Silver Elephant Mining

In 2021, Silver Elephant spun out its primary silver asset, the Pulacayo project in Bolivia, into a separate public company, Andean Precious Metals. This unlocked trapped silver value for shareholders while freeing management to redirect capital toward Gibellini, a Nevada vanadium deposit the company had quietly advanced since 2015. The pivot aligned the firm with US critical-mineral policy and the growing demand for vanadium redox flow batteries.

Silver Elephant retained a 2.5% net smelter return royalty on the Pulacayo project when it spun the asset into Andean Precious Metals. The royalty generates cash payments based on gross revenue from silver, zinc, and lead production at Pulacayo, less refining and transportation costs. Andean Precious Metals has the right to buy back 1% of the royalty for $1.5 million, leaving Silver Elephant with a 1.5% residual NSR.

John Lee serves as CEO and director and is the central decision-maker for corporate strategy, asset acquisitions, and divestitures. Lee is a geologist by training and has founded and managed multiple TSX-listed mining companies including Prophecy Coal. The board includes directors with experience in project finance and mining operations, but Lee's view on commodity cycles and project stage-gating drives the firm's investment posture.

Gibellini is a feasibility-stage primary vanadium project in Eureka County, Nevada. A May 2023 technical report outlined proven and probable reserves of 23 million tons grading 0.29% vanadium pentoxide (V2O5), supporting a 13.5-year mine life with average annual output of 9.7 million pounds of V2O5. The project has a positive Record of Decision from the US Bureau of Land Management, a significant permitting milestone for a domestic critical-mineral mine.

Yes, though the US vanadium asset is the primary near-term focus. Silver Elephant holds a 39.5% stake in Flying Nickel Mining, which controls the Minago nickel-copper-PGM project in Manitoba, Canada. The firm also manages early-stage exploration properties in Chile and Bolivia and owns the Ulaan Ovoo coal mine in Mongolia through its Nebari Gold subsidiary, though it has publicly stated an intention to divest this asset.

As a publicly listed junior miner on the Toronto Stock Exchange, Silver Elephant funds operations through equity private placements, warrant exercises, and asset monetizations. The Pulacayo royalty provides a minor recurring cash flow stream, but the firm remains reliant on capital markets rather than operating cash flow. In 2023, it completed a C$1.5 million non-brokered private placement to fund working capital and Gibellini advancement.

Silver Elephant is the largest shareholder of Flying Nickel Mining, holding approximately 39.5% of the equity. Flying Nickel was created as a vehicle to advance the Minago nickel-copper-PGM project in Manitoba's Thompson Nickel Belt, an asset originally assembled by Silver Elephant. The structure allows Silver Elephant to maintain exposure to Canadian nickel without allocating direct balance-sheet capital to Minago's development.