Silver Elephant Mining Corp. announced the Company has successfully renewed Detailed Environmental Impact Assessment license ("DEIA") required to restart Ulaan Ovoo coal operations. The DEIA is subject to renewal by the Ministry of Environment every 5 years.

The Company has held 100% rights to Ulaan Ovoo mineral claims and mining licenses in Mongolia since 2007. Ulaan Ovoo features a single massive coal seam exposed to surface and highly sought-after quality of NCV 5000 kcal/kg, ash 5% and sulphur 0.3%. The Australia Newcastle thermal coal benchmark pricing currently quoted USD 160 per tonne (NCV 6,000 kcal/kg, ash 15% sulphur 0.75%) A total of 18,757 tonnes of Ulaan Ovoo coal was exported to China via Erlian port from December 2022 to May 2023.

The coal is then mostly transported to China eastern seaports from Erlian by rail. The Ulaan Ovoo operation stopped in May due to falling global thermal coal prices and scheduled equipment repair. The thermal coal prices in September have recovered since May however they are still trailing the prices at the start of the year.

The mine and coal export will remain on standby while Silver Elephant finalizes export pricing with potential coal buyers.