Silver Mines (SVL) Investor presentation summary

Project overview

• Bowdens Silver Project is 100% owned and located in central New South Wales, Australia, ranking as the fifth largest undeveloped silver deposit globally.

• Resource estimate stands at 180Moz Ag from 870 drill holes, with an optimised reserve of 71.7Moz Ag and an initial 16.5-year mine life averaging 4.3Moz silver per annum.

• The project features significant potential for mine life extension and is situated in a low-risk jurisdiction with ready access to infrastructure.

• Over 85% of project revenue is expected from silver, with additional gold and copper identified within the broader mineralised system.

• The project is one of the largest globally in terms of contained silver and is among the most advanced with an up-to-date, optimised feasibility study.

Financials and capital structure

• As of February 2025, 2,152.4 million shares are on issue, with a share price of $0.23 and undiluted market capitalisation of $495.1 million AUD.

• Cash balance at end December 2025 was $40.5 million AUD, with an enterprise value of $454.6 million AUD.

• Listed options total 66.95 million, and incentive options & rights stand at 31.7 million.

• Average daily trading volume is approximately 11.2 million shares, equating to $2.4 million AUD.

Project economics and operating metrics

• Pre-production capital costs are estimated at A$331 million, with a life-of-mine (LOM) all-in sustaining cost (AISC) below A$25/oz.

• LOM operating margin is projected at A$948 million, with a pre-tax NPV5 of A$359 million and a payback period of 3.9 years.

• The project is designed for a 16.5-year mine life, with an average output of 4.25Moz Ag per annum in the first 10 years.

• LOM open pit mining cost is A$7.12/t, and LOM processing cost is A$20.78/t.

• AISC over the LOM is A$24.81/oz, with sustaining costs included.