Silver Mines (SVL) H2 2024 earnings summary

Executive summary

• Advanced pre-development and optimisation of the Bowdens Silver Project, Australia's largest undeveloped silver resource, with a focus on refining ore reserves, mine design, and reducing environmental impact.

• Achieved a significant increase in Mineral Resource Estimate in March 2023, with ongoing exploration yielding high-grade silver intercepts and successful bulk sampling.

• Completed a Native Title Agreement with the Warrabinga-Wiradjuri people, enabling continued processing of the mining lease application.

• Faced a legal setback as the Bowdens Development Consent was voided by the Court of Appeal, but remains committed to progressing the project.

• Strengthened leadership with the appointment of a new Managing Director and a new Non-Executive Director.

Financial highlights

• Reported a net loss after tax of $2.2 million for FY2024, an improvement from a $4.1 million loss in FY2023.

• Exploration and development expenditure totaled $10.1 million (FY2023: $13.7 million).

• Net assets increased to $137.6 million (FY2023: $125.9 million), with $92.6 million invested in exploration expenditure.

• No revenue from silver concentrate sales; primary income from agricultural operations and grants.

• Cash and cash equivalents at year-end were $10.8 million.

Outlook and guidance

• Focused on advancing Bowdens Silver Project to development, with updated Mineral Resource and Ore Reserve estimates expected in FY2025.

• Secured A$30.2 million in post-year-end convertible debenture funding to support drilling, feasibility studies, and pre-construction activities.

• Committed to addressing legal and regulatory challenges to progress the Bowdens project.