Vancouver, British Columbia--(Newsfile Corp. - July 6, 2026) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") is pleased to provide an exploration update on the Company's optioned Robinson-Lasher zinc-germanium-gallium mining project (the "Robinson-Lasher Project") in Livingston County, Kentucky, located approximately 90 miles from the proposed US$7.4 billion critical-minerals smelter in Clarksville, Tennessee being developed by Korea Zinc. Modeled after Korea Zinc's Onsan Smelter - the world's largest non-ferrous smelter - the proposed Tennessee facility is largely financed by the U.S. EXIM Bank, the U.S. Department of Commerce, and the Department of War. The new smelter in Tennessee is designed to recover up to 12 critical minerals, including zinc, silver, germanium and gallium, all of which occur at the Robinson-Lasher Project. The smelter is projected to enter operation in 2029, requiring over 500,000 tons of concentrate feed annually.

Historical drilling on the Robinson-Lasher Project returned germanium values of up to 350 grams per ton ("g/t") and gallium values of up to 20 g/t within sphalerite mineralized zones in two of the four holes drilled (DXHR-01 and DXHR-03). Down-hole composite assays from DXHR-01 include 81.4 feet (24.8 meters) grading approximately 11.2% zinc and 114 g/t germanium; composite assays from DXHR-03 include 16.0 feet (4.9 meters) grading approximately 13.4% zinc and 199 g/t germanium (with a peak of 350 g/t germanium).^[1]

As of June 26, 2026, germanium metal traded at US$8,597.50 per kilogram - equivalent to approximately US$267 per troy ounce - up 320% since the start of 2020.^[2] The price action is partly attributed to China's August 2023 germanium export-licensing measures and its December 2024 ban on exports to the United States.

Germanium and gallium at Robinson-Lasher Project

The germanium and gallium data referenced in this news release are drawn from an exploration report titled "Shawnee Zinc Exploration Project - Hampton Prospect, Livingston County, Kentucky," dated July 2008, prepared by North American Exploration, Inc. for Dynamex Resources Corporation (the "2008 Report"). The Project corresponds to the area historically referred to as the Hampton Prospect, which comprises the adjoining Robinson (zinc) and Lasher (fluorspar) structures.

As part of a 2008 confirmation drilling program, four core holes were completed and selected core intervals were analyzed at ACME Analytical Laboratories (Vancouver, B.C.). Base metals were determined by four-acid digestion with an ICP-ES finish, and gallium and germanium were determined on samples from two of the holes - DXHR-01 and DXHR-03. Holes DXHR-02 and DXHL-01 were assayed for zinc and fluorspar but were not analyzed for germanium or gallium.^[3] According to the 2008 Report, hole DXHR-01 returned germanium of up to 220 g/t and hole DXHR-03 returned germanium of up to 350 g/t (the highest value on the Project), in each case with the highest germanium value reported in association with the hole's highest-grade zinc interval - a 5.0-foot interval grading 32.63% zinc in DXHR-01 and a 6.6-foot interval grading 28.12% zinc in DXHR-03. Gallium reached up to 20 g/t in both holes. The full sample-by-sample results for both holes are set out in Table 1.

Table 1 - Germanium and gallium assay detail, holes DXHR-01 and DXHR-03

Notes: Depths are downhole; holes are vertical (−90°), so downhole intervals approximate true thickness. 1 ppm = 1 g/t; 1 foot = 0.3048 m. "nil" = below detection; "NA" = not analyzed for that element. For DXHR-01, samples 101-103 and 119 bracket the mineralized zone but were not analyzed for Ga/Ge. Composites are thickness-weighted averages over the indicated samples (DXHR-01: 558.6-640.0 ft / 81.4 ft / 24.8 m; DXHR-03: 630.0-646.0 ft / 16.0 ft / 4.9 m). Source: 2008 Report; ACME certificates VAN08004249 / VAN08005302 / VAN08005639.

Table 2 - Drill hole data for holes DXHR-01 and DXHR-03^[4]

Germanium and gallium do not occur as discrete ore minerals at the Robinson-Lasher Project; they substitute within the crystal lattice of sphalerite. As a result, germanium and gallium grades broadly track zinc grades and would, if confirmed, be recoverable as by-product credits during conventional zinc-concentrate production. The Company cautions that the historical analyses were performed on a limited number of samples from two of the four holes drilled (DXHR-01 and DXHR-03) and are insufficient, on their own, to characterize the distribution, continuity or grade of germanium or gallium across the Project.

The Robinson-Lasher Project comprises approximately 1,524 acres of mineral rights in Livingston County, Kentucky. Zinc and fluorspar mineralized zones occur as bedded and replacement-style mineralization in Mississippian-age carbonate rocks along the Robinson Fault structure - a classic Mississippi Valley-type ("MVT") setting. This same style of mineralization is seen at the Tennessee zinc mines that operated for over 50 years, supplying metals concentrate to the Nyrstar zinc smelter (acquired by Korea Zinc in April 2026) in Clarksville, Tennessee. The Robinson-Lasher Project has been extensively drilled with 232 historic drill holes.^[5] There was an existing 1,270-foot production decline reaching approximately 240 feet of vertical depth, together with a ventilation shaft. There was limited production history and underground access is subject to rehabilitation.

There exists an historic resource estimate of 387,225 imperial tons grading 14% zinc for the Robinson-Lasher project reported by Phelps-Dodge Corporation in 1985.⁴

Silver Elephant's Robinson-Lasher Project to boost U.S. germanium supply chain

The United States has no meaningful domestic primary germanium recovery today. According to the U.S. Geological Survey (USGS) Mineral Commodity Summaries 2026, operations at Nyrstar's Middle Tennessee Mines in Gordonsville, Tennessee, which produced germanium-bearing zinc concentrates, have been suspended since November 2023; prior to the suspension, those concentrates were sent to Nyrstar's zinc smelter in Clarksville, Tennessee, which recovered germanium in the form of an intermediate leach concentrate.^[6] The USGS reports that U.S. net import reliance for germanium exceeds 50%, and that China - which accounts for the large majority of global refined germanium output - implemented export licensing on germanium in August 2023 and banned germanium exports to the United States in December 2024.

The 2008 Report notes that the Robinson-Lasher Project lies approximately 90 miles by road from the Clarksville, Tennessee zinc smelter and within shipping distance of historical zinc-processing and milling infrastructure in western Kentucky and southern Illinois. The Company believes that re-establishing a domestic, non-Chinese source of germanium-bearing zinc concentrate in a region with existing smelting and milling history is strategically aligned with U.S. critical-minerals priorities. Readers are cautioned that no metallurgical testwork, processing arrangement, resource estimate or economic assessment has been completed on the Project, and there is no certainty that germanium or gallium can be economically recovered.

Market context: germanium, infrared vision, and the AI / defense hardware stack

Germanium is classified as a critical mineral by the United States, Canada and the European Union. Its principal end uses, per the USGS, are fiber optics, infrared (IR) optics, semiconductor and solar applications, LiDAR, heat, and radiation detectors:

- Infrared optics and machine vision. Germanium is transparent across the thermal-infrared band (approximately 2-14 microns) and has a very high refractive index. In a thermal-imaging or night-vision system, ordinary glass blocks long-wave IR, whereas a germanium lens or window focuses the heat radiated by objects onto a detector, allowing imaging in darkness, smoke or fog. This makes germanium the workhorse optical material for thermal cameras, night-vision systems, targeting and surveillance optics, and certain LiDAR / short-wave-infrared sensing used in autonomous vehicles, robotics and defense platforms - in effect, a "vision" material for advanced sensing systems.

- Fiber optics and AI data centers. Germanium tetrachloride / germanium dioxide is the essential dopant in the glass core of low-loss optical fiber. Industry commentary has noted that AI data centers require substantially more optical fiber than conventional server installations, sustaining germanium-oxide demand.

- Semiconductors and energy. Germanium is used in silicon-germanium (SiGe) chips for high-frequency and radar applications and as the substrate for high-efficiency multi-junction solar cells used on satellites.

Proposed next steps and verification program

The Company intends to design a phased program (subject to financing, permitting and surface access) to verify and advance the zinc, germanium and gallium potential of the Project, expected to include:

1. Data compilation and validation - consolidation of the historical drill database (the 2008 Report references more than 200 historical drill holes on the property), digitization of historical assay certificates, and an independent assessment of data reliability by the Company's Qualified Person.
2. Verification sampling and re-assay - where historical core or sample pulps remain available and verifiable, re-assay for the full multi-element suite - including germanium and gallium - at an accredited laboratory under a modern QA/QC protocol (insertion of certified reference materials, blanks and duplicates).
3. Confirmation / infill drilling - a confirmation drill program on the Robinson structure, with selected holes sampled specifically for germanium and gallium in addition to zinc and fluorine, to begin characterizing the deportment and continuity of by-product credits.
4. Metallurgical scoping - preliminary metallurgical testwork to assess germanium and gallium recovery and deportment to zinc concentrate, and the potential to produce a germanium-bearing concentrate suitable for downstream recovery.
5. Resource pathway - pending positive verification, scoping of the work required to support a maiden NI 43-101-compliant mineral resource estimate that includes germanium and gallium credits.

The Company will provide further details, including budget and timing, once the program has been finalized and approved.

Historical Estimate Disclosure

The resource estimates and drill results disclosed in this news release are "historical estimates" and "historical results" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The historical estimates were prepared prior to the implementation of current CIM Definition Standards, and the key assumptions, parameters and methods used to prepare them are not fully available to the Company. The historical estimates have not been verified or validated by the Company as current mineral resources or mineral reserves. A qualified person, as defined under NI 43-101, has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves, and the Company is not treating the historical estimates as current mineral resources or mineral reserves. The historical estimates should not be relied upon. The historical drill results have not been independently verified by the Company and true widths are not known. Significant additional work, including data compilation and validation, confirmatory drilling and updated geological modeling, would be required before the historical estimates could be upgraded to or verified as current mineral resources. There is no guarantee that any of the historical estimates will be realized or that any mineralization reported in historical drilling will support a current mineral resource estimate.

Qualified Person

The technical contents of this news release have been reviewed and approved by Michael Hendrickson, P.Geo (3254) who is a member of the Professional Geoscientists of Ontario. Mr. Hendrickson is a consultant to the Company, and a qualified person as defined by National Instrument 43-101.

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"
CEO and Executive Chairman

FORWARD-LOOKING INFORMATION

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, but is not limited to, statements regarding the expected June sale of silver concentrate; production forecasts, rates, throughput and extraction of silver-bearing material; processing and toll-milling of material; concentrate sales; permitting matters; grades, recoveries and mineralization; transport and logistics; commodity prices; and related operational, regulatory, market and technical risks. 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 and uncertainties that 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: market conditions; changes in business plans; the ability to secure sufficient financing to advance the Company's mining projects; delays or failures in processing, toll milling, transportation or concentrate sales; delays in obtaining or maintaining permits and other regulatory authorizations; variability in grades, recoveries and metallurgical performance; changes in commodity prices; operational, technical, logistical and community-related risks; and general economic conditions. 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.

^[1]North American Exploration, Inc. (O. Jay Gatten, CPG), Shawnee Zinc Exploration Project - Hampton Prospect, Livingston County, Kentucky, prepared for Dynamex Resources Corporation, July 2008 (the "2008 Report"). Historical, prior-operator document; not independently verified by the Company.

^[2]Strategic Metals Invest, "Germanium Prices," retail/investor benchmark of US$8,597.50/kg as of June 26, 2026 (reported up ~320% since the start of 2020, when the price stood at ~US$2,045.09/kg). Germanium has no exchange-traded spot market; quoted prices are thinly traded indications that vary by source, purity and delivery point.

^[3]ACME Analytical Laboratories Ltd. (Vancouver, BC), Certificates of Analysis VAN08004249, VAN08005302 and VAN08005639 (2008). Sample preparation R150 (crush/split/pulverize to 150 mesh); base-metal suite by 4-acid digestion / ICP-ES (method 7TD); gallium and germanium by method G7AR; fluorine by sodium fusion (G2A-F). Germanium and gallium were analyzed on holes DXHR-01 (samples 104-118) and DXHR-03 (samples 127-132); holes DXHR-02 and DXHL-01 were assayed for zinc and fluorspar but not for germanium or gallium. Values reported to ~10 g/t increments; across the two analyzed holes, tabulated germanium values range from 40 to 350 g/t (1 ppm = 1 g/t). The 2008 Report's summary note records the DXHR-01 germanium range as 10-220 ppm.

^[4] North American Exploration Inc., July 2008, Shawnee Zinc Exploration Project, Hampton Prospect, Livingston County, Kentucky, O. Jay Gatten

^[5] North American Exploration Inc., July 2008, Shawnee Zinc Exploration Project, Hampton Prospect, Livingston County, Kentucky, O. Jay Gatten

^[6]U.S. Geological Survey, Mineral Commodity Summaries 2026

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304071

Source: Silver Elephant Mining Corp.