Silver Mines (SVL) Q2 2026 TU earnings summary

Executive summary

• Major progress on Bowdens Silver Project with updated ecological surveys and biodiversity assessment underway to support development application redetermination.

• Drilling at Bowdens returned the largest mineralised intercept since 1989, with BD25007 yielding 116m @ 245g/t Ag, 0.48% Pb & 0.29% Zn from 75m.

• Exploration at Tuena Project delivered promising gold and base metal results, extending mineralised systems and identifying new targets.

• Calico North and Kramer Hills projects in California advanced to drill targeting and permitting stages.

Financial highlights

• Cash reserves at quarter end were A$40.5 million.

• Evaluation and exploration expenditure for the quarter totaled A$3.8 million.

• 15,961,733 options exercised, raising A$1.91 million.

• Net cash used in operating activities was A$359,000 for the quarter.

• Net cash used in investing activities was A$4.37 million for the quarter.

• Net cash from financing activities was A$1.56 million for the quarter.

Outlook and guidance

• Refreshed ecological surveys for Bowdens expected to complete in early 2026, with updated biodiversity assessment to be submitted by mid-2026.

• Infill and extension drilling at Bowdens planned for 2026 to further define high-grade zones.

• Further exploration and target development planned at Tuena and California projects.