Silver Mines (SVL) AGM 2025 Presentation summary

Corporate overview and capital structure

• Board includes a non-executive chairman, managing director, and two non-executive directors.

• 2,142.4 million shares on issue with a market cap of A$364.2m as of November 2025.

• Cash position of A$43.7m at end of September 2025; enterprise value of A$320.5m.

• Average daily trading volume of 7.0 million shares over the last two years.

Bowdens Silver Project highlights

• Largest silver development project in Australia, 100% owned, located in NSW.

• Mineral Resource of 180Moz Ag (334Moz AgEq) and Ore Reserve of 71.7Moz Ag.

• 16.5-year mine life with 2Mtpa plant producing high-grade silver concentrate.

• Pre-production capex of A$331m; LOM AISC forecast <A$25/oz.

• High-grade mineralisation remains open at depth, with ongoing permitting.

Project economics and optimisation

• Optimisation study completed December 2024; NPV5 (pre-tax) A$359m, payback 3.9 years.

• LOM operating margin of A$948m; profitability index of 1.76x.

• Average output of 4.25Moz Ag p.a. in first 10 years; >85% of revenue from silver.

• LOM AISC <A$25/oz, with first 10 years AISC <A$23/oz.

• Significant leverage to silver price; robust, high-margin operation.