Silver Elephant Signs Toll Milling Agreement and Ready to Start Apuradita Silver‑Bearing Shipments in Early August 2025
Silver Elephant Signs Toll Milling Agreement and Ready
to Start Apuradita Silver‑Bearing Shipments in Early
August 2025
Vancouver, British Columbia, July 24, 2025 — Silver Elephant Mining Corp. (“Silver
Elephant” or the “Company”) (TSX: ELEF, OTCQB: SILEF, Frankfurt: 1P2) is pleas ed to
announce that it will commence shipping silver-bearing materials from its Apuradita Paca Project
(“ Apuradita ”) in Bolivia for toll milling. Shipments will begin the first week of August under a newly
executed toll-milling agreement with an arms-length Bolivian private company.
Pursuant to the terms of the toll ‑milling agreement dated July 7, 2025, Silver Elephant’s Bolivian
subsidiary will deliver up to 10,000 tonnes of oxide and sulphide ‑bearing materials for treatment
at a fixed toll milling fee. The agreement may be e xtended as more Apuradita resource is
developed. The toll milling facility (the “ Toll Milling Facility ”) will generate a high-grade lead -
silver and zinc - silver concentrates from the Apur dita silver materials feed. The Company will
then sell the concentrates to an international concentrate buyer under a proposed contract.
As at July 23, 2025, the Company has stockpiled app roximately 1,000 tonnes of silver-bearing
materials from Apuradita. The mineralized materials will be trucked to the Toll Milling Facility for
processing located approximately 180 km from Apurad ita. The Apuradita mining claim is
registered under Silver Elephant’s Bolivia subsidiary with the Bolivian Jurisdictional Administrative
Mining Authority. Apuradita is not within the area covered under the Mining Production Contract
between the Company and the Corporacion Minera de Bolivia (COMIBOL).
Silver Elephant maintains its near-term monthly pro duction target of 1,000 to 2,000 tonnes of
silver-mineralized materials. The Company currently forecasts approximately 10,000 tonnes of
mineralized feed over the first campaign, with further upside potential once additional resources
are developed.
To date, the main Apuradita tunnel has advanced app roximately 175 meters, and in addition,
branch drifts of 9 meters to the west and 14 meter s to the east have been developed, each
positioned to access additional mineralized zones. Logistics have been secured with a fleet of
20-ton trucks operating on a daily rotation between the mine and the Toll Milling Facility.
Metallurgical tests
Independent bench-scale metallurgical tests carried out at the Toll Milling Facility in July 2025
confirmed that conventional flotation efficiently treats materials coming from the Apuradita project:
Sulphide samples – produced a concentrate assaying 25,552 g/t Ag and 56.6% Pb with
recoveries up to 92% silver and 87% lead based on two sulphide samples, each weighing
900 grams and grading 158 g/t Ag, 0.46% Pb, 0.4% Zn.
Oxide samples – produced a concentrate assaying 14, 493 g/t Ag with 79.5% silver
recovery based on two oxide samples, each weighing 900 grams and grading 244 g/t Ag
and 1% Pb.
These results confirm that both the sulphide and oxide materials from Apuradita respond well to
conventional flotation techniques and can produce m arketable concentrates that meet smelter
specifications.
These tests were conducted on a laboratory scale on limited samples and are not necessarily
indicative of full-scale plant performance. Recover ies, grades, reagent consumption and
operating conditions may vary materially once comme rcial-scale processing is undertaken.
Investors are cautioned not to place undue reliance on these preliminary results. Data verification
consisted of confirming that all samples were taken from within the mineralized zones currently
being developed for toll‑milling. The Qualified Person (" QP ") checked that the sampling protocol
used was applicable for the metallurgical test work. In the QP's opinion, the test work conducted
was completed by a reputable metallurgical testing facility and used industry-standard methods.
As outlined in the news release dated July 8, 2024, sulphide mineralized materials at Apurdita will
be mined using the shrinkage stoping method. The tw o stopes are designed with approximate
dimensions of 30 meters in length x 20 meters in he ight x 4 meters in width, with a targeted
average extraction rate of 50 to 100 tonnes per day. The calculated average grade of extracted
and sorted sulphide materials is 412 g/t Ag, 1.09% Pb, and 0.38% Zn, based on diamond drill
holes at Apuradita and an internally developed mine model.
Several examples of high-grade intercepts within the Apuradita mineralized zone include:
Hole ID From
(m) To (m) Length
(m)
True
Width
(m)
Ag
(g/t) Pb (%) Zn (%)
PND004 86 97 11 7.78 481 0.47 0.2
PND008 47 63 16 11.31 507 1.14 0.57
PND008 111.9 127 15.1 10.68 424 1.96 2.65
PND023 125 157 32 26.21 437 1.69 1
PND092 38 52 14 9.9 522 0.77 0.09
PND110 61 72 11 7.78 715 2.14 2.10
The full drill hole assay results were previously released on SEDAR from 2015 to 2025.
The assumptions set out above are based on a resour ce estimate at Apuradita that is not a
reserve estimate. Mineral resources that are not mi neral reserves do not have demonstrated
economic viability and therefore should not be relied upon.
The Company is thankful for continued support from local communities.
Qualified Person
The technical contents of this news release have been prepared under the supervision of Carlos
Zamora a member of the American Institute of Profes sional 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 as defined by National Instrument 43-
101.
About Silver Elephant Mining Corp.
Silver Elephant is a mineral exploration company with gold and silver projects 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
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 n ews release includes the timing to begin
shipments of mineralized materials to the Toll Milling Facility, entering into a sales agreement with
an international off taker, the anticipated quantity and grade of the concentrate from the Toll Milling
Facility, the near-term delivery targets of 1,000 t o 2,000 tonnes per month, the total number of
tonnes of materials to be delivered to the Toll Mil l Facility, the ability to deliver further material
upon the expiry of the toll milling agreement referenced herein, the ability of the Toll Milling Facility
to process all mineralized material delivered from Apuradita, production at the Apuradita tunnel
achieving a rate of 50 to 100 tonnes per day, the anticipated quantity and grade of any mineralized
material delivered to the Toll Milling Facility.
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; ch anges in business plans; ability to secure
sufficient financing to advance the Company’s mining projects; and general economic conditions.
Additional risk factors about the Company are set o ut in its latest annual and interim
management’s discussion and analysis and annual inf ormation 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. 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.