Silver Mines (SVL) Investor Presentation summary

Corporate overview and capital structure

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

• 2,128.5 million shares on issue, with a share price of $0.145 as of 5 September 2025.

• Undiluted market capitalization is $308.6 million AUD, with $19.3 million cash at end of June 2025.

• Enterprise value stands at $289.3 million AUD.

• Recent fundraising included a placement and SPP to raise $33 million.

Bowdens Silver Project highlights

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

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

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

• Pre-production capex of A$331 million, LOM AISC forecasted at <A$25/oz.

• Over 85% of revenue expected from silver, with significant leverage to silver price.

Project economics and operating metrics

• LOM operating margin of A$948 million and pre-tax NPV5 of A$359 million.

• Payback period estimated at 3.9 years, profitability index of 1.76x.

• Average output of 4.25Moz Ag per annum in the first 10 years.

• LOM strip ratio of 1.49:1, open pit mining cost of A$7.12/t, processing cost of A$20.78/t.

• Tailings dewatered for dry stacking, reducing water loss and site disturbance.