Silver Elephant Mining Corp - SILEF STOCK NEWS

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) reported a fatal accident at its Paca Silver Project in Bolivia on February 19, 2025. The incident involved an employee who was fatally injured due to a catastrophic failure of a pressurized water tank. The company has notified relevant government authorities and the worker's family, and an investigation has been initiated to determine the root cause.

CEO John Lee expressed condolences and stated that the company's priority is supporting the employee's family while conducting a thorough investigation to reinforce safety protocols and implement additional safeguards to prevent future incidents.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has completed the second and final tranche of its non-brokered private placement, raising $135,000 through the sale of 900,000 units at $0.15 per unit. Each unit includes one common share and one warrant, allowing purchase of an additional share at $0.30 for three years.

CEO John Lee subscribed for 400,000 units ($60,000). The company paid Canaccord Genuity Corp. a finder's fee of 21,000 units. Securities are subject to a four-month plus one-day regulatory hold period. The company will use proceeds for general corporate purposes.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has increased its non-brokered private placement to raise gross proceeds of $465,000, up from its previous announcement. The company will now offer 3,100,000 units priced at $0.15 per unit. Each unit includes one common share and one share purchase warrant, with warrants exercisable at $0.30 per share for a three-year period. The increased private placement requires Toronto Stock Exchange approval.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has expanded its non-brokered private placement to $420,000, up from its previous announcement on January 16, 2025. The placement consists of 2,800,000 units priced at $0.15 per unit. Each unit includes one common share and one warrant, with warrants exercisable at $0.30 per share for three years.

The company has successfully closed the first tranche, raising $330,000 through the sale of 2,200,000 units. A finder's fee was paid to Canaccord Genuity Corp. through the issuance of 119,000 units. The securities issued will have a four-month plus one day regulatory hold period, and proceeds will be used for general corporate purposes.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has announced a non-brokered private placement to raise $300,000 through the sale of 2,000,000 units at $0.15 per unit. Each unit includes one common share and one share purchase warrant, allowing holders to purchase an additional share at $0.30 for three years.

The placement includes a Finder's Fee of up to 7% cash or units. A company director will subscribe for 400,000 units ($60,000). Securities will have a four-month plus one day regulatory hold period. The proceeds will be used for general corporate purposes, pending Toronto Stock Exchange approval.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has terminated its Mining Services Agreement (MSA) and Sale and Purchase of Paca Materials agreement (SPA) with Andean Precious Metals Corp. The termination comes after Andean failed to make a required US$1,000,000 payment due on December 18, 2024, and the subsequent cure period expired. The agreements, originally signed on September 11, 2023, have ceased operations, and Silver Elephant is now preparing to take steps to collect the outstanding payment from Andean.

Silver Elephant Mining Corp. (TSX: ELEF) (OTCQB: SILEF) has received a notice of cancellation for its Pulacayo Mining Production Contract (MPC) from Comibol, Bolivia's state-owned mining company. The cancellation notice cites alleged illegal mining, though Silver Elephant maintains full compliance with authorizations. The MPC, signed in October 2019, granted the company's subsidiary exclusive mining rights for up to 30 years in Pulacayo and Paca areas, pending Bolivian congressional ratification.

The cancellation does not affect Silver Elephant's Apuradita mining concession, where the company is developing a tunnel for silver sulphide materials. The company plans to appeal the cancellation under both MPC terms and Bolivian law. Mining activities in the MPC area must cease until the dispute resolution.

Silver Elephant Mining reports mining 24,153 wet tonnes of silver oxide materials averaging 197 g/t silver from its Paca project in November 2024. Since operations began in October 2023, the company has mined and shipped 261,530 wet tonnes grading 183 g/t silver, totaling 1,440,219 oz of silver.

The company plans to sell up to 800,000 tonnes of Paca oxide materials to Andean Precious Metals for US$5-7 million. At current rates, Silver Elephant expects to receive US$2.5 million before January 31, 2025. The Paca project contains indicated oxide resources of 800,000 tonnes at 231 g/t silver and indicated sulfide resources of 1,810,000 tonnes at 256 g/t silver.

Silver Elephant Mining achieved a record production of 31,693 tonnes of oxide materials in October 2024, with an average grade of 184 g/t silver from its Paca project. Since operations began in October 2023, the company has mined and shipped 237,377 tonnes of silver-bearing oxide materials grading 181 g/t silver, totaling 1,300,144 oz of silver. The company plans to sell up to 800,000 tonnes of Paca oxide materials to Andean Precious Metals for US$5-7 million, expecting to receive US$2.5 million before January 2025 while remaining debt-free. Additionally, Silver Elephant initiated tunnel development for the Paca sulfide project in August 2024, with revenue anticipated by year-end.