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Silver Elephant Mining Corp. (SILEF) is a Toronto Stock Exchange-listed Canadian company primarily focusing on mining projects in Mongolia, Bolivia, and Canada. The company's flagship Pulacayo-Paca project in Bolivia has been producing since October 2023. Recently, Silver Elephant has achieved record-breaking monthly mining of Paca oxide materials at high silver grades, trucked to Andean Precious Metals Corp. The company has been expanding its Bolivian activities, becoming a significant employer in the region. With plans to advance towards Paca's phase 2 sulphide production, Silver Elephant is poised for further growth and revenue streams.
Silver Elephant Mining announced a record monthly delivery of 20,894 tonnes of Paca oxide materials averaging 194.2 g/t silver in April 2023 to Andean Precious Metals. The company has been increasing its Bolivian activities since October 2023, benefiting from cash-flow from Paca oxide sales. CEO John Lee highlighted that the operation averaged 700 tonnes per day, with a focus on transitioning to phase 2 sulphide production. Silver Elephant plans to deliver up to 800,000 tonnes of Paca oxide materials for US$5-7 million, depending on silver prices. The Paca project hosts significant silver resources as detailed in a 2020 technical report by Mercator Geological Services. The report indicates high-grade silver and additional potential from sulphide resources, promising further revenue streams for the company.
Silver Elephant Mining Corp. has resumed broker-dealer quotation on the OTC Pink market under the symbol 'SILEF' after voluntary deregistration with the U.S. SEC. The common shares do not trade on a national stock exchange and are not required to be registered.
Silver Elephant Mining Corp. closed the first tranche of its non-brokered private placement, raising $285,000 through the sale of 950,000 units at $0.30 per unit. The proceeds will be used for working capital and general corporate purposes. Certain directors subscribed for 250,000 units. The securities issued are subject to a regulatory hold period until August 30, 2024.