Silver Elephant Mining Corp.
Management’s Discussion and Analysis
For the Fifteen Months Ended March 31, 2023 (Expressed in Canadian dollars, except where indicated)
This Management’s Discussion and Analysis (“MD&A”) focuses on significant factors that have affected Silver Elephant Mining Corp. (the “Company”, “Issuer”, “Silver Elephant” or “ELEF”) and its subsidiaries’ performance and such factors that may affect its future performance. This MD&A should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fifteen months ended March 31, 2023 (the “Annual Financial Statements”), which was prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the Company’s Annual Information Form, dated August 1, 2023 (the “2023 AIF”), all of which are available under the Company’s SEDAR profile at www.sedar.com.Additional information relating to the Company is on SEDAR at www.sedar.com. “This Quarter”, “Current Quarter” or “Q5 2023” means the three-month period ended March 31, 2023 and “This Period” or “Current Period” means the fifteen-month period ended March 31, 2023. The information contained in this MD&A is current to August 1, 2023.
On December 30, 2022, the Company changed its financial year end from December 31 to March 31.
The information provided herein supplements but does not form part of the financial statements. Financial information is expressed in Canadian dollars, unless stated otherwise. All references to “$” or “dollars” in this MD&A refer to Canadian dollars. References to “US$” or “USD” in this MD&A refer to United States dollars. Readers are cautioned that this MD&A contains “forward-looking statements” and that actual events may vary from management’s expectations. Readers are encouraged to read the cautionary note contained herein regarding such forward-looking statements. Information on risks associated with investing in the Company’s securities are contained in the 2023 AIF.
Profile and Strategy
The Company is incorporated under the laws of the province of British Columbia, Canada. The common shares without par value in the capital of the Company (the “Common Shares”) are listed for trading on the Toronto Stock Exchange (the “TSX”) under the symbol “ELEF” and on the Frankfurt Stock Exchange under the symbol “1P2N” and are quoted on the OTCQX under the symbol “SILEF”. The Company maintains its registered and records office at Suite 1610 – 409 Granville Street, Vancouver, British Columbia, Canada, V6C 1T2.
On January 14, 2022, the Company’s share capital was consolidated on the basis of one (1) new Common Share for each ten (10) old Common Shares (the “Consolidation”). All Common Share, warrant, option and per Common Share amounts have been retroactively adjusted.
On January 14, 2022, the Company completed a strategic reorganization of the Company’s business through a statutory plan of arrangement (the “Spin-off Arrangement”) under the Business Corporations Act (British Columbia), dated November 8, 2021. Pursuant to the Spin-off Arrangement, the common shares of the Company were consolidated on a 10:1 basis and each holder of common shares of the Company received in exchange for every 10 pre-consolidation common shares held: (i) one post-consolidation common share of the Company; (ii) one common share of Flying Nickel Mining Corp. (“Flying Nickel”); (iii) one common share of Nevada Vanadium Mining Corp. (“Nevada Vanadium”); and (iv) two common shares of Oracle Commodity Holding Inc. (“Oracle”) (formerly Battery Metals Royalties Corp. (“Battery Metals”)). Additional details of the Spin-off Arrangement is included in the section titled Spinoff Arrangement And Transfer Of Assets.
The Company is a mineral exploration stage company. The Company’s projects are the Pulacayo Paca silver-lead-zinc property in Bolivia (the “Pulacayo Project”), the El Triunfo gold-silver-lead-zinc project in Bolivia (“the Triunfo Project”), the Minago nickel property in Canada (the “Minago Project”), and the Gibellini vanadium property in Nevada, USA (the “Gibellini Project”). The Company also owns or holds 100% interests in each of the following projects: (a) the Titan vanadium-titanium-iron project located in Ontario, Canada,
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Silver Elephant Mining Corp.
Management’s Discussion and Analysis
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Read More: Silver Elephant Mining : MD&A & Interim Financial Statements