Highlights 

  • Silver Elephant Mining Corp. completes its first high-grade silver-lead concentrate sale from the Apuradita Project. 
  • Initial 29.8-tonne shipment priced at US47.4/oz silver and US0.90/lb lead confirms commercial viability. 
  • Concentrate assays returned 5,853 g/t silver and 14.9% lead, matching internal forecasts. 
  • Monthly production of 1,000–1,500 tonnes of mineralized material is expected through the initial six-month campaign. 
  • Additional high-grade zones and near-surface oxide layers present further growth potential at Apuradita. 

Silver Elephant Mining Corp. (TSX:ELEF) has announced the completion of its first shipment of high-grade silver-lead concentrate from the Apuradita Paca Mining Project in Bolivia. The 29.8-tonne shipment was sold in November 2025 at the price of US47.4/oz silver and US0.90/lb lead. The successful sale marks a key validation of the market acceptance of Apuradita’s concentrate and underscores the company’s transition from development torevenue-generating operations. 

Theassay resultsconfirmed concentrate grades of 5,853 g/t silver and 14.9% lead — figures that aligned closely with Silver Elephant’s internal metallurgical expectations. With additional shipments scheduled monthly, the company has entered a new operational phase characterized by consistent concentrate output and commercial engagement with buyers. 

Mining Progress, Production Outlook, and Expansion Work 

Mining at Apuradita continues at a steady pace, with the company projecting monthly output of 1,000 to 1,500 tonnes of silver-bearing mineralized material during its initial six-month campaign. Internally, the company estimates that approximately 10,000 tonnes of feed will be extracted during this period, though this may expand as new mineralized zones are accessed. 

The current mining operations utilize shrinkage stoping — a method well suited to the narrow, high-grade sulphide veins at Apuradita. Two primary stopes measuring roughly 30 meters long, 20 meters tall, and 4 meters wide form the basis of the mining plan, targeting extraction rates of 30 to 50 tonnes per day. Based on drill data and geological modeling, the average grade of the sulphide material being extracted stands at 412 g/t silver, 1.09 percent lead, and 0.38 percent zinc. 

Parallel to ongoing production, Silver Elephant is advancing development work across several high-grade zones within the project’s underground workings. Through crosscuts and drifts, the company is opening new mining faces to access these enriched areas, positioning itself for increased tonnage and grade control going forward. 

Oxide Potential and Strategic Discussions 

Beyond the sulphide zones currently being mined, Silver Elephant is also evaluating near-surface oxide layers that may support open-pit extraction with favorable strip ratios. These materials could represent an additional revenue stream, and the company is already in discussions with third-party processing facilities interested in purchasing the oxide feed. Thisdiversificationcould further enhance the project’s value and flexibility. 

The company also noted continued support from local communities, an important factor as operations advance in a period marked by broader macroeconomic challenges in Bolivia. 

Conclusion 

Silver Elephant’s first high-grade concentrate sale from Apuradita is a meaningful milestone that demonstrates the project’s commercial capability and operational momentum. With steady production, additional high-grade zones under development, and oxide opportunities being explored, the company is positioning Apuradita as a multi-phase source of silver-bearing material with near-term and long-term upside. 

Silver Elephants’ shares closed at CAD 0.28 on November 19, marking a 1.85% increase from the prior session.

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