Past year: ▼ 57%(12.0c – 33.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Jan 2021drilling result▼ Bad
The Pero results are one narrow hit surrounded by nothing: PUD286 returned 4.0 metres at 393 g/t silver, 3.79% lead and 0.88% zinc (518 g/t AgEq), while the rest of that hole and all of PUD285 and PUD287 ran between 15 and 48 g/t silver equivalent over the intervals reported. The release calls it a new discovery.
22 Jan 2021business combination● NeutralMajor
Silver Elephant agreed to buy the Minago nickel project in Manitoba from Victory Nickel for US$11.675 million, of which US$6.675 million is settled by cancelling secured debt Victory Nickel already owed Silver Elephant, and US$5 million is in shares issued over a year; C$2 million more in shares falls due if nickel exceeds US$10/lb before the end of 2023. Silver Elephant also agreed to buy 40,000,000 Victory Nickel shares at $0.025 for C$1 million, so it was lender, buyer and incoming shareholder in the same counterparty.
21 Jan 2021drilling progress report● Neutral
A 940 metre program at the Pero target southeast of the Pulacayo deposit is finished with assays pending. The target came from surface samples of up to 200 g/t silver several hundred metres south of the Tajo vein trend, which the company reads as the vein being faulted southward there. The same filing announces the start of a 2,300 metre maiden drill program at Sunawayo.
30 Nov 2020drilling result▼ Bad
All five oblique Paca holes hit mineralisation, but thin and low grade: the best was PND115 with 66.0 metres at 48 g/t silver, 0.10% zinc and 0.80% lead (75 g/t AgEq), while PND118 returned 112.0 metres averaging 15 g/t silver (50 g/t AgEq). The release describes it as a new discovery zone.
25 Nov 2020drilling result▲ GoodMajor
The maiden El Triunfo drill program returned wide, low-grade gold carrying useful base metals. TR007 cut 98.9 metres at 0.37 g/t gold, 22.71 g/t silver, 0.74% zinc and 0.58% lead (1.04 g/t AuEq) from 13 metres, including 48.9 metres at 1.45 g/t AuEq; TR008 gave 6.4 metres at 1.60 g/t gold and 56.49 g/t silver (3.05 g/t AuEq). The gold-equivalent figures assume 100% metallurgical recovery, which no operation achieves.
24 Nov 2020capital raising announcement▲ GoodMajor
The offering closed at C$9.2 million, 23,000,000 shares at C$0.40 with the over-allotment exercised in full - more than the C$5.52 million BMO deal of November 2018 and over four times the placement completed in May.
What it means for a shareholder
23.0m new shares at C$0.400 to raise about C$9.2m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held C$1,000 of shares (2,500 at the issue price), your slice goes from 0.00206% to 0.00173% of the company. To keep it you'd need 474 more shares - about C$190 at the issue price.
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18 Nov 2020resource reserve update● Neutral
An amended version of the Pulacayo 2020 technical report, dated 12 November and still effective 13 October 2020, filed while the prospectus was in the market. The cached exhibit is a scanned image file with no machine-readable text, so what the amendment changed cannot be established from the copy held here.
27 Oct 2020resource reserve update● NeutralMajor
The company announced it had filed both the Pulacayo technical report and a preliminary short-form prospectus for the bought deal, which had grown to 20,000,000 shares at C$0.40 from the 15,000,000 announced a week earlier.
27 Oct 2020resource reserve update● Neutral
The 2.9 MB Mercator technical report supporting the October estimate, effective 13 October 2020 and prepared by Matthew Harrington, Michael Cullen and Osvaldo Arce, filed with the SEC in full.
21 Oct 2020capital raising announcement▲ GoodMajor
A C$6.0 million bought deal at C$0.40 a share with Mackie Research leading, alongside Canaccord Genuity and Sprott Capital Partners, announced eight days after the new resource estimate. The share price is triple the $0.13 units sold in May.
14 Oct 2020drilling progress report● Neutral
A small 545 metre, five-hole program at Paca is finished, drilled diagonally to test structures oblique to the east-west trend that all 19,688 metres of previous Paca drilling had followed. Assays expected in November.
13 Oct 2020resource reserve update● NeutralMajor
The rebuilt Pulacayo Project estimate reports 106.7 million oz of indicated silver with 1,384.7 million lb zinc and 693.9 million lb lead in 48.04 million tonnes, plus 13.1 million oz inferred. The leap from the 30.4 million indicated oz of the 2017 estimate comes from re-cutting the deposit as an open pit at a 30 g/t silver-equivalent cut-off and adding Paca alongside Pulacayo: the Pulacayo sulphide in-pit indicated block is 24.6 million tonnes at 76 g/t silver, 1.63% zinc and 0.70% lead, against 455 g/t silver, 3.19% zinc and 2.18% lead in the 2017 underground estimate. Three and a half times the ounces at roughly a sixth of the grade.
28 Sept 2020drilling result▲ Good
All 48 first-pass chip and grab samples from surface outcrops and adits at Sunawayo returned anomalous silver-lead values, ten of them over 100 g/t silver or 10% lead, the best at 477 g/t silver and 20% lead, across four target areas along an 11 km trend. These are surface samples: no hole had been drilled anywhere on the property at this date.
18 Sept 2020business combination● Neutral
The Bisoni purchase closed: 4 million shares issued and $200,000 paid to CellCube, with the vanadium-price bonus shares still contingent.
8 Sept 2020business combination● Neutral
A binding agreement to buy the Sunawayo silver-lead project in central Bolivia: patented ground with a permitted 100 tonne-a-day open pit already producing lead concentrate, and 17 km of strike. The pitch leans on the neighbouring Malku Khota property's historic 2011 estimate of 350 million oz of silver - ground Silver Elephant does not own, on which it has only applied to COMIBOL for mining rights, and which the release itself flags as not a current mineral resource.
24 Aug 2020business combination● Neutral
Nevada Vanadium, the wholly owned subsidiary, agreed to buy the Bisoni vanadium project immediately southwest of Gibellini from CellCube Energy Storage Systems for 4 million Silver Elephant shares and $200,000 cash, plus $500,000 of shares if European vanadium pentoxide exceeds US$12/lb for 30 consecutive days before the end of 2023. Bisoni's 201 claims take the combined Gibellini-Bisoni holding to 934 claims over 43.4 km2.
19 Aug 2020drilling result● Neutral
First sampling at the newly bought El Triunfo: 37 of 103 chip samples from surface outcrops and old adits ran at or above 1.0 g/t gold equivalent, the best being 3.90 metres at 2.22 g/t gold and 113 g/t silver (8.30 g/t AuEq), across two blocks spanning 750 metres of strike. A 1,000 metre maiden drill program starts the same day. These are surface chip samples along artisanally mined workings, not drill intercepts.
11 Aug 2020drilling result▲ GoodMajor
Infill drilling inside the Pulacayo deposit, rather than step-outs, and it worked: PUD283 returned 102.0 metres grading 145 g/t silver, 1.05% lead and 2.56% zinc (255 g/t AgEq), including 5.0 metres at 1,565 g/t silver, 8.25% lead and 3.85% zinc. PUD284 gave 66.7 metres at 182 g/t AgEq. True widths are estimated at about 72% and 57% of core length respectively.
20 July 2020resource reserve update● Neutral
Mercator is engaged to rebuild the Pulacayo and Paca resource estimates, updating the October 2017 report for new metal prices, the 2019-20 drilling and, in the company's own words, "constraint optimization such as cut-off grades and strip ratios" - the change that would triple the reported ounces three months later. Bolivia's national COVID quarantine had lifted in late June, though Uyuni, the nearest town, was still closed.
13 July 2020business combination● NeutralMajor
Silver Elephant agreed to buy the El Triunfo gold-silver-lead-zinc project in Bolivia's La Paz district for $1,100,000, of which $100,000 was paid on signing and the remaining $1,000,000 is not due until 15 June 2025. All but a tenth of the price is deferred by five years.
20 May 2020capital raising announcement● Neutral
The second and final tranche raised $645,060 from 4,962,000 units, taking the placement to $1,976,000 in total.
What it means for a shareholder
5.0m new shares at about C$0.130 to raise about C$645,060. That's 3.9% dilution: every existing holder's slice gets 3.9% smaller. If you held C$1,000 of shares (7,692 at the issue price), your slice goes from 0.00634% to 0.00609% of the company. To keep it you'd need 315 more shares - about C$41 at the issue price.
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1 May 2020capital raising announcement● Neutral
First tranche closed: 10,238,000 units at $0.13 for $1,330,940, with $3,250 in cash and 156,900 units paid as finder's fees.
What it means for a shareholder
10.2m new shares at C$0.130 to raise about C$1.3m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held C$1,000 of shares (7,692 at the issue price), your slice goes from 0.00634% to 0.00585% of the company. To keep it you'd need 649 more shares - about C$84 at the issue price.
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15 Apr 2020capital raising announcement▼ Bad
A non-brokered placement of up to 14 million units at $0.13, each unit carrying a full three-year warrant at $0.16, to raise up to $1.82 million. The unit price is roughly a quarter of the $0.46 BMO paid seventeen months earlier and a third of the $0.40 placement of October 2019.
What it means for a shareholder
14.0m new shares at C$0.130 to raise about C$1.8m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held C$1,000 of shares (7,692 at the issue price), your slice goes from 0.00634% to 0.00569% of the company. To keep it you'd need 888 more shares - about C$115 at the issue price.
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18 Mar 2020listing compliance notice● Neutral
Trading moves to the symbol ELEF on the Toronto exchange from 19 March, with a new CUSIP and no action required from holders; a FINRA application for the US symbol is pending. The release is signed by Michael Doolin as chief executive, where the November 2018 financing releases were signed by Gerald Panneton.
17 Mar 2020other● Neutral
Articles filed for the change of name to Silver Elephant Mining Corp. on 16 March 2020. The certificate lists the whole chain: UGL Enterprises became Red Hill Energy in 2006, Prophecy Resource in 2010, Prophecy Coal in 2011, Prophecy Development in 2015 and now Silver Elephant - five renamings of one British Columbia company. No business was combined; this is a name change and amended articles.
6 Mar 2020drilling result▼ BadMajor
The complete results show the step-out program was largely a miss. Sixteen holes for 2,598 metres produced one material intercept, PUD267, already announced in January; PUD268 returned 2 metres at 20 g/t silver and PUD274 2 metres at 93.5 g/t. The company attributes the poor returns to geology and estimates PUD267 extends the resource about 80 metres west. The standing indicated resource it is stepping out from is 30.4 million oz at 455 g/t silver, 3.19% zinc and 2.18% lead.
21 Jan 2020drilling result▲ GoodMajor
The first hole drilled at Pulacayo since 2012, PUD267, cut 10 metres grading 147 g/t silver, 9.8% zinc and 2.0% lead (539 g/t AgEq) inside 35.5 metres at 230 g/t AgEq from 31.5 metres. It sits 83 metres west of a 2008 hole that returned only 15.1 g/t silver at similar depth, so the company reads it as extending the deposit westward. A previous operator had already put 268 holes into Pulacayo between 2008 and 2012.
29 Oct 2019drilling result▲ GoodMajor
The company's centre of gravity moves to Bolivia. First-phase drilling at the Paca silver deposit returned PND110 with 89.0 metres of core length grading 279 g/t silver, 1.28% zinc and 1.17% lead (378 g/t silver equivalent) from 9 metres depth, including 12.0 metres at 1,085 g/t silver from 16 metres. PND107 gave 54.0 metres at 238 g/t AgEq and PND109 28.0 metres at 281 g/t AgEq. True widths are estimated at about 77% of the reported core lengths.
8 Oct 2019capital raising announcement● NeutralMajor
A non-brokered placement of 10 million shares at $0.40 for $4.0 million, announced the day after the Bolivian mining contract was signed, with management and directors taking 400,000 shares. John Lee signs as executive chairman.
What it means for a shareholder
10.0m new shares at C$0.400 to raise about C$4.0m. That's 9.5% dilution: every existing holder's slice gets 9.5% smaller. If you held C$1,000 of shares (2,500 at the issue price), your slice goes from 0.00262% to 0.00237% of the company. To keep it you'd need 262 more shares - about C$105 at the issue price.
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7 Oct 2019material agreement▲ GoodMajor
The Bolivian mining production contract with COMIBOL was signed on 3 October 2019, giving Prophecy the exclusive right to develop and mine the Pulacayo and Paca concessions for up to 30 years - the Bolivian equivalent of a mining licence, and the legal basis for everything that follows there. The company puts prior spending by its Bolivian subsidiaries at $25 million and drilling at over 80,000 metres.
