Silver Elephant Mining Corp

Description

Silver Elephant Mining Corp (TSX: ELEF) is a junior producer and developer focused on small-scale silver production at Apuradita in Bolivia, where underground material is toll-milled into silver-lead concentrate. During 2026, three batches totaling 4,547 tonnes at an average feed grade of 297 g/t silver and 0.9% lead produced 24,538 contained silver ounces and approximately US$1.4M of provisional cash proceeds, with a fourth batch planned for October 2026.

The investment case combines high-grade, relatively low-capital silver production with substantial resource and multi-asset optionality. The larger Pulacayo-Paca project hosts a significant silver-lead-zinc resource, while Robinson-Lasher in Kentucky provides zinc-germanium-gallium exploration optionality with existing underground access. Ulaan Ovoo adds third-party coal royalty exposure, and Chandgana remains a non-core development asset.

The main re-rating tests are repeatable Apuradita concentrate batches, resolution of the Pulacayo-Paca title dispute, and technical validation of Robinson-Lasher’s historical mineralization.

List of Projects:

Project 1: Apuradita, Bolivia — operating silver-lead-zinc asset within the Pulacayo area. Current activity consists of underground mining at approximately 400–600 t/month and third-party toll milling, with three 2026 concentrate sales completed and a fourth batch planned.

Project 2: Pulacayo-Paca, Bolivia — silver-lead-zinc MRE-stage project. The 2020 resource contains 48.04Mt indicated grading 69 g/t Ag, 1.3% Zn and 0.7% Pb plus 5.07Mt inferred grading 80 g/t Ag. Most underlying contract rights are disputed and under appeal.

Project 3: Robinson-Lasher, Kentucky, USA — pending acquisition of a historical zinc-germanium-gallium property with existing underground access, 232 historic drill holes and a non-current historical zinc estimate. Technical validation, closing conditions and rehabilitation remain outstanding.

Project 4: Ulaan Ovoo, Mongolia — 100%-owned thermal-coal project currently leased through 2031. Silver Elephant receives a per-ton royalty plus advance royalty payments.

Project 5: Chandgana, Mongolia — 100%-owned coal development portfolio comprising Chandgana Tal and Khavtgai Uul licences; retained as non-core optionality with no current production timetable.

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List of projects

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