Silver Mines (SVL) investor relations material

Executive summary

• Advanced the Bowdens Silver Project towards development, including a strategic land acquisition and completion of a Definitive Feasibility Study (DFS) confirming robust project economics and a significant increase in Ore Reserves to 93.5 Moz silver.

• Expanded international footprint with the acquisition of Calico North (100% owned) and a farm-in right to earn up to 80% of Kramer Hills in California, USA.

• Strengthened leadership with new board and executive appointments, including a planned chair transition and a new CFO.

Financial highlights

• Group loss after tax: $3.2 million (2025: $3.8 million loss).

• Exploration and evaluation expenditure: $21.6 million (2025: $9.0 million), reflecting increased project activity and acquisitions.

• Net assets: $204.5 million (2025: $157.1 million), with exploration assets at $123.3 million.

• Cash and cash equivalents: $35.8 million at year-end (2025: $19.3 million).

• No revenue from mining operations; minor revenue from agricultural activities.

Outlook and guidance

• Awaiting final regulatory approval for Bowdens, with a public hearing scheduled for October 2026 and determination expected by year-end.

• Focus on progressing Bowdens to development, advancing North American exploration, and leveraging strong silver market fundamentals.

• Preparation for Front-End Engineering and Design (FEED) studies and continued project approvals.