The failure characterization of internal or external dump slopes in opencast coal mines is considered to be highly crucial for safe and sustainable mining operations across the globe. As the opencast mining method is contributing majorly in the coal production in India, thus, analyzing the risk in safe mining operations due to possibility of dump slope failure is inevitable. Therefore, the present study intended to quantify the probability of dump slope failure in Ananta Opencast Mine, Lower Gondwana region, India. To achieve the objective of the study, the probabilistic stability analysis is carried out through Limit Equilibrium Method (LEM). In the realm of slope stability analysis, this method leverages conditional probability and employs Monte Carlo Simulation (MCS) to systematically assess the likelihood of failure events occurring in sequence, providing insights into various stability scenarios. Two critical dump slopes at Ananta Opencast Mine, AOCP-1 and AOCP-2 in the Indian Lower Gondwana region, have been analyzed in prevailing geomechanical settings considering saturated condition. The analyzed stability results of AOCP-1 have shown instability under saturated conditions with a Factor of Safety (FOS) of 0.958. The observed failure probability for AOCP-1 is 63.4%, highlighting an unsafe dump design in these conditions. In contrast, the simulated stability of AOCP-2 recommends a safe and stable dump design, with an average FOS of 1.602. Based on the critical stability concerns, potential remedial actions have been proposed to ensure long-term stability for safe mining operations.