Silver Elephant Files Arbitration against Andean Pr ecious Metals Corp. To Collect US$1,000,000 Plus Fees
Silver Elephant Files Arbitration against Andean Pr ecious
Metals Corp. To Collect US$1,000,000 Plus Fees
Vancouver, British Columbia, February 27, 2025 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) announces that
further to its news release dated December 31, 2024 it has initiated arbitration proceedings
against Andean Precious Metals Corp. (“Andean”) for its failure to pay US$1,000,000 (the
“Additional Consideration”).
On September 11, 2023 Silver Elephant, Andean and t heir related parties executed a Master
Services Agreement (“MSA”) and related Sales and Pu rchase Agreement (the “SPA”) whereby
Silver Elephant agreed to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean
for a total of between US$5,000,000 and US$7,000,00 0 in cash depending on the silver price,
and the reimbursement of operating and other expenses. Refer to the Company’s press release
dated September 12, 2023 for more details.
Pursuant to the terms of the MSA, Andean was requir ed to pay Silver Elephant the Additional
Consideration on December 18, 2024 after the price of silver averaged over US$28 for 260 trading
days.
Andean chose not to pay the Additional Consideratio n when due on December 18, 2024 and
allowed the expiry of a contractual cure period to lapse on December 28, 2024. Citing Andean’s
default, on December 31, 2024 Silver Elephant announced the termination of the MSA and SPA.
Refer to the Company’s press release dated December 31, 2024 for more details.
Following unsuccessful attempts at dispute resolution through dialog with Andean to collect of the
Additional Consideration, on January 14, 2025 Silve r Elephant delivered to Andean a Notice to
Arbitrate and related Statement of Claim (the “Arbi tration Notice”) to enforce the payment of the
Additional Consideration plus interest and legal expenses which continue to accrue.
The relevant silver price calculation which trigger ed the Additional Consideration payable and
copies of the MSA and SPA are available on the Company’s website www.silverelef.com . Copies
of MSA and SPA are also available on SEDAR.
Since the delivery of the Arbitration Notice, Andea n has not agreed to any of the four arbitrators
that Silver Elephant has proposed. On February 20, 2025 Silver Elephant filed a petition to have
the Supreme Court of British Columbia appoint an ar bitrator in order to minimize further
procedural delays.
In addition to its efforts to collect the Additiona l Consideration, Silver Elephant is preparing a
response to address Andean’s press release dated February 6, 2025 in which Andean announced
plans of commercial activities at the Real Del Mont e and Termeridad mining concessions which
are located in areas covered under Company’s Mining Production Contract (the “MPC”) with the
Corporacion Minera de Bolivia (“Comibol”). The Com pany is appealing the MPC cancelation by
Comibol as stated in the Company news release dated December 31, 2024.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company wi th the Paca silver project and Triunfo gold
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 ext. 101
www.silverelef.com
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking informa tion” and “forward-looking statements”
(collectively, “forward-looking information”) withi n the meaning of applicable securities laws.
Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,”
“will,” “anticipates,” “intends,” “could”, “estimat es”, “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 an d uncertainties which may cause the
actual results, performance, or achievements to be materially different from future results,
performance, or achievements expressed or implied b y such forward-looking information.
Forward-looking information in this and other news releases includes, Silver Elephant minimizing
procedural delays.
Forward-looking information involves significant risks and uncertainties, should not be read as a
guarantee 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 information,
including but not limited to any decision with resp ect to procedural matters under the arbitration
with Andean, the efficiency of both the courts and arbitrators and the inherent unpredictability
associated with dispute resolution in arbitration or through courts. Additional risk factors are set
out in the Company’s latest annual and interim management’s discussion and analysis and annual
information form (AIF), available 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. Reader s 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.