Now that we know that dehydrated fossils can be turned into near-perfect DNA replicas, scientists may be able to do the same for ancient Egyptian mummies or other long-lost animals. Given time, this information may also lead to the revival of extinct animals, or at the very least ones similar to those of ancient times.
While novel genome sequencing technology provides incredible insight into the evolution and history of animals, that doesn't mean they can be completely de-extinct. Using a modern-day elephant to produce some sort of reincarnated wooly mammoth may be possible, but that would bring up ethical issues surrounding using animals for such experiments.
There's a 50% chance that the wooly mammoth will be revived by September 2050, according to the Metaculus prediction community.