SILVER ELEPHANT MNG CORP - SILEF STOCK NEWS

Silver Elephant Mining Corp. announces exclusive sales agreement for silver-bearing oxide materials from Paca project in Bolivia

Silver Elephant Mining Corp. has closed the first tranche of its private placement offering, issuing 639,999 Units for gross proceeds of $192,000. Each Unit consists of one common share and one-half of a share purchase warrant. A finder's fee of $210 was paid, and the Executive Chairman subscribed for 180,000 Units. The securities issued are subject to a regulatory hold period until December 18, 2023. The proceeds will be used for mineral project development and working capital.

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.