Silver Elephant Receives Approval to Proceed with Robinson-Lasher Asset Acquisition Transaction

Vancouver, British Columbia--(Newsfile Corp. - October 26, 2026) - Silver Elephant Mining Corp.(TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2)("Silver Elephant" or the "Company") is pleased to provide an update with respect to its proposed acquisition of the Robinson-Lasher zinc-germanium-gallium deposit (the "Robinson-Lasher Project") from CleanTech Vanadium Mining Corp. ("CleanTech") (the "Transaction"), as previously disclosed in the news release dated June 12, 2026.

Pursuant to the asset purchase agreement (the "Asset Purchase Agreement") entered into among Silver Elephant, CleanTech and U.S. Fluorspar LLC (the "Vendor"), a wholly owned subsidiary of CleanTech, Silver Elephant is required to, among other things, (i) pay to CleanTech an aggregate of US$1,255,000 as partial consideration for the purchase of the Robinson-Lasher Project, which will be paid in a series of cash payments ending on or before September 1, 2029, and of which the first cash payment of US$85,000 was made on September 17, 2026; (ii) issue 6,300,000 common shares of Silver Elephant at a deemed price of $0.13 per share to CleanTech (the "Share Consideration"), which Share Consideration was issued on October 23, 2026 following the receipt of approval in respect of the Transaction from the Toronto Stock Exchange by Silver Elephant and from the TSX Venture Exchange by CleanTech; and (iii) commit a minimum of US$2,000,000 in exploration expenditures on the Robinson-Lasher Project and prepare an independent National Instrument 43-101 technical report.

As a condition to the closing of the Transaction and the transfer of title to the Robinson-Lasher Project to Silver Elephant, CleanTech, through the Vendor, is required to exercise its option pursuant to an option agreement dated August 7, 2025 (the "Option Agreement") between the Vendor and an arm's-length third-party private entity (the "Optionor"). Under the Option Agreement, the Vendor holds an option to acquire a package of fluorspar mining projects totaling approximately 7,180 acres in Kentucky and Illinois, USA (the "Fluorspar Projects"), which includes the Robinson-Lasher Project.

Pursuant to the Option Agreement, the key terms required to exercise the option and transfer title are as follows:

• Overall Purchase Consideration: The Optionor agreed to sell the Fluorspar Projects for a total purchase price of US$4,000,000 (the "Purchase Price"), payable as follows:

  • US$250,000 upon Option Agreement signing (paid);

  • US$250,000 on or before September 1, 2026 (paid);

  • US$250,000 on or before September 1, 2027;

  • US$250,000 on or before September 1, 2028; and

  • US$3,000,000 on or before September 1, 2029.

• Group Purchase Election: The Fluorspar Projects are divided into two property groups. The Vendor has the option to acquire both groups for the full Purchase Price or acquire any single group (including the group containing the Robinson-Lasher Project) for a total consideration of US$2,250,000.

• Net Exercise Amount: If the Vendor exercises its option for a single chosen group, the total payment required is US$2,250,000 less any amounts paid under the Option Agreement prior to the exercise date.

Upon CleanTech, through the Vendor, fulfilling all of the terms of the Option Agreement and Silver Elephant fulfilling all of the conditions to closing under the Asset Purchase Agreement, title to the Robinson-Lasher Project will transfer to Silver Elephant.

The securities issued under the Transaction will be subject to a regulatory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities laws.

About Silver Elephant Mining Corp.

Silver Elephant is a mineral exploration company that optioned the Robinson-Lasher zinc- germanium-gallium project in Kentucky located near a proposed US$7.4 billion smelter. The Company also operates the Apuradita silver 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"
Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes, without limitation, statements regarding the completion and timing of the Transaction; the exercise of the option under the Option Agreement and the transfer of title to the Robinson-Lasher Project; the timing and amount of the remaining cash payments under the Asset Purchase Agreement; the receipt of any remaining stock exchange, regulatory and other required approvals; planned exploration expenditures and the preparation of a National Instrument 43-101 technical report; and the development potential of the Robinson-Lasher Project. 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, including that CleanTech will exercise the option under the Option Agreement, that the conditions to closing will be satisfied, and that Silver Elephant will have sufficient funds to make the required payments and exploration expenditures, and involves known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking information.

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: the risk that the Transaction may not close on the terms anticipated or at all; failure to satisfy or waive closing conditions; failure to obtain any remaining stock exchange, regulatory or other required approvals; risks associated with the Transaction being a non-arm's length transaction; the risk that CleanTech may not exercise or complete the option under the Option Agreement to acquire the Robinson-Lasher Project; the risk that Silver Elephant may not have sufficient funds to make the remaining cash payments or required exploration expenditures under the Asset Purchase Agreement; title, royalty and underlying property agreement risks; risks relating to the accuracy and completeness of historical data, historical estimates and historical drill results; risks that additional work may not support mineral resources or economic extraction; market conditions; changes in business plans; ability to secure sufficient financing to advance the Company's mining projects; commodity price fluctuations; and general economic, geopolitical and operating conditions. In addition, the Company has no control over third-party development projects, including the proposed smelter project known as Project Crucible, and there can be no assurance that such project will be financed, constructed or operated as publicly described, or that it will create any demand or strategic advantage for the Robinson-Lasher Project. Additional risk factors about the Company are set out in its latest annual and interim management's discussion and analysis and annual information 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. Readers 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321037

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