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

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. 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. 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 produced and sold by batch: Batch Sale Month Concentrate (dry tonnes) Silver (g/t) Lead (%) Contained Silver (oz) First January 2026 25.8 5,916 14.4 4,914 Second April 2026 31.3 9,295 23.9 9,344 Third August 2026 27.6 11,577* 31.0* 10,280* Total / weighted average 84.7 9,009 23.3 24,538 * 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: Mineralized material delivered to the toll milling facility for each batch: Batch Feed Delivered for Toll Milling (tonnes) Feed Silver (g/t) Feed Lead (%) First 1,223 250 0.7 Second 1,845 248 0.8 Third 1,479 396 1.2 Total 4,547. Final settlement of the third concentrate batch has not yet occurred, and final realized proceeds may differ from the amount disclosed. 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.