SILVER ELEPHANT MNG CORP - SILEF STOCK NEWS

Silver Elephant Mining Corp. announced its subsidiary, Mega Thermal Coal Corp., will commence coal production at the Ulaan Ovoo project in Mongolia in Q4 2022. The project aims to produce 30,000 tonnes of coal monthly using a fleet of mining equipment.

Notably, thermal coal prices have surged to US$427 per tonne, allowing the company to capitalize on this trend. Additionally, there are around 90,000 tonnes of coal stockpiled, and rail congestion is expected to ease by Q4 2022. Plans for spinning out Mega Coal by late 2022 are underway.

Silver Elephant Mining Corp. has announced the appointment of Zula Kropivnitski as its new Chief Financial Officer, succeeding Irina Plavutska, who retires after 11 years but will continue as a consultant.

Kropivnitski brings over ten years of financial reporting experience, having previously served as CFO at Abraplata Resource Corp. and Financial Controller at Sacre-Coeur Minerals Ltd. The company also received TSX approval for an extension of its Annual General Meeting, now scheduled for August 11, 2022, at 9:30 a.m. PST.

Silver Elephant Mining Corp. (SILEF) has updated its NSR agreement with Battery Metals Royalties Corp. regarding coal from its Ulaan Ovoo mine in Mongolia. The royalty payment has increased from $2 to the greater of $3 per tonne, 5% of gross sales, or 3% of the benchmark price for coal sold to China. Battery Metals will transfer shares of Flying Nickel Mining Corp. valued at $336,765 to Silver Elephant. Additionally, they have extended the LOI closing date to December 31, 2022, allowing Battery Metals to complete its TSX Venture listing.

Silver Elephant Mining Corp. (OTCQX:SILEF) announced a binding LOI with Battery Metals Royalties Corp. to acquire a 45% interest in its wholly-owned Mega Thermal Coal Corp. for $6.3 million. This move aims to shift Silver Elephant towards being a pure silver mining entity by divesting non-core thermal coal assets. The transaction includes adjustments to royalty agreements and will result in a direct equity stake for Silver Elephant shareholders in Mega Coal. The deal is expected to close by July 15, 2022, pending regulatory approvals.

Silver Elephant Mining Corp. reports initial diamond drill results from its El Triunfo gold-silver project in Bolivia. Five holes totaling 1,500 meters are being drilled to test geophysical anomalies. Significant findings include TR009 with 14 meters of 2.5 g/t AuEq and TR010 with 1.2 meters of 7.7 g/t AuEq. The exploration expands the mineralized width and enhances prospects, potentially tripling the mineralized strike length to 2.3 kilometers. Assay results for additional holes are expected in April, which could further confirm mineralization at the Triunfo project.

Silver Elephant Mining Corp. announced diamond drilling results from the Paca deposit at its Pulacayo silver project in Bolivia. Eight holes were drilled, totaling 1,717 meters. Notable results include PND 123, which intercepted 27 meters of 159 g/t silver, indicating a northern extension of the Paca oxide resource. Future drilling is planned to expand the resource, and a prefeasibility study will be commissioned for a potential open-pit operation. The exploration aligns with ongoing environmental permitting for an oxide leach processing operation.

Silver Elephant Mining Corp. announced significant diamond drilling results from its Paca deposit in Bolivia, comprising 1,717 meters across 8 holes. Key findings include PND 123, which intercepted 27 meters at 159 g/t silver, indicating a northern and northeastern extension of the resource. The company is set to expand drilling efforts in the second half of 2022, focusing on a potential open-pit operation. Additionally, they plan to conduct a prefeasibility study and complete environmental permitting to advance development decisions by early 2023.

Silver Elephant Mining Corp. (SILEF) reported results from its recent exploration drilling at the Pulacayo silver project in Bolivia. A total of 9 holes were drilled over 3,251 meters, targeting geophysical anomalies. Notably, PUD292 intersected high-grade mineralization of 299 g/t silver, indicating potential for undiscovered vein systems outside the main Tajo Vein System. The ongoing exploration aims to refine future targets and enhance geological understanding of the area, which holds significant historical production.