Silver Mines (SVL) 2025 Precious Metals Summit - Beaver Creek summary

Project status and financials

• Confident in regaining planning consent, expected within the year, which could trigger a significant revaluation.

• Cash position at end of June was $19 million, with an additional $34 million raised post-period, fully funding the project to financial investment decision.

• Project is located in a well-established mining region in New South Wales, with strong local support despite some activist opposition.

Resource and development highlights

• Fifth largest undeveloped silver project globally, with a 16.5-year mine life and 72 million ounces in reserves.

• Updated feasibility study completed in December 2024; aiming to bring remaining 30% of project to DFS standard by January.

• Pre-production capital estimated at $330 million, with low all-in sustaining costs of about $15/oz.

• Optimization led to a bulk concentrate approach, increasing silver recoveries and revenue share to 85-87%.

Production profile and exploration upside

• Production expected to ramp up to 5.5 million ounces by year five, with potential to smooth output through debottlenecking and high-grade underground feed.

• Trial pits in 2023-2024 yielded more metal than expected, with ore sorting showing strong results for medium-grade material.

• Significant leverage to silver price increases, with potential to deepen pits and extend mine life if prices rise.