Silver Mines (SVL) Q4 2026 TU earnings summary

Executive summary

• Announced a Definitive Feasibility Study (DFS) for Bowdens Silver Project, confirming robust economics and a significant increase in Ore Reserves to 93.5Moz of silver, with 91% of project revenue expected from silver.

• Project development to proceed in two stages: Stage 1 (16 years, 65.4Moz silver) and Stage 2 (additional 10 years, total 26-year LOM).

• Strategic land acquisition adjacent to Bowdens enhances water security, biodiversity, and infrastructure options.

• Exploration at Calico North and Kramer Hills (California) confirmed high-grade silver and barite, with drill planning underway.

Financial highlights

• Bowdens Silver Project LOM revenue projected at A$5,175 million, operating margin A$2,390 million, and post-tax NPV5 of A$736 million.

• LOM capital expenditure increased to A$545 million (+58% vs 2024 Study), with sustaining capital at A$90.8 million.

• LOM payable silver production estimated at 73.2Moz (+46% vs 2024 Study).

• All-in sustaining cost (AISC) for LOM at US$23.04/oz (+39% vs 2024 Study).

• Cash reserves at quarter end were A$35.75 million.

Outlook and guidance

• Stage 2 of Bowdens Silver Project subject to further approvals, with higher uncertainty due to pre-feasibility status.

• Ongoing regulatory engagement for Bowdens DA redetermination, with updated biodiversity assessment submitted.

• Drill planning and geophysical surveys scheduled for Calico North and Kramer Hills in H2 2026.

• Estimated 6.77 quarters of funding available at current expenditure rates.