruro, Bolivia, an independent lab, for check assays. The Qualified Person acknowledged limitations in verifying analytical results and plans to implement comprehensive QA/QC protocols including routine certified reference materials, blanks, and duplicates in future programs.

Qualified Person Review and Data Verification

The announcement’s technical content was prepared under supervision of Carlos Zamora, a Certified Professional Geologist since 2024 and member of the American Institute of Professional Geologists. Zamora is a Silver Elephant employee and qualifies as a Qualified Person under National Instrument 43-101.

Zamora reviewed and verified disclosed data including sampling, analytical, and test results, finding them reliable for disclosure purposes. Verification included reviewing field records, confirming sample locations and measurements, examining lab certificates, cross-checking assay results, and validating the analytical database. Site visits and direct supervision of sampling were conducted. However, no independent check assays or umpire lab analyses have been completed on channel samples, a noted verification limitation.

Robinson-Lasher Project and Corporate Diversification

In addition to Apuradita, Silver Elephant has optioned the Robinson-Lasher zinc-germanium-gallium project in Kentucky. This project lies near a proposed USD $7.4 billion smelter, potentially providing processing infrastructure for future development. This geographic and commodity diversification expands the company’s portfolio across jurisdictions and mineral sectors.

The Robinson-Lasher project offers exposure to zinc, germanium, and gallium mineralization in North America, with proximity to proposed smelter infrastructure potentially providing operational advantages if advanced.

Market Context and Investment Considerations

Silver Elephant’s announcement highlights progress at Apuradita from discovery to commercial concentrate production. Completion of three concentrate batches alongside ongoing underground exploration identifying new high-grade zones shows active asset management.

Investors should monitor production volumes relative to the 400 to 600 tonnes monthly guidance and grade performance against the 539 g/t silver interval and historical 412 g/t sulphide average. The immediate impact on share price was not evident from available public information at announcement time.