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Challenge Conqueror: Silver
Complete every Challenge Mode dungeon with a rating of Silver or better.
Challenge Conqueror: Silver requires completing every Challenge Mode dungeon in Mists of Pandaria with a Silver rating or better, rewarding you with a choice of Pandaren Phoenix mount.
Complete All Challenge Modes
Complete every Challenge Mode dungeon with at least a Silver rating — you do not need to rush, pull recklessly, or optimize your group composition, as the Silver timers have generous margins for error. Use crowd control freely, take mana breaks as needed, and avoid unnecessary wipes.
Claim Your Ancestral Phoenix Egg
Upon completing the achievement, you will receive a 
Ancestral Phoenix Egg in the mail from Kai Featherfall, with the subject 'In Recognition of Your Valiant Deeds'.
Redeem Your Mount Choice
Visit NPC Kai Featherfall in the Vale of Eternal Blossoms, outside the Seat of Knowledge, to redeem your egg for one of four mounts: 
Reins of the Crimson Pandaren Phoenix, 
Reins of the Ashen Pandaren Phoenix, 
Reins of the Emerald Pandaren Phoenix, or 
Reins of the Violet Pandaren Phoenix — you may only choose one, and this mount is not account-wide, so choose your color carefully.
Tips
Completing Challenge Conqueror: Gold will also award this achievement retroactively if you have not already earned it.
As of Warlords of Draenor, if any character on your account has earned a full set of Silver medals, all four Pandaren Phoenix variants become available account-wide — but the single mount item you redeem from the egg itself is not account-wide.