Silver Elephant Mining Corp. (TSX: ELEF | OTCQB: SILEF | FSE: 1P2) announced on November 6, 2026, that Bolivia's Supreme Tribunal of Justice has ruled in favour of its subsidiary Apogee Minerals Bolivia S.A., effectively restoring the company's rights to the Pulacayo-Paca silver mining project. The Court annulled a December 2024 board resolution that had cancelled the Mining Production Contract (MPC) between Apogee and state mining body COMIBOL. The decision reinstates exclusive development and mining rights over 2,803 hectares in Bolivia, a potentially significant outcome for investors tracking the company's flagship asset.

Key Points

  • Silver Elephant Mining Corp. (TSX: ELEF | OTCQB: SILEF | FSE: 1P2)
  • Bolivia's Supreme Tribunal of Justice annulled the COMIBOL resolution that cancelled the Pulacayo-Paca Mining Production Contract
  • The MPC, dated October 3, 2019, grants Apogee exclusive rights to develop and mine 2,803 hectares for up to 30 years; Apogee was formally notified of the ruling on November 5, 2026
  • Investors may be watching whether COMIBOL and Bolivian authorities fully implement the ruling and how operations resume at the project

Bolivian Supreme Tribunal Annuls Contract Cancellation, Restoring Apogee's Mining Rights

The Court found that COMIBOL failed to properly consider the approvals, permits, and authorisations it had previously issued to Apogee, and determined that the MPC was terminated without legal basis or proper procedure. In addition to annulling the December 16, 2024 COMIBOL board resolution, the Court nullified the subsequent administrative proceedings brought by both COMIBOL and the Bolivian Ministry of Mining and Metallurgy against Apogee. Apogee initiated the judicial review proceedings on October 31, 2025, and received formal notification of the favourable outcome on November 5, 2026.

Pulacayo-Paca Silver Resource Base and Historical Drilling Programme

The Pulacayo-Paca project hosts Indicated Mineral Resources of 106.7 million ounces of silver and Inferred Mineral Resources of 13.1 million ounces of silver, as estimated by Mercator Geological Services Limited with an effective date of October 13, 2020. The company notes these estimates predate subsequent mining activities at Paca and have not been updated. A total of 96,021 metres of drilling has been completed across both deposits. Between October 2023 and November 2024, the company mined 261,530 wet tonnes of oxide material grading 183 g/t silver from Paca by open-pit method.

Mineral Resource Classification and NI 43-101 Compliance

Mineral resources were estimated in accordance with National Instrument 43-101 and CIM Definition Standards (2014), under the supervision of qualified persons Carlos Zamora (CPG, AIPG) and Matthew Harrington (P.Geo.) of Mercator Geological Services Limited. The company cautions that mineral resources that are not mineral reserves do not have demonstrated economic viability, and no feasibility study has been completed confirming the technical and economic viability of the project. The immediate share price impact was not clear from available public information.