Silver Mines (SVL) Q1 2027 TU earnings summary

Executive summary

• Bowdens DFS and updated Ore Reserves support a staged development plan; Stage 1 targets 29.9Mt at 68 g/t Ag for 65.4Moz, with a 16-year initial mine plan.

• The full 2026 LOM plan covers 48.2Mt over 26 years; DPHI reaffirmed its prior assessment that the project is approvable in the public interest, subject to strict consent conditions.

• No mine development or production activities occurred in the quarter; quarter-end cash was A$35.06m after exploration, royalty acquisitions and property spending.

Financial highlights

• 2026 LOM model: revenue A$5.175bn, operating expenses A$2.785bn and operating margin A$2.390bn; pre-tax NPV5 A$1.043bn and post-tax NPV5 A$736m.

• LOM post-tax IRR is 26%, with 3.0-year post-tax payback; pre-tax IRR is 31.5%.

• Quarter operating cash outflow was A$0.972m and investing outflow A$37.237m, partly offset by A$37.515m financing inflow.

• Placement raised A$40.271m in equity proceeds during the quarter; A$2.756m of equity issuance costs were paid.

Outlook and guidance

• Stage 1 DFS models 16.75 years of operations, while Stage 2 could extend total mine life to 26 years, subject to approvals and further tailings-landform study.

• IPC public hearing took place 14–16 October; determination was expected by 9 December 2026 following DPHI supplementary advice.

• A 2,500m diamond drilling campaign east of the Reserve commenced to test near-pit extensions; additional drilling west of the Reserve was planned.