Silver Mines (SVL) Q4 2025 TU earnings summary

Executive summary

• Progressed reinstatement of Bowdens Silver Project development consent, submitting required applications and information to authorities.

• Completed acquisition of Calico North Project and commenced farm-in for up to 80% of Kramer Hills Project in California.

• Ongoing exploration and drilling at Bowdens, Tuena, Calico North, and Kramer Hills projects.

Financial highlights

• Cash reserves at quarter end were A$19.3 million.

• Evaluation and exploration expenditure for the quarter totaled A$3.12 million.

• Net cash used in operating activities was A$1.3 million for the quarter.

• Net cash used in investing activities was A$2.7 million for the quarter.

• No mining development or production activities conducted during the quarter.

Outlook and guidance

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

• Initial exploration at Calico North and Kramer Hills to begin in 2H 2025, with drilling planned for 2026.

• Assay results from Bowdens and Elsienora drilling expected in Q3 and Q4 2025.

• Estimated 5.25 quarters of funding available at current expenditure rates.