What Silver Elephant Mining does

Silver Elephant Mining Corp. (TSX: ELEF; OTCQB: SILEF) is a Vancouver-headquartered junior mining company operating silver and critical minerals assets in Bolivia and, as of June 2026, Kentucky. Its primary producing asset is the Apuradita underground silver mine in Bolivia's Potosi department, which commenced commercial toll-milling operations in September 2025 and produces silver-bearing material averaging approximately 412 g/t Ag, 1.09% Pb, and 0.38% Zn. The company uses shrinkage stoping with designed stopes (30m x 20m x 4m) targeting extraction rates of 20-40 tonnes per day, trucking material approximately 180 km to a 400-tonnes-per-day toll mill in Potosi, then selling silver-lead concentrate to international concentrate buyers at London Bullion Market Association spot prices. Concentrate sales to date include a November 2025 first lot, an April 2026 second lot of 31.6 tonnes grading 8,795 g/t Ag and 24% Pb (8,936 oz at US$74.8/oz), and a 1,220-tonne third batch trucked in June 2026.

The company also controls the larger Pulacayo-Paca silver-lead-zinc project in Bolivia, which carries an indicated mineral resource estimate of 106.7 million oz silver, 1,384.7 million lbs zinc, and 693.9 million lbs lead per a 2020 Mercator Geological Services technical report. This core concession is governed by a 15-year Mining Production Contract with Bolivia's state-owned COMIBOL, which Silver Elephant alleges was wrongfully terminated in December 2024; the dispute has produced litigation filed in British Columbia in June 2026 and a prior favorable arbitration award of approximately US$1.0 million against Andean Precious Metals in January 2026. On June 11, 2026, Silver Elephant entered a binding Asset Purchase Agreement to acquire the Robinson-Lasher zinc-germanium-gallium project in Livingston County, Kentucky (1,524 acres), located approximately 90 miles from Korea Zinc's planned US$7.4 billion Clarksville, Tennessee smelter, which has signaled intent to source domestic US feedstock.

The business model is conventional commodity production: revenue is generated from spot-priced concentrate sales to international buyers with episodic batch delivery, supplemented historically by a US$5 million Master Services Agreement with Andean Precious Metals that has since entered dispute. Pricing tracks LBMA silver spot and is not publicly disclosed in detail. The company is led by CEO John Lee, CFA, who has raised over $150 million for junior miners since 2009, alongside CFO Andrew Yau and a recently refreshed board. The customer base is concentrated in unnamed international concentrate buyers, and the company has been funding operations through a series of small insider-heavy private placements (eight rounds between April 2025 and April 2026) against a backdrop of severely constrained liquidity (current ratio of 0.01 in January 2026) and micro-cap market valuation of approximately US$11.5 million.

Name

Silver Elephant Mining

Legal name

Silver Elephant Mining Corp.

Website

https://silverelef.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Silver Elephant Mining Corp. is a Vancouver-based junior miner (TSX: ELEF) producing silver-lead concentrate from its Apuradita underground mine in Bolivia via toll milling and selling to international concentrate buyers. It is also developing the Pulacayo-Paca silver-zinc-lead project in Bolivia and acquired the Robinson-Lasher zinc-germanium-gallium project in Kentucky.

Ownership category

akta.pro rank

Product category

Silver Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Other Metal Ore Mining (21229)

SIC

Gold And Silver Ores (1040), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Silver Mining (IMAKAEAB)

akta.pro secondary industry

Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Silver concentrate mining
• Zinc germanium gallium
• Silver lead concentrate
• Critical minerals mining
• Underground silver mining

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Silver-Lead Concentrate Sales: The company produces silver-lead concentrate through toll milling at a 400-tonnes-per-day processing plant in Potosi, Bolivia, located approximately 180 km from the Apuradita mine. Concentrate is sold to international concentrate buyers at spot silver price. The second concentrate lot was 31.6 tonnes grading 8,795 g/t Ag and 24% Pb, delivering approximately 8,936 oz of silver at US$74.8 per oz.
2. Silver Oxide Materials Sales: Sale of silver-bearing oxide materials from the Paca project to Andean Precious Metals Corp. under an exclusive sales and purchase agreement covering up to 800,000 tonnes of oxide materials. The agreement includes US$5 million cash consideration plus additional payments if silver prices exceed thresholds.
3. Master Services Agreement Revenue: Under a Master Services Agreement with Andean Precious Metals, Silver Elephant provided mining operations expertise, community relations, logistics and technical/geological information support for Paca in exchange for aggregate cash consideration of US$5,000,000 payable in installments.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Silver Elephant Mining Corp. extracts and produces silver-lead-zinc concentrate from its 100%-controlled Apuradita underground mine in Bolivia using shrinkage stoping, with material toll-milled at a 400-tonnes-per-day facility in Potosi and concentrate sold to international buyers at spot silver prices. The company also holds the Pulacayo-Paca silver-lead-zinc project in Bolivia and is acquiring the Robinson-Lasher zinc-germanium-gallium project in Kentucky, positioning itself within the North American critical minerals supply chain near the planned US$7.4 billion Korea Zinc smelter.

Product overview

Silver Elephant Mining Corp. is a mineral exploration and mining company developing multiple silver, zinc, lead, germanium, and gallium projects. The company's primary assets include the Apuradita silver mine in Bolivia (in production since 2025), the Pulacayo-Paca silver-lead-zinc project in Bolivia, and the Robinson-Lasher zinc-germanium-gallium project in Kentucky. The company produces silver concentrate from its Apuradita underground mine via toll milling arrangements and is developing additional projects in the Illinois-Kentucky Fluorspar District near a planned US$7.4 billion Korea Zinc smelter.

Differentiator

Problem solved

Functional benefit

Products and services

• Apuradita Silver Mine Underground silver mining operation in Bolivia, in production since 2025, producing silver-bearing mineralized material at an average grade of approximately 412 g/t Ag, 1.09% Pb, and 0.38% Zn, trucked approximately 180 km to a 400-tonnes-per-day toll-milling facility in Potosi to produce silver-lead-zinc concentrate.
• Pulacayo-Paca Silver-Lead-Zinc Project Silver-lead-zinc project in Bolivia's Potosi department with an estimated indicated mineral resource of 106.7 million oz of silver, 1,384.7 million lbs of zinc, and 693.9 million lbs of lead. Includes the Paca deposit hosting 37M oz indicated silver with 95% within 100 meters from surface, amenable to bulk open-pit mining.
• Robinson-Lasher Zinc-Germanium-Gallium Project Zinc-germanium-gallium mining project located in Livingston County, Kentucky, in the Illinois-Kentucky Fluorspar District, comprising approximately 1,524 acres of mineral rights with historical resource estimate of 387,225 tons grading 14% zinc, located approximately 90 miles north of Korea Zinc's proposed US$7.4 billion zinc smelter in Clarksville, Tennessee.
• Silver-Lead Concentrate (from Apuradita) Bulk silver-lead concentrate produced by toll milling of mineralized material from the Apuradita mine in Bolivia at a 400-tonnes-per-day facility in Potosi, sold to international concentrate buyers at spot silver prices based on the London Bullion Market Association benchmark.

Quantifiable outcome

• 31.6-tonne silver-lead concentrate delivering 8,936 oz silver at US$74.8 per oz (April 2026 sale)
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Andean Precious Metals Corp.minorChannel Partner/ Reseller/ Distributor · 11 June 2026Andean Precious Metals Corp. is a Bolivian subsidiary operating the Manquiri project. Silver Elephant previously had a Sales and Purchase Agreement for up to 800,000 tonnes of Paca silver oxide materials and a Master Services Agreement providing US$5 million cash consideration. Following disputes including contract termination and arbitration, Silver Elephant filed a lawsuit against Andean in June 2026 alleging interference with the Pulacayo-Paca Mining Production Contract.
• CleanTech Vanadium Mining Corp.coreStrategic or Co-development Partner · 11 June 2026Silver Elephant entered a binding Asset Purchase Agreement with CleanTech to acquire the Robinson-Lasher zinc-germanium-gallium project in Kentucky. Terms include issuing 6,300,000 shares at C$0.13 per share (approximately 9.9% pro forma ownership) and aggregate cash consideration of US$1,255,000 in scheduled installments through September 2029, plus minimum US$2,000,000 exploration expenditures.
• Korea Zinc Co., Ltd.coreStrategic or Co-development PartnerKorea Zinc is developing a US$7.4 billion zinc and critical minerals smelter in Clarksville, Tennessee (Project Crucible), located 90 miles from Silver Elephant's Robinson-Lasher project. The facility will produce 300,000 tonnes zinc, 200,000 tonnes lead, 35,000 tonnes copper annually plus strategic by-products including germanium and gallium. Korea Zinc has stated intent to prioritize domestic US feedstock sourcing.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Hecla Mining Company: Major North American silver producer with underground mining operations across the US and Mexico. Broad incumbent with comparable silver production model and exposure to US critical minerals policy through its US-based assets.
• Coeur Mining: Established precious metals producer with silver-dominant operations across North America. Larger incumbent operating underground silver mines and producing concentrates, with similar exposure to silver price dynamics.
• First Majestic Silver: Established TSX-listed silver producer operating multiple mines in Mexico. Larger incumbent in the silver mining space with comparable underground silver concentrate production but at significantly greater scale.
• Pan American Silver Corp. Major silver producer with diversified mine portfolio across the Americas. Broad incumbent in precious metals mining with overlap in silver concentrate production from underground operations.

Direct peers

• MAG Silver Corp. TSX-listed silver-focused junior mining company with primary silver assets in Mexico. Directly comparable as a publicly traded silver developer/producer with similar deposit profiles and underground mining approach.
• SilverCrest Metals: Silver producer with underground mining operations and concentrate production, listed on TSX. Directly comparable business model of producing silver concentrates for sale to international buyers at spot prices.
• Andean Precious Metals Corp. Bolivian-focused silver producer operating the Manquiri project. Directly comparable as a Bolivian silver concentrate producer, and currently in active litigation with Silver Elephant over the Pulacayo-Paca contract.
• Endeavour Silver Corp. Mid-tier silver producer operating underground silver mines in Mexico with concentrate sales. Comparable silver-focused producer with similar production-scale profile and TSX-listed capital structure.
• Santacruz Silver Mining: Silver producer with Bolivian and Mexican mining operations selling silver concentrates internationally. Highly relevant peer given Bolivian operating exposure and similar small-cap silver concentrate production model.

Emerging players

• CleanTech Vanadium Mining Corp. Counterparty in Silver Elephant's Robinson-Lasher acquisition and emerging critical minerals developer. Comparable as a small-cap TSX-listed company developing critical minerals projects with government supply-chain tailwinds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• Xx.com/SilverElMining
• YouTubeyoutube.com/channel/UCJG6jgwgflvI0NS6wbEB5qg
• Facebookfacebook.com/silver.elephant.mining.corp
• Instagraminstagram.com/silverelephantmining?igshid=MzRlODBiNWFlZA==

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds11 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Silver Elephant Mining