Silver Mines (SVL) investor relations material

Project overview and resource update

• Bowdens is the fifth largest undeveloped silver project globally, with 180 million ounces of silver, 91% in measured and indicated categories.

• The project has a 16.5-year mine life, averaging just under 4.5 million ounces of silver production annually.

• Recent optimization released in December 2024, with a reserve of 72 million ounces.

• Bowdens is highly leveraged to silver prices, with over 85% of revenue from silver at study prices and up to 93% at spot prices.

• The definitive feasibility study (DFS) is expected mid-year, with potential for further mine life extension.

Financials and capital structure

• Average daily trading liquidity is about AUD 2.5 million over the past two years.

• Ended 2025 with over AUD 40 million in cash and AUD 8 million in in-the-money options expiring in June.

• Pre-production capital costs are estimated at AUD 300–330 million, with some inflation expected.

• Life-of-mine all-in sustaining cost is under AUD 25 per ounce, with current spot silver price around AUD 100.

Project development and operations

• The mine is a simple five-stage open pit, with a low strip ratio and day shift mining only.

• Metallurgical process shifted to a bulk concentrate, increasing recoveries and simplifying operations by removing cyanide.

• Opportunities exist for underground development and debottlenecking to fill production gaps in years 6–8.

• Permitting delays in New South Wales have been a challenge, but progress is now on a clear path.