Silver Mines (SVL) Q1 2026 TU earnings summary

Executive summary

• Progressed reinstatement of Bowdens Silver Project development consent after a favorable Planning Secretary determination on the transmission line, restoring the original planning approach prior to the August 2024 court decision.

• Completed acquisition of Calico North Project and commenced farm-in to earn up to 80% of Kramer Hills Project in California, adding low-risk exploration optionality.

• Raised $34 million (before costs) through a successful placement and share purchase plan, with strong support from institutional and retail investors.

Financial highlights

• Placement raised $30 million at $0.12 per share, a 16.3% discount to the 5-day VWAP, and SPP raised $4.07 million, exceeding the $3 million target.

• Cash reserves at quarter end were A$43.67 million.

• Evaluation and exploration expenditure for the quarter totaled A$5.17 million, focused on Bowdens, Calico North, Kramer Hills, and Tuena projects.

• 4,700,665 options exercised, raising $562,199.55.

Outlook and guidance

• Focus remains on securing development consent and mining lease approvals for Bowdens Silver Project in 2025.

• Initial exploration at Calico North and Kramer Hills is underway, with drilling expected to commence in 2026.

• Ongoing technical, environmental, and infrastructure studies to optimize Bowdens project design and value.