Silver Mines (SVL) 2024 Precious Metals Summit Zurich + Energy Transition summary

Project status and regulatory developments

• Feasibility study in 2018 estimated 3.8 million ounces per year for the first 10 years at AUD 12.50/oz, with a target to approach AUD 15/oz due to inflation.

• Loss of permit was due to an administrative error by the consenting authority, not the project team.

• New South Wales Government is actively supporting the re-securing of consents, with legislative amendments underway to address broader planning issues.

• Expectation to regain consents within three to four months, aiming for project FID and feed by late next year.

• New legislation benefits renewable and critical metals projects, with silver now classified as a critical metal.

Project scope, optimization, and operational plans

• Project covers over 2,000 sq. km, with additional 750 sq. km at Tuena, maintaining strong exploration focus.

• 2018 reserve profile was 30 million tons, with a simple, low-strip, two-million-ton-per-year operation and potential for mine life beyond 16-17 years.

• Optimization study aims to lower strip ratio and shift to a single high-grade silver bulk concentrate, improving silver recovery to 85% and payability to 95%.

• Removal of cyanide from processing enhances environmental and community outcomes.

• Five-year royalty deferral for new projects improves payback and initial returns.

Exploration and growth potential

• Large resource base of 200 million tons, with potential for open pit expansion or underground development.

• High-grade hits at depth and emerging gold in the Southern Gold Zone offer upside.

• Active drilling at Barabolar, a greenfields prospect, with early signs of gold and silver anomalies.

• 80 km of strike in the underexplored eastern Macquarie Arc, with significant exploration potential.

• Anticipation of new exploration results within six to twelve months.