Silver Elephant to Assay Historic Drill Cores for Germanium, Prepare Technical Report on the Robinson-Lasher Zinc-Germanium-Gallium Project

Silver Elephant advances zinc-germanium-gallium project with new technical report and sampling program.

What the company is saying

Silver Elephant Mining Corp. (TSX:ELEF, OTCQB:SILEF, FSE:1P2) is highlighting the engagement of Mercator Geological Services to prepare an independent NI 43-101 technical report for the Robinson-Lasher Project in Kentucky. The company frames the project as a zinc asset with potential by-product credits from germanium and gallium, emphasizing historical high-grade intervals and the current high germanium price of $8,597/kg ($267/oz). The announcement details the technical leadership of Michael Cullen, P.Geo., and the systematic approach to core sampling and assay verification, with Michael Hendrickson, P.Geo., reviewing the technical content. The narrative is measured, repeatedly cautioning that all resource and drill results are historical and not current mineral resources or reserves. The company stresses that the current program is designed to verify and extend historical results, and that no economic assessment or metallurgical testwork has yet been completed. The tone is factual, with explicit statements about the limitations of the current data and the need for further work before any resource estimate or economic conclusions can be drawn.

What the data suggests

The Robinson-Lasher Project covers approximately 1,524 acres in Livingston County, Kentucky, and has been historically tested with 232 drill holes over a 4,000-foot strike length. Historical drilling in 2008 returned high-grade zinc intervals, including 81.4 feet grading 11.2% Zn (DXHR-01) and 16.0 feet grading 13.4% Zn (DXHR-03). Germanium assays reached up to 350 g/t and gallium up to 20 g/t in these intervals. The project includes a 1,270-foot production decline to 240 feet depth, but underground access requires rehabilitation. The current sampling program covers 151.9 feet of archived core from four holes, using both portable XRF and laboratory assays at the University of Kentucky. Germanium is currently priced at $8,597/kg ($267/oz), highlighting the potential value of by-product credits if recoverable. The technical report, due by the end of October 2026, will consolidate historical data but will not provide a current mineral resource estimate. The company explicitly cautions that historical results are not NI 43-101 compliant and should not be relied upon for resource or reserve calculations. No financials, resource estimates, or economic studies are provided, and the only economic reference is the proximity to a proposed US$7.4 billion smelter, which is not a company asset.

Analysis

The announcement is a factual technical update on the Robinson-Lasher project, detailing the engagement of Mercator Geological Services for an independent NI 43-101 technical report and the commencement of a systematic core sampling program. The language is measured, with clear distinctions between historical data and current activities, and explicit caution that historical results are not current resources or reserves. Forward-looking statements (e.g., anticipated completion of the technical report, planned phased program) are presented as intentions subject to results, not as guaranteed outcomes. There is no promotional language or exaggerated claims about imminent production or economic value. The mention of a nearby proposed US$7.4 billion smelter is contextual and not presented as a direct benefit or partnership. No large capital outlay or immediate earnings impact is disclosed, and the technical milestones (sampling, reporting) are expected within the next quarter, making the execution distance near-term. Overall, the narrative is proportionate to the evidence provided.

Risk flags

• ●There is significant technical risk as all current data are historical and not NI 43-101 compliant; the company cautions that these results may not be replicated by current sampling or support a resource estimate.
• ●Execution risk exists around the verification program, as the sampling must confirm both the presence and continuity of germanium and gallium within the zinc mineralized zones before any by-product credit can be considered.
• ●Economic risk remains high because no metallurgical testwork or economic assessment has been completed, and there is no certainty that germanium or gallium can be economically recovered or that the project can support a viable mining operation.
• ●Access risk is present, as the existing underground workings require rehabilitation before any potential production or further underground exploration can occur.
• ●Disclosure risk is mitigated by the company's explicit cautionary language, but the absence of current resource estimates or economic data means investors lack a basis for valuation beyond historical assays.

Bottom line

Silver Elephant is moving the Robinson-Lasher zinc-germanium-gallium project forward by commissioning an independent technical report and launching a systematic core sampling program to verify historical high-grade results. The project boasts historical zinc intervals up to 13.4% and germanium values up to 350 g/t, but all such data are pre-NI 43-101 and unverified. The company is transparent about the early stage and the lack of current resource estimates or economic studies, with the next concrete milestone being the technical report due by the end of October 2026. The proximity to a proposed US$7.4 billion smelter is contextual but does not confer any direct benefit or partnership. Investors should focus on the upcoming assay results and technical report, as these will determine whether the project can advance to resource definition or economic assessment. The main takeaway is that while the technical groundwork is being laid, the project's value remains unproven and contingent on successful verification of historical results.

Announcement summary

(TSX:ELEF) (OTCQB:SILEF) (FSE:1P2) Silver Elephant Mining Corp. has engaged Mercator Geological Services Limited to prepare an independent NI 43-101 technical report on the Robinson-Lasher zinc-germanium-gallium project in Livingston County, Kentucky. The Robinson-Lasher Project is primarily a zinc deposit, with germanium and gallium as potential by-product credits, and covers approximately 1,524 acres of mineral rights. Michael Cullen, P.Geo., Chief Geologist of Mercator, is leading the engagement and visited the project in August 2026. Mercator anticipates completing the NI 43-101 technical report by the end of October 2026, which will consolidate and independently assess the project's historical zinc, germanium, and gallium potential, but will not include a current mineral resource estimate. A core sampling and assay program has commenced on archived drill core from the 2008 drilling program, representing the first systematic multi-element sampling of the preserved Robinson-Lasher core. Germanium price is currently $8,597/kg ($267/oz) according to strategicmetalsinvest.com. The project has been drill tested with 232 historic drill holes over an interpreted mineralized strike length of approximately 4,000 feet. Historical high-grade zinc intervals from the 2008 confirmation drill program include 81.4 feet (24.8 meters) grading approximately 11.2% zinc (hole DXHR-01) and 16.0 feet (4.9 meters) grading approximately 13.4% zinc (hole DXHR-03). Germanium and gallium were analyzed on samples from these two holes, returning germanium of up to 350 g/t and gallium of up to 20 g/t within the zinc-mineralized zones. The project also hosts an existing 1,270-foot production decline reaching approximately 240 feet of vertical depth, together with a ventilation shaft, with underground access subject to rehabilitation. The core sampling program covers 151.9 feet of core across all four preserved holes, with intervals and methods detailed in the release. Sampling is being conducted in accordance with Kentucky Geological Survey policies, and all samples will be analyzed at the University of Kentucky Department of Plant and Soil Sciences using inductively coupled plasma mass spectrometry. Sampling is expected to be completed during the fourth quarter of 2026, with laboratory results anticipated approximately two to three weeks following submission. Subject to results, the company intends to advance a phased program including compilation and validation of the historical drill database, confirmation drilling with dedicated germanium and gallium sampling, and preliminary metallurgical testwork. The company cautions that the historical estimates and drill results are not current mineral resources or reserves and should not be relied upon. Michael Hendrickson, P.Geo. (3254), consultant to the company, reviewed and approved the technical contents of the release. Silver Elephant also operates the Apuradita silver project in Bolivia and has optioned the Robinson-Lasher project near a proposed US$7.4 billion smelter.

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