Silver Mines Limited · ASX:SVL
Silver Mines — Sydney Mining Club (October 2026)
31 slides from Silver Mines's conference presentation, Oct 1, 2026
Slide 1: Bowdens Silver Project – Sydney Mining Club Investor Presentation
rsonal use only BOWDENS SILVER PROJECT Sydney Mining Club – Investor Presentation Jo Battershill – Managing Director 1 October 2026
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER rsonal use only You are advised to read the following carefully before making any use of the information contained in this presentation. This presentation is dated 1 October 2026 (“Presentation”) and has been prepared by Silver Mines Limited (ACN 107 452 942) (ASX ti
Slide 3: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER JORC Code It is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors
Slide 4: Introduction: Bowdens Silver Project Asset Location
BOWDENS SILVER PROJECT INTRODUCTION rsonal use only Bowdens Silver Project Asset Location 100% owned Bowdens Silver Project located in central New South Wales, Australia. World’s sixth largest undeveloped Ag deposit (by contained silver in M&I resources). Resource estimate of 184 Moz Ag1 defined fro
Slide 5: Globally Significant
BOWDENS SILVER PROJECT GLOBALLY SIGNIFICANT rsonal use only One of the Largest Globally1,2 One of the Most Advanced1,2 One of the largest global resources of contained silver (M&I) Up-to-date, DFS in Tier One jurisdiction 350 250 DFS – Definitive Feasibility Study FS – Feasibility Study 300 PFS – Pr
Slide 6: Compelling Development Opportunity
BOWDENS SILVER PROJECT COMPELLING DEVELOPMENT OPPORTUNITY1 rsonal use only Significant Reserves Long Life Operation Ore Reserves of 47.9Mt LOM reserve of 93.5Moz Silver Reserves support a 26-year containing 93.5Moz Ag5 mine life6 with minor Zn & Pb Pre-Production Capital Costs NPV and Payback Period
Slide 7: Production Schedule
BOWDENS SILVER PROJECT PRODUCTION SCHEDULE1 rsonal use only First full 5-yrs Av. 4.7Moz Ag at 88 g/t Ag 7.0 First 10-yrs – Av. 4.2Moz Ag at 78 g/t Ag 100 90 6.0 80 Metal in Concentrate (Ag – Moz) 5.0 Processed Ag Grade (g/t) 70 (Zn & Pb AgEq) 60 4.0 50 3.0 40 2.0 30 20 1.0 10 0.0 0 1 2 3 4 5 6 7 8 9
Slide 8: Strong Financial Metrics
BOWDENS SILVER PROJECT STRONG FINANCIAL METRICS1 rsonal use only Key Project Economics – Life of Mine (Stage 1 and Stage 2 Developments) Item Unit Base Case2 DFS Spot Bowdens Silver Project Case3 Pre-Production Capex A$m 455 456 Updated study highlights Bowdens as one of the world’s premier undevelo
Slide 9: Royalty Purchases Improve Financial Metrics
BOWDENS SILVER PROJECT ROYALTY PURCHASES IMPROVE FINANCIAL METRICS rsonal use only Removal of the two royalties reduces LOM AISC by c.4.0% Royalty Revenue Royalty Details1 Acquisition Cost Over LOM2 2% Net Smelter Royalty, reducing to 1% after initial US$5.0m $17.5m $53m payments 1% Gross Revenue Ro
Slide 10: Strike and Depth Extensions
BOWDENS SILVER PROJECT STRIKE AND DEPTH EXTENSIONS1 rsonal use only 1. Refer to Silver Mines Limited ASX announcement ‘announcement “Bowdens DFS Confirms Robust Economics as Reserves Increase’” dated 21 July 2026. 10 Open pit designs completed using US$35/oz silver price assumption.
Slide 11: The Permitting Journey
BOWDENS SILVER PROJECT THE PERMITTING JOURNEY rsonal use only Timeline of major milestones (and setbacks) Sept 2017 Jun 2018 Mar 2023 Aug 2024 Jun 2025 Jun 2026 Oct 2026 MRE update Feasibility Study MRE update Court of Appeal Determination Submission Public (163Moz Ag) completed (189Moz Ag) suspends
Slide 12: Community Sentiment Survey
BOWDENS SILVER PROJECT COMMUNITY SENTIMENT SURVEY rsonal use only 24% August 2026 – SEC Newgate Research1 • Primarily Positive (65%) to Neutral (10%) community sentiment • Consistent with 67% supporting submissions in 2020 and Negative 68% positive community sentiment in 2022. • Main drivers of posi
Slide 13: Submissions Are Invited
BOWDENS SILVER PROJECT SUBMISSIONS ARE INVITED rsonal use only Public Hearing set for 14 – 15 October • Written submissions are invited • Deadline for lodging submissions is 11:59pm on Wednesday 21 October. • SCAN QR TO MAKE SUBMISSION • It can be completed very quickly and names can be withheld. •
Slide 14: Next Steps
BOWDENS SILVER PROJECT NEXT STEPS rsonal use only NSW Permitting1 • Independent Planning Commission has set dates for Public Hearing (14-15 October). • Redetermination decision expected by 9 December 2026. Advanced engineering studies and Biodiversity Offset Strategy • Commence advanced engineering
Slide 15: Key Takeaways
BOWDENS SILVER PROJECT KEY TAKEAWAYS rsonal use only ► One of the world’s ► Robust DFS completed ► AISC of <A$21/oz ► Considerable premier undeveloped in Jul-262 (c.US$15/oz) over the exploration potential silver assets first 5 years ► 26-yr life3 at 2Mtpa ► Large mineralised ► M&I Resources of 168
Slide 16: US Exploration: Historical Silver/Gold Camps
rsonal use only US EXPLORATION HISTORICAL SILVER/GOLD CAMPS
Slide 17: Calico North
SILVER MINES LIMITED CALICO NORTH1 rsonal use only Calico North – Significant Silver Camp - 310 Claims covering historic mining camp - c.40km of prospective mineralised strike1 - Adjacent to c.175Moz of resources - Recent rock chip samples assaying up to 483 g/t Geology – Vein & Disseminated Silver
Slide 18: Kramer Hills
SILVER MINES LIMITED KRAMER HILLS1 rsonal use only Hole1 Section Depth From To Length Grade Kramer Hills – Historical Gold Mine (m) (m) (m) (m) (g/t Au) KRH-17 22800 27.4 0 21.3 21.3 0.4 - 569 Claims covering 7km mineralised shear zone. KRH-22 22800 16.8 0 16.8 16.8 1.4 - Former gold rush and heap l
Slide 19: Kramer Hills
SILVER MINES LIMITED KRAMER HILLS1 rsonal use only 1. Refer to Silver Mines Limited announcement “US Silver-Gold Acquisitions Transform Exploration Portfolio” dated 24 June 2025. 19
Slide 20: Corporate Information
SILVER MINES LIMITED CORPORATE INFORMATION rsonal use only Directors Capital Structure (ASX: SVL) Jonathan Battershill Managing Director AUD USD 1 Joel Fitzgibbon Non-Executive Director Shares on Issue2 (m) 2,552.3 Kristen Podagiel Non-Executive Director Share Price ($) 30 Sep 2026 0.14 Nicole Brook
Slide 21: Investment Highlights
SILVER MINES LIMITED INVESTMENT HIGHLIGHTS rsonal use only Exceptional leverage to silver - Bowdens Project 91% revenue from silver.1 Long-life, low-cost development - Mine life of 26yrs with LOM AISC <A$33/oz (US$23/oz).1,2 Re-rate potential - DFS released, NSW Permitting, multiple exploration fron
Slide 22: rsonal use only
rsonal use only Registered Office: P: +61 2 8316 3997 Level 28, 88 Phillip Street Sydney NSW 2000 F: +61 2 8316 3999 Postal Address E: info@silvermines.com.au GPO Box 255 Sydney NSW 2000 W: www.silvermines.com.au Australian Company Number 107 452 942
Slide 23: Appendix: Resources & Reserves
rsonal use only APPENDIX 1 RESOURCES & RESERVES
Slide 24: Appendix 1: Bowdens Silver Mineral Resources
APPENDIX 1: BOWDENS SILVER MINERAL RESOURCES (AS AT JULY 2026) rsonal use only Tonnes Silver Eq. Silver Zinc Lead Gold Silver Silver Eq. 25 g/t Ag Eq Cut (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (Moz) Measured 105 58 41 0.36 0.26 0.02 139 195 Indicated 38 44 23 0.43 0.29 0.08 29 54 Measured & Indicated
Slide 25: Appendix 1: Bowdens Silver Ore Reserve
APPENDIX 1: BOWDENS SILVER ORE RESERVE (AS AT JULY 2026) rsonal use only Tonnes Silver Zinc Lead Silver Zinc Lead (Mt) (g/t) (%) (% ) (Moz) (kt) (kt) Proved 44.6 61.7 0.37 0.27 88.5 165 122 Probable 3.3 47.3 0.21 0.15 4.9 7 5 Total 47.9 60.8 0.36 0.26 93.5 172 127 Notes: The Bowdens Reserve has been
Slide 26: Appendix
rsonal use only APPENDIX 2 BOWDENS SILVER PROJECT
Slide 27: Cost Summary
BOWDENS SILVER PROJECT COST SUMMARY1 rsonal use only Pre-Production Capex Summary AISC Summary - LOM Cost Centre A$/t Ore A$/oz 500 Opex 450 Mining & Rehab 20.37 13.44 30 Processing 20.71 13.63 Contingency 400 49 Site Infrastructure Process Plant & Tailings 31 G&A 6.01 3.95 350 Indirects 6 Realisati
Slide 28: Open Pit Mining
BOWDENS SILVER PROJECT OPEN PIT MINING rsonal use only Open Pit Parameters1 Open Pit Design Conventional open pit – Seven stage pit requiring 1 excavator & up to 7 trucks (100t). Primary mining activities are planned to be 7- days per week, dayshift only. Bench heights are planned at 5m. LOM strip r
Slide 29: Conventional Processing
BOWDENS SILVER PROJECT CONVENTIONAL PROCESSING rsonal use only Site Layout Processing Parameters1 Cyanide eliminated from the processing flow sheet. Processing scheduled at 2.0Mtpa via a conventional flow sheet. Two stage crushing, two stage SAG and ball mill, bulk flotation for rougher conc. Concen
Slide 30: Appendix: Global Peer Comps
rsonal use only APPENDIX 3 GLOBAL PEER COMPS
Slide 31: Appendix 3: Global Peer Comparables
APPENDIX 3: GLOBAL PEER COMPARABLES rsonal use only 1. All documents available on Company websites, SEDAR+ or ASX. 2. Silver Equivalent (AgEq) calculations all based on silver price of US$35/oz, gold US$2275/oz, zinc US$1.35/lb, lead US$0.95/lb and copper US$4.00/lb. The AgEq calculation assumes 100