Silver Mines (SVL) Noosa Mining Conference 2026 summary

Industry context and project positioning

• The Bowdens Silver Project in New South Wales is one of the world's largest undeveloped silver deposits, with a reserve estimate of 93.5 million ounces and a resource estimate of 184 million ounces as of July 2026, making it notable for its scale and silver focus.

• Over 90% of life-of-mine revenue is projected from silver, positioning the project as a leading silver-focused development with significant leverage to silver price movements.

• Globally, only two silver projects are ahead in terms of reserves and development stage, highlighting its significance.

• The asset is located in a low-risk jurisdiction with ready access to infrastructure and ongoing permitting.

Permitting and regulatory progress

• The project faced a two-year permitting delay due to a minor technical error by the New South Wales government, but all requested information has now been submitted and initial feedback is positive.

• Development consent is pending, after which the mining license and federal environmental approval are expected, with bipartisan state-federal alignment on environmental studies.

• No government department has raised substantive issues, and strict environmental and safety measures are in place, especially regarding lead.

• NSW permitting is ongoing, with updated ecology surveys and biodiversity assessments submitted.

• Advanced engineering studies and biodiversity offset strategies are being developed prior to commencement of development activities.

Project economics and mine design

• The project supports a 26-year mine life with average production of 4.7 million ounces of silver per annum in the first five years, and robust NPV and margins underpinned by conservative assumptions.

• Pre-production capital expenditure is estimated at A$455 million, with a life-of-mine AISC of US$23/oz and a pre-tax NPV5 of A$1.04 billion (A$2.01 billion at spot prices).

• Economics use AUD 45/oz silver, with mine design stress-tested at AUD 35/oz, demonstrating resilience to price fluctuations.

• The mine design is based on a single open-cut operation and conventional mining and processing at 2Mtpa, eliminating cyanide and targeting silver recovery of 82.1%.

• Higher silver prices could extend mine life to 40 years, with the ore body allowing for efficient expansion at similar strip ratios.