Silver Mines Limited · ASX:SVL
Silver Mines — Investor Presentation (September 2025)
29 slides from Silver Mines's investor presentation, Sep 8, 2025
Slide 1: Investor Presentation – Market Update
For personal use only INVESTOR PRESENTATION Market Update Jo Battershill – Managing Director Date – September 2025
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER For personal 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 08 September 2025 (“Presentation”) and has been prepared by Silver Mines Limited (ACN 107 452 942
Slide 3: Important Notices and Disclaimer – JORC Code
IMPORTANT NOTICES AND DISCLAIMER JORC Code For personal use only 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 ("J
Slide 4: Corporate Information
SILVER MINES LIMITED CORPORATE INFORMATION For personal use only Directors Capital Structure (ASX: SVL) AUD USD Keith Perrett Non-Executive Chairman Shares on Issue1 (m) 2,128.5 Jonathan Battershill Managing Director Share Price ($) 5 Sept 2025 0.145 Kristen Podagiel Non-Executive Director Undiluted
Slide 5: Introduction: Bowdens Silver Project Asset Location
BOWDENS SILVER PROJECT INTRODUCTION For personal use only Bowdens Silver Project Asset Location Bowdens Silver Project located in central New South Wales, Australia Project 100% owned, acquired by SVL in 2016 Bowdens is a low to intermediate sulphidation, epithermal deposit. Discovered by CRAE in 19
Slide 6: Globally Significant
BOWDENS SILVER PROJECT GLOBALLY SIGNIFICANT For personal use only One of the Largest Globally One of the Most Advanced 600 350 One of the largest global resources of contained silver (M&I) Up-to-date, optimised feasibility in Tier One jurisdiction 500 300 PFS – Jun 24 M&I Resources (Ag Moz) P&P Rese
Slide 7: Optimisation Study Highlights
BOWDENS SILVER PROJECT OPTIMISATION STUDY HIGHLIGHTS1 For personal use only Significant Reserves Long Life Operation Ore Reserves of 32.8Mt LOM ~72Moz Silver 16½ year mine life (28.1Mt in Optimisation)4 Pre-Production Capital Costs NPV and Payback Period Conventional mining A$331m (US$216m) NPV5 A$3
Slide 8: Production Schedule
BOWDENS SILVER PROJECT PRODUCTION SCHEDULE1 For personal use only 7.0 Years 1 to 10 - Average 4.2Moz Ag at 83 g/t Ag 120 6.0 100 (Ag Moz , Zn/Pb Moz AgEq) Average 2.7Moz Ag at 53 g/t Ag Processed Grade (Ag g/t) 5.0 Metal in Concentrate 80 4.0 60 3.0 40 2.0 20 1.0 0.0 0 1 2 3 4 5 6 7 8 9 10 11 12 13
Slide 9: Project Optionality
BOWDENS SILVER PROJECT PROJECT OPTIONALITY For personal use only ► Mineralised system ► Potential plant modifications ► Opportunity to expand the ► Assays from bulk samples remains open beneath ✓ Plant expansion to lift throughput pit at higher silver prices4 highlight potential open pit design in Y
Slide 10: Exploration: Strike and Depth Extensions
BOWDENS SILVER EXPLORATION STRIKE AND DEPTH EXTENSIONS For personal use only Bowdens’ silver equivalent (AgEq) assumes prices of US$27.50/oz silver, US$2,950/t zinc, US$2,350/t lead and US$2,200/oz gold with metallurgical recoveries of 86.2% silver, 92.2% zinc, 84.7% lead and 80% gold estimated from
Slide 11: Key Conclusions
BOWDENS SILVER PROJECT KEY CONCLUSIONS For personal use only ► Largest silver ► Optimisation Study ► AISC of <A$23/oz ► Considerable development project completed in Dec-242 (~US$15/oz) over the exploration potential in Australia first 10 years ► 16½ year mine life at ► Large mineralised ► M&I Resou
Slide 12: US Exploration: Historical Silver/Gold Camps
For personal use only US EXPLORATION HISTORICAL SILVER/GOLD CAMPS
Slide 13: Calico North
SILVER MINES LIMITED CALICO NORTH1 For personal use only Calico North – Significant Silver Camp - 310 Claims covering historic mining camp - c.40km of prospective mineralised strike - Adjacent to c.175Moz of resources - Recent rock chip samples assaying up to 483 g/t Geology – Vein & Disseminated Si
Slide 14: Kramer Hills
SILVER MINES LIMITED KRAMER HILLS1 For personal use only Kramer Hills – Historical Gold Mine - 569 Claims covering 7km mineralised shear zone - Gold rush site and former heap leach mine - Historical drilling - 21.3m @ 7.9 g/t, 18.3m @ 4.2 g/t, 21.3m @ 3.0 g/t and 6.1m @ 6.0 g/t Geology – Shear Hoste
Slide 15: For personal use only
For personal 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 16: Appendix A
For personal use only APPENDIX A BOWDENS SILVER PROJECT
Slide 17: Appendix 1: Bowdens Silver Mineral Resources
APPENDIX 1: BOWDENS SILVER MINERAL RESOURCES (AS AT DECEMBER 2024) For personal use only Tonnes Silver Eq. Silver Zinc Lead Gold Silver Silver Eq. 30 g/t Ag Eq Cut (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (Moz) Measured 100 65 42 0.37 0.27 0.03 135 207 Indicated 43 52 21 0.41 0.28 0.11 30 71 Measured &
Slide 18: Appendix 2: Bowdens Silver Ore Reserve
APPENDIX 2: BOWDENS SILVER ORE RESERVE (AS AT DECEMBER 2024) For personal use only Tonnes Silver Zinc Lead Silver Zinc Lead (Mt) (g/t) (%) (% ) (Moz) (kt) (kt) Proved 31.5 68.7 0.38 0.30 69.6 120.8 93.5 Probable 1.3 50.6 0.19 0.16 2.1 2.5 2.0 Total 32.8 68.0 0.38 0.29 71.7 123.3 95.6 Notes: The Bowd
Slide 19: Overview
BOWDENS SILVER PROJECT OVERVIEW For personal use only Highlights Timeline of major milestones Sept 2017 Jun 2018 Mar 2023 Aug 2024 Jun 2025 The largest silver development project in Australia MRE update Feasibility Study MRE update Court of Appeal Determination (163Moz Ag) completed (189Moz Ag) susp
Slide 20: Open Pit Mining
BOWDENS SILVER PROJECT OPEN PIT MINING For personal use only Open Pit Design Open Pit Mining Parameters1 Conventional open pit - primary fleet of 1 excavator (200t) and 7 trucks (100t) Five stage pit – 72.5% of tonnes in Stages I – IV. Stage V to commence in Yr-9 Primary mining activities are planne
Slide 21: Conventional Processing
BOWDENS SILVER PROJECT CONVENTIONAL PROCESSING For personal use only Processing Parameters1 Cyanide eliminated from the processing flow sheet Processing scheduled at 2.0Mtpa via a conventional flow sheet Single stage primary jaw crushing, two stage SAG and ball mill with pebble crusher Rougher and s
Slide 22: Site Disturbance Minimised
BOWDENS SILVER PROJECT SITE DISTURBANCE MINIMISED For personal use only Site design optimised1 Overall changes lead to significant reduction to the overall disturbance footprint Open pit mine design The height of the Tailings Storage Facility now smaller with lower Waste Rock Dump change to Dry-Stac
Slide 23: Cost Summary
BOWDENS SILVER PROJECT COST SUMMARY1 For personal use only Pre-Production Capex Summary AISC Summary Cost Centre A$/t Ore A$/oz 350 Opex 37 Mining & Rehab 18.73 10.45 Site Infrastructure 300 6 29 Processing 20.78 11.60 Indirects 250 G&A 5.65 3.15 44 Pre-Production Mobile Plant Realisation1 6.15 3.43
Slide 24: Appendix B: Silver – The Metal of Innovation
For personal use only APPENDIX B SILVER – THE METAL OF INNOVATION
Slide 25: Why Silver?
SILVER WHY SILVER? For personal use only Industrial ► Monetary value and Financial store of wealth ► Highest electrical and thermal conductivity of all metals Electrical Photovoltaics ► The best reflector of (23% of demand*) (17% of demand) visible light A safe haven in times Portfolio Hedge against
Slide 26: Solar Leading the Charge
SILVER SOLAR LEADING THE CHARGE For personal use only PV sector consumed 17% of total supply in 2024 ► Around 3 million solar The global solar panels are required to industry is now generate 1GW of energy valued at over 200 ► Solar capacity in China hit 180 100 886GW at the end of 2024 $350bn pa and
Slide 27: Key Statistics / Supply & Demand
SILVER Recyling 19% Mine production 81% KEY STATISTICS / SUPPLY & DEMAND Silver supply For personal use only ~1,164M annual consumption ► Industrial applications: electronics | solar | medicine | water purification | window manufacturing Deficit Cumulative deficit of 1,015 692Moz 2021 – 2024 ~820M a
Slide 28: Appendix C: Global Peer Comps
For personal use only APPENDIX C GLOBAL PEER COMPS
Slide 29: Global Peer Comparables
GLOBAL PEER COMPARABLES For personal use only 1. All documents available on Company websites, SEDAR+ or ASX 2. Silver Equivalent (AgEq) calculations all based on silver price of US$29/oz, gold US$2500/oz, zinc US$1.35/lb, lead US$1.05/lb and copper US$4.00/lb. The AgEq calculation assumes 100% recov
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